Dozens of former Republicans and Democrats announced the launch of a new political party on Wednesday.

The Forward Party will be co-chaired by former Democratic New York City mayoral candidate and presidential candidate Andrew Yang and the former Republican governor of New Jersey, Christine Todd Whitman.

Yang initially formed The Forward Party after leaving the Democratic Party to become an independent in October. The latest announcement, however, is that the party has merged with two other organizations; the Renew America Movement (RAM) and the Serve America Movement (SAM).

RAM was launched last year and is made up of dozens of former officials in the Republican administrations. The organization is led by Miles Taylor, a former Homeland Security official under Donald Trump.

SAM was founded in 2017 by former U.S. Rep. David Jolly (R-FL) and comprises Democrats, independents, and Republicans.

The Forward Party will be “steering away from far fringes of the Left and Right to find the common ground,” according to the party’s website.

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“Not Left. Not Right. Forward,” a slogan on the website reads.

Two cornerstones of the party’s platform are to “reinvigorate a fair, flourishing economy” and to “give Americans more choices in elections, more confidence in a government that works, and more say in [their] future.”

Yang expanded on the party’s mission in an announcement on his personal website.

“I knew the country needed a new kind of party to help realign our politics and reverse the polarization that is tearing our country apart,” he wrote.

The Forward Party is currently already on the ballot in several states, according to Yang’s announcement.

The new party is aiming to gain party registration and ballot access in all 50 states by late 2024, in time for the 2024 presidential and congressional elections. It hopes to field candidates for local races, such as school boards and city councils, in state houses, the U.S. Congress, and up to the presidency.

In an interview with Reuters, Yang said the party is starting with a budget of about $5 million. He added that it has donors and a grassroots membership between the three merged groups numbering in the hundreds of thousands.

Taylor, the former Homeland Security official in the Trump administration and leader of RAM, said the idea was to give voters “a viable, credible national third party.”

Taylor acknowledged that previous third parties have been unsuccessful but said that now, “the fundamentals have changed.”

“When other third-party movements have emerged in the past it’s largely been inside a system where the American people aren’t asking for an alternative,” Taylor said. “The difference here is we are seeing an historic number of Americans saying they want one.”

Stu Rothenberg, a veteran political analyst, said establishing a third party in the American political system will be almost impossible, pointing to previous popular third-party presidential candidates like John Anderson in 1980 and Ross Perot in 1992 and 1996 who were ultimately unsuccessful.

“The two major political parties start out with huge advantages, including 50 state parties built over decades,” Rothenburg said.