Ayyyeee… What’s Goodie Everyone. So I got some tea and it involves The DNC , Joe Biden and Money.
Presumptive Democratic presidential nominee Joe Biden will ask donors to give as much as $620,600 to support his White House bid and down ballot candidates, dramatically expanding his fundraising capability to compete with President Donald Trump’s big money machine. According to The Washington Post;
The Biden Victory Fund, a committee that raises money with the Democratic National Committee, on Saturday filed an agreement that allows wealthy donors to give large checks that will be shared by the campaign, the party and 26 state parties the latest move by Democrats to ramp up the former vice president’s fundraising for the general election.
The decision allows Biden to raise money at the levels of the campaign for Trump, who has enjoyed a fundraising advantage as the incumbent president who can coordinate directly with the party and state parties.
While a person can give a maximum of $5,600 to Biden’s campaign committee, the new agreement allows one donor to legally give more than 110 times that amount in support of Biden’s election.
The Biden Victory Fund agreement is the latest example of the dramatically expanding fundraising power of national party committees, made possible through pivotal legal changes in 2014 that loosened restrictions on individual contributions.
Remember that both major political parties have taken advantage of this maneuver. Hillary Clinton was the first presidential candidate to establish a joint fundraising committee when she was a front runner in the 2016 Democratic primaries, collecting up to $356,100 per year per donor for her White House bid with the Democratic National Committee and 32 state parties. Trump and the Republican National Committee then set up their own joint effort, Trump Victory, asking donors for as much as $449,400 in 2016.
The Biden Victory Fund was created last month, in an effort to speed money into the Biden operation. The initial agreement had allowed donors to give $360,600 each.
Many of the 26 parties signed on to the Biden Victory Fund are key states for the presidential race and states that have contentious Senate races, including Florida, Michigan, Pennsylvania, Wisconsin, Arizona and North Carolina.