Biden Campaign's Massive Funds Shift Sparks Legal Challenge

President Joe Biden's reelection campaign had $95 million when he exited the race, endorsing Kamala Harris. Harris took control of Biden's funds, prompting a legal challenge from Trump. Despite this, legal experts believe Harris will keep control of the funds, with Biden's significant sum increasing due to recent donations.

President Joe Biden's reelection campaign had a massive bank account when he withdrew from the race, but Republican candidate Donald Trump has launched a legal challenge against Kamala Harris' use of the funds for her White House run.

Biden, an 81-year-old Democrat in a tight race with former President Trump, endorsed Harris upon ending his reelection bid. Harris quickly assumed control of Biden's campaign accounts, aiming to secure the Democratic presidential nomination.

According to the Federal Election Commission report filed on Saturday, Biden's campaign had $95 million in the bank at the end of June, a significant amount albeit less than the $128 million reported by the Trump campaign. Since then, Harris' campaign has received a surge in donations, raising $126 million since Sunday.

Immediately after Biden dropped out, his campaign filed forms with the FEC to change the official name of the presidential campaign account from 'Biden for President' to 'Harris for President.' Although the Trump campaign claims this transfer is a 'brazen money grab,' legal experts argue Harris is likely to retain control of the funds.

Some campaign finance experts see merit in Trump's challenge since Biden was the sole fundraiser. However, as Harris was Biden's vice presidential candidate, her claim to the money is considered strong. Nevertheless, election regulators are unlikely to resolve the issue before the November 5 election.

If Harris' nomination is derailed, a new Democratic ticket could receive only a limited amount from Biden's campaign account. Harris could refund donors or transfer the funds to the Democratic Party, which would face different spending limitations compared to a presidential campaign.

(With inputs from agencies.)