(Bloomberg) – The federal election commission criticized Michael Bloomberg’s campaign on Thursday for the way he had reported his expenses, including $ 14 million in advance payments to his company for campaign costs. The campaign made an unusual advance payment in the fourth quarter of 2019 to compensate Bloomberg LP for consultants, the use of the company’s aircraft, terminal rental, and other purposes.
(Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.) The FEC, which oversees compliance with the Campaign Funding Act, asked the campaign to clarify the purpose of the spending, which the campaign called “Prepay Campaign Costs ”. ”A campaign must state what their money is spent on and identify each recipient of more than $ 200 in an election cycle.
Bloomberg spends record amounts of its own money on its democratic presidential campaign. By January 31, he had spent $ 409 million on his campaign, more than any other presidential candidate.
“We work with the FEC to ensure they have all the information they need and continue to comply with their regulations,” said Julie Wood, spokeswoman for the Bloomberg campaign. The agency also said that Bloomberg’s expenses were required for the campaign listing. Likewise, the payments that the campaign described as grants that, according to the FEC, appear to come from cash that cannot exceed $ 100.
The total grant of $ 9,911.06 was for the placement of one campaign worker and health care for another.
Bloomberg’s operating expenses for the campaign totaled $ 66 million. The biggest expense was paid to the company, which buys advertising time for its campaign before it officially became a candidate, at $ 58 million.
The FEC requested the Bloomberg campaign to respond to the letter, referred to as an additional request for information, by March 26. In general, committees can submit a revised report in response to requests for additional information without further penalties.
To contact the reporter about this story: Bill Allison in Washington DC at [email protected]
To contact the editors responsible for this story: Wendy Benjaminson at [email protected], Magan Crane
You can find more articles like this at bloomberg.com
Subscribe now to stay up to date with the most trusted business news source.
© 2020 Bloomberg L.P.