Democratic morale is plummeting amid uncertainty about President Biden's re-election plans, with the potential withdrawal of campaign funds raising questions about their future use and potential implications for the party.
President Biden's potential withdrawal from the 2024 White House race has raised questions about the fate of his campaign funds and the legal parameters surrounding their distribution. With over $91.5 million in "cash on hand" as of June 20th, the future of these funds is uncertain.
Donors are not entitled to refunds under federal law, leaving it up to the Biden for President committee to decide on their own refund policy. However, if Vice President Kamala Harris becomes the Democrat Party presidential nominee, she would gain access to these funds, as Biden's campaign committee filed as the "principal campaign committee" for both candidates.
Biden Campaign Funds: Unclear Future as Dems Grapple with Re-election Decision
In contrast, if another individual emerges as the nominee, Biden's campaign cash would not be available to them. Instead, the Biden for President committee could only contribute a maximum of $2,000 to the new presidential nominee's campaign.
Under FEC regulations, the Biden for President committee has the option to transfer its funds to the Democratic Party, including the Democratic National Committee and various congressional and local party committees. This would allow the party to support federal, state, and local candidates. However, expenditure limits on political party committees would cap the DNC's coordinated spending with the new nominee's campaign.
Biden Campaign Funds: Unclear Future as Dems Grapple with Re-election Decision
The funds could also be transferred to a superPAC, though its activities must remain independent of any coordination with the new nominee. Regular political action committees that accept Biden's campaign funds would face contribution limitations, restricting their donations to the new presidential nominee to $3,300.
President Biden is prohibited from using campaign funds for personal use. However, the funds could be transferred to a charitable organization that qualifies under federal law, such as the Penn Biden Center for Diplomacy & Global Engagement.
Biden Campaign Funds: Unclear Future as Dems Grapple with Re-election Decision
The uncertainty surrounding the future of Biden's campaign funds highlights the challenges facing Democratic officials in a potential scenario where someone other than Harris becomes the presidential nominee. The campaign finance landscape would present significant obstacles to transferring Biden's funds to the new nominee, forcing the party to navigate a complex web of legal restrictions.
As the Democrats grapple with the decision of whether Biden should seek re-election, the fate of his campaign funds remains up in the air. The legal parameters surrounding their distribution will have a substantial impact on the party's ability to mount an effective presidential campaign in 2024.
Biden Campaign Funds: Unclear Future as Dems Grapple with Re-election Decision
