Eliot Spitzer, the former New York attorney general and governor brought down five years ago after using high-priced prostitutes, intends to run for New York City comptroller, he said.
Spitzer, 54, gained national prominence as attorney general for bringing cases against Wall Street securities firms and uncovering the failings of others before resigning two years and three months into his four-year gubernatorial term in March 2008.
"I strayed, I erred, I violated a code of behaviour that I should not have and the public understands what I'm saying," Spitzer said on Sunday. "I have learned that the peaks of public life are great fun, but the valleys are much more instructive. They force you to look into your soul."
Spitzer joins former US congressman Anthony Weiner in seeking redemption after a sexual imbroglio by running for office in New York. Weiner, 48, who quit Congress in 2011 after sending lewd photos of himself to women via Twitter, is seeking the Democratic mayoral nomination.
The comptroller functions as the city's financial officer with a staff of more than 700 accountants, lawyers, economists and analysts empowered to audit government agencies and monitor the budget. The official also oversees the US$140 billion held by the city's five pension funds.
Spitzer, who since his downfall has taught a public-policy course at the City University of New York and appeared as a commentator on CNN, said he wanted to do for the comptroller's position what he did for the attorney general's office: "Reimagine it, revitalise it, and use its audit power to make sure New Yorkers are getting their money's worth from government."