Monday , March 8 2021

Report: Biden Received Over $145 Million In 'Dark Money' Campaign Cash

President Joe Biden was the beneficiary of roughly $145 million in donations from anonymous donors and outdoors teams through the 2020 presidential election cycle.

The sum dwarfed the $28.four million in “darkish cash” donated to Donald Trump, and breaks the document for nameless donors beforehand held by Mitt Romney in 2012.

Democrats and the left have usually railed towards these sorts of contributions in politics.

The Marketing campaign Authorized Middle has referred to as darkish cash “a severe menace to our democracy.” One other nonpartisan group that makes an attempt to cut back the affect of cash in politics, Situation One says, “It’s the most poisonous pressure in politics.” 

RELATED: AOC Frustrated About Biden’s “Horrible Revolving Door” Transition Team of Corporate Bigwigs

Democrats Have Lengthy Opposed Darkish Cash

Democrats have usually been the loudest voices when it got here to decrying large cash – and particularly nameless cash – in politics. The largest argument being how corrupting massive quantities of cash with unknown names behind it may be.

According to Bloomberg, Priorities USA Motion Fund, some of the distinguished Democrat tremendous PACs, backed candidate Joe Biden by taking $26 million in funds initially designated for the non-profit arm of the PAC, Priorities USA.

In that occasion, the names of donors do no should be disclosed.

And whereas Democrats have prior to now launched laws to reign in darkish cash, it didn’t cease them from accepting any nameless donations to be able to defeat Donald Trump.

RELATED: Biden Pushing Forward With Plan To Replace Andrew Jackson On The $20 Bill With Harriet Tubman

Breaking Down The Cash Path

Underneath present FEC legal guidelines, a campaign can accept not more than $2,800 from particular person donors. The Biden marketing campaign raised $1.5 billion, a brand new document. Of that grand complete, solely $318.6 million got here from donors who gave lower than $200 every.

In complete, Democrats received $326 million in darkish cash all through the 2020 election cycle. This almost doubles the $148 million donated to Republicans.

But it surely’s not simply darkish cash that backed Biden. Wall Road did, too.

According to CNBC, again in October, Biden was outraising Trump 5-to-1 in donations from the monetary trade.

Because the Democrats now management all three branches of the federal authorities, in an odd bit of irony, Wall Road could also be on board with Democrats controlling all three branches of the federal authorities.

For some buyers, it’s seen as the very best probability to get a big injection of federal cash right into a nonetheless COVID-stricken financial system. 

RELATED: Blue States, Cities, Loosen COVID Restrictions Less Than One Week After Biden Inauguration

Democrats Pushing “For The Individuals” Act

Nonetheless, it’s not all roses for the Democrats. The left wing of the social gathering continues to be intent on rooting out darkish cash.

With Joe Biden within the White Home, Home Democrats are reviving the “For The People Act,” a part of which focuses on limiting darkish cash.

The invoice was first launched two years in the past.

Far-left “Squad” member Alexandria Ocasio-Cortez has been outspoken about darkish cash.

In 2019, she took to Twitter to complain about darkish cash being raised for President Trump, and has began a PAC of her personal. 

It stays to be seen if she is going to decry the far bigger quantity of darkish cash that benefited her social gathering and her presidential candidate.

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