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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

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      Nikki Haley Raises $7.3 Million, With More in an Allied Super PAC

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      The amount showed Ms. Haley’s strength with small donors, but fell well below numbers broadcast by her leading Republican presidential rivals, Donald Trump and Ron DeSantis.Nikki Haley, the former South Carolina governor and United Nations ambassador, raised $7.3 million through her presidential campaign and affiliated committees from April through June, a modest sum that still showcased her robust appeal to small donors.The total included $5.3 million reported by her campaign, as well as money from two allied committees, according to reports provided by her campaign to The New York Times in advance of a filing deadline with the Federal Election Commission on Saturday.Separately, a super PAC supporting her candidacy said on Monday that it had raised $18.7 million since its inception this year, and that it had $17 million in cash on hand at the end of June. Reports for super PACs are not due with the F.E.C. until the end of the month.Her campaign’s fund-raising numbers fell below those of the two men leading the polls for the Republican nomination, Gov. Ron DeSantis of Florida and former President Donald J. Trump. Last week, the DeSantis campaign said it had raised $20 million, while a super PAC supporting him had raised $130 million since March.Mr. Trump’s joint fund-raising committee, his primary fund-raising vehicle, said it had raised $35 million in the second quarter; it is not clear how much went to his campaign committee.Neither the Trump campaign nor the DeSantis campaign provided the reports. When they are filed this weekend, they will provide greater clarity on how each candidate’s money has been raised and spent.By her campaign’s account, Ms. Haley is above the minimum threshold of 40,000 individual donors that candidates must reach to take part in the first Republican debate on Aug. 23. Her campaign said it had received 160,000 donations from all 50 states since she entered the race in February, the vast majority of which were under $200.Ms. Haley raised money through three committees: her presidential campaign, a joint fund-raising committee called Team Stand for America, and a multicandidate PAC. The joint fund-raising committee also transfers money to the other two committees — the $5.3 million received by her campaign in the second quarter, for example, includes a $1 million transfer from Team Stand for America.In April, Ms. Haley came under criticism after her campaign broadcast that $11 million had been raised in its opening six weeks. In fact, the committees had together taken in about $8.3 million, including $2.7 million in transferred money that was counted twice.Together, the three committees had $9.3 million in cash on hand at the end of June, according to the latest filings; her campaign accounts for $6.8 million of that. More

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      Six Charged With Organizing Illegal Donations to Adams’s 2021 Campaign

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      One defendant knew Mayor Eric Adams when they were police officers. Prosecutors did not accuse the mayor of knowing about what they called a scheme to acquire thousands of dollars in extra public matching funds.A retired inspector who worked and socialized with Mayor Eric Adams when they were both members of the New York Police Department was charged on Friday with conspiring with four construction executives and a bookkeeper to funnel illegal donations to Mr. Adams’s 2021 campaign.The 27-count indictment accuses the defendants, some of whom had sophisticated knowledge of campaign finance law, of trying to conceal the source of thousands of dollars in donations by making them in the names of colleagues and relatives. The indictment, announced by the Manhattan district attorney, Alvin L. Bragg, says the group sought influence and perhaps city contracts, but it does not accuse Mr. Adams or his campaign of misconduct and does not suggest he was aware of the scheme.Mr. Bragg said in a statement that the defendants had concocted “a deliberate scheme to game the system in a blatant attempt to gain power.”In addition to the retired police inspector, Dwayne Montgomery, those charged were Shamsuddin Riza, Millicent Redick, Ronald Peek and the brothers Yahya and Shahid Mushtaq.The indictment describes the Mushtaqs as principals in EcoSafety Consultants, a construction firm that is also charged in the indictment. Mr. Riza, the operator of a second construction firm that was separately charged, has also worked with EcoSafety, the district attorney’s office said. Ms. Redick worked for him as a bookkeeper. Mr. Peek works at another construction safety firm.EcoSafety has been a city subcontractor since April 2021, according to records maintained by the city comptroller’s Office. The city has paid the firm $470,000 in that time.Scott Grauman, a lawyer for Shahid Mushtaq and EcoSafety, noted that his clients had pleaded not guilty pleas at an arraignment on Friday. “We will be vigorously defending against the allegations,” he added. Yahya Mushtaq had not been arraigned, but Mr. Grauman, who represents him as well, said he would also plead not guilty and vigorously fight the charges.Alexei Grosshtern, a lawyer for Ms. Redick, the bookkeeper, said his client knew only one of the other defendants, Mr. Riza. Ms. Redick, Mr. Grosshtern added, was unaware of any scheme and was surprised to be arrested. A lawyer for Mr. Riza could not immediately be reached for comment.Mr. Montgomery is related by marriage to Mr. Riza and is a former colleague of Mr. Adams’s. “Montgomery was a colleague of the mayor in the Police Department whom he knew socially and worked on criminal justice issues with,” said Evan Thies, a spokesman for the mayor’s 2021 campaign. “Dozens of former police officers and criminal justice advocates hosted events for the mayor over the course of the campaign.”Mr. Montgomery’s lawyer, Anthony Ricco, said his client had no business with the city and had not asked Mr. Adams, a friend of 35 years, to take any action on his behalf. “Dwayne Montgomery is a New York City hero, not a manufactured hero,” Mr. Ricco said, pointing to his client’s three decades of service with the Police Department and his commitment to the Harlem neighborhood where he grew up and where he was respected by the community. After Mr. Montgomery retired from the department in 2009, he was the chief executive of a security company, Overwatch Services, for five years. A City Hall spokesman said Philip Banks III, Mr. Adams’s deputy mayor for public safety, bought the firm from Mr. Montgomery around 2015. Winnie Greco, an adviser to the mayor, served with Mr. Banks on the Overwatch Services management team, according to an archived copy of the company’s website. Ms. Greco declined to comment.Mr. Montgomery’s biography on the archived web page of a separate security company, Public Safety Reimagined, which he co-founded last year, says he is also the director of integrity for Local 237 of the International Brotherhood of Teamsters, which represents some city workers. New York City’s complex campaign finance law sits at the heart of the conduct detailed in the court papers. To diminish the influence of big donors and to help less-connected candidates get a leg up, New York City matches the first $250 of a resident’s donation eight to one. The defendants are accused of trying to mask large donations by funneling them through so-called straw donors. That enabled the campaign to garner more city funds, and potentially amplified the defendants’ influence with the incoming mayor.It was unclear how much public money was spent as a result of the scheme.On Friday, Mr. Thies thanked prosecutors for “their hard work on behalf of taxpayers.”“The campaign always held itself to the highest standards and we would never tolerate these actions,” Mr. Thies said. “The campaign will of course work with the D.A.’s office, the Campaign Finance Board and any relevant authorities.”The defendants held two fund-raisers for Mr. Adams, one in August 2020 and the other a year later. The second took place after Mr. Adams had won the Democratic primary, effectively ensuring his election as mayor.For each fund-raiser, according to prosecutors, the defendants recruited straw donors and then reimbursed them.“I’ll put the money up for you,” Mr. Riza texted one relative, according to the indictment.The defendants seemed aware that they were engaging in risky behavior.“You gotta be careful cause you gotta make sure you do it through workers they trust, that’s not gonna talk, because remember a guy went to jail for that,” Mr. Peek told Mr. Riza at one point, according to the indictment.The defendants appeared hopeful that their donations would help them win contracts on a development project. In July 2021, Mr. Riza forwarded an email advertising the project to Mr. Montgomery.“FYI! This is the one I want, Safety, Drywall, and Security one project but we all can eat!” Mr. Riza wrote, the indictment says.It was unclear whether Mr. Adams appeared at the fund-raisers. But Mr. Montgomery told Mr. Riza that the mayor would be more likely to do so if they could promise a certain amount of money would be raised, a practice that is not uncommon among politicians.Mr. Adams “doesn’t want to do anything if he doesn’t get 25 Gs,” Mr. Montgomery said, according to the indictment.Mr. Adams’s campaign said Mr. Montgomery appeared to be referring to the standard amount expected of hosts for a general election fund-raiser.In a July 2021 phone call, Mr. Riza told Mr. Peek: “I know what the campaign finance laws is. Make sure it’s $1,000 in your name and $1,000 in another person’s name because the matching funds is eight-to-one, so $2,000 is $16,000.” More

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      DeSantis Campaign Raises $20 Million in Race to Beat Trump

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      The Florida governor had an impressive quarter, but the fund-raising numbers also raised questions about his ability to keep pace over the course of the Republican primary.Gov. Ron DeSantis of Florida raised $20 million in the first six weeks of his presidential run, his campaign said Thursday, a substantial sum that solidifies his place as the leading rival to former President Donald J. Trump.While the number falls short of the $35 million that Mr. Trump’s campaign said the former president raised in the three months ending June 30, Mr. DeSantis had only half the time to bring in campaign funds after officially entering the race in mid-May.In addition to the $20 million the DeSantis campaign said it had raised, a super PAC backing Mr. DeSantis, Never Back Down, said Thursday that it had collected $130 million since March. But nearly two-thirds of that sum was transferred to the group from a state committee that had supported Mr. DeSantis’s re-election bid last year.The totals supplied by the campaigns — more detailed numbers don’t have to be filed with the Federal Election Commission until July 15 — provide the first glimpse into the fund-raising battle between the leading candidates for the Republican presidential nomination, a race that could set records for spending.The $20 million raised by Mr. DeSantis includes $8.2 million that his campaign said it had taken in on its first full day of fund-raising in late May, suggesting that the pace of its fund-raising tapered off significantly thereafter.Excluding the transfer from Mr. DeSantis’s state committee, the latest numbers also show that Never Back Down raised more money in its first three weeks than it did over roughly the last three months.The fund-raising slowdown comes after a bumpy campaign rollout that has brought about questions from donors and supporters about its direction.But Kristin Davison, chief operating officer of Never Back Down, said that the money raised “shows an unparalleled, unprecedented and massively successful fund-raising operation no other candidate in this race has.”Mr. Trump has raised most of his campaign’s cash through his leadership PAC, Save America. In recent months, The New York Times reported, Mr. Trump has diverted a greater portion of donations he receives to the PAC, which he has used to pay his personal legal fees.Mr. Trump’s campaign said on Wednesday that it had raised a total of $35 million between April and June — nearly double what the committee had raised in the first quarter of the year, reflecting hefty fund-raising bumps in the wake of his two indictments, in New York City and Florida.Shane Goldmacher More

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      Pro-Kennedy Super PAC Says It Has Raised $10 Million

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      A super PAC backing Robert F. Kennedy Jr. said an even mix of Republicans and Democrats contributed to its $10.25 million haul. A political action committee supporting Robert F. Kennedy Jr.’s presidential campaign has raised a total of $10.25 million, one of its leaders said on Monday, a signal that his long-shot challenge to President Biden has gained traction among donors, including many Republicans.The precise level of fund-raising by the super PAC, American Values 2024, will not be known until later this month, when political action committees file midyear reports with the Federal Election Commission. But Tony Lyons, Mr. Kennedy’s publisher and the super PAC’s co-chair, said that the $10.25 million included two “very large” donations that each exceed $1 million, and that the contributions came from a “right down the middle” mix of Republicans and Democrats.Mr. Kennedy, a 69-year-old environmental lawyer and prominent skeptic of vaccines and prescription medications, often cites contorted statistics and unfounded theories. He has gained a foothold in the race, even as he has railed against the Democratic Party, accused public health authorities of corruption and increasingly embraced conservative figures and causes.Mr. Kennedy will not come close to summoning the kind of financial support that will flow to Mr. Biden, who as the incumbent has the might of the Democratic National Committee and a robust donor infrastructure behind him. Mr. Kennedy’s support among Democrats has reached as high as 20 percent in polls, although a poll conducted in June by the Saint Anselm College Survey Center put his Democratic support in New Hampshire at 9 percent. He has also appealed to prospective voters outside the party: A Quinnipiac University poll in June found that 40 percent of Republicans viewed him favorably, compared with 31 percent of independents and 25 percent of Democrats.Mr. Biden’s campaign has not yet announced fund-raising numbers. The super PAC American Values 2024 was formed last year as the People’s Pharma Movement, and was initially financed by $500,000 in contributions from Mark Gorton, a New York City investor, records show. Mr. Gorton, who is supporting Mr. Kennedy’s candidacy, has said he knows Mr. Kennedy through the “health freedom” movement, which broadly opposes vaccinations and the regulation of health practices.The committee was renamed this past spring, after Mr. Kennedy entered the race for the Democratic nomination in April. A majority of the $10.25 million has come since then, Mr. Lyons said. As recently as the first week of June, the PAC’s total haul was $5.7 million, committee officials said, indicating that nearly $5 million more arrived in the weeks before the June 30 reporting deadline. The range of political affiliations among the donors, Mr. Lyons said, showed that “there really are people across the political spectrum who feel he’s going to fight corruption in government and corporate takeover of government agencies.” In recent speeches and appearances, Mr. Kennedy has leaned on his family’s storied political history, and framed his race as a bid to “heal the divide” in American politics, which he has described as being captive to corporate power.The PAC is separate from his campaign, which last week sent out requests to hit a $5 million goal to close out its first full quarter of fund-raising. On Friday, the campaign boasted of a $1 million haul in a 24-hour period. Dennis Kucinich, the former presidential candidate and former Ohio congressman who is serving as Mr. Kennedy’s campaign manager, said the campaign expected to make a fund-raising announcement this week. Official numbers will be filed with the F.E.C. this month.A second group supporting Mr. Kennedy, Common Sense PAC, was formed in Los Angeles in April by Sofia Karstens, an actress who has been active in the health freedom movement. Common Sense hosted a fund-raiser for Mr. Kennedy last month in San Francisco along with two tech investors, David Sacks and Chamath Palihapitiya. That event raised nearly $1 million, Ms. Karstens said.Ms. Karstens did not have the PAC’s latest total fund-raising immediately available on Monday. More

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      Robert Kennedy Jr. Reports Income of $7.8 Million

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      The presidential candidate and anti-vaccine activist made nearly $1.6 million from consulting work for a law firm known for litigation against pharmaceutical companies, a filing showed.Robert F. Kennedy Jr., the political scion and prominent vaccine skeptic who is challenging President Biden for the Democratic presidential nomination, reported an income of $7.8 million in the year leading up to his entry into the race, including nearly $1.6 million from his consulting work for a personal injury law firm known for litigation against pharmaceutical companies.The details came in a financial disclosure form filed Friday with the Federal Election Commission. It shows that Mr. Kennedy earned $5 million at his environmental law firm, Kennedy & Madonna, and a $516,000 salary and bonus as chairman and chief legal counsel of Children’s Health Defense, a nonprofit group he formed that has campaigned against vaccines. (The disclosure says he has been on leave from the organization since April, when he announced his campaign.)Mr. Kennedy, a leading skeptic of vaccinations and prescription medications, has gained a foothold in the race even as he has contorted facts about vaccine development and public health authorities and increasingly embraced conservative figures and causes.His support among Democrats has reached as high as 20 percent in polls, although a more recent Saint Anselm College Survey Center poll in June put his Democratic support in New Hampshire at 9 percent. He has also appealed to prospective voters outside the party: A Quinnipiac University poll in June found that 40 percent of Republicans viewed him favorably, compared with 31 percent of independents and 25 percent of Democrats.Friday was also the final day of campaign fund-raising for the second quarter for the presidential race. Mr. Kennedy’s campaign sent out solicitations asking donors to help him meet a $5 million goal by the end of the day. His campaign highlighted a $1 million haul in the 24 hours leading up to Friday’s final push.Official numbers will be available in two weeks, when the campaign files reports with the F.E.C.On his disclosure form, Mr. Kennedy reported nearly $1.6 million in consulting fees from Wisner Baum, a Los Angeles-based personal injury law firm formerly known as Baum Hedlund Aristei & Goldman. The firm’s website lists him as co-counsel on ongoing litigation over Gardasil — an HPV vaccine manufactured by Merck — as well as lawsuits over Monsanto’s Roundup weed killer and California wildfires.Mr. Kennedy also reported $150,000 in consulting fees from the Marwood Group, which describes itself as a health care advisory firm based in New York. And he reported $125,000 from Skyhorse Publishing, which publishes his books and, according to the disclosure, pays him as a consultant.Dennis Kucinich, the former congressman and Mr. Kennedy’s campaign manager, said the disclosure “speaks for itself.” More

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      Koch Network Raises Over $70 Million for Push to Sink Trump

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      Americans for Prosperity Action is wading into a Republican presidential primary for the first time, and waiting to see which candidate it will get behind for 2024.The political network established by the conservative industrialists Charles and David Koch has raised more than $70 million for political races as it looks to help Republicans move past Donald J. Trump, a Federal Election Commission filing will show, according to an official with the group.According to a preliminary draft of the filings for the group, Americans for Prosperity Action, its major donors include Art Pope, a North Carolina businessman who attended a policy retreat hosted by former Vice President Mike Pence before he joined the presidential race; Craig Duchossois, a Chicago businessman; Jim and Rob Walton, brothers and heirs to the Walmart fortune; and Ron Cameron, an Arkansas poultry magnate.Two groups closely affiliated with Charles Koch contributed $50 million of the money. Mr. Koch is a major shareholder in Koch Industries, which contributed $25 million to Americans for Prosperity Action, the draft of the filings shows. Another $25 million was donated by Stand Together, a nonprofit he founded.With this large sum to start, the network plans to throw its weight into the G.O.P. presidential nominating contest for the first time in its history. The network spent nearly $500 million supporting Republican candidates and conservative policies in the 2020 election cycle alone.The Koch network’s goal in the 2024 presidential primaries, which has been described only indirectly in written internal communications, is to stop Mr. Trump from winning the Republican nomination. In February, a top political official in the network, Emily Seidel, wrote a memo to donors and activists saying it was time to “have a president in 2025 who represents a new chapter.”Since then, Republican voters have rallied around the former president, with his support in polls strengthening his front-runner status after his two indictments. Some of the biggest donors in Republican politics, including some in the Koch network, had been hanging their hopes on Gov. Ron DeSantis of Florida as Mr. Trump’s most promising rival. But Mr. DeSantis has disconcerted many donors with his early campaign stumbles and a slip in his poll numbers.With seven months until the primaries, the Koch coalition of conservatives is still searching for who its influential and wealthy donors believe can take down the former president, a reflection of a broader paralysis among anti-Trump Republican donors who have watched in shock as Mr. Trump’s poll numbers have held despite two indictments. A memo that circulated inside the Koch network this month made the case that Mr. Trump’s renomination was not inevitable, arguing that the issue of electability could still weaken him.Some Republican donors see Gov. Ron DeSantis of Florida as the candidate most likely to defeat Mr. Trump in the primary. But Mr. DeSantis’s early campaign stumbles and slip in his poll numbers have concerned other donors. Christopher Lee for The New York TimesSome top Republican donors, who routinely write seven- or eight-figure checks to support candidates, are keeping their checkbooks closed as they wait to see whether Mr. DeSantis can improve or whether another candidate, like Senator Tim Scott of South Carolina, pops during the summer debates. Their paralysis has benefited Mr. Trump, who is begrudgingly viewed by many top party donors as the inevitable nominee.Yet officials in the Koch network profess optimism that 2024 will not be a repeat of 2016, when Mr. Trump began winning statewide races with roughly a third of the party’s Republican base behind him in a fractured, crowded field.The notion of Mr. Trump’s inevitability “is being pushed by left-leaning media outlets, political operatives and the Trump campaign itself,” Michael Palmer, president of the Koch-affiliated voter data group i360, wrote in a memo this month.Mr. Palmer sought to dispel that narrative: “The country is in a much different place than it was eight years ago. Voters of all stripes (including G.O.P. primary voters) have a changed base of knowledge regarding the former president, and other candidates will most certainly treat him differently in the primary this time around.”Yet save for a handful of rivals, most have walked fairly gingerly around Mr. Trump, or have defended him over his two criminal indictments.Mr. Palmer argued that Mr. Trump was weaker than he appeared. He noted how much time was left in the campaign, the fact that early polling often doesn’t predict the winner, that many voters express concern about Mr. Trump’s general-election viability, and that a chunk of the former president’s voters have signaled openness to another, “more electable” candidate.Mr. Palmer wrote that “support for DeSantis at this time likely represents a generic Republican as his policy positions are not well known outside of Florida.”The group is expected to make a new round of digital advertising on the issue of electability in the presidential race, in addition to sending out its first piece of direct mail in the coming days.The group has also made a series of endorsements in down-ballot races, where it plans to spend significant sums. Americans for Prosperity has 300 full-time employees within states and 800 part-timers, officials said. It is about to make its first round of congressional endorsements.Some conservative donors want to see if Senator Tim Scott of South Carolina, or another candidate, can gain momentum.Pete Marovich for The New York TimesIt’s not clear how soon before the Iowa caucuses early next year the group will decide on the best candidate to back against Mr. Trump.Mr. DeSantis has taken several positions that are ideologically at odds with the network, including his promise to repeal the First Step Act — a criminal justice reform bill that was passed during the Trump presidency with the strong backing of the Koch network. Yet the group’s officials may ultimately choose pragmatism over strict agreement on key issues if it looks as though a candidate could win.As they wait for the Republican field to winnow, top network officials are trying to pull off a difficult feat: changing who votes in Republican primaries. The network has a vast army of door-knockers, backed by tens of millions of dollars, who fan out across competitive states each election cycle to support candidates.During these early months of the Republican presidential primaries, the network is dispatching these same activists to engage voters who are open to supporting somebody other than Mr. Trump. They are beginning a conversation with those voters, collecting data on them and raising doubts about Mr. Trump’s chances of winning a general election. They intend to return to these voters’ doors closer to the primaries to try to persuade them to vote for the network’s preferred candidate.“A key part of our strategy to elect better leaders is to empower more people’s voices in the primaries,” Ms. Seidel said in a statement. “We’re asking general election voters to show up in the primaries to support better candidates — and in speaking to tens of thousands of those voters already, they are enthusiastic to get engaged earlier to support a candidate who can win.”This well-funded effort to defeat Mr. Trump represents something of a do-over. Ahead of the 2016 Republican primaries, Marc Short, a senior Koch official at the time, argued internally that the network should spend heavily to stop Mr. Trump and support a rival with a more conservative policy record, such as Senator Ted Cruz of Texas or Senator Marco Rubio of Florida.Top officials and donors killed the idea, but some in the network regretted it. Mr. Short has come full circle. He went on to join the Trump-Pence campaign and served in the Trump administration as legislative affairs director and then chief of staff to Vice President Mike Pence. Mr. Short is now advising Mr. Pence as he runs for president against his former boss. More