Top GOP Donors Bankroll Mitch McConnell's Controlled Super PAC

Top Republican billionaire donors have bankrolled Sen. Mitch McConnell’s (R-KY) controlled super PAC, handing the GOP Senate leader lots of power over which Senate candidates are financially supported in midterm elections.

The substantial contributions to McConnell’s Senate Leadership Fund, a super PAC run by Steven Law, McConnell’s former chief of staff, are notable because the Kentucky senator can direct money to GOP Senate candidates he prefers over other candidates endorsed by former President Donald Trump or supported by Sen. Rick Scott (R-FL), chair of the National Republican Senatorial Committee (NRSC).

McConnell has claimed that “candidate quality” has a lot to do with Republicans’ chances of retaking the Senate. The comment seemed to be direct at Trump and Scott who both backed candidates in the GOP primaries who either did not support McConnell’s GOP leadership or were closely aligned with the America First agenda.

Trump-endorsed Blake Masters in Arizona is the latest victim of McConnell’s favoritism. According to AdImpact, McConnell’s controlled PAC has canceled its TV ads in Arizona and sent the money elsewhere. Masters is only a few points behind establishment incumbent Sen. Mark Kelly (D-AZ) in the polls.

Despite McConnell’s agenda, the wealthiest of Republican billionaire financiers have reportedly remained supportive of McConnell’s fund geared towards establishment candidates, while Scott’s Senate committee is in charge of funding candidates and retaking the Senate. It should be noted that Trump asked Scott to challenge McConnell for GOP Senate leader after the November election.

Some of the billionaire donors who are backing McConnell’s fund are Paul Singer and Dan Loeb, CNBC reported Friday. But according to FEC filings, not much money is being sent directly to America First candidates.

Singer, founder of Elliot Management, has given $5 million to McConnell’s controlled fund since last year. On top of that, he has reportedly given Nevada candidate Adam Laxalt and Georgia candidate Herschel Walker both $2,900, but zero to Masters, J.D. Vance in Ohio, or Mehmet Oz in Pennsylvania.

Hedge fund executive Loeb and his wife gave $4 million to Republicans and $200,000 to Democrat efforts in 2020, according to OpenSecrets. CNBC reported:

The Loebs have donated just over $2 million during this election cycle so far, recently giving $5,000 in August to Jersey Values PAC, which is run by Rep. Josh Gottheimer’s, D-N.J., leadership’s group, according to FEC records and OpenSecrets data. Dan Loeb has personally written two separate $2,900 checks to both Walker’s and Oz’s campaigns but nothing yet to Masters, Laxalt or Vance.

Loeb gave $250,000 each to two GOP super PACs in March, FEC records show. Those checks went to the McConnell-backed Senate Leadership Fund and the Congressional Leadership Fund, an outside group allied with House GOP leaders. During the last two-year election cycle, Loeb gave $800,000 to the Senate fund and $300,000 to to the House one. Loeb could kick up his donations to those groups over the next few weeks, and it’s unclear if he’s committed to donating toward the three other Trump endorsed candidates, a person familiar with Loeb’s contributions said.

Republican mega Larry Ellison, the chairman of Oracle, has also reportedly not given to Masters, Laxalt, Vance, Oz, or Walker. Real estate mogul Stephen Ross has additionally stayed on the sidelines by reportedly not donating to Walker, Masters, Laxalt, or Oz.

Meanwhile, Steve Wynn, a backer of Trump, has donated at least $2,700 each to Masters, Laxalt, Oz, and Vance. In addition, Wynn has given $10 million to Our American Century super PAC that is not controlled by McConnell.

In the run up to the midterm election, conflict has existed between McConnell and chair Scott about how funds should be invested to retake the Senate. Scott has opted to spend money early to define Democrat candidates to impact polling, thus attracting additional GOP donations.

“We are on track to winning a minimum of 52 seats — and we are fighting every day to get to 54 or more,” Scott wrote in a memo to donors in September. “Thanks to your investments, the NRSC has been able to spend heavily, early (as promised at the start of the cycle!) which has kept our candidates in the ballgame.”

Senate races in Pennsylvania and Nevada have narrowed within the margin of error. In Ohio, Georgia, North Carolina, Wisconsin, and Florida, Republican candidates still hold leads. Arizona and New Hampshire appear to be the only swing states where Democrats have a larger advantage over Republicans.

Follow Wendell Husebø on Twitter @WendellHusebø. He is the author of Politics of Slave Morality.