City Councilman John Liu officially announced plans to run for city comptroller Sunday.
Liu says his background in finance makes him the perfect candidate for the job.
In a statement, Liu says, "Now more than ever, we need a Comptroller who will root out waste and inefficiency as budget cuts are imposed, and ensure accountability and equal opportunity as billions in stimulus funding arrive."
Liu denied earlier reports that he was planning to run for public advocate.
In 2001, he became the first Asian-American elected to legislative office in the city. He also chairs the transportation committee.
Liu represents District 20, which covers Flushing and neighboring northeast Queens communities.
Council members David Weprin and Melinda Katz are also running for comptroller.
In a statement, Katz said New Yorkers deserve a comptroller who respects and champions this position for the importance that it holds, not someone who views it as a second choice.