Speed Reads

dark money

Biden reeled in a record-breaking $145 million in 'dark money'

President Biden reeled in a record-breaking $145 million in so-called dark money from anonymous donors during his presidential campaign, topping the $113 million that went to Sen. Mitt Romney (R-Utah) before his failed presidential bid in 2012, Bloomberg reports.

It's not surprising that Biden set the mark given that the $1.5 billion he hauled in overall was the most ever for a challenger to an incumbent president, but it's notable in large part because Democrats have been at the forefront of a movement to ban dark money in politics since it means that supporters can back a candidate without scrutiny. Plus, Bloomberg notes, anonymous donors "will have the same access to decision makers as those whose names were disclosed, but without public awareness of who they are or what influence they might wield." As Meredith McGehee, the executive director of campaign finance reform advocacy group Issue One, told Bloomberg, "the whole point of dark money is to avoid public disclosure while getting private credit."

Still, it seems the Democratic Party was willing to embrace the strategy in the hopes of defeating former President Donald Trump, who only brought in $28.4 million from anonymous donors. Read more at Bloomberg.