I'm asking this because of a candidate like Jeb Bush who makes a run for the nomination with no real possibility, intention or expectation of succeeding. Everyone knows he CANNOT win the nomination, but certainly will be a terrific fundraiser.
Is he doing this just to raise money and ultimately pass it along to the nominee/s?
They keep it and can use it for nebulous campaign related expenses.
This is why so many ‘candidates’ run for President and everyone knows they have a snowball’s chance in hell to win or even come close.
A politician’s campaign fund account is a convenient vehicle for the deposit of bribes.
http://www.factcheck.org/2008/02/leftover-campaign-funds/
Q: What happens to a candidate’s leftover campaign funds when he or she drops out of the race?
A: The big rule is: no personal use.
State and local governments have their own rules, but those running for federal office — including presidential candidates — must abide by strict FEC guidelines when it comes to their extra campaign money. They can donate an unlimited amount to a charity or political party. They can also, within limits, make contributions directly to other candidates.
More at link
More details at:
Federal Election Commission
Winding Down Your Federal Campaign
http://www.fec.gov/info/articles/windingdown09.pdf
If you are a Democrat, then you can do anything you want with the money. If you are a Republican, you have to follow whatever is the law at the time.
I am not sure of the finance laws, but ...
In 2008, McCain had to use the FED fund, as his campaign ran out of money. That helped him to eventually win the nomination and lose to Obama.
In 2010, McCain was up for reelection to his Senate seat. He again ran short of money and had to borrow something like $20 million from his presidential campaign funds.
Whaaaaaaaaaaaa????
How did he manage to amass such a chunk of money when he had to use FED funds in 2008? Why was that chunk not used to further his presidential campaign? How did he get to ‘borrow’ it for his senatorial campaign?
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I suspect those campaign funds and many PAC funds are little more than slush funds for the candidate. What doesn’t get used up on the campaign trail eventually slides into their personal accounts sometime later.
But, hey, a $20 million slush fund isn’t too bad, considering that McCain was the primary behind the McCain-Feingold-Thompson, later McCain-Feingold Campaign Finance Reform act.
This is a very good question, and the one I’ve been wondering about is those “I’m Ready for Hillary” people.
Now, that is NOT money being raised by Hillary Clinton herself (or maybe she’s a crook and it is her, but let’s assume it is not so I can understand how this works). There are a bunch of people who want to help her win, they are spending money and raising money. Forget about if she loses, what if she never runs?
Also, in the meantime I suppose you could pay yourself and a few other a salary, and I don’t even mean an exorbitant salary.
So, should I form the committee; READY FOR ANYONE WHO’S NOT A RHINO SQUISH and start being a playah?