Bloomberg Starting Super-PAC

Will fund candidates in favor of gun control, gay rights

After three terms in office, New York City Mayor Michael Bloomberg has found a new way to influence American politics: He's using his vast wealth to fund a super PAC.

Bloomberg announced the move on his website today. He indicated that the super PAC will support candidates at various levels of government, including local and state candidates, as well as issue-based campaigns. The super PAC -- called Independence USA PAC, according to The New York Times -- will focus on issues like gun control, education reform and gay rights.

The new organization will launch an eight-figure spending campaign supporting moderates on both sides of the aisle, as well as independents, over the next three weeks before Election Day. The Times reports the PAC will support former Maine Gov. Angus King, an independent running for Senate; Rep. Bob Dold, a Republican from Illinois who backs gun control measures; and California State Sen. Gloria Negrete McLeod, who is challenging a fellow Democrat, Rep. Joe Baca.