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June 13, 2024
Trump fundraising off of conviction after sinking millions of dollars in donor funds for legal costs
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As allegations against Trump mount and the costs of defense rise, his campaign and political committees have quickly ramped up legal spending — and fundraising efforts — to cover those expenses.
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National ‘school choice’ movement ousts anti-voucher Republicans in Texas runoffs
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With the help of out-of-state billionaires, Texas Gov. Greg Abbott (R) has ousted more than half the Republican legislators who opposed his “school choice” agenda last year, paving the way for a school voucher program that could unlock millions in public funds for private education.
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Congress blocked SEC guidance on crypto as industry lobbying surged
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Amid a lobbying blitz by the cryptocurrency industry, Congress voted for a resolution to overturn a Securities Exchange Commission bulletin discouraging banks from holding cryptocurrency assets.
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Chart of the Week
Dive deeper into the data behind the headlines
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What to Know:
Since the start of his 2016 presidential run, Trump-aligned political committees have made more than $1.3 billion in transfers, shuffling money to the RNC and other committees supporting him.
By the Numbers:
Trump's political operation has spent about $184 million in legal fees since 2016, with the bulk of that spending in the years following the former president's failed reelection bid in 2020. The bulk of those payments were made by Save America, Trump’s leadership PAC.
In less than 24 hours after Trump was convicted on 34 felony counts in his hush money trial, Trump's campaign announced that it raised $52.8 million along with the RNC. According to Trump’s campaign, that staggering fundraising is "nearly double" its previous single-day fundraising record on the WinRed platform for Republican donors. Within 48 hours of the verdict, Trump’s campaign claims that total grew to $70 million.
Dig Deeper:
While Trump is making bank off of his guilty verdict, his campaign sent a stern message warning down-ballot Republicans not to use the former president’s conviction to fundraise for themselves. “Any Republican elected official, candidate or party committee siphoning money from President Trump’s donors are no better than Judge Merchan’s daughter,” Trump campaign advisor Chris LaCivita cautioned. “We’re keeping a list, we’ll be checking it twice and we aren’t in the spirit of Christmas."
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OpenSecrets in the News
See our media citations from outlets around the nation this week:
Why oil companies are raking in record profits under Joe Biden (CNN) [[link removed]]
This year, members of the oil and gas industry have largely donated to Republican candidates and conservative groups, according to OpenSecrets. But, the oil and gas industry in the United States has thrived under the current president, even as the Biden administration has touted its efforts to transition away from fossil fuels and towards green energy sources.
$800,000 wire transfer from billionaire donor to US Chamber raises curtain on dark money (The Hill) [[link removed]]
The U.S. Chamber of Commerce received an $800,000 wire transfer from billionaire donor Hank Meijer days after it endorsed his son, then-Rep. Peter Meijer (R-Mich.), in a contentious 2022 primary, according to previously unreported internal emails reviewed by The Hill. The timing of the donation so soon after the endorsement “raises some serious questions” about the arrangement between the Chamber and Hank Meijer, said Anna Massoglia, a dark money expert at the nonpartisan OpenSecrets.
The U.S. wants to crack down on payday loans. Here’s what you need to know (The Washington Post) [[link removed]]
The Supreme Court ruling resolved a challenge to the Consumer Financial Protection Bureau’s authority to act — meaning that the agency can come off the sidelines and get back in the game of fighting predatory lending. An array of lenders continue to fight the tougher rules, including ACE Cash Express, Populus Financial Group, Advance America, Advance Financial and Check ’n Go. In total, their lobbies spent roughly $5 million per year from 2021 through 2023, according to the watchdog group OpenSecrets.
Trump would be long gone if only we could...(The New York Times) [[link removed]]
Clooney Urges Donations to Biden After Report He Complained to White House (Newsweek) [[link removed]] [[link removed]]
10 primaries to watch in South Carolina, North Dakota, Maine and Nevada (ABC News) [[link removed]]
Small donors are banding together to make their campaign donations go farther (MSNBC) [[link removed].]
Trump, GOP make inroads in Silicon Valley (The Hill) [[link removed]]
Super PAC money is expected to pour into Maryland campaigns. Who’s behind it? (The Baltimore Sun) [[link removed].]
The Stakes: On Israel and the Gaza war, how would Trump and Biden handle the Palestine conflict if reelected? (Yahoo! News) [[link removed]]
The Hollywood stars are out for Biden (POLITICO) [[link removed]]
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