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The major super PAC backing President Biden’s re-election efforts has obtained millions in new dark money donations, filings show.
The Future Forward PAC, which Biden’s staff elevated because the main exterior group to lift money for his 2024 candidacy, obtained an $8 million contribution from its affiliated Future Forward USA Action nonprofit arm on Dec. 29, based on its new filings to the Federal Election Commission.
Future Forward USA Action doesn’t disclose the identities of its donors, which means the origination of the millions that can in the end profit Biden is unknown. Earlier this month, Future Forward advised Politico they raised $200 million between its nonprofit and super PAC final yr.
The super PAC’s new filings reveal it raised round $25 million in contributions in 2023, signaling most of this money is probably going parked in its dark money nonprofit, positioning Biden to learn from much more funds from unidentified sources.
President Biden’s major outdoors super PAC has obtained millions in dark money for the 2024 elections. (President Biden/Twitter)
“The same Joe Biden who once said ‘dark money erodes public trust’ is now being propelled by millions in dark money,” Caitlin Sutherland, govt director of Americans for Public Trust, beforehand advised Fox News Digital. “It’s this type of blatant political hypocrisy that the American people can’t stand.”
The new filings show that the newest switch from Future Forward’s nonprofit to its super PAC accounted for roughly 30 p.c of the $25 million the pro-Biden PAC raised throughout the second half of final yr. Other current donors embody hedge fund billionaire James Simons ($2.5 million), Newsweb Corporation chairman Fred Eychaner ($2 million) and movie producer and former Walt Disney Studios chair Jeffrey Katzenberg ($1 million).
Biden beforehand lambasted dark money in politics. (Brynn Anderson-Pool/Getty Images)
Future Forward has lengthy handed dark money from its nonprofit to its super PAC. Fox News Digital beforehand reported {that a} appreciable quantity of Future Forward’s nonprofit money itself was handed by means of an online of teams overseen by the Arabella Advisors consulting agency, which manages a billion-dollar dark money community. These actions add one other layer of secrecy that moreover conceals its authentic supporters.
One of the dark money teams, the Impetus Fund, had escaped detection for a while. The Impetus Fund despatched most of its undisclosed money – $55.8 million – to Future Forward USA Action over the past presidential cycle, based on tax paperwork.
Biden is positioned to learn from considerably extra quantities of money from nameless donors because the election approaches. (AP Photo/Andrew Harnik)
Meanwhile, Future Forward USA Action transferred $77 million to the Future Forward PAC between the 2020 election and June 2023, making up greater than 40% of the $181 million the PAC raised throughout that span.
After spending $141 million on unbiased expenditures in the final presidential cycle, senior White House adviser Anita Dunn mentioned Future Forward “really earned its place as the pre-eminent super PAC” to again Biden this time.
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“In 2020, when they really appeared from nowhere and started placing advertising, the Biden campaign was impressed by the effectiveness of the ads and the overall rigorous testing that had clearly gone into the entire project,” Dunn beforehand advised The New York Times.
Future Forward didn’t instantly reply to a Fox News Digital request for remark.
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