Joe Biden speaks at the Queen Theater in Wilmington, Delaware on November 5, 2020.
Drew Angerer | Getty Images News | Getty Images
Joe Biden’s transition team will have millions of dollars to help lay the groundwork for a potential Biden administration, including cabinet members.
NBC News didn’t make a call in the president’s race.
Biden’s transition team is on track to exceed its initial fundraising goal of at least $ 7 million by far, according to those informed on the matter. These people refused to be named in order to speak freely.
The news of the financial crisis comes as President Donald Trump continues to fight to win the election, despite Biden having more paths to victory.
The transition team is responsible for assisting in the selection and validation of the President-elect’s candidates for leadership roles within government such as the Treasury Secretary and the Attorney General. The money raised for the transition fund often goes towards salaries and other needs.
Some of the fundraising campaigns for the Biden transition, according to the report, were carried out by Penny Pritzker, a former trade secretary under President Barack Obama and a Biden supporter. She has a net worth of over $ 2 billion, according to Forbes, and is part of the wealthy Pritzker family, which includes Illinois Governor JB Pritzker.
Penny Pritzker is also listed as one of Biden’s finest bundlers, who helped raise over $ 100,000 for the campaign. The transition team has been collecting money since late summer.
Others who help raise money include lobbyists, media and public relations managers, and Wall Street financiers, these people added.
The Biden campaign itself hasn’t taken any money from lobbyists since the former vice president entered the race last year. However, those in the influence industry have reached out to some of the campaign’s business advisors to prepare for a possible Biden presidency.
The successful fundraising has enabled the team to hire a legislative affairs group that will help guide each Biden candidate through the Senate, one respondent explained. They have spoken separately with their allies about how the nomination process might go, depending on who controls the Senate.
They also selected a number of legal advisors who could advise Biden’s candidates.
A Biden interim spokesperson declined to comment.
If Biden wins, his choices for specific positions could have an impact on the markets and the business community as a whole. This applies in particular to his selection as head of the Ministry of Finance and the National Economic Council.
A GOP-controlled Senate could be a potential hurdle for Biden’s candidates. It could prevent Biden’s team from reviewing and selecting progressive leaders for key roles. Republicans currently have a 53-47 lead in the Senate. After election day, Democrats and the GOP should each hold at least 48 seats in the next Congress. Four races remain tied, including two in Georgia, one in North Carolina and one in Alaska.
While it seems unlikely, progressive Senator Elizabeth Warren doesn’t necessarily seem entirely out of competition to be selected for the Treasury Department.
Biden “likes her,” said a person close to the former Vice President when asked if Warren is still seen as a possible head of the Treasury.
That person added, however, that people around the Biden area are keeping an eye on the remaining races in the Senate, including at least one in Georgia that is expected to result in a runoff election.