There will be a third party in the US that former Republicans and Democrats intend to create to appeal to millions of voters who they say are alarmed by America's dysfunctional two-party system.

The new Forward party will be led by former Democratic presidential candidate Andrew Yang and Christine Todd Whitman, the former Republican governor of New Jersey. They hope the party will become a viable alternative to the Republican and Democratic parties that dominate US politics, Reuters reported.

This fall, party leaders will hold a series of events in two dozen cities to roll out their platform and rally support. They will hold an official opening in Houston on September 24 and the party's first national convention in a major US city next summer.