Mayor Bill de Blasio says the wildly popular statue of a young girl staring down Wall Street's famous "Charging Bull" will be allowed to remain through February 2018.
De Blasio says the artwork, called "Fearless Girl," has inspired many people and "fueled powerful conversations about women in leadership."
"Fearless Girl" originally only had a temporary permit to stay until April 2.
Now the statue, which stands on Department of Transportation property, will get a longer-term permit through the department's art program, the Office of the Mayor said.
"Now, she’ll be asserting herself and affirming her strength even after her temporary permit expires--a fitting path for a girl who refuses to quit," he said.
The mayor held a press conference at the statue on Monday afternoon, where he praised the work for sending a message of personal empowerment to women and girls.
"Sometimes a symbol helps us become whole, and I think the 'Fearless Girl' is having that same affect, she is inspiring everyone at a moment we need inspiration."
The statue of a ponytailed girl in a windblown dress was installed in front of the bronze bull early this month. State Street Global Advisors, a $2.5 trillion asset managing firm, created the project with McCann New York ad agency.
The financial giant wanted to spread a serious message: that more women should be appointed to the boards of the Russell 3000, a broad index of U.S. companies.
It immediately became a tourist draw and internet sensation.