Challenges Potentially Lie Between Kamala Harris and Biden Campaign’s Millions

Vice President Kamala Harris speaks during a campaign event at Westover High School in Fayetteville, N.C., on July 18, 2024. (Allison Joyce / AFP via Getty Images)

It is unclear if Vice President Kamala Harris will stand to obtain all of the money raised so for President Joe Biden’s re-election campaign if she receives the Democratic Party’s nomination for president.

On July 21, following weeks of pressure from his party, President Biden stepped out of the 2024 presidential race and endorsed his vice president for the job.

Before he dropped out, the Biden campaign and its allies had amassed hundreds of millions of dollars to support the run. Federal Election Commission filings from the principal campaign committee, allied joint-fundraising committees, and super political action committees (PACs) published on July 15 and July 20 indicate President Biden cumulatively held about $281.2 million at the end of June.

The last time a sitting president from the Democratic Party declined the nomination was President Lyndon Johnson in March 1968.

The Democrats will formally pick their nominee at the Democratic National Convention in Chicago. The convention is scheduled to be held Aug. 19–22.

State Democratic Party primaries overwhelmingly selected President Biden earlier this year, but have thrown their support behind Ms. Harris in the past 24 hours.

This sets up an unprecedented scenario for the party. It also begs difficult questions about might happen with President Biden’s campaign money.

On July 22, Judith Ingram, a spokeswoman for the Federal Election Commission (FEC), said the commission could not comment on individual candidates or committees.

“The commission has not directly addressed this situation in the past,” Ms. Ingram said.

In a July 21 X post, FEC Chairman Sean Cooksey cited an FEC provision that would force any candidate to “return or refund” all contributions “if the candidate is not a candidate in the general election.”

During an interview with NPR on July 22, Mr. Cooksey said the FEC is in an unprecedented position with the candidate dropping out only weeks ahead of a convention and trying to transfer all of their campaign assets to another person.

Mr. Cooksey told the broadcaster that the FEC will likely need to sign off on Ms. Harris taking over those funds. The issue will be up for debate and even legal challenges from Republicans.

To further complicate matters, the commission is racing against the clock. Its next open meeting is scheduled for July 25.

FEC Vice Chair Ellen Weintraub has yet to make a public statement about the situation.

The Republican National Committee did not immediately respond to a request for comment from The Epoch Times about the matter.

Ms. Ingram declined to comment on whether the six-member commission will be forced to make a verdict on any campaign finance matters relating to President Biden and Ms. Harris. The FEC, formed in 1974 by the Federal Election Campaign Act, is made up of three Republicans and three Democrats.

As of 11 a.m. EDT, July 22, the Democratic Party has not issued any formal statement about a nominee.

The latest statement, published on July 21 and attributed to Democratic National Committee Chairman Jaime Harrison, said nothing about Ms. Harris. It only promised a “transparent and orderly process to move forward as a united Democratic Party with a candidate who can defeat Donald Trump in November.”

Despite the legal uncertainty and potential hurdles, the Biden campaign’s FEC-registered apparatus transformed itself into the Harris campaign on July 21.

Employees of the Biden campaign identified themselves as working for “Harris for President” in social media posts on July 22. The campaign website for President Biden and similar sites either redirect to a page soliciting donations for Ms. Harris or are rebranded as “Harris for President.”

On July 21, both Biden campaign joint-fundraising committees—Biden Action Fund and Biden Victory Fund—renamed themselves Harris Action Fund and Harris Victory Fund. The principal campaign committee Biden for President renamed itself Harris for President.

Legally, however, only one committee, Future Forward (FF PAC), will be free to spend its money on whichever candidate it likes, according to FEC rules. Future Forward held about $122 million at the end of June, according to federal records.

According to FEC rules, the joint-fundraising committee also has more freedom to distribute money to any committee that is registered in a joint fundraising agreement with it.

Harris for President is named on both Harris campaign joint fundraising committees. Together, those accounts held about $63.2 million at the end of June, according to FEC records.

The second-richest account, Harris for President, held $96 million at the end of June, according to public records.