Bloomberg to seek law change for 3rd term

New York Mayor Michael Bloomberg will seek a change in the law so he can run for a third term in 2009, arguing on Thursday that the financial crisis demands a leader of his business acumen.

Voters imposed limits of two 4-year terms on elected city officials in 1993 and 1996, but Bloomberg, a former Wall Street trader and self-made billionaire, will ask the City Council to extend the limits to a third term. This would permit him to enter the mayoral race for the November 3, 2009, election.

"We may well be on the verge of a meltdown and it's up to us to rise to the occasion," Bloomberg told a news conference.