FEC Notified After Mike Bloomberg Makes Shady $18 Million Transfer
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As if the long list of questionable transactions made by former Democratic presidential candidate billionaire Mike Bloomberg couldn’t have gotten any more controversial, the former New York City Mayor has now sparked the interest of federal regulators, following a transaction amounting to $18 million dollars that was sent to the Democratic National Committee.
A Conservative group filed a petition to the Federal Elections Commission on Wednesday, arguing that Mike Bloomberg exploited a loophole to make the massive transfer, requesting that a limit be set to prohibit self-funded candidates from making donations like this to their party in the future.
Check out what the Washington Post reported below:
A conservative group has filed a petition asking federal regulators to prevent self-funded candidates from emulating former New York mayor Mike Bloomberg, who they say used a loophole to make a historically large $18 million contribution to the Democratic National Committee.
Citizens United, the group widely known for its 2010 namesake landmark Supreme Court case that helped pave the way for super PACs, on Wednesday filed a petition with the Federal Election Commission asking federal regulators to create new rules to limit the amount of leftover money that a self-funded federal candidate can transfer to the national party once the candidate has dropped out of the race.
The request followed two FEC complaints filed by other groups that alleged Bloomberg made an improper transfer.
In the petition, Citizens United pressured the government to change what they called the “Bloomberg loophole,” adding that although the 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 of the law.”
“Our proposal is designed to prevent wealthy candidates from evading” contribution limits set by federal law, they added.
Since dropping out of the race, Mike Bloomberg has become somewhat of an anomaly, with reports showing he spent nearly one billion dollars to fund his campaign, only to end it after he failed to gain the necessary support a short time after. However, instead of cutting his losses after an unimaginable loss, the billionaire has continued to outpour his money to a variety of places to fight President Trump.
Current law only allows individuals to donate up to $355,000 every year to the DNC, but specific circumstances in the law have allowed the controversial donation from the self-funded candidate to go virtually unnoticed.
What are your thoughts on this massive transfer from former New York mayor Mike Bloomberg? Let us know in the comments below!