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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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      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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      Ramaswamy Investments Seem at Odds With His Position on ‘Woke’ Culture

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      The billionaire biotech mogul has railed against socially conscious companies. But his financial disclosure shows he has a stake in some of the leaders in the field.Vivek Ramaswamy, a Republican presidential candidate who made a fortune in the biotech industry, has caught the interest of primary voters with fiery critiques of the socially conscious practices of U.S. corporations, which he laid out in a book, “Woke, Inc.: Inside Corporate America’s Social Justice Scam.”But Mr. Ramaswamy himself owns valuable investments in many companies that have embraced environmental, social and governance principles, known as E.S.G. — the kinds of “woke” corporate practices he decries — according to a financial disclosure filed with the Federal Election Commission that was released on Friday.While many of the companies in which Mr. Ramaswamy holds an interest are household names, they are also leaders in the corporate movement to address social and environmental issues.Among the companies that Mr. Ramaswamy is invested in are Microsoft (his holdings are valued from $1 million to $5 million), Home Depot ($250,000 to $500,000), Lockheed Martin ($500,000 to $1 million) and Waste Management ($500,000 to $1 million). All adhere to various E.S.G. principles, according to reports posted on their websites.Mr. Ramaswamy has argued that such goals are a distraction from earning a profit, and that social objectives should be left to elected officials.Tricia McLaughlin, a senior adviser to Mr. Ramaswamy, said that he did not manage his own stock portfolio. “The first time Vivek learned of these positions was when he saw this financial disclosure report,” Ms. McLaughlin said on Friday. “Vivek’s stock portfolio is independently managed by a third party. The filer has authority to make trades and invest in stocks without his expressed consent or knowledge.”Mr. Ramaswamy, a long-shot candidate who has said that he would go further than the Republican front-runner, former President Donald J. Trump, on conservative issues, has been unusually transparent about his wealth, earlier releasing 20 years of his tax returns.But until he filed his financial disclosure with election officials, there were few details. The filing reported that Mr. Ramaswamy owned up to a $25 million investment in Rumble, the video platform that styles itself a refuge for right-wing commentators shunned elsewhere. He owns up to $300,000 in cryptocurrency, primarily Bitcoin, and an investment worth up to $100,000 in a cryptocurrency app named MoonPay. He also has interests in three private planes.Mr. Ramaswamy, 37, is a Cincinnati native who holds degrees from Harvard and Yale. He founded Roivant Sciences in 2014, a company that develops and markets drugs, and that is the primary source of his wealth. Though he stepped down as chairman in February when he announced his candidacy, earlier reporting showed that he remained one of the largest shareholders. On the federal disclosure, the value of his Roivant holdings is listed as “over $50 million,” which is the largest category used on the form.According to Ms. McLaughlin, Mr. Ramaswamy’s total worth is more than $1 billion.Besides Roivant, Mr. Ramaswamy’s portfolio has diversified into investments in major U.S. companies that many Americans would recognize from their own retirement accounts. These holdings are valued between $39.6 million and $125 million. (The amounts on the form are reported within a range.) In addition, he reported over $50 million in holdings in Strive Enterprises, an investment company he created to manage funds that invest in companies without regard to social objectives.Sales of Mr. Ramaswamy’s book “Woke, Inc.,” which lays out his case against corporations attempting to factor in social goals, earned its author $203,860 in royalties.The report suggests one area in which Mr. Ramaswamy is more modest than other members of his ultrawealthy cohort: He owns just a single residence, in Columbus, Ohio. Its value was pegged between $1 million and $5 million. 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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      Ron DeSantis Helicopter Photo Spurs Questions About Campaign Ethics

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      It’s not the first time that the Florida governor has faced accusations of inappropriately blurring the lines between his official duties and his presidential campaign.It was a photo op intended to turbocharge Republican voters, one showing Gov. Ron DeSantis of Florida posing in front of a helicopter on Sunday at the southern border in Texas.But the display is creating an unwanted spotlight for Mr. DeSantis: The helicopter is funded by Texas taxpayers, raising questions about the political nature of the flight and its cost.Federal law requires presidential candidates to pay the fair-market rate for noncommercial air travel and reimburse providers of flights. In this case, the Texas Department of Public Safety owns the 2008 Eurocopter, according to a Federal Aviation Administration database of aircraft tail numbers.Additionally, ethics rules in Texas bar officials there from using state resources in support of political campaigns.Mr. DeSantis’s office suggested that he was visiting the border in a dual capacity, as both governor and presidential candidate, but his official schedule as governor omitted mention of it. Jeremy Redfern, a spokesman for Mr. DeSantis in the governor’s office, referred questions on Wednesday about the helicopter flight to the Texas Department of Public Safety.That agency said Mr. DeSantis was briefed during his visit about joint immigration enforcement activities between Florida and Texas at the border, part of a program known as Operation Lone Star.“The briefing included an aerial tour which was provided by D.P.S. in order to give Gov. DeSantis a clearer understanding of how Florida’s resources are being utilized along our southern border and see the challenges first hand,” Ericka Miller, a spokeswoman for the Texas Department of Public Safety, said in an email on Wednesday. Mr. DeSantis’s campaign shared the helicopter photo on Twitter on Monday, the same day that he proposed a series of hard-right immigration policies in a campaign speech in Eagle Pass, a small Texas border city.Reflecting the split nature of his duties, Mr. DeSantis on Sunday wore a short-sleeve white shirt that said “Governor Ron DeSantis” on the right and “DeSantis for President” on the left.Mr. DeSantis’s use of the taxpayer-funded helicopter was first reported by The Daily Beast, which also noted that he took a boat tour of the Rio Grande as part of his visit. A Fox News reporter accompanied him by air and by water.That boat is owned by the Florida Fish and Wildlife Conservation Commission, The New York Times confirmed. The state agency had already deployed the vessel there through a mutual-aid arrangement, and as part of the Operation Lone Star program.Mr. Redfern, in a statement, challenged that there was anything inappropriate about Mr. DeSantis’s ride on the Florida taxpayer-owned boat.“Participating in a routine patrol with F.W.C. is not outside the purview of the governor’s job as the state’s chief executive,” he said.Myles Martin, a spokesman for the Federal Election Commission, said in an email on Wednesday that he was not able to comment about specific candidates or their activities. But he pointed out that federal campaign finance rules require candidates to reimburse federal, state or local government entities when using aircraft owned by them to campaign.Political committees must also pay back costs associated with others means of transportation, including boat travel.Mr. DeSantis has previously faced accusations that he is inappropriately blurring the lines between his official duties and his campaign.As Mr. DeSantis prepared to sign Florida’s record-breaking budget earlier this month, lobbyists and state lawmakers said the governor’s staff called them seeking either campaign contributions or political endorsements — outreach that would normally be made by members of Mr. DeSantis’s campaign. The conversations left the lobbyists and lawmakers afraid that Mr. DeSantis would veto their projects from the budget if they did not comply, they said.And when Mr. DeSantis signed the budget, he vetoed several projects sponsored by state Senator Joe Gruters, a Republican who has endorsed former President Donald J. Trump, the Republican front-runner. Mr. Gruters accused the governor of retribution, calling him “meanspirited” and saying he had chosen to “punish ordinary Floridians” because of a political disagreement.The governor’s office denied that the vetoes were political. And at a news conference in Tampa last week, Mr. DeSantis said there was nothing wrong with aides in his office supporting his campaign in their “spare time.”But Nikki Fried, the chair of the Florida Democratic Party, filed state ethics and elections complaints against three top staffers in the governor’s office. “Any reasonable person could infer from the reporting that our governor was holding the state budget hostage in exchange for political endorsements and donations — actions that are both unethical and illegal,” Ms. Fried said in a statement.Earlier this year, Mr. DeSantis also signed a bill shielding his travel records from public disclosure, preventing an accounting of the taxpayer funds being used to cover security and other costs during his campaign trips. More

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      Ron DeSantis Finds a New Set of Laws to Ignore

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      There once was a Florida fund-raising committee called Friends of Ron DeSantis, which was overflowing with the $142 million it had raised. Mr. DeSantis used it personally for his campaign to be re-elected governor of Florida in 2022, but that was far more than he needed for that race, and when he was done he still had $86 million left over.But one day that committee disappeared. In fact, it was on May 15, just nine days before Mr. DeSantis announced that he was running for president. In paperwork filed that day, the committee changed its name to Empower Parents PAC and the governor’s name appears nowhere on the website’s home page. And just as that filing was made, the super PAC that is supporting Mr. DeSantis’s presidential ambitions said that it would be getting more than $80 million in leftover money transferred from Empower Parents.That transfer represents a new frontier in the long-running battle to undermine presidential campaign finance laws. And it is only one example of the many ways in which Mr. DeSantis, in particular, has tried make a mockery of those laws. If you want a preview of how Mr. DeSantis views the government’s limits on power and plutocracy — as feeble as they are already — there’s no better place to look than his campaign.There’s a reason that state political committees can’t just transfer their money into presidential super PACs. The Supreme Court’s 2010 Citizens United decision, which led to the creation of super PACs, said plainly that those committees had to be independent of a candidate’s campaign in order to receive unlimited contributions.But Friends of Ron DeSantis, as a state committee, was never independent of its namesake. He signed the paperwork to set it up in 2018, and listed himself as the person to solicit and accept all of its contributions. That was true until May 5 of this year, when he filed another official letter with the state saying that he was no longer soliciting or accepting contributions.The state committee had already become something of a slush fund for donors who wanted to help Mr. DeSantis’s long-term ambitions, which were never well disguised. Consider this: Mr. DeSantis was re-elected on Nov. 8, and is prevented by law from running for a third consecutive term. But the committee took in more than $15 million after the election. Why, for example, would Gregory P. Cook, whose essential-oils company, doTERRA, received a warning letter in 2020 and a lawsuit from the Federal Trade Commission for making false claims about preventing Covid, donate $1.3 million to Friends of Ron DeSantis on Feb. 22 of this year? Is it possible that he might want better treatment from a DeSantis presidency?The State of Florida certainly knew it was wrong to transfer money from a state campaign fund to a federal one. Since at least 2016, the biennial handbook issued by the Florida Division of Elections had expressly prohibited that move. “A Florida political committee must use its funds solely for Florida political activities,” the handbook said. But as NBC News reported, the DeSantis administration quietly deleted that wording, and this year’s version of the handbook conveniently says for the first time that such transfers are allowed. The new handbook bases its reasoning on the Citizens United decision — which of course had been in effect for 13 years, including when the handbook prohibited the move.The Campaign Legal Center, a nonprofit group that closely monitors these kinds of transactions, has filed a complaint against the DeSantis campaign with the Federal Election Commission, saying the transfer is illegal. But as Team DeSantis knows, the commission has deadlocked so often — with three Republicans countering three Democrats — that it has become toothless. In a similar but smaller case last year when a Republican member of the House tried to transfer state campaign funds, the commission refused to take action after the usual 3-to-3 vote.The transfer is only one of the ways Mr. DeSantis is pushing the limits of the campaign finance system. The super PAC supporting his presidential run, bearing the schoolboy name of “Never Back Down,” has made it clear that it has a dangerously broad view of what its role should be.Up to now, the main role of super PACs in elections has been to run TV ads in favor of a candidate or against an opponent, with an unconvincing disclaimer in small print at the end that the ad sponsor is not associated with any campaign or candidate. Super PACs can take in contributions of unlimited size, so they’ve been a great vehicle for wealthy donors, unions and corporations to demonstrate loyalty to a candidate without bumping up against the $3,300 individual donation limit per election for giving directly to a campaign.Those ads are bad enough, but Never Back Down is going much further by essentially taking over many of the main functions of the DeSantis campaign itself. As The Washington Post recently reported, the super PAC is opening office space in each of the early primary states, organizing a corps of door-knockers and volunteers, and launching a “Students for DeSantis” effort on university campuses, among other grass-roots organizing work. “This is going to be expansive and a completely different kind of super PAC,” Kristin Davison, the chief operating officer of Never Back Down, told The Post.The Times reported that Never Back Down is preparing to spend more than $100 million on the DeSantis field operation, hiring 2,600 workers by Labor Day to “knock on the door of every possible DeSantis voter at least four times in New Hampshire, Nevada and South Carolina — and five times in the kickoff Iowa caucuses.” The report quoted another leader of the super PAC as saying that no one had ever tried an effort like this before.One reason for that may be its dubious legality. No definition of a super PAC — technically defined as an “independent expenditure committee” (emphasis added) — can conceivably include that much detailed organizing work on behalf of a candidate, and it is impossible to imagine it can be done without silently coordinating with the “real” DeSantis campaign. By having wealthy donors, some of whom make multimillion-dollar contributions, pay for such fieldwork, the campaign can spend more money on things that only it can do, such as transporting the candidate and getting on 50 state ballots. That’s why donations given directly to a campaign, known as “hard money,” are much more valuable to a candidate, as well as being harder to raise because of the contribution limits.But as Mr. DeSantis has demonstrated repeatedly in Florida, he’ll just blow past the guardrails of the law if it suits his purposes. In his latest attempt to shatter the concept of independence, his super PAC has been put to work raising money directly for Mr. DeSantis’s campaign.Before the governor’s official announcement last month, Never Back Down raised $500,000 in hard money for a “draft committee,” all of which was to be transferred directly to the campaign once it became official, CBS News reported. For the draft committee, the super PAC limited contributions to the $3,300 limit, but by doing the work of fund-raising, and using its list of donors, the super PAC was in essence making a huge but unreported contribution to the campaign. One campaign finance expert described this effort by the super PAC as “unprecedented.”And the closeness between Never Back Down and the campaign continues to this moment. If you go to Never Back Down’s website, and click on the big red “donate” button at the top, it takes you to a page that collects donations for the campaign, not the super PAC.“This is effectively a huge in-kind gift to DeSantis’s campaign and will subsidize his fund-raising costs considerably, which is exactly the sort of role a super PAC should not be allowed to play,” said Saurav Ghosh, director of federal campaign finance reform at the Campaign Legal Center.On top of all that, the governor’s chief of staff, James Uthmeier, was used as one of the presidential campaign’s biggest fund-raisers, as NBC News reported Thursday. Breaching any ethical barrier between public service and politics, Mr. Uthmeier had administration officials around Florida pressure lobbyists to contribute to Mr. DeSantis’s campaign.Mr. DeSantis is hardly the only politician in the race who has demonstrated contempt for basic ethics and campaign finance laws. Donald Trump has funneled money from his leadership PAC to his super PAC, a different kind of abuse that has also drawn a complaint before the F.E.C. But Mr. DeSantis’s actions are pathbreaking in an unusually wanton and disdainful way. If that path should lead to the White House, it’s clear that big money will have a welcome place in American politics under his administration.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

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      in Elections

      How Nikki Haley’s Campaign Inflated Her Fund-Raising Haul

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      This month, her campaign said she had raised $11 million in the opening six weeks of her bid for the Republican presidential nomination. But the real figure appears to be about $8.3 million.Nikki Haley, the former South Carolina governor and United Nations ambassador, has staked her presidential run on an image as a straight shooter, with experience and drama-free competence.This weekend, though, it became clear that the impressive early fund-raising numbers her campaign promoted this month had been inflated, apparently because of double-counted money.The campaign had broadcast an $11 million haul in its opening six weeks, through the end of the first-quarter filing period on March 31. But when three of her affiliated committees filed reports on Saturday, the math did not add up.Instead, the three committees appeared to have taken in about $8.3 million, including $2.7 million that one of the committees transferred to two other committees and that was double-counted in the overall figure.On Saturday, a spokeswoman for Ms. Haley said other campaigns had accounted for their money similarly in the past.How can this happen?The muddied accounting exposes the risks of building a campaign-finance operation with a patchwork of committees, which has become standard for presidential candidates. Ms. Haley is backed by four affiliated entities registered with the Federal Election Commission, three of which made filings on Saturday.Team Stand for America, her joint fund-raising committee, solicits contributions that are then divided between three entities: her presidential campaign committee, a multicandidate political action committee and a hybrid PAC (which did not file on Saturday).According to its filing on Saturday, Team Stand for America raised nearly $4.3 million in contributions in the first quarter. It also transferred $2.7 million to affiliated committees, and here is where the math got tricky. Without those transfers, the total raised by the three committees was $8.3 million, not $11 million.More details, pleaseMs. Haley’s principal campaign committee — Nikki Haley for President — disclosed that it had taken in $5.1 million in receipts. But only $3.3 million of that sum came from contributions: The remaining $1.8 million came from Team Stand for America in two transfers recorded on March 31, the filings show.Stand for America PAC, a group that supports her but can also raise money for other candidates, reported $1.5 million in receipts — but just $600,000 of that came from contributions, the filing shows. The PAC received $886,000 in transferred money from Team Stand for America on March 31.In offering the original $11 million figure, the campaign added up the total receipts for the three groups — $5.1 million, $4.3 million and $1.5 million — without accounting for the fact that $2.7 million was being moved between the groups.What does it mean?Not much. There is nothing inaccurate about the filings themselves — they appear to add up — and there is nothing new about campaigns overhyping their fund-raising.And $8.3 million is still a sizable haul for the first six weeks of a presidential campaign. In comparison, former President Donald J. Trump’s campaign disclosed $9.5 million in receipts in January for the first six weeks of his official bid.A spokeswoman for Ms. Haley did not respond to a request for comment on Monday.In 2021, Mr. Trump’s advisers announced, inaccurately, that his affiliated political committees had raised nearly $82 million in the first six months of the year. That figure improperly counted at least $23 million in transfers to new political action committees from other accounts, The New York Times found.Mr. Trump’s joint campaign committee — which has been the main vessel for his fund-raising this election cycle — raised $18.8 million in the first quarter, his campaign has said. It transferred $14 million to his principle campaign committee, according to filings Saturday. More