yep!
 |  |
Posted on 07/05/2024 2:28:42 AM PDT by Libloather
President Biden would have total control over the millions of dollars raised by his presidential campaign if he chooses to drop out of the race against former President Trump, campaign finance experts told The Hill.
**SNIP**
The Biden campaign said there was $240 million in the Team Biden-Harris war chest — which include the campaign, Democratic National Committee (DNC) and joint fundraising committees — at the end of June.
But neither the campaign nor the DNC responded to questions from The Hill about how much of that total was parked in the president’s campaign versus the national party committee. While the DNC would still control the party committee funds, Biden would have control over his campaign committee’s slice of that overall total, although the exact breakdown won’t be reported to the Federal Election Commission (FEC) until later this month.
The Biden campaign said it had nearly $91.6 million in cash on hand as of May 31 in its most recent report to the FEC, while the DNC said it had almost $65.2 million.
Campaign finance lawyers said the Biden campaign, and the president himself, would have a number of available avenues for the campaign committee cash if he does drop out or is otherwise unable to run — but all would run through Biden.
“Even if Biden is not the nominee, he would have the authority to direct his campaign treasurer on what to do with the remnant funds — whether that is a transfer in full to the DNC, to a super PAC supporting the new nominee or parsed out up to contribution limits to various other campaigns with the balance to the DNC or a super PAC,” Steve Roberts, a partner at Holtzman Vogel and former general counsel on Vivek Ramaswamy’s 2024 presidential campaign, told The Hill.
Tom Moore, former counsel and chief of staff to Democratic FEC Commissioner Ellen Weintraub, told The Hill that “the money can go several places.”
“It could all go to [Vice President] Harris, it could all go to the [DNC]. Or anything in between,” said Moore, who is now a senior fellow at the left-leaning think tank Center for American Progress.
I heard it goes to kamala
Biden creates a 501(c)(3) foundation.
Excess campaign funds are legally donated to the foundation.
Biden, and all his family members are paid salaries from the foundation.
Knowing Biden has control of the money, you have to think something along these lines. They are not going to just let go of all that cash.
This is just a drop in the bucket compared to what has flowed to the Biden family from China, Ukraine, various Russian oligarch families, and dark money sources, all shunted through limited liability corporations that seem to have no function other than to launder cash flow.
Laws and rules are meaningless to Democrats.
That’s what they do.
The Dems will offer the big guy’s normal 10% of that $240 million as a lovely parting gift along with pardons for all members of the Biden Crime Cartel.
Unless he dies.
You mean, after the millions he stuffs into his pockets?
One of the reporters who knows him wrote a story on DM and she uses the words like “not of this world”. Also she said libs are starting to agree with Trump about Obama controlling him
I’m sure Hunter can find a use for it.
They’ll finagle something.
I’m sure somehow Joe and the family will keep the bulk of it, if not all. Tax-free, of course.
yep!
| |
Look. either he can or he can’t control it. We’ve heard both sides. Somebody’s B.S.-ing here.
The money is wherever it needs to be in order to help whoever replaces Joe. That’s why they wouldn’t answer a basic question about where the money is parked, and the FEC and DOJ won’t fine or prosecute their own party in 2024 anyhow for campaign finance violations.
“I heard it goes to kamala”
It does. The only way it is transferred to another entity (legally) is if Harris is not on the ticket. In that case, it all goes back to the donors.
QED,
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.