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      Fundraising Deadline for 2024 Presidential Campaigns Arrives: What to Watch

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      Which presidential and Senate candidates are swimming in cash? Which ones are growing desperate? That and more will become clearer on Saturday, when campaigns must file their latest federal reports.The financial landscape of the 2024 presidential race — the contest’s haves and have-nots, their momentum and desperation — will come into sharper focus on Saturday, the deadline for campaigns to file their latest reports to the Federal Election Commission.The filings, which detail fund-raising and spending from April 1 through June, will show which campaigns brought in the most hard dollars, or money raised under federal limits that is used to pay for staff, travel, events and advertising. Senate campaigns must also file by the end of Saturday, which means an early glimpse at incumbents’ fund-raising in potentially vulnerable seats.Crucially, the records will reveal which candidates are struggling to draw donor interest. For example, former Vice President Mike Pence raised just $1.2 million, two aides said on Friday, a strikingly low figure that could signal a difficult road ahead.The reports will also give a sense of small-dollar support, and which donors are maxing out their contributions to which candidates. And they will show how campaigns are spending their money, which ones have plenty of cash on hand and which ones are in danger of running dry.“The F.E.C. reports are the M.R.I. scan of a campaign,” said Mike Murphy, a veteran Republican strategist. “It’s the next-best thing to breaking into the headquarters and checking the files.”But the picture will not be complete. For one thing, super PACs, which can raise unlimited money and play an outsize role in supporting presidential candidates, do not have to file reports on their fund-raising and spending until the end of the month.The total number of donors to each campaign will not be provided in the filings, either. That figure is a vital measure for Republicans, because the party is requiring presidential candidates to have at least 40,000 unique donors to take part in the first primary debate on Aug. 23.Saturday will also be the first detailed look at President Biden’s war chest as he slowly ramps up his re-election campaign. His campaign said on Friday that along with the Democratic National Committee and a joint fund-raising committee, it had raised more than $72 million combined for the second quarter.In the same period in 2019, former President Donald J. Trump and his allies raised a total of $105 million — $54 million for Mr. Trump and his committees, and $51 million for the Republican National Committee. In 2011, former President Barack Obama raised $47 million for his campaign and $38 million for the Democratic National Committee.Saturday will also show the money taken in by candidates in competitive Senate races in West Virginia, Arizona, Montana, Nevada and Ohio, among other places.The filings for presidential candidates are pored over by competitors, who want to “get a sense of how they are applying their resources, which will give them a clue to strategies,” Mr. Murphy said. Candidates might look at how much their rivals are spending on ads and polling, for example.“The most important number is cash on hand, minus debt,” Mr. Murphy said. “You see how much financial firepower they actually have.”Several Republican presidential campaigns have previewed their fund-raising ahead of the release. Gov. Ron DeSantis of Florida raised $20 million in the second quarter, his campaign said this month. But the filing on Saturday will show what percentage of that amount came from contributions below $200, which is instructive to assessing the strength of his grass-roots support.Mr. Trump raised more than $35 million in the second quarter, his campaign said. That number, however, is hard to compare with Mr. DeSantis’s because Mr. Trump has raised money through a joint fund-raising committee, which allows him to solicit contributions above the $3,300 individual limit and then transfer funds to his campaign and to his leadership political action committee.Gov. Ron DeSantis of Florida raised $20 million in the second quarter, his campaign said this month. His filing on Saturday will show what share came from contributions below $200, a sign of grass-roots support.Christopher Lee for The New York TimesNikki Haley, the former South Carolina governor and United Nations ambassador, is raising money into a joint fund-raising committee, which transfers funds to her campaign and to a leadership PAC.Ms. Haley’s three committees together took in $7.3 million in contributions in the second quarter, according to filings shared with The New York Times, of which the campaign itself accounted for $4.3 million.Mr. Murphy singled out Ms. Haley as a candidate whose total earnings appeared modest, but whose cash on hand had increased from the first quarter of the year — to $9.3 million from $7.9 million across the three committees. “It shows a heartbeat,” he said. Her filings also suggest that her campaign is running a lean operation, with minimal staff, economical travel and no television ads.The Republican National Committee’s donor threshold for the first debate has shifted the calculus of many campaigns and PACs, which must focus not only on raising money but also on attracting a sufficient number of individual donors. So far, the candidates who say they have met that threshold are Mr. Trump, Mr. DeSantis, Ms. Haley, Senator Tim Scott of South Carolina and former Gov. Chris Christie of New Jersey.Nikki Haley’s three committees together took in $7.3 million in contributions in the second quarter, according to filings shared with The New York Times. Haiyun Jiang/The New York TimesOn Wednesday, Mr. Scott’s campaign said he had raised $6.1 million in the second quarter. Mr. Scott entered the race in May with a head start: He had $22 million in hard dollars in his Senate campaign. His presidential campaign said it had $21 million remaining at the end of the quarter.Another Republican candidate, the wealthy entrepreneur Vivek Ramaswamy, has not released a preview of his fund-raising numbers, but he has said he will spend $100 million of his own money on his bid. Mr. Christie, similarly, has not released his numbers.On Friday, the campaign of Gov. Doug Burgum of North Dakota, a wealthy former software engineer, filed its quarterly report, showing that he had raised $1.5 million in contributions and that he had lent $10 million to his campaign. He had $3.6 million in cash on hand at the end of the month.The campaign of Robert F. Kennedy Jr., the environmental lawyer who is challenging Mr. Biden for the Democratic nomination, also filed its report Friday, showing more than $6.3 million in contributions and $4.5 million in cash on hand at the end of June.Terry Sullivan, a Republican strategist who ran Senator Marco Rubio’s 2016 presidential campaign, said it would be telling which candidates broadcast their total donor numbers.Another thing to watch is the “burn rate” of each campaign, Mr. Sullivan said — what candidates are spending as a share of what they have taken in, and how much they have left in the bank.Campaign accounts are vital to candidates because, unlike PACs, the funds are controlled by the campaign. Also unlike PACs, campaigns are protected by federal law that guarantees political candidates the lowest possible rate for broadcast advertising.Mr. Sullivan said that television advertising was no longer as important as so-called earned media exposure, through events, viral moments and debates. But those often cost money, too: Even on a tight budget, candidates can easily spend a quarter-million dollars a day holding events on the trail, he said.“Nobody stops running for president because they think their ideas are no longer good enough, or they’re not qualified,” Mr. Sullivan said. “People stop running for president for one reason, and one reason only: It’s because they run out of money.”Reid J. Epstein More

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      George Santos Used Most of His Campaign Cash to Pay Himself Back

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      Mr. Santos brought in $179,000 in the most recent quarter and spent much of it repaying loans he made to his campaign, new filings show.Representative George Santos, the New York Republican facing federal criminal charges, raised about $179,000 for his re-election campaign from April through June — a modest sum that he used in large part to pay back money he had lent to his past congressional bids.Much of the money, which came from an unorthodox network of about 180 donors scattered across the country, arrived after Mr. Santos’s indictment, according to filings with the Federal Election Commission on Friday.Some said they gave as a gag, but others sought to reward Mr. Santos’s stalwart stance against the Chinese Communist Party or his conservative views. The vast majority of donors reported living outside Mr. Santos’s Queens and Long Island district.Mr. Santos used $85,000 of the money on May 30 to repay himself. He had previously reported giving his own campaign more than $700,000 in personal loans.The fund-raising figures, the first since Mr. Santos officially began his re-election bid, were strikingly weak for a candidate in a competitive swing district. They underscored the steep political path before him as both Democrats and leaders of his own party try to remove him next year.One of the Democratic candidates for his seat, Zak Malamed, announced that he had taken in $417,000 in just the first six weeks of his campaign, nearly three times Mr. Santos’s total. Kellen Curry, a Republican primary challenger, reported raising more than $200,000.Mr. Santos’s totals were also dwarfed by those raised by other frontline Republicans in New York, who are gearing up for some of the most closely contested races in the country next year.Lies, Charges and Questions Remaining in the George Santos ScandalGeorge Santos has told so many stories they can be hard to keep straight. We cataloged them, including major questions about his personal finances and his campaign fund-raising and spending.Filings showed that Representative Mike Lawler, a Republican who narrowly flipped a Hudson Valley seat by defeating Sean Patrick Maloney, the powerful head of House Democrats’ campaign arm, raised just over $900,000 during the three-month period, much of it from PACs.The figure made him one of the most successful freshman fund-raisers in the country, and left his campaign with $1.5 million in cash.Other first-term Republicans in New York and New Jersey swing districts — including Representatives Marcus Molinaro, Anthony D’Esposito, Brandon Williams and Tom Kean Jr. — had not yet reported their totals by Friday afternoon.The campaign of Representative Pat Ryan, a Hudson Valley Democrat whom Republicans hope to unseat, said it had raised more than $625,000, down from more than $1 million raised in the previous quarter.The recent contributions to Mr. Santos — $162,031.52 to his campaign and $16,600 to an affiliated committee, Devolder Santos Victory Committee — are almost certain to be scrutinized by federal prosecutors and the House Ethics Committee.(The Santos campaign reported earlier Friday having raised somewhat less money from fewer donors, but the campaign updated its filing on Friday evening, citing incomplete information provided by previous treasurers.)Mr. Santos’s donors included a part-time cashier from Georgia, students from Pennsylvania and California, a masseuse from Texas and a member of a stage crew from New York, who all gave at least $3,300 each.The Times reached out to more than 40 donors listed on Mr. Santos’s filing, few of whom had made large political donations in the past. Many had Chinese or other Asian surnames and donated around two dates, in late May and late June.Mr. Santos has repeatedly linked his fund-raising appeals to his opposition to the Chinese Communist Party, as well as his support for Guo Wengui, the exiled Chinese billionaire and Steve Bannon ally with a global legion of followers.Mr. Santos has directly solicited support on Gettr, a conservative social media site financed by Mr. Guo and used by many of his followers. Mr. Guo, who also goes by the names Miles Guo and Miles Kwok, is facing legal jeopardy of his own, after federal prosecutors say he bilked his supporters out of more than $1 billion.At least two donors said Mr. Santos’s opposition to the Chinese Communist Party had moved them to contribute the legal maximum, and a relative of a third donor indicated that the person was a follower of Mr. Guo.“I see him want to take down C.C.P.,” said Xuehong Zhang of Plano, Texas, who identified herself as a Chinese immigrant and said she had learned about Mr. Santos on Gettr, though she did not mention Mr. Guo. “I just want to take down C.C.P.”Others said they found Mr. Santos’s conservative voting record appealing, and were stirred to support him by what they viewed as hypocritical attacks.“You’ve got the dirtiest of the dirty calling him dirty. That’s hypocrisy,” said Ronald Bucina of Prospect, Tenn., who gave $50. “They’ve stolen more money than George Santos was ever going to dream of stealing.”Charles Scheferston, a retired New York City detective who lives in Rockville Centre, N.Y., and also gave $50, said the congressman was “probably guilty” and had lied “like crazy,” but that he liked his policy stances. “You cannot lie about a voting record,” he said.Not everyone contributed in earnest.Michael Sommer, a 29-year-old teacher in Atlanta, said he spent $32.95 on a Santos for Congress T-shirt “for a joke.”Brad Mason of Pittsburgh, donated $1. “I thought it would be really funny to request the refund,” he said. “And it was amazing for me.”Stockpiling cash could prove unusually important for Republican incumbents this year if New York is forced to redraw its congressional districts. An appeals court on Thursday ordered a redraw that could make a handful of seats virtually unwinnable for Republican incumbents. The case will be appealed.Mr. Santos announced his re-election campaign in April, even as local Republican officials and party committees said they would not support him. The next month, he was indicted on 13 felony counts, including wire fraud, money laundering and theft of public funds.He has pleaded not guilty, but the case further diminished his support from House Republican leadership. Speaker Kevin McCarthy of California told Fox News last month that the party planned to “keep that seat with another Republican.”Mr. Santos’s fund-raising totals were an improvement over what he took in during the first quarter of the year, when his campaign raised just $5,300.His expenses were fairly limited outside of his loan repayment. Though he paid legal and consulting fees, he did not report paying any staff or renting an office. More

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      Pence Raises Just $1.2 Million, Aide Says, in Worrying Sign for 2024 Bid

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      The notably low figure raised new doubts about Republican voters’ enthusiasm for the former vice president, as well as questions about whether he will qualify for the first G.O.P. debate.Former Vice President Mike Pence has raised a paltry $1.2 million for his presidential campaign, according to two campaign aides, a sum that raises dire questions about Republicans’ appetite for Mr. Pence in 2024.Now Mr. Pence’s campaign is fighting to qualify for the first televised Republican presidential debate next month in Milwaukee. An aide said he had not yet received donations from 40,000 donors, the threshold required to make the debate stage.Mr. Pence, who entered the race on June 5, was always a long-shot candidate in a contest dominated by his onetime running mate, former President Donald J. Trump. Adding to Mr. Pence’s challenges, he is also competing against other candidates, such as Senator Tim Scott of South Carolina, who appeal to evangelical voters.Mr. Pence’s repeated defense of his actions to certify Mr. Trump’s defeat before Congress on Jan. 6, 2021, has alienated him from Mr. Trump’s loyal base without appearing to win many converts from the wing of the Republican Party that wants to move on from the former president.Unlike other candidates who have employed online gimmicks to secure 40,000 donors, Mr. Pence has invested little in seeking out contributors on the internet. His campaign has spent just $14,230 in advertising on Facebook and Google, according to data collected by Bully Pulpit Interactive, a marketing and communications agency, a figure that is one-fortieth of what has been spent on those platforms by Vivek Ramaswamy, a political newcomer who joined the race in February.In an admission of its struggle to raise money online, the Pence campaign plans to spend a large bulk of what it has raised on a robust direct-mail program aimed at helping him accrue enough donors to qualify for the first debate.The super PAC supporting Mr. Pence, Committed to America, had raised an additional $2.7 million during the fund-raising reporting period that ended June 30, an aide said. For a fund-raising vehicle that can accept unlimited contributions, such a total is quite small.Other Republican presidential candidates have announced far larger fund-raising sums from the three-month reporting period; some of them, unlike Mr. Pence, were in the race for the entire quarter.Mr. Trump said his campaign and his joint fund-raising committee had raised $35 million in the second quarter. Gov. Ron DeSantis of Florida announced he had raised about $20 million. Nikki Haley, the former South Carolina governor and United Nations ambassador, raised $4.3 million for her campaign and an additional $3 million for her affiliated committees. Senator Tim Scott of South Carolina said his campaign had raised $6.1 million.Even Gov. Doug Burgum of North Dakota, who is largely self-funding his own hopeful campaign that began the same day as Mr. Pence’s, said on Friday that he had raised $1.6 million from donors, in addition to $10 million of his own money he has given to his campaign.Mr. Burgum has been using gimmicks like offering $20 gift cards to the first 50,000 people to donate at least $1 to his campaign, or the chance to win a Yeti cooler for a low-dollar donation, all in the hopes of making the debate stage. More

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      Biden Campaign Elevates a New Super PAC to Help 2024 Re-election Bid

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      The president and his advisers are elevating a new super PAC, Future Forward, as their leading outside group to rake in cash from his wealthiest benefactors.President Biden and his advisers are elevating a new outside group as the leading super PAC to help re-elect him in 2024, making it the top destination for large sums of cash from supportive billionaires and multimillionaires.The blessing of the group, Future Forward, is a changing of the guard in the important world of big-money Democratic politics. Since the 2012 election, a different group, Priorities USA, has been the leading super PAC for Democratic presidential candidates.“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,” Anita Dunn, a senior White House adviser to Mr. Biden, said of Future Forward. The group, she added, had “really earned its place as the pre-eminent super PAC supporting the Biden-Harris agenda and 2024 efforts.”On Friday, Mr. Biden’s campaign also announced a combined fund-raising total of more than $72 million for the second quarter alongside the Democratic National Committee and their joint fund-raising committee, a figure far greater than what Donald J. Trump raised. Future Forward has raised $50 million so far this year, the group said.Federal candidates cannot legally coordinate campaign strategy with super PACs, but officials in both parties have signaled their preferred entities for a decade. Super PACs can accept donations of unlimited size, unlike federal candidates, who must abide by contribution limits.Future Forward, which is led by Chauncey McLean, a former official on Barack Obama’s presidential campaigns, has kept a remarkably low profile for a super PAC that, along with an affiliated nonprofit arm, has raised nearly $400 million in the last five years.The group maintains a sparse website. Mr. McLean said that Future Forward had never sent out a news release trumpeting its activity, which has included producing more than 400 advertisements.“We keep a low profile because we’re just not the story, we’re just not important,” Mr. McLean said in a rare interview. “I just don’t see any reason for popping our head up. That’s not going to change.”The super PAC spent more than $130 million on what are known as independent expenditure ads in the 2020 race between Mr. Biden and Donald J. Trump. It was also a major spender in the midterm elections in three crucial battlegrounds: Arizona, Pennsylvania and Wisconsin.Mr. McLean, who is based in Seattle, said that the group planned to run “the largest presidential I.E. in history” and that his fund-raising goal was to collect “as much as humanly possible.”Ms. Dunn served as a consultant for Future Forward after Mr. Biden was inaugurated, according to her personal financial disclosure form. But she said she saw a key role in 2024 for other super PACs, including American Bridge, the party’s clearinghouse for opposition research, which also runs television ads.Ms. Dunn and other White House officials have attended American Bridge donor conferences this year. The shift away from Priorities USA has been telegraphed to donors for months, since before the group’s longtime leader, Guy Cecil, announced in March that he was stepping away. Priorities this spring announced a goal to spent $74 million on digital advertising in 2024.In a statement, Jennifer O’Malley Dillon, a White House deputy chief of staff and Mr. Biden’s 2020 campaign manager, said Future Forward had been “critical” in 2020 and would “again play a key role” in 2024.Unlike super PACs supporting Republican presidential candidates that have built on-the-ground organizations in early presidential nominating states, Future Forward will have a narrow focus on “research and advertising,” Mr. McLean said.Mr. Biden is dispatching Katie Petrelius, the finance director on his 2020 campaign and recently a White House aide, to Future Forward to help the group raise money.There are no immediate plans for Mr. Biden to headline any fund-raising events for the super PAC, but Ms. Dunn said such gatherings could occur in the future.Mr. Biden, like many Democrats in the party’s crowded 2020 presidential primary, initially resisted soliciting the support of a super PAC but backtracked in the fall of 2019, when his campaign was short on cash and needed more presence on the airwaves. (“To speak to the middle class, we need to reject the super PAC system,” Mr. Biden had said that April.)Both super PACs and nonprofit groups can accept unlimited donations, but only super PACs must disclose the names of their contributors. Future Forward’s largest disclosed contributor has been Dustin Moskovitz, a Facebook co-founder, who has given more than $50 million to the group since 2020.The group has also received millions of dollars from Stephen F. Mandel Jr., a Connecticut hedge fund manager; Karla Jurvetson, a California philanthropist; Eric Schmidt, the former Google executive; and Sam Bankman-Fried, the disgraced cryptocurrency exchange founder, who gave $5 million in October 2020.Mr. McLean said Future Forward would be “giving back any money associated with” Mr. Bankman-Fried. The group said it had also received $1.65 million from Mr. Bankman-Fried in its nonprofit arm. More

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      Biden and D.N.C. Announce $72 Million in Fund-Raising, a Substantial Haul

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      The figure far surpasses what Donald Trump raised, though it is well short of what Mr. Trump and his allies collected during the same period in the 2020 election cycle.President Biden’s campaign announced on Friday a combined fund-raising haul of more than $72 million from April through June alongside the Democratic National Committee and a joint fund-raising committee, a figure that far surpasses what former President Donald J. Trump and other leading Republican presidential candidates have announced.The campaign said that along with the D.N.C. and the committee, it had a combined $77 million in cash on hand at the end of the reporting period. It did not disclose how that money was divided between the campaign and the committees.“While Republicans are burning through resources in a divisive primary focused on who can take the most extreme MAGA positions, we are significantly outraising every single one of them,” said Julie Chávez Rodríguez, Mr. Biden’s campaign manager.While the fund-raising total is well short of the $105 million Mr. Trump and his allies collected during the same period in his 2020 re-election campaign, it is likely to serve as a salve for Democrats who have been privately gloomy about Mr. Biden’s sagging approval ratings. The finance numbers prove that whatever private misgivings Democrats have about Mr. Biden’s re-election campaign, the party’s donor class is fully on board.“This is proof positive that this party and its people and the country believe in Joe Biden and the accomplishments of this administration,” said Henry R. Muñoz III, a former Democratic National Committee finance chairman. “This reaffirms Joe Biden’s appeal to the working people and everyday heroes of this country.”At the dawn of President Barack Obama’s re-election campaign, he and the D.N.C. raised a combined $86 million between April and June 2011.Comparisons to Mr. Obama’s fund-raising efforts for the 2012 campaign are imprecise, however, because a 2014 Supreme Court decision and other legal changes allowed candidates and parties to form joint fund-raising committees that can accept single donations of hundreds of thousands of dollars.And in Mr. Trump’s re-election bid, he had a significant head start over Mr. Biden. Mr. Trump formally announced and began fund-raising for the 2020 race on the day he was inaugurated in 2017, while Mr. Biden, who at the end of March had $1.36 million left over in his campaign account, did not actively solicit money for his campaign until he made his run official in April.Mr. Biden began his 2024 campaign on April 25 — nearly a month after the fund-raising quarter began. His first major fund-raising event was in mid-May in New York, and he did not do any significant fund-raising himself during the heat of negotiations over extending the federal debt ceiling in late May.In June, Mr. Biden traveled to San Francisco and Chicago to meet with major donors before the close of the fund-raising period.Though the Biden campaign did not reveal many relevant details about its finances on Friday, it highlighted more than 394,000 donors and pointed to the success of online advertising programs during notable moments in the Republican primary campaign, like Mr. Trump’s televised town-hall event in May and the campaign announcement of Gov. Ron DeSantis of Florida. Half of the merchandise sold at the Biden campaign’s online store, the campaign said, features the “Dark Brandon” theme.Mr. Biden was never a prolific fund-raiser before he became the party’s de facto presidential nominee in the spring of 2020. Three other Democratic candidates raised more money than he did during the third quarter of 2019, well before his resurgence as the primary season unfolded.But once Democrats unified around Mr. Biden and against Mr. Trump while the pandemic gripped the country, Mr. Biden emerged as a magnet for donors large and small.“Just like 2020 was a record year, I imagine 2024 is going to be a record year,” said Alex Lasry, a former Senate candidate and D.N.C. member from Wisconsin who is the co-treasurer for the Democratic Governors Association.The Republicans vying to replace Mr. Biden will not have the benefit of raising money through their national committee until one emerges as the party’s nominee. Mr. Biden and supportive Democrats also have the advantage of not having to spend much money to get through what for the Republicans is expected to be a rough-and-tumble primary campaign.Mr. Trump said his campaign and his joint fund-raising committee had raised $35 million in the second quarter. Gov. Ron DeSantis of Florida announced he had raised about $20 million. Nikki Haley, the former South Carolina governor and United Nations ambassador, raised $4.3 million for her campaign and an additional $3 million for her affiliated committees. Senator Tim Scott of South Carolina said his campaign had raised $6.1 million.Other Republican presidential candidates, including former Vice President Mike Pence, former Gov. Chris Christie of New Jersey and Vivek Ramaswamy, a businessman, have not released their fund-raising totals for the second quarter.Full reports on all federal candidates’ campaign finances, which will include spending and an indication of how much of their money has come from small donors, are due on Saturday to the Federal Election Commission.Rebecca Davis O’Brien More

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      DeSantis’s Risky Strategy: Trying Not to Trick Small Donors

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      Diverging from Donald Trump, who has often cajoled, guilt-tripped and even misled small donors, the DeSantis team is pledging to avoid “smoke and mirrors” in its online fund-raising.In the months before the 2020 presidential election, Roy W. Bailey, a Dallas businessman, received a stream of text messages from Donald J. Trump’s re-election campaign, asking for money in persistent, almost desperate terms.“Have you forgotten me?” the messages read, Mr. Bailey recalled. “Have you deserted us?”Mr. Bailey was familiar with the Trump campaign: He was the co-chair of its finance committee, helped raise millions for the effort and personally contributed several thousand dollars.“Think about that,” Mr. Bailey said recently about the frequency of the messages and the beseeching tone. “That is how out of control and crazy some of this fund-raising has gotten.”He did, ultimately, desert Mr. Trump: He is now raising money for Gov. Ron DeSantis of Florida, whose campaign has pledged to avoid the kinds of online fund-raising tactics that irritated Mr. Bailey and that have spread in both parties, particularly the Republican Party, in recent years as candidates have tried to amass small donors.No phony deadlines, Mr. DeSantis has promised donors. No wildly implausible pledges that sizable contributions will be matched by committees affiliated with the campaign. And no tricking donors into recurring donations.This strategy is one of the subtle ways Mr. DeSantis’s team is trying to contrast him with Mr. Trump, who has often cajoled, guilt-tripped and occasionally misled small donors. Although his campaign has not directly called out Mr. Trump’s methods, on the day Mr. DeSantis declared he would run for president, his website prominently vowed to eschew “smoke and mirrors,” “fake matches” and “lies” in its fund-raising.For the DeSantis campaign, the vow of no trickery is risky. Mr. Trump, the most successful online Republican fund-raiser ever, has shown that such tactics work. But Generra Peck, Mr. DeSantis’s campaign manager, said that approach damaged the long-term financial health of the Republican Party because it risked alienating small donors.“We’re building a movement,” Ms. Peck said last month in an interview at DeSantis campaign headquarters in Tallahassee.So far, it’s difficult to tell if Mr. DeSantis’s approach is working. His fund-raising slowed after his campaign began in late May, and campaign officials did not provide figures that would have shed light on its success with small donors.It is difficult to tell if Gov. Ron DeSantis’s approach is working. His fund-raising slowed after his campaign began in late May, and campaign officials did not provide figures that would have shed light on its success with small donors.Christopher Lee for The New York TimesThe battle to raise money from average Americans may seem quaint in the era of billionaires and super PACs, which have taken on outsize roles in U.S. elections. But straight campaign cash is still, in many ways, the lifeblood of a campaign, and a powerful measure of the strength of a candidate. For example, G.O.P. presidential contenders must reach a threshold of individual donors set by the Republican National Committee to qualify for the debate stage, a bar that is already causing some candidates to engage in gimmicky contortions.To highlight what it bills as a more ethical approach to fund-raising, the DeSantis campaign has devoted a giant wall inside its modest office to scrawling the names — first name, last initial — of every donor to the campaign, tens of thousands of them so far.It is an intensive effort. During work hours, campaign staff members — as well as Mr. DeSantis himself, in one instance — constantly write names on the wall in red, blue and black markers.“We want our staff to look at that wall, remember who supports us, to remember why we’re here,” Ms. Peck said.Mr. DeSantis’s advisers argue that being more transparent with donors could be a long-term way for Republicans to counter the clear advantage Democrats have built up in internet fund-raising, largely thanks to their online platform ActBlue, founded in 2004. A Republican alternative, WinRed, didn’t get off the ground until 15 years later. A greater share of Democrats than Republicans said they had donated to a political campaign in the last two years, according to a recent NBC News poll, meaning the G.O.P. has a less robust pool of donors to draw from.“One of the biggest challenges for Republicans, across the board, is building out the small-dollar universe,” said Kristin Davison, the chief operating officer of Never Back Down, the main super PAC supporting Mr. DeSantis.The tell-the-truth approach to deadlines and goals has been tested by other campaigns, including those of Senator Bernie Sanders, who built a durable network of grass-roots donors in his two presidential runs.Mr. DeSantis’s campaign said last week that it had raised $20 million in his first six weeks as an official presidential candidate, but the amount that came from small donors will not be apparent until later this month, when campaigns file second-quarter disclosures.The campaign did not respond to a question about how many small donors had contributed so far. It had set a goal of recruiting 100,000 donors by July 1, but as of late June, the wall had only about 50,000 names, according to a fund-raising email.And although Mr. DeSantis’s team has pledged to act transparently when it comes to small donors, senior aides in the governor’s office have faced accusations that they inappropriately pressured lobbyists into donating to his campaign.Eric Wilson, the director of the Center for Campaign Innovation, a conservative nonprofit focused on digital politics, said the DeSantis campaign was wise to avoid online pressure tactics, which he likened to a “dopamine arms race” that burns out donors and turns off voters.“They can be effective, but voters say they don’t like them,” Mr. Wilson said. “You can’t make the entire meal around sugar.”Mr. Wilson said he had also seen other campaigns try more honest communications: “You are starting to see a recalibration.”For instance, the campaign of former Gov. Nikki Haley of South Carolina said in May that Mr. DeSantis had imitated language used in Ms. Haley’s fund-raising emails.The ways that campaigns reach out to potential small donors online grew out of old-fashioned telemarketing and fund-raising by mail. Before email, campaigns sent out fake telegrams, letters stamped to appear they had been hand-addressed, surveys and other gimmicks to draw donations.The DeSantis campaign has also adopted a “subscriber exclusive” model, allowing donors to join so-called tele-town halls with Mr. DeSantis, gain early access to merchandise and receive weekly “insider” updates. Nicole Craine for The New York TimesIn the era of email and smartphones, it is easier to reach a large number of prospective donors, but the risk of bombarding and overwhelming them is higher. It can also be harder to induce people to open messages, let alone contribute. The subject line has to be compelling, and the offers need to stand out — which can lead, for example, to dubious promises that campaigns will somehow “match” any contributions made, a practice that has been widely criticized.Mr. Trump’s campaign sends about 10 emails per day, in addition to text messages. His campaign has escalated bogus matching promises to the point of absurdity, telling donors that their contributions will be matched at “1,500%.”A spokesman for the Trump campaign did not respond to a request for comment.The tactics aren’t limited to Republicans. Democratic groups have also been criticized and mocked for vague promises of “300 percent matches” in their fund-raising pitches.For its part, the DeSantis campaign said its strategy was devised to establish long-term relationships with small donors, rather than to suck them dry as quickly as possible.The DeSantis campaign has adopted a “subscriber exclusive” model, allowing donors to join so-called tele-town halls with Mr. DeSantis (“You guys are part of the team,” the governor told listeners during a June 12 call), gain early access to merchandise, and receive weekly “insider” updates. It’s the carrot, not the stick, a blueprint that campaign officials said was adopted in part from the business world.Mr. Trump’s campaign has clearly taken notice.The DeSantis campaign said recently that it had raised $20 million in his first six weeks as a candidate, but the amount that came from small donors will not be apparent until later this month. Rachel Mummey for The New York TimesOn Friday, in an apparent round of fund-raising one-upsmanship, the Trump campaign announced a new donor initiative, saying it would build a “big, beautiful Donor Wall” at its New Hampshire headquarters.“And I don’t mean scribbled on the wall with a crayon, like some other campaigns do,” said the campaign email, which was written in Mr. Trump’s voice, “but a heavy, respectable plaque with the names of our great donors finely etched within.”All for a donation of $75.Patricia Mazzei More

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      Vivek Ramaswamy Takes Aim at Political Fund-raising Oligopoly

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      The longshot Republican candidate is seeking to raise an army of fund-raisers — by giving them a cut of any money they collect for his campaign.The Republican presidential candidate Vivek Ramaswamy wants to disrupt the “oligopoly” of political fund-raising.Michael M. Santiago/Getty ImagesRamaswamy rethinks political giving As a biotech entrepreneur, investor and conservative activist, Vivek Ramaswamy cuts a different profile from the veteran politicians who are also seeking the Republican presidential nomination.With the plan that he announced on Monday — in which fund-raisers will get 10 percent of what they drum up for him — Mr. Ramaswamy told DealBook that he’s trying to shake up the business of politics now, too.How it works: Called “Vivek’s Kitchen Cabinet,” the system will give participants a personal link they can share with others, and the campaign will pay them as independent contractors.Mr. Ramaswamy said he’s taking aim at a political norm. After announcing his candidacy in February, he said he had met with professional fund-raisers who promised that they could find wealthy donors in Palm Beach, Fla., in Silicon Valley, and on Wall Street.He wasn’t impressed with their work, he said, but he found their fee structure, in which they are paid up to 20 percent of what donors give, interesting. That got him thinking about disrupting the model: “Anytime there’s an oligopoly, there’s a need and an opportunity to break it up,” he said.It’s a novel way of attracting support, since it goes against how candidates traditionally spend money to get donors. (Most campaigns will spend heavily on marketing to draw donors, though the Republican hopeful Doug Burgum is trying something different by doling out $20 gift cards.) News coverage of the plan could also help bump up awareness of Ramaswamy, who’s currently polling at about 4 percent.Drawing more donors isn’t necessary for Mr. Ramaswamy to qualify for the first Republican presidential debate — he told DealBook that he had amassed about 65,000 already, more than the 40,000 minimum. But it could help alleviate his need to self-fund his campaign, to which he has given more than $10.5 million in loans and contributions as of the first quarter.Is it legal? Campaign finance experts told DealBook that the plan didn’t appear to raise any legal issues. Ramaswamy said that it had been vetted by the Federal Election Commission.But some experts see other problems. For instance, supporters may pressure and coerce others in their networks to give to the candidate, according to Saurav Ghosh, director of campaign finance reform at the advocacy group Campaign Legal Center and a former F.E.C. enforcement attorney. (Some on social media have jokingly compared it to a multilevel marketing campaign.)HERE’S WHAT’S HAPPENING China reportedly plans tighter rules for artificial intelligence. Beijing officials will compel companies developing A.I. services to obtain a license before releasing their products to the public, according to The Financial Times. Regulators are seeking a balance between controlling content while allowing domestic tech companies to innovate.Foxconn withdraws from a $19.5 billion chip venture in India. The electronic components giant said it wouldn’t move forward with plans to partner with the conglomerate Vedanta to build factories in Gujarat. The decision is a blow to India’s efforts to become a hub for chip making and to seize on desires by Apple and others to diversify their supply chains away from China.Tucker Carlson’s Twitter show isn’t holding onto its audience. Views of his broadcasts on the social network have fallen as much as 85 percent since their debut last month. It’s bad news for Carlson, who had counted on his strong viewership at Fox News to carry over to his Twitter show after the network fired him this spring.Hollywood faces the prospect of a second strike. Actors are set to join writers on the picket lines if their union, SAG-AFTRA, doesn’t reach a deal with studios by midnight on Wednesday. Another strike could completely shut down Hollywood, disrupting local communities depending on movie and TV production. At issue are disagreements over streaming payments and the use of artificial intelligence.The heat grows on Twitter’s chief Just a month into the job as the social media platform’s C.E.O., Linda Yaccarino has had to deal with a major new competitor, unpopular limits placed on power users and the unpredictability of Elon Musk. It hasn’t been a smooth debut by any means.She has set herself a tough task. Ms. Yaccarino, the former head of advertising at NBCUniversal aims to repair relations with Madison Avenue, no small feat in the middle of a global ad slump. In her favor is her strong reputation: “Linda was a good hire and the right hire as long as she has the freedom to do what’s necessary,” Martin Sorrell, an advertising mogul, told DealBook last week.But many suspect that Twitter’s owner will be reluctant to relinquish control. Indeed, Mr. Musk hasn’t made things easier for Ms. Yaccarino, tweeting juvenile content and apparently neglecting to copy her on his threat to sue Threads, Meta’s rival short-messaging platform. (Referring to Ms. Yaccarino, Bill Grueskin, a Columbia Journalism School professor, tweeted that he was “trying to think of a worse career decision.”)A request for comment to Twitter’s P.R. team was answered with an auto-reply of a poop emoji.And Threads keeps growing. The Twitter competitor has now surpassed 100 million users, setting a record for an app to reach that milestone. Analysts at Evercore ISI have estimated that Threads could add $8 billion to Meta’s annual revenue by 2025. It’s worth noting that Threads currently doesn’t feature any advertising.Its rise appears to be hurting Twitter: Traf­fic to Twit­ter’s web­site fell 5 percent week-on-week in the first two days of Thread’s existence, ac­cord­ing to The Wall Street Journal, citing Sim­i­lar­Web.Ms. Yaccarino sought to rally the Twitter faithful. “Twitter, you really outdid yourselves!” she posted on Monday. “Last week we had our largest usage day since February. There’s only ONE Twitter. You know it. I know it. 🎤” (That said, the tech journalist Casey Newton expressed skepticism of her claim.)Inflation nation Americans’ spending spree on cars, airline tickets and hotel stays appears to be cooling off. Markets are anxiously waiting to see if that restraint will be born out in Wednesday’s Consumer Price Index reading.What to watch: Economists polled by Bloomberg expect the headline inflation number to drop to 3.1 percent, a huge decline from last July’s reading of 9 percent. (That said, more frugal consumers could crimp Amazon’s annual Prime Day shopping bonanza, which starts today.)But progress from here is expected to be tough. Core inflation, which excludes more volatile food and fuel prices, is predicted to drop to 5 percent, well above the Fed’s 2 percent target. In an investor note on Monday co-written by Jan Hatzius, Goldman Sachs’s chief economist, the firm said that it expected further gradual progress in the inflation fight in the coming months, but didn’t see core inflation dipping below 3 percent until 2025.The Fed is also still worried about inflation. On Monday, three officials said that more interest rate increases were needed to bring down prices. “Inflation is our No. 1 problem,” said Mary Daly, president of the San Francisco Fed and a nonvoting member of the central bank. She added that she believed two more rate raises were needed this year.The futures market is betting on that as well, pricing in a quarter-percentage-point increase at this month’s Fed rate-setting meeting and, increasingly, anticipating another raise this fall.But that uncertainty over inflation, as well as worries about recession and a slowing labor market, has led some on Wall Street to warn that the S&P 500 is overvalued and that a stock sell-off is coming. (Investors will keep an eye on corporate earning reports, which begin this week, for more clues on how businesses are faring.)“It’s also important to set the record straight: This is not a merger. The PGA Tour remains intact.” — Ron Price, the C.O.O. of the PGA Tour, in a preview of his testimony today before the Senate Permanent Subcommittee on Investigations about the proposed tie-up with the Saudi-backed LIV Golf circuit. Price added that there would be no changes to the PGA Tour’s C.E.O. or on the board level should the framework deal move forward.A fight over banking rules draws closerThe Fed’s top banking overseer, Michael Barr, outlined on Monday major parts of his plan to update regulations in the wake of the regional lender crisis that was prompted by the collapse of Silicon Valley Bank this spring.Among them are tougher capital requirements meant to make banks more resilient in turbulent times — but the financial industry is warning that the proposals go too far.Mr. Barr wants banks to hold more in capital reserves, to the tune of an additional $2 for every $100 of risk-weighted assets, he said in a speech. He also wants to extend his stricter rules to all institutions with $100 billion or more in assets; the toughest requirements currently apply only to lenders that are internationally active or have at least $700 billion in assets.It’s a recognition of “gaps in the current rules,” he said, since even midsize lenders — which are more lightly regulated — can pose dangers to the American financial system.Banks are threatening a fight. Washington and Wall Street appear to have been surprised by how tough Mr. Barr is being: “It’s definitely meaty,” Ian Katz, an analyst at Capital Alpha, told The Times. But industry figures said that tougher restrictions would come at a price. “Further capital requirements on the largest U.S. banks will lead to higher borrowing costs and fewer loans for consumers and businesses,” said Kevin Fromer, head of the banking group Financial Services Forum.The rules aren’t a done deal yet. Up next is the public comment period. If the Fed’s board approves, it will still take time to implement the rules.THE SPEED READ DealsBerkshire Hathaway will buy control of a liquefied natural gas export project in Maryland for $3.3 billion. (Bloomberg)Banks including Citigroup, HSBC and JPMorgan Chase are said to be seeking potential investors for the seed giant Syngenta’s $9 billion I.P.O. in China, which is expected to be the biggest market debut this year. (Bloomberg)Morgan Stanley has reportedly hired Marco Caggiano, JPMorgan’s head of North American mergers, as a vice chairman of M.&A. (Reuters)PolicyThe United States and the European Union reached a deal to let tech giants continue sharing user data between their jurisdictions. (NYT)Jay Clayton, former head of the S.E.C., and Tim Massad, former chair of the C.F.T.C., offered a road map to regulating the crypto markets. (WSJ)Best of the restEuropean regulators are investigating whether the popular weight-loss drugs Ozempic and Saxenda increase the risk of suicidal thoughts among users. (WSJ)India’s economy could surpass that of the United States in size by 2075, Goldman Sachs predicts — though high taxes and bureaucracy could stand in the way. (Insider)“Disney World Hasn’t Felt This Empty in Years” (WSJ)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      This Republican Candidate Is Offering $20 Gift Cards for $1 Donations

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      The candidate, Gov. Doug Burgum of North Dakota, is one of several Republican presidential candidates going to great lengths to reach a crucial threshold to qualify for the first primary debate.How much is a dollar worth?To Gov. Doug Burgum of North Dakota, quite a lot.Mr. Burgum is one of several Republican presidential candidates going to great lengths to reach a crucial threshold to qualify for the party’s first primary debate on Aug. 23 — the requirement that only candidates with at least 40,000 individual donors to their campaigns will be allowed on the stage.A long-shot contender at the bottom of recent polls, Mr. Burgum is offering $20 gift cards to the first 50,000 people who donate at least $1 to his campaign. And one lucky donor, as his campaign advertised on Facebook, will have the chance to win a Yeti Tundra 45 cooler that typically costs more than $300 — just for donating at least $1. The unusual offer was earlier reported by FWIW, a newsletter that tracks digital politics.Mr. Burgum’s push to prioritize donors over actual dollars is a sign of some candidates’ desperation to make the debate stage and to seize some of the national spotlight from the Republican front-runner, former President Donald J. Trump, and his top rival, Gov. Ron DeSantis of Florida.Former Gov. Chris Christie of New Jersey, another Republican candidate, recently ended a campaign ad with a direct plea that flashed on the screen to “Donate today, get Chris Christie on the debate stage.”Mr. Burgum’s campaign acknowledged that its requests were directly tied to the debate and spun the gift-card giveaways into attacks on President Biden.“Doug knows people are hurting because of Bidenflation, and giving Biden Economic Relief Gift Cards is a way to help 50,000 people until Doug is elected President to fix this crazy economy for everyone,” said Lance Trover, a spokesman for the Burgum campaign.Mr. Trover added that the efforts allowed the campaign to “secure a spot on the debate stage while avoiding paying more advertising fees to social media platforms who have owners that are hostile to conservatives.”Kyle Tharp, the author of the FWIW newsletter that reported on the solicitations, said that as part of his reporting process, he had donated $1 to the Burgum campaign. He did not receive any follow-up information about how he would receive the gift card, he said. The campaign later clarified on Twitter that 50,000 donors would receive a Visa or Mastercard gift card to their mailing address.The campaign did not respond to a request for comment about how many donors had contributed so far.The campaign’s donations-for-cash strategy could raise potential legal concerns, said Paul Ryan, a campaign finance lawyer. Voters who make donations in exchange for gift cards, he said, might be considered straw donors because part or all of their donations are being reimbursed by the campaign.“Federal law says ‘no person shall make a contribution in the name of another person,’” Mr. Ryan said. “Here, the candidate is making a contribution to himself in the name of all these individual donors.” Richard L. Hasen, a law professor at the University of California, Los Angeles, who specializes in election law, said that typically, campaigns ask the Federal Election Commission when engaging in new forms of donations.The Burgum campaign’s maneuver, he said, “certainly seems novel” and “raises concerns about whether it violates the prohibition on straw donations.”But some of the legal uncertainty, Mr. Hasen added, stems from the fact that “functionally, campaigns spend a lot of money to get small donations, especially in cases like this where they’re trying to reach a debate threshold.”Mr. Burgum isn’t alone in using his immense wealth — he’s a billionaire former software executive — to bolster his campaign.Perry Johnson, a businessman who also announced a hopeful bid for the Republican presidential nomination and who ran for Michigan governor last year, has spent $80,000 to $90,000 on ads promoting $1 hats that read, “I identify as ‘Non-Bidenary,’” Facebook records show. His campaign said in a recent ad that it had reached 10,000 donors.To qualify for the first presidential debate, candidates must have a minimum of 200 unique donors per state or territory in 20 states and territories, according to the Republican National Committee, which set the rules. They must also garner at least 1 percent in multiple national or early-voting state polls recognized by the committee.Shane Goldmacher More