Omar Bennett
The Harris-Walz campaign is the joint presidential campaign of Kamala Harris and her vice-presidential running mate, Minnesota Governor Tim Walz. The campaign is subject to federal pay-to-play rules, which prohibit certain individuals and entities from contributing, such as investment advisors, swap dealers, and broker-dealers. These rules also apply to Harris' joint fundraising committees and may impact donations to the Democratic National Committee. Despite these restrictions, the Harris-Walz campaign has been successful in fundraising, outpacing Trump's campaign in terms of donations, particularly among last-minute big donors. The campaign has also benefited from the support of independent political groups and super PACs, which are not bound by the FEC's donation limits.
| Characteristics | Values |
|---|---|
| Running mates | Kamala Harris and Tim Walz |
| Ticket | Harris-Walz Ticket |
| Rules | SEC Rule 206(4)-5 for investment advisers, CFTC Rule 23.451 for swap dealers, MSRB Rule G-37 for broker-dealers that underwrite municipal securities and municipal advisors, FINRA Rule 2030 for third-party and affiliated placement agents, and SEC Rule 15Fh-6 for securities-based swap dealers that engage in a securities-based swap with a state or local government counterparty |
| De Minimis Exemption | $350 under the Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), and Securities and Exchange Co |
| Refund | Individuals can donate $75 (or $150 per couple) to the Minnesota DFL and be completely refunded by the State of Minnesota |
| Fundraising | The Harris campaign raised $97.2 million in the first half of October 2024 alone |
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What You'll Learn
- The Harris/Walz campaign is subject to federal pay-to-play rules
- Individuals can donate $75 to the Minnesota DFL and be refunded by the state
- Potential donors can't contribute to Harris' campaign without also giving to Walz
- Harris' fundraising committees are affected by the above prohibitions
- Harris' campaign raised $997.2 million compared to Trump's $388 million
The Harris/Walz campaign is subject to federal pay-to-play rules
The Harris/Walz campaign is subject to federal "pay-to-play" rules, which means that contributions to the campaign are subject to certain prohibitions and restrictions. This is because Tim Walz, the Governor of Minnesota, is considered an "official" under Rule 206(4)-5, also known as the Pay-to-Play Rule, of the Advisers Act. This rule prohibits certain investment advisers, exempt reporting advisers, and foreign private advisers from providing investment advisory services for compensation to specific state and local "government entities" for two years after the adviser or a covered associate contributes to or solicits campaign contributions for a person seeking state or local government office. In this case, as Kamala Harris and Tim Walz are running a joint campaign, advisers and their covered associates cannot contribute to the Harris campaign without being subject to the rule's restrictions.
The Pay-to-Play Rule considers a political contribution to, or fundraising for, the Harris campaign as also contributing to or fundraising for Governor Walz. This is because the U.S. President and Vice President are elected jointly. As a result, investment advisers that manage or are seeking to manage the assets of Minnesota state public pension plans may face issues when it comes to political contributions and fundraising for the Harris/Walz campaign. Similar rules apply to broker-dealers, swap dealers, municipal securities dealers, and municipal advisors, as outlined by the FINRA, CFTC, SEC, and MSRB.
It is important to note that the rule does not apply to advisory services performed for federal government officials or candidates for federal office. Additionally, volunteer activity by covered associates is generally not covered by the Pay-to-Play Rule if certain conditions are met. These conditions include the adviser not soliciting the volunteer activity, the adviser's resources not being used, and the volunteer work occurring during non-work hours or with the adviser not paying the volunteer's salary.
The Harris/Walz campaign's contributions must adhere to specific federal pay-to-play rules, and firms may need to assess their compliance with these regulations. The rules apply to both the campaign and its joint fundraising committees, such as the Harris Victory Fund and Harris Action Fund, which raise money for Harris and various political party committees. As a result, potential donors should be aware that any contribution to the Harris campaign is also a contribution to Walz due to their joint ticket.
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Individuals can donate $75 to the Minnesota DFL and be refunded by the state
Individuals can donate $75 (or $150 per couple) to the Minnesota DFL and be completely refunded by the State of Minnesota. This is possible due to the Minnesota Political Contribution Refund program. It is important to note that there is no way to contribute to Harris' campaign without also donating to Walz, as they run as a joint ticket. Therefore, any donations to the DFL will support both Harris and Walz.
The DFL is thrilled to have Vice President Harris choose Governor Walz as her running mate. DFL Chair Ken Martin praised Governor Walz as a "servant leader" who has dedicated his career to "protecting freedoms and lifting up working families." Martin expressed confidence that the Harris-Walz ticket would be a winning combination, bringing the "Minnesota magic" to the campaign.
By donating to the DFL, individuals can show their support for the Harris-Walz campaign and take advantage of the refund program offered by the State of Minnesota. This is a great opportunity for those who want to get involved and make a financial contribution to the campaign.
It's worth noting that the Harris-Walz campaign is subject to specific pay-to-play rules due to Governor Walz being a sitting elected state official running for federal office. These rules include SEC Rule 206(4)-5 for investment advisors and CFTC Rule 23.451 for swap dealers. As a result, potential donors should be aware of these restrictions and prohibitions when considering their donation.
In conclusion, donating $75 to the Minnesota DFL is a great way for individuals to get involved in the Harris-Walz campaign and have their voice heard. With the added benefit of a refund from the state, it's an opportunity to show support for the campaign while also being cost-effective for the donor.
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Potential donors can't contribute to Harris' campaign without also giving to Walz
Potential donors need to be aware that there is no way to contribute to Kamala Harris' presidential campaign without also donating to her running mate, Tim Walz. This is because they are running on a joint ticket and will have a single consolidated campaign fund. This means that any donations to Harris' campaign committees, such as the Harris Victory Fund and Harris Action Fund, will directly benefit both Harris and Walz.
The Harris/Walz campaign is also subject to federal pay-to-play rules, which impose restrictions on certain individuals and entities making contributions. These rules include the Municipal Securities Rulemaking Board's (MSRB) Rule G-37, which applies to broker-dealers and their controlled political action committees (PACs). This rule, along with others, can trigger a two-year ban on business with affected Minnesota government entities for those who make contributions under its provisions.
It is important to note that these rules do include a de minimis exemption for individuals, allowing for smaller contributions without triggering the ban. For example, the Minnesota Political Contribution Refund program offers individuals a refund from the state when they donate $75 ($150 per couple) to the Minnesota DFL.
Despite these rules and restrictions, the Harris/Walz campaign has been highly successful in fundraising. In the first half of October 2024 alone, the campaign raised $97.2 million, and as of September, had surpassed $1 billion in total donations. This rapid fundraising success has given Harris a significant financial advantage over her competitors.
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Harris' fundraising committees are affected by the above prohibitions
The Harris-Walz campaign is subject to several federal pay-to-play rules, which apply due to the inclusion of a sitting elected state official, in this case, Minnesota Governor Tim Walz, running for federal office. These rules have implications for how Harris's fundraising committees can operate.
The prohibitions and restrictions under the following rules apply to the campaign: SEC Rule 206(4)-5 for investment advisers; CFTC Rule 23.451 for swap dealers; MSRB Rule G-37 for broker-dealers that underwrite municipal securities and municipal advisors; FINRA Rule 2030 for third-party and affiliated placement agents; and SEC Rule 15Fh-6 for securities-based swap dealers that engage in swaps with state or local government entities.
The above prohibitions mean that covered persons are prohibited from soliciting or fundraising for the Harris-Walz campaign if the dealer/adviser is engaging in, or seeking to engage in, covered business with an affected Minnesota government entity. This includes contributions to Harris's joint fundraising committees, such as the Harris Victory Fund and the Harris Action Fund, which raise money directly for Harris, Walz, and various political party committees.
Additionally, the rules trigger a two-year ban on business or compensated business with the affected Minnesota government entities for contributions made by a dealer/adviser covered under the above rules, their covered employees (covered associates, municipal finance professionals, or municipal advisor professionals), and their controlled political action committees (PACs).
It is important to note that these rules do not prohibit all contributions to the Harris-Walz campaign, but rather impose specific restrictions and prohibitions on certain types of contributions and activities by covered persons and entities.
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Harris' campaign raised $997.2 million compared to Trump's $388 million
The Harris campaign has proven to be a force to be reckoned with, outpacing Trump's fundraising efforts by a significant margin. Between January 2023 and October 16, 2024, the Harris campaign committee raised an impressive $997.2 million, leaving Trump's campaign funds of $388 million far behind. This financial disparity is indicative of the strong support for Harris and her policies.
The Biden-turned-Harris campaign has demonstrated remarkable fundraising prowess, with Harris herself bringing in $81 million in the first 24 hours of her campaign—a number that surpasses Trump's largest single-day haul of $52.8 million. Harris's campaign received a significant boost in September, with lucrative fundraisers in New York City and San Francisco, each bringing in an estimated $27-28 million. This surge in donations showcases the financial might of Harris's supporters and their belief in her candidacy.
While the Trump campaign has access to substantial funds from super PACs, with the top 10 super PACs supporting him raising $569.2 million, Harris's campaign has focused on a broader donor base. This strategy has paid off, with Harris receiving $19.5 million from larger donors between October 17 and November 1, compared to Trump's $4.5 million. The Harris campaign's ability to attract a wide range of donors, both large and small, has contributed to its financial success.
The financial disparity between the two campaigns is notable, with Harris outpacing Trump nearly threefold in terms of funds raised. This significant difference in fundraising capabilities translates into tangible advantages for the Harris campaign, such as increased resources for advertising, staffing, and outreach efforts. It remains to be seen how these financial disparities will impact the election outcome, but the Harris campaign's financial strength cannot be understated.
To support the Harris-Walz campaign, individuals can get involved by reaching out to their personal networks, including friends, family, neighbours, and communities, to spread the word and encourage support for the candidates.
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Frequently asked questions
You can donate to the Harris-Walz campaign through the Democratic National Committee (DNC) or the Minnesota Political Contribution Refund program, which allows individuals to donate $75 (or $150 per couple) and be completely refunded by the State of Minnesota.
Yes, contributions to the Harris-Walz campaign are subject to federal pay-to-play rules. These rules prohibit certain individuals and entities from donating, such as investment advisors, swap dealers, and broker-dealers that underwrite municipal securities.
No, all donations over $1,000 must be reported to the FEC within 48 hours. However, you can donate up to $6,600 per person directly to the campaign without disclosing your name publicly.
The Harris-Walz campaign has raised a significant amount of money. As of November 2024, the campaign had raised a total of $997.2 million, with $97.2 million raised in the first half of October alone. This includes large donations from super PACs, which have spent approximately $668.9 million in support of Harris since July 2024.
