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It's part of his first major policy announcement of his re-election campaign.

The goal, Bloomberg says, is to provide cheaper, faster and more efficient transportation.

Some of the plan highlights include free crosstown bus service on some routes, countdown clocks on subway platforms, and reopening shuttered LIRR stations and the Staten Island North Shore Rail Line.

"The MTA needs to do more to plan for our future. Much more," Bloomberg said. "When you look at other cities think of the innovation that could be made, should be made. And you realize how far it has fallen behind."

In a statement, the MTA responded to the mayor's proposals, saying, "As always, we welcome the Mayor's input and look forward to working with him and other elected officials in finding ways to make the MTA more efficient and transparent while being certain the MTA has the funding it needs to continue providing critical services to all New Yorkers."

Campaign rival City Comptroller Bill Thompson also issued a statement about Bloomberg's plan, saying it is full of empty promises and stolen ideas.

Any proposal by the mayor would still need to be approved by the full MTA board.