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Money Matters

Michael Bloomberg commits $200 million to American mayors

On Monday, Michael Bloomberg dedicated $200 million to helping American mayors address issues in their communities via his Bloomberg Philanthropies charitable organization. Bloomberg, the billionaire former New York City mayor, told The New York Times that the American Cities Initiative will help mayors implement policy changes typically reserved for the state and federal government. "It's really efficiency in government, how you marshal resources and how you deal with the public, explain to them, bring them along," Bloomberg told the Times.

Bloomberg's initiative will include a so-called "Mayors Challenge," which asks city officials to submit innovative policy solutions by October. These proposals may tackle any issue facing their communities. Bloomberg's own priorities include climate change, gun laws, and the opioid epidemic; earlier this month, he vowed to contribute $15 million to the United Nations in an effort to replace funding lost by President Trump's decision to pull out of the Paris climate agreement.

The rewards for the Mayors Challenge will vary, with 35 cities winning $100,000, four receiving $1 million, and one winner earning $5 million, ABC News reported. American cities must have at least 30,000 residents to apply. Winners will be announced in October 2018.