President Biden’s Campaign Funds: Who Gets Them Now?
President Joe Biden announced on Sunday that he will withdraw from the 2024 presidential election. Vice President Kamala Harris will likely take his place as the Democratic nominee. Will Harris receive Biden’s campaign funds?
How Much are Biden’s Campaign Funds?
Early July reports reveal Biden’s campaign funds were around $240 million, compared to Trump’s $331 million. It is reported that $96 million remains. Many democratic supporters paused their donations after Biden’s underwhelming debate performance. After Biden announced he would drop out of the race and endorsed Harris, she raised a record-breaking historic $81 million within 24 hours.
Kamala Harris is the Only Democrat Who Can Seamlessly Access Biden’s Campaign Funds
Kamala Harris looks like a shoo-in for the Democrat who will step in for Biden. Several prominent leaders in the Democratic party endorsed her. However, the nomination is not official until she is formally nominated at the Democratic National Convention next month.
She is also at an advantage because she would be the only Democrat who can seamlessly access Biden’s campaign funds. As vice president, she was already sharing campaign funds with Biden. Both the President and Vice President are a part of the same campaign committee filed with the FEC. Consequently, by remaining on the ticket as the presidential nominee, she will maintain access to the funds. The committee has already changed their name from “Biden for President” to “Harris for President.”
Former President Donald Trump has already filed a complaint with the FEC over the $96 million in limbo. However, legal expert Ugo Lord cites several election finance attorneys who state such an action would likely fail. Not only that, but FEC complaints often take between 1-5 years to resolve. Consequently, it’s likely the complaint will not be adjudicated until after the November election.
What Happens if Biden Doesn’t Become Nominee?
Although it seems likely Harris will be taking Biden’s place, nothing is certain. Some Democrats would like to see an open voting process. This begs the question- if Vice President Harris doesn’t become the presidential nominee, what will happen to Biden’s campaign funds?
According to campaign finance laws, there is a $2000 limit on transfers from one candidate to another per election- but there are some workarounds. For example, Biden could refund the campaign money to everyone who donated so far, hoping they will re-donate to the new campaign. However, there is no guarantee that the donors will reallocate the funds.
Another solution would involve Biden transferring his funds to the Democratic National Committee. That would allow the DNC to spend in coordination with the nominee. The DNC could also use the cash it has on hand to support its party during the election.
However, there is a chance the committee would not spend the money following campaign preferences.
Biden could also transfer his funds to an independent super PAC. However, super PACs cannot coordinate with campaigns and usually pay more to run ads, making their money less effective.
Other Funds Can Support the New Nominee
Biden’s campaign funds aren’t the only means of financial support that could back a new presidential nominee. Biden has also partnered with fundraising committees, including the Biden Victory Fund. These efforts have allowed him to accrue about $40 million as of the end of June.
The committees have signed agreements with Biden’s campaign indicating how they will allocate their funds. If all members agree, they can reallocate funds to support the new nominee, regardless of who it is. However, a unanimous vote is not guaranteed.
Additionally, several major super PACS support Biden, including Future Forward, an agency that raised about $92 million as of the end of May. However, these agencies run independent campaigns and can change their minds about funds allocation at any time.