New York - New York Mayor Michael Bloomberg Thursday formally announced he would seek a revision of a term limits law so he can run for a third term and continue the work on keeping Wall Street and the city a world financial hub.

Bloomberg, a successful financier and billionaire, brushed off criticism that the move was undemocratic to try to change the local law limiting New York City's mayors to two four-year terms.

He announced his decision to run for a third term if the new term limits law is approved by the City Council. His current term will expire December 31, 2009.

"I care deeply about sustaining the progress we have made and finishing the job the voters have elected me to do," Bloomberg told a news conference at City Hall announce his bid for re-election.

"Given the events in recent weeks and the enormous challenges we face, I don't want to walk away from the city, I feel like leading the city in tough times," he said. "My whole life has prepared me for the challenges ahead."

He said he will sign the new term limits law if the City Council approves it.

Bloomberg founded the financial data services bearing his name before entering politics in the wake of the terrorist attacks against the World Trade Center in 2001. His predecessor Rudolph Giuliani stepped down after two terms.

Bloomberg, who is reported worth more than 6 billion dollars, spent reportedly close to 100 million dollars of his own money when he ran the first time and 70 million dollars to get elected for the second term.

He is supported by the city's big corporations and New Yorkers who believe that he's the best person to keep the city of 8 million inhabitants going during the financial turmoil hitting the US and the world. (dpa)