Restore Our Future
Encyclopedia
Restore Our Future is a political action committee
(PAC) created to support Mitt Romney
in the 2012 U.S. Presidential election. A so-called Super PAC, Restore Our Future is permitted to raise and spend unlimited amounts of corporate, union, and individual campaign contributions under the terms of the Citizens United
Supreme Court decision.
Restore Our Future was founded by Romney aides in 2010. Charles Spies, the group's treasurer and former general counsel
for Romney's 2008 campaign for the Republican
Presidential nomination, described Restore Our Future as "an independent effort focused on getting Romney elected president." The group reported raising over $12 million in the first half of 2011, in the form of large donations from approximately 90 wealthy individuals and corporations. Spies declined to discuss specific contributors to the PAC.
, a billionaire and hedge fund
manager who is, according to Politico
, "famous for enriching himself by betting on the collapse of the housing industry." An additional million dollars came from W Spann LLC
, a corporation with no record of actual business activities. W Spann LLC was incorporated, donated to the PAC, and then dissolved in a matter of months, attracting concerns from election-watchdog groups and campaign-finance experts about the use of dummy corporations to shield large campaign contributions from public scrutiny.
Several watchdog groups requested that the Justice Department and Federal Election Commission
investigate donations to Restore Our Future from W Spann LLC as possible violations of campaign-finance law. Restore Our Future declined to provide additional details about the donation and asserted that it had complied with existing laws. In response to rumors, a spokesman for Bain Capital
, an equity firm
previously headed by Romney, stated that W Spann LLC "is not affiliated with Bain Capital or any of our employees." Shortly thereafter, Edward Conard, a former top executive at Bain Capital and longtime Romney supporter, came forward to state that he had formed W Spann LLC and funded and authorized the $1 million contribution. Conard requested that Restore Our Future amend its filings to reflect that he, rather than W Spann LLC, donated the $1 million.
Two additional $1 million contributions came from corporations registered to the offices of two executives of Nu Skin Enterprises
, a Utah-based multilevel marketing company selling skin-care products and dietary supplements. Other large contributors included members of the Marriott family, hedge-fund managers, and investors in Bain Capital.
Political action committee
In the United States, a political action committee, or PAC, is the name commonly given to a private group, regardless of size, organized to elect political candidates or to advance the outcome of a political issue or legislation. Legally, what constitutes a "PAC" for purposes of regulation is a...
(PAC) created to support Mitt Romney
Mitt Romney
Willard Mitt Romney is an American businessman and politician. He was the 70th Governor of Massachusetts from 2003 to 2007 and is a candidate for the 2012 Republican Party presidential nomination.The son of George W...
in the 2012 U.S. Presidential election. A so-called Super PAC, Restore Our Future is permitted to raise and spend unlimited amounts of corporate, union, and individual campaign contributions under the terms of the Citizens United
Citizens United v. Federal Election Commission
Citizens United v. Federal Election Commission, , was a landmark decision by the United States Supreme Court holding that the First Amendment prohibits government from censoring political broadcasts in candidate elections when those broadcasts are funded by corporations or unions...
Supreme Court decision.
Restore Our Future was founded by Romney aides in 2010. Charles Spies, the group's treasurer and former general counsel
General Counsel
A general counsel is the chief lawyer of a legal department, usually in a corporation or government department. The term is most used in the United States...
for Romney's 2008 campaign for the Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
Presidential nomination, described Restore Our Future as "an independent effort focused on getting Romney elected president." The group reported raising over $12 million in the first half of 2011, in the form of large donations from approximately 90 wealthy individuals and corporations. Spies declined to discuss specific contributors to the PAC.
Contributors
, the largest individual contributor to Restore Our Future was John PaulsonJohn Paulson
John Alfred Paulson is an American hedge fund manager, he is the founder and President of Paulson & Co., a New York-based hedge fund....
, a billionaire and hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
manager who is, according to Politico
Politico (newspaper)
The Politico is an American political journalism organization based in Arlington, Virginia, that distributes its content via television, the Internet, newspaper, and radio. Its coverage of Washington, D.C., includes the U.S. Congress, lobbying, media and the Presidency...
, "famous for enriching himself by betting on the collapse of the housing industry." An additional million dollars came from W Spann LLC
W Spann LLC
W Spann LLC was a phantom company created at the behest of an originally unknown person by Boston lawyer Cameron Casey on March 15, 2011, apparently for the sole purpose of anonymously donating one million dollars to Restore Our Future, a Super PAC supporting U.S. Presidential candidate Mitt Romney...
, a corporation with no record of actual business activities. W Spann LLC was incorporated, donated to the PAC, and then dissolved in a matter of months, attracting concerns from election-watchdog groups and campaign-finance experts about the use of dummy corporations to shield large campaign contributions from public scrutiny.
Several watchdog groups requested that the Justice Department and Federal Election Commission
Federal Election Commission
The Federal Election Commission is an independent regulatory agency that was founded in 1975 by the United States Congress to regulate the campaign finance legislation in the United States. It was created in a provision of the 1975 amendment to the Federal Election Campaign Act...
investigate donations to Restore Our Future from W Spann LLC as possible violations of campaign-finance law. Restore Our Future declined to provide additional details about the donation and asserted that it had complied with existing laws. In response to rumors, a spokesman for Bain Capital
Bain Capital
Bain Capital LLC is a Boston-based private equity firm founded in 1984 by partners from the consulting firm Bain & Company. Originally conceived as an early-stage, growth-oriented investment fund, Bain Capital today manages approximately $65 billion in assets, and its strategies include private...
, an equity firm
Private equity firm
A private equity firm is an investment manager that makes investments in the private equity of operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital...
previously headed by Romney, stated that W Spann LLC "is not affiliated with Bain Capital or any of our employees." Shortly thereafter, Edward Conard, a former top executive at Bain Capital and longtime Romney supporter, came forward to state that he had formed W Spann LLC and funded and authorized the $1 million contribution. Conard requested that Restore Our Future amend its filings to reflect that he, rather than W Spann LLC, donated the $1 million.
Two additional $1 million contributions came from corporations registered to the offices of two executives of Nu Skin Enterprises
Nu Skin Enterprises
Nu Skin Enterprises is an American direct selling company that develops and distributes personal care products and nutritional supplements that are sold under the Nu Skin and Pharmanex brands. Nu Skin was founded in 1984 in Provo, Utah....
, a Utah-based multilevel marketing company selling skin-care products and dietary supplements. Other large contributors included members of the Marriott family, hedge-fund managers, and investors in Bain Capital.