Democratic mega-donor George Soros is creating a new super PAC, called Democracy PAC, to serve as a hub for his 2020 election spending.
Soros, a billionaire financier, is putting an initial $5 million into the PAC, according to a person familiar with the new organization. Paperwork for the group will be filed with the Federal Election Commission on Wednesday.
Other members of the Soros family may also contribute to Democracy PAC, the person familiar with the group said. Alexander Soros, George Soros’ son, has in recent years taken on a growing role as a Democratic mega-donor himself.
Soros does not plan to use the super PAC to start his own free-standing political group, like two of the party’s other top Democratic mega-donors have done in recent years. Instead, Soros will use it as a conduit for his giving to other organizations.
“He has, unlike Tom Steyer or [Michael] Bloomberg, funded things like Senate Majority PAC and Priorities USA and EMILY’s List and Planned Parenthood, and expects to continue to do so,” the person familiar with the new organization said.
The super PAC marks Soros’ first involvement with the 2020 elections. He has stayed neutral thus far in the Democratic presidential primary, even while some Democratic bundlers and donors are becoming increasingly involved with the race.
Article originally published on POLITICO Magazine