Wealthy donors have been asked to limit their contributions to former Florida governor Jeb Bush’s presidential campaign to $1 million. This marks the first time a presidential hopeful has requested such a restriction, and it is intended to both avoid creating the perception of being in debt to a few uber-rich supporters, and to build a broader pool of donors. Bush’s spokeswoman declined to comment, but veteran Republican fundraiser Howard Leach, who recently co-hosted a finance event for Bush, confirmed the limit.
The need for such a limit reflects the extraordinary role that elite financiers play in political fundraising, which increasingly centers on super PACs able to collect unlimited sums from individuals and corporations. Bush has yet to officially declare his candidacy, but he is already on track to raise tens of millions of dollars by the end of the month for two political action committees, both named Right to Rise. His potential rivals have acknowledged that they have little hope of matching his pace.
As the race for the White House heats up, pro-Bush fundraisers have been encouraged to stick to the $1 million-per-donor limit for the first 100 days. Despite the large sums already given, Bush’s team are cautioning against allowing a few mega-donors to dominate the effort.
The former governor has been on an intensive, cross-country fundraising tour, including stops in Manhattan, Washington and Florida. This week, Bush had a private meeting with casino mogul Steve Wynn and headlined an evening reception for the Right to Rise super PAC in Arizona.
Bush is tapping into a much wider pool of wealthy donors, including those disenchanted with Hillary Rodham Clinton. Dozens of backers have given $100,000 each to get into high-end super PAC fundraisers, and some are offering substantially more. According to people involved in collecting checks, Bush’s team have laid out goals for donors and fundraisers to reach by March 31, with tiers set at $50,000, $100,000, $250,000 and $500,000.
Bush’s rapid fundraising clip puts his super PAC on pace to far outstrip Restore Our Future, a super PAC that backed 2012 Republican presidential nominee Mitt Romney and raised $12 million in its first six months. In the coming weeks, Bush is scheduled to headline additional fundraisers in Denver, Sea Island, Boca Raton and Atlanta. As the US presidential race intensifies, Jeb Bush’s fundraising efforts are in full swing. His team are encouraging donors to stick to the $1 million-per-donor limit for the first 100 days, and are tapping into a wide range of wealthy donors, including those disenchanted with Hillary Rodham Clinton. Recent fundraisers have included stops in Manhattan, Washington, Florida and Arizona, and Bush is scheduled to headline additional events in Denver, Sea Island, Boca Raton and Atlanta.
With tiers set at $50,000, $100,000, $250,000 and $500,000, Bush’s super PAC is on track to outstrip Restore Our Future, which raised $12 million in its first six months.
