(Bloomberg) -- Joe Biden’s presidential campaign entered into a joint fundraising agreement Friday with the Democratic National Committee and installed a new top executive at the organization, as the presumed presidential nominee increasingly takes control of the party infrastructure.
The new agreement will be called the Biden Victory Fund and allows donors to give up to $360,600. It comes as Biden and the DNC face a massive financial deficit against President Donald Trump and Republican-affiliated fundraising accounts.
Although the Biden campaign and the DNC raised a combined $79.3 million in March without a joint fundraising agreement compared to Trump and the RNC’s $63 million with an agreement in place, the Democrats still trail the Republicans’ war chest by nearly $187 million.
The DNC also announced that Mary Beth Cahill, who had been serving as a senior adviser to the DNC, will take over as CEO, replacing Seema Nanda. Cahill had previously served as CEO of the DNC and managed John Kerry’s 2004 presidential campaign.
“Our goal is to ensure that we put Joe Biden in the best position possible to beat Donald Trump, and this joint fundraising agreement allows us to do just that,” Cahill said in a statement. “Americans are hungry for new leadership in the White House and are uniting around our nominee.”
The changes at the DNC follow a reshuffling of leadership inside the Biden campaign. Biden dispatched his campaign manager Greg Schultz to serve as the top liaison between the campaign and the DNC, replacing him with Jen O’Malley Dillon.
“As we gear up and build out our operation for the next six months, Mary Beth’s experience running presidential campaigns and managing the kind of complex operation it takes to win a general election will be invaluable and I am thrilled to have her as a partner in this fight,” O’Malley Dillon said in a statement.
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