$4 Million on Hand, Ron Paul Looks for Ways to Spend It
HOUSTON — U.S. Rep. Ron Paul is considering using $4 million left over from his failed presidential campaign to start a for-profit publishing company that would reflect his Libertarian-leaning views.
The move could test the limits of federal campaign finance rules.
“I’ve never heard of anyone taking their campaign money and putting it into a for-profit corporation,” campaign finance-reform advocate Fred Wertheimer told the Houston Chronicle.
Former candidates have leeway in how they use leftover campaign money.
“There’s a provision that says you can use the funds for any lawful purpose, so long as it’s not personal use for the candidate,” said Bob Biersack, a spokesman for the Federal Election Commission.
Federal guidelines say the money can’t be used for things such as vacations, mortgage, rent or household items or to seed a for-profit corporation that benefits an individual or shareholder.
Paul, a Republican from Lake Jackson, about 50 miles south of Houston, has about $4 million in leftover campaign cash, said campaign spokesman Jesse Benton.
Among options being considered for the money, Benton said, are supporting like-minded candidates through Paul’s Liberty PAC; donating it to Paul’s FREE Foundation, which publishes his newsletter; trying to influence public policy through a new nonprofit group; or creating “something inventive and entrepreneurial” like a for-profit corporation to produce publications.
It’s not clear whether Paul would be able to form a for-profit corporation specifically designed for educational purposes.
Paul also has a potential gold mine in his mailing list, if he rents those names to interest groups or other campaigns.
Benton said the campaign has the names of 160,000 donors who have given an average of about $100 each. With people who signed up to receive campaign information, but have not donated money, the e-mail list grows to 400,000.
Presidential list are attractive because they include donors from across the country. Paul’s list also includes new participants into the presidential process, offering candidates a chance to expand their network to nontraditional donors.
On the market, the list of 160,000 donors would probably fetch about $135 per 1,000 names for each use, or about $21,600 a pop, estimated Kevin Shuvalov, a partner in Olsen & Shuvalov, an Austin firm that does fundraising and voter-contact mailings.
The Paul presidential campaign already has rented its list twice — once to his Texas congressional re-election committee, which raised $1.4 million, according to CQ Moneyline, a site that tracks FEC records; and once to incumbent Rep. Walter B. Jones, R-N.C., who serves with Paul on the Republican Liberty Caucus, a group of Libertarian-minded lawmakers.
I would be shocked by this if I believed it. I find it interesting that the GOP convention in Nevada was on Saturday, where Paul supporters really made their present felt, and today I see these accusations about what Paul intends to do with his left over campaign cash. If the article had used a direct quote from Paul I would have been shocked but, as things are, I am simply suspicious of the validity of the information in this article.
Charity? Charity anyone? There are 100’s of childrens’ hospitals that could use $4Mil.
How about veterns with disabilities from the war?
How about building a school in his state for poor kids?
I think he should use it to start a Liberty focused publishing/media company. Obviouly people are ignorant and don’t know what the Constituion is. If they do know then they’ve decided purposely against following it.
he should be free to share it with his Ron Paul movement candidates across country. This happens with other so why not him?
He should buy all of his supporters a Civil Flag of Peace if they promise to fly it. That would keep the buzz going about his politics.
It’s an interesting story not because of the Dr. Paul is planning with the money, but the fact that he is one of very few if ANY candidates that actually has money left over, as it should be because he is the only candidate that practices what he preaches, as a true conservative.
What’s even more interesting is that you people never bothered to report on last nights GOP convention in Reno, where Paul supporters dominated, and the party decided to shut down the event when in became obvious that (Ron)Paul would get the majority of the delegates voted to the national convention in Minniapolis.
This of course is a pattern repeating itself in places like Washington and Minnesota and may keep repeating all over the union.
Keep up the fair and balanced reporting FOX, we’ll decide.
Mr. Ron Paul,
I donated to your campaign because I agreed with your message of smaller government. Please don’t sell me to a telemarketer for 13 cents!
Why couldn’t he give the money back to the donors? Oh, and stop selling mailing lists.
Too bad for Ron Paul. He was one of the only straight talking Republican candidates who made sense. Including what happened with delegates in Missouri, the Republican Party has been in a downward spiral. The GOP used to represent morality and discipline in government. Now it is the party of wasteful spending, corruption, and poverty.
Too bad for Ron Paul? More like too bad for America.
How about doing something unheard of in a politician…giving the money back to the donors? Either that use it as seed money to start a viable 3rd party.