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August 13, 2020
This week in money-in-politics
Kamala Harris brings fundraising prowess to Democratic ticket
Sen. Kamala Harris (D-Calif.) is expected to bring fundraising prowess as presumptive Democratic nominee Joe Biden’s running mate, further boosting a campaign that is already on track to smash fundraising records.
Donors who backed Harris’ 2020 presidential campaign have already given $19 million to Biden, accounting for 7 percent of his campaign’s fundraising. That figure is certain to rise after Tuesday’s announcement. Harris, who raised $40 million for her own White House bid, built connections with wealthy California donors during her career as a prosecutor and attorney general.
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** Familiar faces bankroll DNC convention account
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The Democratic National Convention will be virtual this year, leaving wealthy donors without the usual venue to make inroads with party leaders. Still, many Democratic donors have already invested in this year’s event. The major funders behind the convention won’t be revealed until this fall, because the bulk of its funding goes to the Milwaukee Host Committee, a nonprofit that isn’t subject to disclosure rules like political committees.
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** Outside spending surpasses half-billion mark as 2020 election nears
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Three months before Election Day, outside spending has already crossed the $500 million line. It’s the most outside spending by this point in any election except 2016. Ultimately, outside groups spent a record-breaking $1.7 billion that cycle. With super PACs closely tied to President Donald Trump and Joe Biden flooding the airwaves, spending on the presidential race makes up 40 percent of federal outside spending.
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** Alaska independents defy political norms in race to unseat Republicans
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IIndependent candidates face long odds. But in Alaska, these candidates don’t just run for office. Sometimes, they win. In both Alaska’s U.S. House and Senate elections, independent candidates — Al Gross for the Senate and Alyse Galvin for the House — are challenging Republican incumbents. And they’re raising big money with the help of national Democrats.
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With legal troubles mounting and spending slowing, NRA promises to boost Trump
The National Rifle Association plans to pour millions of dollars into President Donald Trump’s 2020 re-election effort despite escalating legal turmoil and plummeting cash flow leaving its election spending lagging behind recent cycles.
The NRA was having a bad year even before New York Attorney General Letitia James filed a lawsuit on last week with the aim of dissolving the group entirely. Within hours of the New York Attorney General’s announcement, however, the NRA announced plans of its own to “spend tens of millions of dollars” on 2020 elections.
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Next Week's Primaries
Next Tuesday sees primaries in ** Alaska ([link removed])
, ** Florida ([link removed])
and ** Wyoming ([link removed])
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** Follow the money on all races for House and Senate here. ([link removed])
OpenSecrets in the News
See our media citations from outlets around the nation this week:
* ** Is Lindsey Graham Actually in Trouble in South Carolina? (Politico) ([link removed])
Anger at his support for Trump and a strong, well funded Democratic challenger have some wondering if the three-term Republican is in real jeopardy of losing in November.
* ** Cory Booker said the Senate is ‘dominated by millionaires.’ Is that true? (The Philadelphia Inquirer) ([link removed])
Almost two-thirds of U.S. senators have a net worth exceeding $1 million, according to OpenSecrets data. A few of them are exceptionally wealthy.
* ** Wall Street executives are glad Joe Biden picked Kamala Harris to be his VP running mate (CNBC) ([link removed])
Wall Street leaders on Tuesday cheered Joe Biden’s selection of Sen. Kamala Harris as his running mate. Finance executives, confident the ticket has what it takes to topple Trump, raved about her experience in government, as well as her fundraising prowess.
** The Washington Post ([link removed])
** The New York Times ([link removed])
** Politico ([link removed])
** The American Lawyer ([link removed])
** The Trace ([link removed])
** The Tampa Bay Times ([link removed])
** Alabama Media Group ([link removed])
** Yahoo! News ([link removed])
** Bloomberg Quint ([link removed])
** Businesss Insider ([link removed])
** Mother Jones ([link removed])
** See more here ([link removed])
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4 star rating for 8 consecutive years
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