Biden’s Sudden Exit Raises Questions on the Legality of Transferring Campaign Funds to Kamala Harris
Vice President Kamala Harris spoke at a political event in Grand Rapids, Mich., in early 2024. (The White House/Wikimedia Commons)
On July 21, President Biden withdrew from the presidential race, raising questions about the fate of his $232,436,391 in campaign funds.
Some might think he can simply transfer these funds to a new candidate, but that would violate donor trust and be illegal under Federal Election Commission (FEC) regulations, which allow a federal candidate committee to contribute only up to $2,000 per election to another candidate’s committee.
Furthermore, there is no new candidate yet. Biden has endorsed Kamala Harris, but his endorsement does not automatically make her the party’s new candidate.
