A new disclosure revealing a fraction of No Labels’ donors shows the group has been fundraising from corporate executives, many of whom sit atop private equity firms.
by David Moore, Sludge
The dark money group No Labels is putting millions of dollars behind preparations to run a third-party 2024 presidential ticket, composed of a Democrat and Republican, in the event of a rematch between President Biden and former President Trump. Many political observers have written that the plan from the self-described centrist group, whose recurring funders have reportedly included several Republican megadonors, would likely pull votes from Biden’s re-election campaign.
While No Labels declines to identify the sources of the vast majority of its funding, documents released by the Internal Revenue Service offer a window onto some of the donors to its effort to secure ballot access in all 50 states.
Of the 36 donors it recently disclosed, only two are not either corporate executives, retired corporate executives, or their spouses, according to Sludge’s review.
The donors all gave in August 2022 to a group formed by No Labels called Insurance Policy for America that is spending money on the ballot access campaign. Insurance Policy for America is a 527 political organization, so it files its disclosures with the IRS rather than the Federal Election Commission. Its registration filing shows it was formed on Dec. 20, 2021 and received $2.4 million from No Labels three days later. The Insurance Policy for America donors were first mentioned by Politico last week and covered by Mother Jones.
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