Watchdog: Regulators must Close LOOPHOLE that Let Bloomberg Give $18 Mil to DNC
(ConservativePeak.Com)- A watchdog has recommended that federal regulators take action to close a “loophole” used by billionaire former mayor of New York City, Michael Bloomberg, to give a massive $18 million donation to the DNC. The former presidential candidate, who failed to make waves in the Democratic primaries, diverted campaign money to the DNC when he realized his campaign was going nowhere.
On Wednesday, watchdog Citizens United urged the Federal Election Commission to close what they called the “Bloomberg loophole” that allows candidates who self-fund their campaign to give money originally intended to use on the campaign to the Democratic establishment.
The loophole allowed Bloomberg to give significantly more cash to the DNC than is usually allowed, based on individual limits. Bloomberg’s donation was over 500 times more than what he would be allowed to donate out of his own pocket.
“While Bloomberg’s transfer may fall within the letter of the regulation governing transfers of candidate funds to national political party committees it certainly does not fall within the spirit,” Michael Boos, the executive vice president of the group said.
At present, federal regulations require that individual donors give no more than $355,000 to a part within a year. However, as Bloomberg was funding his campaign for president, the money he was legally allowed to donate to the DNC, which came from his campaign, still came out of his pocket.
The billionaire media mogul spent a massive $900 million on a failed campaign to take on personal rival Donald Trump in November.
CU Letter to Congress re Bloomberg Loophole: https://t.co/MHoykpcVmF
— Citizens United (@Citizens_United) April 9, 2020
“Hypocrisy notwithstanding, appropriate action must be taken,” the letter reads. “Congressional hearings into the transfer of funds in question and hearing directly from Mayor Bloomberg is essential to shining a light on this troubling matter and creating a remedy.”
Should the loophole not be closed, it could set a dangerous precedent in the future. Whether Bloomberg intended to skirt around the rules or not, it could mean that billionaires in the future simply set up their presidential campaign, use their own funds to get it moving, before ending the campaign and donating the remaining cash to the DNC/