US Presidential Election: What will happen to the $91.5 million that Joe Biden has collected? Can Kamala Harris get it? Details here

US President Joe Biden has pulled out of the US Presidential Election 2024 and endorsed Vice President Kamala Harris. The first vice president of the Indian- African descent is most likely to be nominated as the Democrat candidate for the November 5 election. However, a fundamental question in the US political system is: What will happen to the millions of dollars the incumbent president has collected as campaign funds? Will Kamala Harris get it? Will it be refunded to the donors? Will it go to the Democratic Party coffers? Or can Joe Biden take it for his personal use?

Joe Biden collects $91.5 million

In an opinion piece published in 'Fox News', a former member of the Federal Election Commission, Hans von Spakovsky, wrote that Biden’s campaign committee had "cash on hand" of $91.5 million by the end of May. What will happen to this huge amount of money?

Will Kamala Harris get campaign funds?

Experts believe that Kamala Harris can get the entire money because when the 'Biden for President' committee filed its registration statement with the FEC, it registered itself as the "principal campaign committee" for both Joe Biden and Kamala Harris.

Could campaign funds go to the Democratic Party?

According to the FEC regulation 11 CFR 113.2, funds can be transferred from a candidate committee to a party committee. So, the entire amount of $91.5 million can be given to the Democratic National Committee, Democratic congressional and senatorial committees, and state and local party committees and they can use this money to support their federal, state and local candidates. However, each committee can use a limited amount of money in coordination with the new campaign committee.

Can the money go to a super PAC?

A limited amount of funds can go to a Public Action Committee with the coordination of the newly made campaign committee.

Can Biden take campaign funds for personal use?

No. Under the FEC rule 52 U.S.C. §30114, the entire campaign fund can not be transferred to personal use. However, campaign committees are allowed to make charitable contributions in any amount to any organization that qualifies under 26 U.S.C. §170(c).

Can money be refunded to the donor?

Under the FEC rules, the campaign committee is not obliged to return money to the donors.

FAQs

Can the campaign fund be transferred to the new campaign committee if other than Kamala Harris is nominated?
No, the new campaign committee will have no access to or control over the Biden for President campaign cash. Biden for President can give a maximum amount of $2,000 to the new committee.

Can Joe Biden take campaign funds for his personal use?
No. The FEC rules don't allow it to happen. However, if he makes a PAC, the new campaign committee can transfer a limited amount of money to this PAC.