HOUSTON — When it comes to running for president in the U.S., candidates need more than just a great platform to win. They also need a well-stocked war chest.
The Biden campaign says it has $240 million in cash on hand. And that money doesn’t just go to anyone who gets the Democratic nomination. There are a lot of rules and regulations when it comes to campaign donations.
There isn’t a lot of precedent for this. When Lyndon Johnson refused his party’s nomination for a second term in 1968, current campaign finance laws did not exist according to the Austin American Statesman.
However, according to the Campaign Legal Center, Vice President Kamala Harris should be able to use Biden’s campaign funds because she was already on the ticket as vice president. Since that money was already being used for her re-election, she should be able to continue using it if she gets the nomination.
It gets a lot murkier if Harris is not the nominee.
The Biden campaign can’t just transfer the money to another candidate. Campaign finance law limits transfers from one candidate to another to $2,000.
Biden could offer to refund the money to the donors and ask them to contribute to the new candidate, but there are no assurances donors would go along with that.
In the end, Harris may have more than just momentum propelling her to the top of the ticket, she would also have the money.