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.
The Democratic National Committee (DNC) plans to begin virtual voting from August 1 to August 7, a process originally expected to culminate in Biden’s official nomination before his withdrawal.
By dropping out at this late date, Biden has done a great disservice to other candidates who now have only 10 days to raise funds and launch their campaigns for the nomination.
Alternatively, the DNC could rescind their decision to start virtual nominations on August 1, giving candidates more time until the convention on August 19.
Hellbound and Down 