Former Vice President Joe Biden Joe BidenPelosi slams Trump executive order on pre-existing conditions: It 'isn't worth the paper it's signed on' Hillicon Valley: Subpoenas for Facebook, Google and Twitter on the cards | Wray rebuffs mail-in voting conspiracies | Reps. raise mass surveillance concerns Fox News poll: Biden ahead of Trump in Nevada, Pennsylvania and Ohio MORE will announce the creation of a political action committee (PAC) on Thursday, according to a New York Times report, a sign that he intends to remain active in the Democratic Party.

Biden has picked Greg Schultz, a former aide in his vice presidential office, to help lead the new organization, the Times added. Schultz also served on both of former President Barack Obama Barack Hussein ObamaObama warns of a 'decade of unfair, partisan gerrymandering' in call to look at down-ballot races Quinnipiac polls show Trump leading Biden in Texas, deadlocked race in Ohio Poll: Trump opens up 6-point lead over Biden in Iowa MORE’s campaigns in 2008 and 2012.

The PAC will reportedly give Biden a platform for nurturing ties with donors, traveling on behalf of the Democratic Party and contributing to candidates in future election cycles.

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Democrats who have spoken with Biden told the Times that he is upset about America’s direction under President Trump and deeply frustrated with Democratic presidential nominee Hillary Clinton Hillary Diane Rodham ClintonFox News poll: Biden ahead of Trump in Nevada, Pennsylvania and Ohio Trump, Biden court Black business owners in final election sprint The power of incumbency: How Trump is using the Oval Office to win reelection MORE’s loss, which he feels was partially due to struggles with working-class voters.

The Times reported that Biden’s advisers are divided on whether he should seek the presidency in 2020.

Biden earlier this month criticized Clinton’s campaign during the SkyBridge Alternatives hedge fund conference in Las Vegas.

“I never thought she was a great candidate,” he said. “I thought I was a great candidate. Hillary would have been a really good president.”

Last month, Biden dismissed speculation about a 2020 campaign during a state dinner event in New Hampshire, host of the nation's first primary each election.

“When I got asked to speak, I knew it was going to cause speculation,” he said at the time. “Guys, I’m not running.”

Biden ruled out seeking the presidency in 2016 following the death of his eldest son, Beau, due to brain cancer. He has sought the presidency twice before, waging unsuccessful bids in 1988 and 2008.