Donald Trump Launches Joint Fundraising Committee With RNC to Raise Cash

Donald Trump has launched a joint fundraising committee with the Republican National Committee (RNC) to raise money.

The committee, Trump National Committee JFC, filed a statement of organization with the Federal Elections Commission (FEC) on Wednesday.

The Context

Both Trump and the RNC, the GOP's governing body, have faced recent financial concerns.

Earlier this month, the former president posted a bond of nearly $92 million in his E. Jean Carroll defamation case after Judge Lewis Kaplan denied the Republican's request to delay the enforcement of penalties. In January, Trump was ordered to pay $83.3 million in damages to Carroll, a journalist, for statements made in 2019.

Meanwhile, Judge Arthur Engoron ruled in February that Trump must pay $355 million for committing fraud. The New York court held that Trump and top executives at The Trump Organization committed fraud by inflating the value of his assets to obtain more favorable terms from lenders and insurers. With interest, the full payment will be around $464 million. Trump's lawyers are appealing the verdict.

As for the RNC, in November 2023, the GOP governing body reported its lowest bank balance at that point in any year since 2016, disclosures to the Federal Election Commission showed. With $9.96 million in spending money, the RNC had less than half the $21.35 million it reported in the year Trump won the presidential election.

Earlier this month, Trump's daughter-in-law, Lara Trump, and his ally Michael Whatley were elected as co-chair and chair of the RNC. Lara Trump vowed the RNC would spend money paying for Trump's legal fees.

Aside from that, the election of his allies to the RNC signal closer ties between Trump and the committee, and their joint fundraiser reflects that.

Newsweek contacted the RNC and a Trump representative by email to comment on this story.

What We Know

Trump's fundraising efforts have so far paled in comparison to his Democrat rival Joe Biden's.

The Democrat has amassed $155 million in cash on hand so far, ready to use against his Republican rival and raised $53 million alone last month. While Trump's February figures have not yet been released, by the end of January his two fundraising committees had $36.6 million in cash in hand and they spent more than they raised.

The former president is facing other indictments and legal challenges that could rack up more costs, while both he and the RNC are preparing for the costs of fighting the presidential election.

Views

Following her election as co-chair, Lara Trump said, "Everything I do at this committee will have one focus: re-electing Donald Trump, flipping the Senate, and expanding the House this November."

What's Next

Whether the committee enjoys success in terms of its fundraising capabilities is a matter for time to decide.

Update 03/21/24, 3:53 a.m. ET: This story was updated with additional information.