The committee is also thought to be looking into Mr Bloomberg's ties with Merrill Lynch, which now owns almost a quarter of the financial communicaions company which bears his name.
The bank has, however, been a leading underwriter of city municipal contracts for years and Bloomberg only took over as mayor in January.
The committee is expected to deliver its ruling in a matter of weeks. It is thought highly unlikely that it will find Mr Bloomberg behaved in an unethical manner or guilty of any impropriety.
New York City mayor Michael Bloomberg is being investigated by a government committee to establish whether there is a conflict of interest between his public role and his private business activities.
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