Soros Reportedly Channels $125 Million Into ‘Democracy PAC’ Run by His Son Ahead of 2022 Midterms

George Soros has reportedly committed $125 million to "Democracy PAC," the political action committee he set up ahead of the 2020 election cycle and has named his son Alexander as the PAC’s president.

The donation is one of the largest of its kind this year, according to the Center for Responsive Politics, a Washington-based Soros-funded nonprofit monitoring political spending and lobbying. Soros called the spending package a “long-term investment” that’s not limited to the upcoming midterm vote, during which all 435 seats in the House of Representatives, 34 seats in the Senate, 39 state and territorial gubernatorial posts will be up for grabs.

Notwithstanding the “regardless of political party” claims, Soros is well-known for his financial support for the Democratic Party. Democracy PAC has already contributed $3.5 million to the House and Senate Majority PACs in the current election cycle, and $1 million more toward races for state administration offices – the obscure but crucial functionaries administering American elections.

The latter have taken immense flak from former president Donald Trump and his supporters over the past year amid allegations that election officials in key swing states ran a coordinated campaign to “rob” the incumbent of reelection by stuffing mail-in ballots and rigging voting machines. These allegations have yet to be proven in any court.

According to OpenSecrets, Soros personally contributed $7 million to the Biden campaign and other Democrat and liberal forces in 2020, while his Democracy PAC spent $63.4 million during the campaign. Win Justice PAC, another Soros-funded group, spent close to $3 million, with another, the American Bridge 21st Century, laying out $12.4 million. Priorities USA, another PAC backed by Soros, spent $34.4 million, with Soros contributing $5 million of that. Colorofchange.org, a PAC with the self-proclaimed mission of “strengthening the political voice of African Americans,” received $1 million from Soros in 2020, while Supermajority PAC and EMILY’s List, a pair of liberal feminist groups, receiving $2 and $1 million the same year, respectively.

Soros has spent decades building up his reputation for political philanthropy, earning the ire of anti-liberal governments and politicians from across the political spectrum in the process. The hedge fund manager started his efforts in the 1980s by funnelling millions of dollars to support anti-communist political forces in his native Hungary, Poland, and Czechoslovakia. In the 1990s, his ‘Open Society Foundations’ opened up shop in Russia and Ukraine (Russia finally banned OSF in 2015 as a ‘threat’ to national security). The OSF has also spread to Asia, Africa, the Middle East, Latin America, and the United States itself. But only in the past half-decade or so have Soros’ activities made him a target among American conservatives, with the conflict starting over Soros’ attacks on fellow billionaire Donald Trump. In 2017, over 150,000 Trump supporters signed a White House petition to have Soros declared a "domestic terrorist" and stripped of his assets. During his standoff with Trump, Soros spent tens of millions of dollars supporting Democratic Party politicians, including Hillary Clinton, but also contributed to anti-Trump Republican groups like the neoconservative McCain Institute.

In the world of finance, Soros, whose savvy stock tips continue to be monitored carefully by hungry investors, is best known for his currency speculation against the British pound in 1992, which earned him a cool billion dollars but caused a run on the pound that ended up costing Britain’s economy as much as 28 billion in inflation-adjusted pounds in losses. Soros was also convicted of insider trading by a French court in 2002, with the conviction upheld by the European Court of Human Rights in 2011.