Former New York Mayor Michael Bloomberg Michael BloombergBloomberg rolls out M ad buy to boost Biden in Florida Democratic groups using Bloomberg money to launch M in Spanish language ads in Florida Bloomberg pays fines for 32,000 felons in Florida so they can vote MORE offered a cool reception to the impeachment inquiry House Democrats formally began Tuesday, calling the 2020 election a "better forum" to remove President Trump Donald John TrumpFederal prosecutor speaks out, says Barr 'has brought shame' on Justice Dept. Former Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick MORE from office.

"We have an election coming up," Bloomberg told CNN at the Bloomberg Global Business Forum Wednesday morning. "The public has the right to decide then whether or not the President continues in office or we have a change. That's a better forum."

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Bloomberg, who announced in March that he would not run for president, also cited partisan polarization as a downside to moving forward with an impeachment inquiry.

"I always have felt that an impeachment process where you're not going to get it through the Senate, even if you get it through the House, turns into a partisan thing," he told CNN. "And we don't need any more partisanship."

The former mayor added that ultimately Congress should deal with anything it deems necessary right now, before the election takes place.

After deciding against a presidential bid, Bloomberg said he would work in the private sector to improve health care, climate change and gun safety. But he's also stayed involved in politics. The former mayor gave more than $100 million to boost the Democratic goal to overtake Congress in the 2018 midterm election, according to CNN.