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The
accord, announced by the DNC on Friday, allows the candidate's
"Biden Victory Fund" to raise a maximum donation of $360,600
from individual donors, with the limit of $5,600 going to
Biden's campaign and the rest earmarked for the DNC.
Biden has been trying to close his money gap with Trump, who has
long had a similar arrangement in place with the Republican
National Committee.
Biden’s campaign fundraising picked up steam in March as he
surged in the Democratic nominating race, even as fundraising
events largely moved online during the coronavirus outbreak and
public campaign events were canceled.
Yet Biden ended March with $26.4 million in the bank, well below
Trump's $98.5 million, according to campaign finance
disclosures.
Biden became the presumptive Democratic nominee to challenge
Trump earlier this month when Biden's last remaining rival, U.S.
Senator Bernie Sanders, dropped out of the race. The likely
nominee typically works closely with the party committee and
chooses some of the top officials.
As part of the agreement, the Biden campaign will have veteran
Democratic operative Mary Beth Cahill, who was campaign manager
for John Kerry's 2004 presidential campaign, take over from
Seema Nanda as the DNC's chief executive officer.
"Our goal is to ensure that we put Joe Biden in the best
position possible to beat Donald Trump, and this joint
fundraising agreement allows us to do just that," Cahill said in
a statement.
(Editing by Colleen Jenkins and Howard Goller)
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