The DNC closed the 2020 election cycle with around $ 75 million in the bank – a huge sum for a once besieged committee that nearly went bankrupt after the previous presidential election ended. That total almost kept pace with the Republican National Committee, which had more than $ 80 million in the bank at the end of 2020.
Throughout the Trump presidency, the DNC has grown its low dollar online fundraising program, fueled by anti-Trump fervor among donors who generated record fundraising totals for Democrats. In 2020, the committee received funds from nearly 2 million individual donors, half of whom were new donors, while increasing its number of online contributors by 740% compared to 2016.
Virtual fundraisers have become a staple of the 2020 election after the coronavirus pandemic put an end to in-person events. Cocktails and galas with wealthy donors moved to Zoom meeting rooms, where both parties were still able to raise huge sums of money. In a week during the campaign last April, President Joe Biden participated in at least four high-value virtual fundraisers, with the lowest price being $ 1,000.
Harrison, a former South Carolina Democratic Party chairman, is likely to keep up the steady pace of fundraising after his own massive fundraising success. He took over the DNC in mid-January with backing from Biden. The committee announced a communications hiring list this week, in addition to relaunching its fundraising efforts.