Running for president takes a lot of money.
Despite the pressures of this money chase, politicians' campaign committees aren't the only political war chests they're trying to fill. As several high-profile Republicans weigh potential presidential bids, they are also raising money for their personal leadership PACs.
These political action committees are effectively slush funds used by politicians to pay for travel, meals, fund-raising and other activities not directly related to his or her own campaigns. And leadership PACs are frequently used to dole out contributions to other political candidates in attempts to gain clout among their colleagues.
During the month of April, the leadership PAC of House Tea Party Caucus founder Michele Bachmann (pictured right), who is considering a presidential bid, raised $172,800, according to the Center for Responsive Politics' review of campaign finance documents filed Tuesday with the Federal Election Commission.
Notably, 69 percent of the contributions to this committee -- called MICHELE PAC -- came from small-dollar donors, individuals who gave $200 or less, the threshold for itemized disclosure to the FEC.
Since January, Bachmann's leadership PAC has now raised $704,122. And as of April 30, MICHELE PAC reported $300,600 cash on hand.
Former Speaker of the House Newt Gingrich (R-Ga.), who last week officially jumped into the GOP presidential fray, also operates a leadership PAC. It's called American Solutions PAC.
During April, American Solutions PAC raised $1,040 -- with all of that amount coming from small-dollar donors, according to the Center's analysis of Gingrich's latest reports with the FEC, which were filed Wednesday.
Between January and April, Gingrich's leadership PAC has now raised $54,150. And as of April 30, it had about $34,400 cash on hand.
Like campaign committees, leadership PACs must regularly disclose their expenses and receipts, including the names, addresses and occupation information of all donors who give more than $200.
However, unlike campaign committees, PACs -- including leadership PACs -- can chose between filing reports with the FEC either monthly or quarterly. And during non-election years, such as 2011, if a PAC opts to file quarterly, it is only required to file a report every six months.
The leadership PACs of most other politicos considering GOP presidential bids are quarterly, not monthly, filers. Thus, details about their fund-raising won't be reported until July 31.
Businessman and radio host Herman Cain is among those whose leadership PAC files quarterly. Cain's committee -- known as the Hermanator PAC -- voluntarily filed a campaign finance report at the end of March, despite the ability to legally wait until July before disclosing any information about its activities.
According to this report, the Hermanator PAC raised $16,206 between January 1 and March 31. And at the end of March, Cain's PAC reported just $13 cash on hand.
For the other potential Republican presidential candidates, the most recent information on file is their year-end reports from 2010. Here's what these politico's PACs had in the bank as of Dec. 31, 2010:
- Former Alaska Gov. Sarah Palin's Sarah PAC reported $1.3 million cash on hand
- Former Massachusetts Gov. Mitt Romney's Free and Strong America PAC reported $798,200 cash on hand
- Former Minnesota Gov. Tim Pawlenty's Freedom First PAC reported $155,000 cash on hand
- Former Pennsylvania U.S. Sen. Rick Santorum's America's Foundation PAC reported $102,900 cash on hand
- Texas U.S. Rep. Ron Paul's Liberty PAC reported $90,000 cash on hand.
Michael joined the Center for Responsive Politics in February 2009 as a communications and administrative assistant before assuming his current post in December 2009. In it, Michael writes extensively for the Center's OpenSecrets Blog about the influence of money in politics. Previously, he completed a yearlong editorial fellowship with Mother Jones magazine, wrote for two alternative newsweeklies in Colorado and performed legislative research and nonpartisan voter education at Project Vote Smart. He is a 2005 graduate of Colorado College
The Center for Responsive Politics is the nation's premier research group tracking money in U.S. politics and its effect on elections and public policy. Nonpartisan, independent and nonprofit, the organization aims to create a more educated voter, an involved citizenry and a more transparent and responsive government. In short, the Center's mission is to:
- Inform citizens about how money in politics affects their lives
- Empower voters and activists by providing unbiased information
- Advocate for a transparent and responsive government
