Ha ha!
No lookie, no hurtie.
No lookie, no hurtie.
Okay about that. It's not "Biden's"But there are federal laws governing campaign finance. And Biden’s considerable war chest can't go to anyone other than his official VP nominee. If he's forcibly booted, the money goes with him or to Harris.
Thanks for the details on that. Two questions -Vice President Kamala Harris has been one of President Joe Biden’s staunchest defenders following his shaky performance in the recent presidential debate, but she’s also emerged as a potential option to lead the party herself if Biden opted not to continue his campaign.
One big question is what would happen to the current campaign’s $91 million cash on hand, according to its most recent filings. (Combined with allied Democratic organizations, the reelection effort has access to $240 million cash on hand, the campaign said last week.)
COULD HARRIS TAKE OVER THE CAMPAIGN CASH?
Yes, although there are some caveats.
Since their campaign account was registered with the Federal Election Commission in the name of both candidates, Harris could use those funds for her own presidential effort if Biden were to drop out, according to Kenneth Gross, senior political law counsel at Akin Gump and former associate general counsel for the Federal Election Commission.
CAN DONORS GET REFUNDS?
Only if the campaign said yes.
Legal scholars agree that if donors were to ask for their money back after a candidate switch, the campaign would need to agree to that transfer. That means donors don’t have an automatic right to get refunded.
“Once a donor makes a contribution, he or she relinquishes the rights to those funds,” Gross said.
Displeased donors thinking about suing likely wouldn’t succeed, according to Bradley A. Smith, professor at Capital University Law School in Ohio.
“When you give money to a campaign committee, it is pretty much theirs to do with what they please, within the boundaries of the law,” he said.
WHAT IF NEITHER BIDEN NOR HARRIS IS THE NOMINEE?
According to Gross, their campaign would have to give all the money back — sort of.
Any donations designated for the primary, which Biden won, would stay with the campaign, Gross said, something that technically could apply to any money taken in by Biden-Harris up until the Democratic National Convention in August.
“All contributions made prior to the August convention are deemed to be for the primary unless the donor designates in writing that the contribution is for general election,” Gross said.
According to Smith, if Biden left the race and Harris didn’t replace him as nominee, their former campaign could only transfer $2,000 of the money that had been collected to a new candidate.
Could the campaign account be converted to a PAC?
Maybe, but it might not be worthwhile.
According to Gross, if both Biden and Harris either drop out of the contest or don’t become their party’s nominee, they could opt to designate the campaign funds for a super PAC or the party itself.
But if those transfers did happen, Smith said, “the vast bulk of it would have to be in independent expenditures, which tend to be less effective.” Plus, he added, guaranteed broadcast advertising rates are higher for parties than for candidates, “so that has a cost, too.”
What experts say about the Biden-Harris war chest
Vice President Kamala Harris has been one of President Joe Biden’s staunchest defenders following his shaky performance in the recent presidential debate, but she’s also emerged as a potential optionwww.miamitimesonline.com
They can and will do what they want, but at the risk of alienating groups that donated money. Many large donors expect a "return" on their "investment", quid pro quo style in the form of .gov contracts, etc.Thanks for the details on that. Two questions -
Does any of it negate any of my post #102? Not challenging, I just can't tell.
Are the things you shared covered by laws or by rules? Not that they'd keep to either.
Thanks!
Sigh. No, those are not the only two options.But there are federal laws governing campaign finance. And Biden’s considerable war chest can't go to anyone other than his official VP nominee. If he's forcibly booted, the money goes with him or to Harris.
Sigh. No, those are not the only two options.
The war chest can go to a PAC. And the PAC can spend its money how it chooses. Same difference in the end.
Vice President Kamala Harris has been one of President Joe Biden’s staunchest defenders following his shaky performance in the recent presidential debate, but she’s also emerged as a potential option to lead the party herself if Biden opted not to continue his campaign.
One big question is what would happen to the current campaign’s $91 million cash on hand, according to its most recent filings. (Combined with allied Democratic organizations, the reelection effort has access to $240 million cash on hand, the campaign said last week.)
COULD HARRIS TAKE OVER THE CAMPAIGN CASH?
Yes, although there are some caveats.
Since their campaign account was registered with the Federal Election Commission in the name of both candidates, Harris could use those funds for her own presidential effort if Biden were to drop out, according to Kenneth Gross, senior political law counsel at Akin Gump and former associate general counsel for the Federal Election Commission.
CAN DONORS GET REFUNDS?
Only if the campaign said yes.
Legal scholars agree that if donors were to ask for their money back after a candidate switch, the campaign would need to agree to that transfer. That means donors don’t have an automatic right to get refunded.
“Once a donor makes a contribution, he or she relinquishes the rights to those funds,” Gross said.
Displeased donors thinking about suing likely wouldn’t succeed, according to Bradley A. Smith, professor at Capital University Law School in Ohio.
“When you give money to a campaign committee, it is pretty much theirs to do with what they please, within the boundaries of the law,” he said.
WHAT IF NEITHER BIDEN NOR HARRIS IS THE NOMINEE?
According to Gross, their campaign would have to give all the money back — sort of.
Any donations designated for the primary, which Biden won, would stay with the campaign, Gross said, something that technically could apply to any money taken in by Biden-Harris up until the Democratic National Convention in August.
“All contributions made prior to the August convention are deemed to be for the primary unless the donor designates in writing that the contribution is for general election,” Gross said.
According to Smith, if Biden left the race and Harris didn’t replace him as nominee, their former campaign could only transfer $2,000 of the money that had been collected to a new candidate.
Could the campaign account be converted to a PAC?
Maybe, but it might not be worthwhile.
According to Gross, if both Biden and Harris either drop out of the contest or don’t become their party’s nominee, they could opt to designate the campaign funds for a super PAC or the party itself.
But if those transfers did happen, Smith said, “the vast bulk of it would have to be in independent expenditures, which tend to be less effective.” Plus, he added, guaranteed broadcast advertising rates are higher for parties than for candidates, “so that has a cost, too.”
What experts say about the Biden-Harris war chest
Vice President Kamala Harris has been one of President Joe Biden’s staunchest defenders following his shaky performance in the recent presidential debate, but she’s also emerged as a potential optionwww.miamitimesonline.com
I did. Did you? Please note it DOES say a transfer can be made. Independent expenditures call still buy airtime and plenty of it.See below....
I wonder who typed and if he was aware of what he signed?
I can see him saying "let me read this" and the response was "just sign it!"I wonder who typed and if he was aware of what he signed?
Same. I was so sure. But I read an outlandish article last week stating a rumor that Jill was seeking $100 million, $2 billion for his library, and immunity for Joe and Hunter. Maybe not so outlandish.We’ll, i
I missed that call. I was convinced he’d hang in.
or, "here is the order for more ice cream cones". "Where do I sign?"I can see him saying "let me read this" and the response was "just sign it!"