Bloomberg won’t need to disclose finances until after Iowa caucuses under new extension

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Democratic presidential candidate Michael Bloomberg will not be required to disclose his personal finances until after the Iowa caucuses, thanks to an extension granted this week by the Federal Election Commission.

Bloomberg, the former mayor of New York City who sits atop a multibillion-dollar business empire, is by far the wealthiest of the Democratic contenders for president.

Democratic Presidential candidate and former New York City Mayor Michael Bloomberg gestures while taking part in an on-stage conversation with former California Gov. Jerry Brown at the American Geophysical Union fall meeting. (AP)

Presidential candidates are required to reveal their investments, businesses and streams of income. Only Bloomberg, fellow billionaire Tom Steyer and former Massachusetts Gov. Deval Patrick – each of whom was late entering the race – have yet to do so.

Despite his late entry, Bloomberg has been laying the groundwork for a campaign for months. Since entering the race last month, his campaign has flooded primary states with over $100 million worth of radio and TV ads. But his attorneys say he is not ready to disclose his finances.

"Mr. Bloomberg requires additional time to collect information regarding complex holdings and prepare and file his report," attorney Lawrence H. Norton wrote in a letter to the FEC on Friday.

The FEC on Monday granted his request, giving him until Feb. 4 to file — one day after the Iowa caucuses.

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Bloomberg has said he is not competing in the first few presidential contests in states including Iowa and New Hampshire. Instead, he's waiting for March's Super Tuesday, when over a dozen states will hold contests, to make a play for voters.

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Fox News has reached out to Blomberg’s campaign with a request for comment.

The Associated Press contributed to this report.