(Bloomberg) -- Tim Scott, the US Senator from South Carolina who’s expected to make a run for the White House, said he’ll have an announcement on “the final step” on May 22.

Most Read from Bloomberg

• Nigeria Targeted a UK Mansion; Its Next Leader’s Son Now Owns It

• IBM to Pause Hiring for Jobs That AI Could Do

• Morgan Stanley Plans 3,000 More Job Cuts as Dealmaking Slumps

• JPMorgan Ends First Republic’s Turmoil After FDIC Seizure

• First Republic’s Jumbo Mortgages Brought On Bank’s Failure

A person familiar with Scott’s plans previously said his goal was to formally announce a bid by the end of May, after launching an exploratory committee in April.

The only Black Republican currently in the Senate, Scott has visited early GOP primary states such as Iowa and New Hampshire. On Sunday, he posted a video of himself telling supporters to prepare for an announcement on May 22 in North Charleston, South Carolina.

Scott, 57, would join a 2024 Republican field including former President Donald Trump, fellow South Carolinian and former United Nations Ambassador Nikki Haley, entrepreneur Vivek Ramaswamy, former Arkansas Governor Asa Hutchinson and conservative radio host Larry Elder. Florida Governor Ron DeSantis, the runner-up to Trump in most polls, is eyeing early June for his formal entry into the race.

Most Read from Bloomberg Businessweek

• Why Chinese Banks Aren’t Worried About Depositors Fleeing

• A Tax Loophole Makes EV Leasing a No-Brainer in the US

• More Companies Head to Space, But No One Can Agree on the Rules Up There

• Women Chief US Economists Have Gotten Even Rarer on Wall Street

• At Charles Schwab, Being a Big Bank Has Become a Big Problem

©2023 Bloomberg L.P.