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As President Joe Biden faces mounting pressure to step down from the 2024 race, questions surround what could happen to his campaign funds.
According to recent filings obtained by the Associated Press, Biden's campaign has $91 million cash on hand. The campaign said earlier this month that they have access to $240 million with efforts from allied Democratic organizations.
Vice President Kamala Harris, who has emerged as a top candidate to potentially replace Biden, could use the funds to take over the ticket since the campaign account was registered in both of their names.
Donors could get refunds if Biden were to drop from the raise if the campaign agreed to the transfer. They don't have an automatic right to get refunded and a lawsuit against the campaign would likely be unsuccessful, experts say.
If another nominee is named for the 2024 election, only $2,000 from the Biden-Harris campaign could be transferred to the new candidate.
The campaign account could also be converted to a political action committee (PAC) but it could only transfer up to $3,300 to the new presidential candidate's campaign.
“There’s no legal way for Biden to transfer to a new candidate the $90 million that his campaign currently has on hand," Saurav Ghosh, director of federal campaign finance reform for the Campaign Legal Center said, per AP.
Other options for the funds include transferring it to Democratic committees backing House and Senate candidates or giving it to charity.
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