CNN
A married couple whose wealth is connected to investments in artificial intelligence (AI) and trading in cryptocurrency are quietly emerging as significant supporters of the primary dark-money organization backing President Joe Biden.
In 2022, the second-largest contribution to the non-profit arm of Future Forward, the main Super PAC supporting Biden, originated from a group managed by James McClave and Emily Berger. Both individuals are employed at Jane Street, a trading firm in Manhattan, with McClave being an early investor in the AI company Anthropic.
According to tax records scrutinized by CNN, BEMC 4 Association, a non-profit organization led solely by McClave and Berger, donated \(7.2 million to Future Forward USA Action in 2022. This contribution ranks as the second-highest donation for that year, following the \)15.2 million contribution from the George Soros-affiliated Open Society Policy Center.
Although Future Forward USA Action does not disclose its donors, information on contributions is reported by other non-profits that support it. The analysis of IRS tax filings by CNN revealed that apart from the Soros group and BEMC, other major contributors to Future Forward in 2022 included left-leaning organizations such as the League of Conservation Voters, the Fund for a Better Future, and the Hopewell Fund.
The significant financial support channeled through Future Forward exemplifies how affluent donors from both political spectrums leverage dark-money entities to influence American politics discreetly. Despite criticisms from Democrats like Biden regarding dark money’s influence and advocacy for reforms, they also benefit substantially from this system. Future Forward intends to uphold this trend in 2024 by launching the most extensive political ad campaign ever conducted by a Super PAC.
Anna Massoglia, the investigations manager at OpenSecrets, highlighted the detrimental impact of undisclosed donors on voters’ awareness and emphasized the importance of transparency in political funding.
The tax records do not explicitly specify whether the $7.2 million donation originated from McClave and Berger personally or from other contributors to their organization. However, the donations reported by BEMC were primarily in the form of interests in a financial holding company or partnership. It is common practice for major donors to establish new non-profits to distribute their contributions.
McClave and Berger, despite maintaining a low public profile, have significantly increased their political contributions in recent years. Their donations have surpassed $1 million collectively, supporting various Democratic Party entities and candidates at federal and state levels. Additionally, McClave’s involvement as an early investor in Anthropic, alongside notable figures like FTX founder Sam Bankman-Fried, underscores their engagement in AI technology and financial ventures.
Jane Street’s involvement in cryptocurrency trading aligns with McClave’s interest in federal crypto policies, as demonstrated by his advocacy for a Bitcoin fund listing on a New York Stock Exchange subsidiary in 2022. Berger, equipped with a PhD in mathematics from the University of California Berkeley, joined Jane Street following her academic pursuits.
Both McClave and Berger declined to comment through a spokesperson, while Future Forward’s spokesperson did not respond to requests for comments.
Future Forward Operations and Political Influence
Similar to other prominent political organizations, Future Forward functions as two interconnected entities: FF PAC, a Super PAC mandated to disclose its donors publicly, and Future Forward USA Action, a non-profit exempt from donor disclosure requirements. While both groups can run ads supporting or opposing candidates, the non-profit must not prioritize such activities, as per IRS regulations.
Following Future Forward’s advocacy for Biden and Democratic candidates in recent campaigns, the Biden campaign publicly acknowledged the organization as its preferred Super PAC. Anita Dunn, a senior White House advisor, lauded Future Forward’s pivotal role in supporting the Biden-Harris agenda and 2024 initiatives.
Future Forward reported a combined fundraising total of $208 million in 2023 across its Super PAC and non-profit branches. Notably, the bulk of these funds seemingly originated from the dark-money non-profit, as indicated by the PAC’s relatively modest reported contributions. The intricate financial transactions within Future Forward necessitate thorough monitoring to ensure transparency and accountability.
President Biden’s stance against dark money and his advocacy for timely disclosure of large donors reflect his commitment to upholding electoral transparency. The influence of undisclosed contributions on public trust and electoral integrity remains a pertinent concern for the administration.
In addition to supporting Future Forward, McClave and Berger’s non-profit allocated $7 million in 2022 to the Center for Voter Information, an organization dedicated to promoting voter engagement among marginalized demographics. Their philanthropic endeavors also extended to backing Vox Media’s Future Perfect Project, which focuses on reporting global issues.
McClave and Berger’s multifaceted involvement in political funding, technology investments, and charitable contributions underscores their influence across various spheres, shaping narratives and initiatives that resonate on a national scale.
