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Democratic senator Elizabeth Warren has announced she is formally preparing to campaign for president in 2020.

But, Warren said, regular people in American faced more hard challenges in 2018. "And they enlisted politicians to cut them a fatter slice". She and her three older brothers went through economic hardships, with her father's heart attack when she was 12 resulting in medical bills that required her mother to work at Sears and Warren to wait tables at age 13.

Warren's staff told ABC News the senator will be filing the paperwork for her exploratory committee with the Federal Election Commission Monday and revamping her political and campaign website. "And that means reducing the student loan debt burden, increasing our Social Security payments for those who depend most on it, & the overarching piece, reducing corruption in government".

Speculation that Warren might run for president began nearly as soon as she won her seat in 2012.

Sen. Elizabeth Warren, D-Mass., speaks during the first day of the Democratic National Convention in Philadelphia in July 2016.

Warren did not say what she thought Democrats stood for at the time, but she now hopes to define the party in 2020. Warren also has a jaundiced view of American power; in a foreign policy speech at American University in November, she opined, "Whether our leaders recognize it or not, after years as the world's lone superpower, the United States is entering a new period of competition".

"I've spent my career getting to the bottom of why America's promise works for some families, but others who work just as hard slip through the cracks and into disaster".

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The move, the first by a high profile Democrat for 2020, allows Ms Warren, 69, to ramp up her fundraising.

"How did we get here?" she asked rhetorically.

"America's middle class is under attack", Warren said in a four-minute, 30-second video posted to YouTube.

Warren for years has been accused of exaggerating her Native American heritage to help get a job as a Harvard law professor.

"Using a DNA test to lay claim to any connection to the Cherokee Nation or any tribal nation, even vaguely, is inappropriate and wrong", Hoskin said in a statement.

Warren appears to target voters of varied cultural, geographic and economic backgrounds with an anti-corporate, pro-worker message in her initial campaign pitch. President Barack Obama considered appointing her to run the new bureau but then passed on her. Warren ran for the Senate instead.