WASHINGTON 鈥斅燬uper PACs have become an institution of modern-day political campaigning: They鈥檙e fundraising organizations that are allowed to raise and spend unlimited amounts of money, and聽advocate for or against a candidate, as long as they don’t聽give money to or coordinate directly to any candidate.
So what happens to the money in a super PAC when the candidate it鈥檚 tied to drops out?
Already, two candidates for the 2016 race have dropped out: Wisconsin Gov. Scott Walker and former Texas Gov. Rick Perry. And reports聽that their associated super PACs have said they鈥檒l shut down and give donors their money back on a prorated basis.
But, as CBS learned, they don鈥檛 have to. Indeed, they can do pretty much whatever they want with the money that鈥檚 left over.
“There are no constraints beyond the ban on giving to candidates and political parties,” Paul Ryan, of the Campaign Legal Center, tells CBS. “A single individual could set up a super PAC and use every penny she raises to pay herself a salary.”
That hasn鈥檛 happened with any so-called 鈥渮ombie super PACs,鈥� but only because of the reputations involved, Ryan says.
鈥淵ou have serious political professionals who are closely associated with serious candidates鈥� campaigns, and they have a real professional incentive to not abuse the good will of their donors.”
In fact, there鈥檚 no requirement for a zombie super PAC to ever close. Some groups from very short-lived 2012 candidates took a very long time to wind down, CBS says: Jon Huntsman鈥檚 Our Destiny super PAC was only terminated this January; Newt Gingrich鈥檚 Winning Our Future, in July 2014. And again, anything could be done with the money.
Why aren鈥檛 there any rules on what happens to the money? Ryan says it鈥檚 because in the court case that led to the creation of super PACs, in perhaps an example of naivet茅, it wasn鈥檛 assumed that each candidate would have their own groups.
鈥淭hey weren’t supposed to be supporting a specific candidate,鈥� Ryan says. 鈥淭hey were nominally to be supporting multiple candidates.”
