DNC Files FEC Complaint Against Super PAC American Values 2024 for Unprecedented Loan Agreement

The Democratic National Committee (DNC) today filed a complaint with the Federal Election Commission (FEC) alleging that a pro-Robert F. Kennedy Jr. Super PAC, American Values 2024 (AV24), has failed to properly disclose $10 million in loans from, and $9.65 million in loan repayments to, Gavin de Becker in violation of federal law. Additionally, AV24 hasn’t disclosed whether it has other “off the books” loan agreements with donors.  

“This is yet another example of AV24 playing fast and loose with election law,” DNC senior adviser Mary Beth Cahill said. “It’s clear that they, along with Robert F. Kennedy Jr. and his campaign, don’t believe that the rules apply to them.”

“This unprecedented loan arrangement has allowed them to not only inflate their fundraising numbers, but also to conceal the extent to which AV24 is almost single-handedly funded by Tim Mellon, Donald Trump’s largest donor this cycle.”

To read the complaint, click here.

Summary of the violation:

  • Gavin de Becker has given $10 million to AV24 to date- $9.65 million of which has been refunded. This amounted to one-third of AV24’s receipts and more than two-thirds of its disbursements in 2023.  
  • This funding allowed AV24 to mislead the public about its finances, falsely suggesting that it has more support than it really does. 
  • AV24 published at least two press releases about its fundraising totals in 2023 — one of which included a quote from de Becker – neither of which revealed that his funding was a loan and that it would be returned to him later in the year. 
  • These contributions not only inflated AV24’s fundraising totals, but they also obfuscated how much AV24 is funded by Timothy Mellon- Donald Trump’s largest financial backer this cycle.
  • Mellon has given AV24 a total of $20 million- funding that will go to the Super PAC’s efforts to get RFK Jr. on the ballot. When combined, Mellon’s contributions and de Becker’s loans constituted nearly 80% of AV24’s fundraising receipts.
  • AV24 and de Becker have publicly characterized these transactions as “bridge funding,” but semantic creativity does not change the substance of these transactions. Mr. de Becker extended funds to AV24 with an agreement that they could be repaid later under terms that AV24 has yet to disclose. Over the following months, the PAC has apparently repaid him consistent with that agreement.
  • The law allows Super PACs to accept loans but requires that they be disclosed as such, including the identity of the lender and terms of the loan, including the origination date; the date the loan is due or the amortization schedule; and the rate of interest charged, if any.  
  • The law also requires committees to identify any endorser or guarantor, and the amount of the endorsement or guarantee. This allows voters to see the true source and nature of the funds raised by political committees active in federal elections.  
  • This complaint asks the FEC to take the actions necessary to correct these violations.