A watchdog group has asked federal regulators to close a “loophole” former 2020 presidential candidate Michael Bloomberg used to donate $18 million to the Democratic National Committee (DNC) last month.
Citizens United petitioned the Federal Election Commission (FEC) on Wednesday to close the “Bloomberg loophole” that, in effect, allows self-funded political candidates to give money to certain political groups in excess of individual limits placed on donations. The activist group said that the Bloomberg campaign’s donation, almost entirely derived from Bloomberg’s personal wealth, was “more than 500 times greater” than what he could have directly given.
“While Bloomberg’s 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,” wrote Michael Boos, executive vice president and general counsel of Citizens United.
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