Joe Biden's PAC, American Possibilities, is slated to shut down within months

Key Points
  • Former Vice President Joe Biden is working on shutting down his political action committee within the next few months.
  • A according to a senior Biden campaign aide confirmed that the PAC, American Possibilities, had slowly started to wind down during the exploratory phase before Biden announced his candidacy.
  • Several 2020 Democratic presidential candidates, including Biden, have shied away from being associated with PACs and super PACs.
Democratic presidential hopeful Former Vice President Joe Biden speaks during the second round of the second Democratic primary debate of the 2020 presidential campaign season hosted by CNN at the Fox Theatre in Detroit, Michigan on July 31, 2019.
Jim Watson | AFP | Getty Images

Former Vice President Joe Biden is working on shutting down his political action committee, CNBC has learned.

The PAC, American Possibilities, had slowly started to wind down during the exploratory phase before Biden announced his candidacy, according to a senior Biden campaign aide. It started ceasing contracts with vendors and gradually eliminated overhead costs, the aide said. The group's website is no longer active.

The American Possibilities PAC will shut down in the coming months, the aide explained.

Several 2020 Democratic presidential candidates, including Biden, have shied away from being associated with PACs. Biden has sworn off campaign donations from corporate PACs, super PACs, federal lobbyists and the fossil fuel industry. Biden raised $21.5 million in the second quarter.

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Biden's PAC had spent money in support of his exploratory period leading up to his April announcement that he would run for president. The campaign then reimbursed the PAC.

American Possibilities disclosed in its midyear Federal Election Commission filing that it received a reimbursement of $36,728 from Biden's campaign. Next to the total amount, there is a memo describing that refund as a "reimbursement for exploratory and campaign expenses."

A second quarter campaign filing describes the $36,000 disbursement as "salary & overhead expenses." No other details were available.

Biden originally created the PAC in 2017 with the goal of helping Democrats running in local and congressional elections. Throughout the 2018 election cycle, the Biden committee raised $2.6 million and spent just over $2.5 million, records show. It was run by Biden's current campaign manager Greg Schultz.

Other Democrats appeared to have used their own PACs to help jump start their presidential campaigns despite widespread criticism of PACs and super PACs within the 2020 field.

Former Colorado Gov. John Hickenlooper's Giddy Up PAC showed in a midyear filing that it received just over $118,000 from his 2020 campaign for what's described as a "reimbursement of pre-candidacy expenditures." Washington Gov. Jay Inslee's outside committee, Vision PAC, saw an almost $10,000 disbursement from his campaign for office rent, supplies and staff reimbursement.

It's unclear whether they plan to shut down their PACs any time soon.

Representatives for Hickenlooper and Inslee did not return a request for comment.

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