Andrew Yang is founding a 3rd political party aimed at centrists and breaking up the 'duopoly' of Democrats and the GOP: source

• Andrew Yang is starting a third political party, a source close to him confirmed to Insider.
• Yang's new party, first reported by Politico, remains unnamed.
• In his forthcoming book, Yang argues a political "duopoly" is keeping the US in the past.

Andrew Yang is forming a third political party, a source familiar with the plans confirmed to Insider on Friday.

The new party, first reported by Politico, will be aimed at moderates and centrists fed up with America's two-party system.

Yang did not respond to Insider's request for comment.

The source close to Yang confirmed the formation of the party is real, but did not divulge a name for the outfit. More details on Yang's party will be rolled out with his upcoming book.

Set for an October 5 release, "Forward: Notes on the Future of Our Democracy" was written in the fall of 2020 before Yang waged his unsuccessful bid in the New York City mayoral race.

While Yang's name recognition from his dark horse presidential run made him the early favorite, an erosion of his support among college-educated and affluent white voters led to a fourth-place finish. His mayoral run showed some of the potential of ranked-choice voting, benefiting from a late quasi-alliance with former NYC Sanitation Commissioner Kathryn Garcia.

Yang's presidential campaign centered around a $1,000 per month universal basic income program, but he ran on a more limited direct payment policy during the mayoral race.

The new book delves into what Yang argues is a "duopoly" of Democratic and Republican rule that is keeping the US's political system stuck in the past.

Modernizing legislation and government agencies is also a focus in the book, which Yang ties to what he describes as the "priests of decline" among both major parties.

Yang's upcoming book will be published by Crown, following up on his 2018 best-seller "The War on Normal People."