New York City Council voted on Thursday to extend a two-term limit, allowing Mayor Michael Bloomberg to seek four more years in office to help the city cope with the deepening global financial crisis.
The former Wall Street trader and self-made billionaire was elected in 2001 and again in 2005.
He wants to run again on the grounds that his financial experience will be valuable in guiding the city through lean fiscal times ahead.
The city council voted 29 - 22 to approve the measure.
About two-thirds of the council would have been forced out of office under the two-term limit. They also can now seek a third term at the election in November 2009.