A former presidential candidate is sitting on almost a million dollars that could help his son in a 2016 presidential race.
The Ron Paul 2012 Presidential Campaign Committee of former Rep. Ron Paul , R-Texas, reported it has $972,450 cash on hand as of December 31st. During the fourth quarter of 2013, the committee raised $10 and spent $33,464, including $24,220 paid to Arent Fox LLP and LeClair Ryan for legal consulting.
Although a federal candidate may not use left over funds for personal use, and the campaign committee could only contribute $2,000 to another candidate per election, there may be nothing to prohibit a candidate from contributing all the left over funds to a super PAC. The super PAC could then make independent expenditures supporting or opposing a federal candidate. The PAC might even make independent expenditures encouraging a candidate to run, such as Ron Paul's son, Sen. Rand Paul, R-Ky.
The Federal Election Commission (FEC) regulations relating to excess funds do not specifically prohibit left over funds going to a super PAC, but the FEC often handles issues relating to excess funds on a case by case basis.