Montana Gov. Steve Bullock Steve BullockCourt removes Pendley from role as public lands chief On The Trail: Making sense of this week's polling tsunami McConnell locks down key GOP votes in Supreme Court fight MORE (D) will apply to receive public financing for his struggling presidential campaign.

In a memo Monday, Bullock’s campaign manager Jennifer Ridder cast the decision to seek out public funds for his presidential bid as a show of the governor’s commitment to campaign finance reform, an issue that he has put at the center of his campaign since announcing his candidacy in May.

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“As the only candidate for President who is choosing to participate in the public finance process, Governor Bullock is leading with his values and defending our shared belief that our democracy should never be for sale to the highest bidder,” Ridder wrote.

The Associated Press first reported on Bullock's desire to seek public funding.

Receiving that form of financing would give Bullock’s campaign a financial boost at a critical time in the Democratic nominating contest. The Iowa caucuses are just four months away and campaigns typically look to bulk up their operations in the fall before voting begins.

Bullock raised more than $2 million in the second quarter of 2019, putting him well behind the primary field’s top fundraisers like South Bend, Ind., Mayor Pete Buttigieg Pete ButtigiegBillionaire who donated to Trump in 2016 donates to Biden The Hill's Morning Report - Sponsored by Facebook - GOP closes ranks to fill SCOTUS vacancy by November Buttigieg stands in as Pence for Harris's debate practice MORE and former Vice President Joe Biden Joe BidenFormer Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick Bloomberg rolls out M ad buy to boost Biden in Florida MORE, who raised $24.8 million and $22 million, respectively.

The public campaign financing program offers participating candidates matching funds on all donations they receive up to $250. It is funded by taxpayers who opt on their tax forms to donate $3 toward the program.

But if he receives public funds for his campaign, Bullock would be limited in how much money he can spend. In 2016, the Federal Election Commission (FEC) set that spending cap at $48.07 million. The AP reported that the cap would be set at an estimated $60 million in 2020.

For years, presidential candidates relied heavily on public financing to power their campaigns. But the use of those funds has declined since the 2000 election when then-candidate George W. Bush eschewed the program.

Bullock is expected to apply for public financing after the third fundraising quarter closes on Monday night.

Still, even if he applies for the funding, his application would have to be approved by the FEC, which does not currently have enough members to hold a meeting or vote on such a matter.

The commission needs at least one more member to have a quorum, and there is one nominee awaiting confirmation. The Senate, however, traditionally confirms two nominees at a time.

Updated at 10:31 a.m.