Former Vice President Joe Biden to start political action committee

— -- Joe Biden is launching a new political action committee called "American Possibilities" today, another sign the former vice president intends to remain active in Democratic politics heading into the 2018 midterm elections and potentially the 2020 presidential race.

"This is a time for big dreams and American possibilities," Biden wrote in a post obtained by ABC News that will help launch the PAC's website. "If that's what you believe -- and you're ready to help elect folks who believe that, and to support groups and causes that embody that spirit -- then I'm asking you to join me today."

Greg Schultz, a former senior adviser in the vice president's office who also worked on the Obama-Biden campaigns, will serve as the executive director of the PAC.

The former vice president has also launched the Biden Foundation, which is designed to continue supporting his Cancer Moonshot initiative.

Since leaving office, Biden has kept a high profile, making several public appearances, including at a fundraiser for the New Hampshire Democratic Party in April.

Such appearances have fueled speculation that Biden may be considering a 2020 run for president.

At the SALT Conference in Las Vegas last month, Biden, 74, seemed open to the possibility of throwing his hat into the ring.

"Could I? Yes. Would I? Probably not," said Biden, CNN reported, but he added that if certain circumstances were right, "I may very well do it."

Biden also took a jab at the former secretary of state.

"I never thought she was a great candidate. I thought I was a great candidate," Biden said of Hillary Clinton.

Biden decided not to run in 2016 so that he could help his family cope with the death of his son, Beau, to brain cancer in 2015.

Later this month, Biden will headline a fundraiser for New York Gov. Andrew Cuomo and serve as the keynote speaker at a Florida Democratic fundraiser.

When asked about her husband’s PAC on CBS “This Morning,” Jill Biden said, “Joe is not going away.”

“He loves politics. He said he would stay involved. And so he set up this PAC because he's going to be involved in the midterm elections," Jill Biden said Wednesday.