Some Democrats worry that picking a new presidential candidate could mean the loss of the Biden campaign’s funds, but it may not be that simple. Veuer’s Matt Hoffman has the details.
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00:00The Biden campaign and associated organizations have raised $240 million for the president's
00:04re-election, according to USA Today. If Biden left the race, would all that money go to waste?
00:09Not really. USA Today says most of the money belongs to the Democratic National Committee
00:14and various joint fundraising committees and super PACs, which can basically spend it as they please.
00:19$92 million does belong specifically to Team Biden-Harris. If Vice President Harris becomes
00:24the nominee, those funds could probably just be spent on her campaign, though Dan Wiener
00:28of the Brennan Center for Justice told USA Today that the legal restrictions are, quote,
00:32not crystal clear. Even another candidate might still be able to benefit from the money,
00:36though it would be more complicated. Sourav Ghosh of the Campaign Legal Center told the AP that
00:41there's no legal way for Biden to transfer to a new candidate the $90 million that his campaign
00:46currently has on hand. But the New York Times says that they could transfer it to a sympathetic
00:50super PAC not controlled by the campaign, or to the Democratic National Committee,
00:55as Michael Bloomberg did when he withdrew from the 2020 primary.
00:58So whoever the party ends up nominating, they're not likely to be hard up for cash.