(NewsReady.com) – A pro-Trump Political Action Committee (PAC) has filed a formal complaint against former New York City Mayor Mike Bloomberg. Accord to them, the billionaire has broken campaign financing rules with his latest cash contribution to the Democratic National Committee. Bloomberg’s defenders say he was operating within the law; opponents say he’s gaming the rules to donate far more than he’s allowed to.
No. Bloomberg was in earnest running for POTUS & transferred money to his campaign ahead of trying to win on Super Tuesday. Didn't win. He, like any other candidate, can transfer that $ to a party cmte. A candidate moving $ just to transfer to a party doesn't pass the smell test https://t.co/FyeD3VkjMQ
— Xochitl Hinojosa (@XochitlHinojosa) March 20, 2020
Bloomberg is believed to have spent over $900 million on his doomed and short-lived presidential campaign, but when he admitted defeat and wound that campaign up, it still had around $18 million in its account. Now Bloomberg has announced he’s donating that money to the DNC.
There’s no law against terminated campaigns giving their funding to the DNC — but the difference is that Bloomberg’s campaign didn’t raise money from donations as most do. It came from his personal fortune. Since he funded his own campaign — which is perfectly legal to do — he doesn’t necessarily have the same rights to donate the funds since there were no other outside contributions.
Dan Backer, chairman of the Great America PAC, complained to the FEC. “If you allow Bloomberg to do this, you’re giving democracy to a billionaire oligarch,” he said. “Having been unable to buy voters, he’s doing the next best thing and buying the party itself.”
We’ll follow this story and see how it shakes out in the end.
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