{"id":1029888,"date":"2024-03-04T14:09:11","date_gmt":"2024-03-04T14:09:11","guid":{"rendered":"https:\/\/democrats.org\/?p=1029888"},"modified":"2024-05-23T19:56:42","modified_gmt":"2024-05-23T19:56:42","slug":"dnc-files-fec-complaint-against-super-pac-american-values-2024-for-unprecedented-loan-agreement","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/dnc-files-fec-complaint-against-super-pac-american-values-2024-for-unprecedented-loan-agreement\/","title":{"rendered":"DNC Files FEC Complaint Against Super PAC American Values 2024 for Unprecedented Loan Agreement"},"content":{"rendered":"\n<p>The Democratic National Committee (DNC) today filed a complaint with the Federal Election Commission (FEC) alleging that a pro-Robert F. Kennedy Jr. Super PAC, American Values 2024 (AV24), has failed to properly disclose $10 million in loans from, and $9.65 million in loan repayments to, Gavin de Becker in violation of federal law. Additionally, AV24 hasn\u2019t disclosed whether it has other \u201coff the books\u201d loan agreements with donors.&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cThis is yet another example of AV24 playing fast and loose with election law,\u201d <strong>DNC senior adviser Mary Beth Cahill said<\/strong>. \u201cIt\u2019s clear that they, along with Robert F. Kennedy Jr. and his campaign, don&#8217;t believe that the rules apply to them.\u201d<\/p>\n\n\n\n<p>\u201cThis unprecedented loan arrangement has allowed them to not only inflate their fundraising numbers, but also to conceal the extent to which AV24 is almost single-handedly funded by Tim Mellon, Donald Trump\u2019s largest donor this cycle.\u201d<\/p>\n\n\n\n<p>To read the complaint, click <a href=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/03\/American-Values-2024-Complaint.pdf\">here<\/a>.<\/p>\n\n\n\n<p><strong>Summary of the violation:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gavin de Becker has given $10 million to AV24 to date- $9.65 million of which has been refunded. This amounted to one-third of AV24\u2019s receipts and more than two-thirds of its disbursements in 2023.&nbsp;&nbsp;<\/li>\n\n\n\n<li>This funding allowed AV24 to mislead the public about its finances, falsely suggesting that it has more support than it really does.&nbsp;<\/li>\n\n\n\n<li>AV24 published at least two press releases about its fundraising totals in 2023 \u2014 one of which included a quote from de Becker \u2013 neither of which revealed that his funding was a loan and that it would be returned to him later in the year.&nbsp;<\/li>\n\n\n\n<li>These contributions not only inflated AV24\u2019s fundraising totals, but they also obfuscated how much AV24 is funded by Timothy Mellon- Donald Trump\u2019s largest financial backer this cycle.<\/li>\n\n\n\n<li>Mellon has given AV24 a total of $20 million- funding that will go to the Super PAC\u2019s efforts to get RFK Jr. on the ballot. When combined, Mellon\u2019s contributions and de Becker\u2019s loans constituted nearly 80% of AV24\u2019s fundraising receipts.<\/li>\n\n\n\n<li>AV24 and de Becker have publicly characterized these transactions as \u201cbridge funding,\u201d but semantic creativity does not change the substance of these transactions. Mr. de Becker extended funds to AV24 with an agreement that they could be repaid later under terms that AV24 has yet to disclose. Over the following months, the PAC has apparently repaid him consistent with that agreement.<\/li>\n\n\n\n<li>The law allows Super PACs to accept loans but requires that they be disclosed as such, including the identity of the lender and terms of the loan, including the origination date; the date the loan is due or the amortization schedule; and the rate of interest charged, if any.&nbsp;&nbsp;<\/li>\n\n\n\n<li>The law also requires committees to identify any endorser or guarantor, and the amount of the endorsement or guarantee. This allows voters to see the true source and nature of the funds raised by political committees active in federal elections.&nbsp;&nbsp;<\/li>\n\n\n\n<li>This complaint asks the FEC to take the actions necessary to correct these violations.&nbsp;<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Democratic National Committee (DNC) today filed a complaint with the Federal Election Commission (FEC) alleging that a pro-Robert F. Kennedy Jr. Super PAC, American Values 2024 (AV24), has failed to properly disclose $10 million in loans from, and $9.65 million in loan repayments to, Gavin de Becker in violation of federal law. Additionally, AV24 [&hellip;]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1029888","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DNC Files FEC Complaint Against Super PAC American Values 2024 for Unprecedented Loan Agreement - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/dnc-files-fec-complaint-against-super-pac-american-values-2024-for-unprecedented-loan-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-04T14:09:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T19:56:42+00:00\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/dnc-files-fec-complaint-against-super-pac-american-values-2024-for-unprecedented-loan-agreement\/\",\"url\":\"https:\/\/democrats.org\/news\/dnc-files-fec-complaint-against-super-pac-american-values-2024-for-unprecedented-loan-agreement\/\",\"name\":\"DNC Files FEC Complaint Against Super PAC American Values 2024 for Unprecedented Loan Agreement - 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