Get ready because today, we’re diving into the world of campaign finance and, more specifically, dark money donations.
You might have heard the term “dark money” thrown around in political discussions, but what exactly does it mean? And why is it such a hot topic in President Joe Biden’s 2024 presidential campaign? Let’s break it down!
So, here’s the scoop: President Biden’s campaign recently announced that the stakes for the upcoming election are “sky high,” and as a result, they will accept dark money donations once again. This might raise some eyebrows because, in the past, Biden has strongly condemned dark money, saying it “erodes public trust” and influences elections from the shadows.
What exactly is dark money? In simple terms, it refers to political donations where the donors’ identities are kept secret. These donations are usually funneled through tax-exempt organizations like 501c4s, which are supposed to be focused on social welfare but often play significant roles in political campaigns.
Back in 2020, Biden’s campaign received a massive $64 million donation routed through a 501c4 called the Impetus Fund. This anonymous donation ended up being one of the largest of its kind. Most of this money, around $55 million, was later sent to Future Forward USA Action, a nonprofit supporting Biden, which then funneled $60 million into Future Forward PAC for campaign activities. This process effectively shielded the original donors from exposure.
Four years after President Joe Biden won the 2020 election, mystery still surrounds the source of a $64 million donation from an anonymous source that helped him defeat then-President Donald Trump. MORE: https://t.co/h3tjVwsJpo pic.twitter.com/Bi7UZOBL2e
— NEWSMAX (@NEWSMAX) June 5, 2024
Now, let’s talk a bit about the Impetus Fund. Not much is known about this D.C.-based organization, except that it claims to work with “changemakers” to promote a more inclusive democracy. It’s tied to Arabella Advisors, a major player in left-leaning dark money with a hefty $3 billion available for the 2022 midterms. The president of Impetus, Ezra Reese, is connected to a prominent Democrat election lawyer, Marc Elias.
Despite his previous stance against dark money, Biden’s campaign is embracing it again, citing the high stakes of the election. A campaign adviser told CBS News, “We will protect our democracy with every tool that is legally available.”
However, this decision hasn’t come without criticism. Government watchdog groups and transparency advocates argue that dark money undermines the democratic process. Caitlin Sutherland from Americans for Public Trust pointed out the contradiction in the left’s stance on dark money while still depending heavily on it.
Similarly, Anna Massoglia from OpenSecrets emphasized that dark money conceals vital information from voters, preventing them from knowing who is trying to influence their views and the potential conflicts of interest involved.
As we move closer to the 2024 election, it’s clear that campaign finance will be a crucial issue to watch. Biden currently leads in fundraising, but former President Donald Trump is gaining ground, especially as his legal battles draw more financial support.
