US Election: Kamala Harris's VP shortlist stacked with contenders who can raise big money

Pennsylvania Governor Josh Shapiro will rub elbows this week with a group of Vice President Kamala Harris’ allies at a meet and greet in the ritzy New York beach enclave of the Hamptons hosted by PR executive Mike Kempner, according to an invitation reviewed by CNBC.

Sen. Mark Kelly, D-Ariz. has raised money from those working for tech giants as Harris and those close to her trying to recruit more supporters from that community.

Both of these lawmakers have two things in common: they are among those being considered to be Vice President Harris’ running mate and can help raise a boatload of money for her heading into November.

A Harris fundraiser who is familiar with at least half a dozen of the potential running mates who are being vetted said, “Any of these VPs could make it work. They all have different strengths.”

This person was one of several who were granted anonymity by CNBC to speak freely about private efforts to raise money for Harris.

In addition to Shapiro and Kelly, Harris’s team is also vetting Minnesota Gov. Tim Walz and Transportation Secretary Pete Buttigieg, among others, according to NBC News.

Harris’ political operation has already raised over $US200 million since July 21, when President Joe Biden dropped out of the race and endorsed her, according to her campaign.

Still, to keep up that momentum, they may need to select a candidate for vice president who can help bolster her campaign coffers to take on former President Donald Trump.

Trump is raising big money

Despite Harris’ momentum, Trump is still raising a lot of money.

Trump’s running mate Sen. JD Vance, R-Ohio is headlining a fundraiser in Silicon Valley on Monday that is being hosted by BitGo CEO Mike Belshe, with tickets going for up to $US50,000.

Trump was hosted in New Jersey for a fundraiser on Sunday that raised over $10 million, according to people familiar with the matter. Tickets went from $US3,300 to $US500,000, according to the invitation. There were over 300 people at the event, one of the people explained.

Next month, Cantor Fitzgerlad CEO Howard Lutnick plans to host a Trump fundraiser at his home in the Hamptons which is expected to raise at least $US10 million, according to a person familiar with the gathering.

The money for these events is going toward the Trump 47 Committee, a joint fundraising committee that benefits the campaign, the Republican National Committee and dozens of state parties.

CNBC cannot confirm these estimates, which come from people close to the Trump campaign, until Oct. 15, when the committee will file its mandatory quarterly report with the Federal Election Commission.

The Harris campaign figures cannot be independently verified either, until Aug. 20, when her campaign discloses its financials. Her associated committees must file federal disclosures by Oct. 15.

“Vice President Harris has directed her team to begin the process of vetting potential running mates,” the Harris campaign said in response to a request for comment.

“That process has begun in earnest and we do not expect to have additional updates until the Vice President announces who will be serving as her running mate and as the next Vice President of the United States.”

A Trump campaign spokesperson did not reply to a request for comment from CNBC.

Shapiro hits the Hamptons

Shapiro’s fundraising strengths could be on full display on Sunday when he heads to the Hamptons for a lunch with top party donors at Kempner’s home in Water Mill.

“Starting with Kamala Harris at the top of the ticket, many Governors and Senators are ready to be her partner in leading the nation with sensible, moderate, common-sense solutions,” Kempner wrote in an email to potential attendees which was obtained by CNBC.

“None more so than Josh Shapiro. I know you will love meeting him (he’s a fantastic person) and will be inspired by what he has to say,” wrote Kempner.

The event is not technically a campaign fundraiser. The invitation has a donation link at the bottom of the page for Shapiro’s 2026 statewide reelection campaign.

Shapiro’s 2022 campaign for governor set new fundraising and spending records for Pennsylvania statewide races.

In that race, Shapiro raised $1 million from billionaire Mike Bloomberg, who has spent millions backing candidates who support gun safety reforms, according to campaign finance records. He also raised an additional $3 million from longtime Democratic donor Jennifer Duda, who lives in California.

Bloomberg has yet to publicly endorse Harris. But some of the vice president’s allies are planning to approach the former New York mayor for his support, according to a person familiar with the matter.

Bloomberg has a net worth of over $100 billion, according to Forbes. A spokesman for Bloomberg did not return a request for comment. Duda did not return emails seeking comment.

Shapiro is one of the more moderate contenders to be Harris’ running mate. He supported a Republican-backed state plan to send $100 million to families for private school tuition and school supplies, according to the Associated Press. The plan was ultimately scrapped.

Shapiro has taken a pro-Israel stance in its 10-month war on Hamas in Gaza, although he has also acknowledged Palestinian suffering. Shapiro is also an advocate for gun reform legislation.

A spokesperson for the governor did not respond to a request for comment from CNBC.

Kelly’s tech ties

When it comes to fundraising, the Arizona senator has an advantage that most of Harris’ potential running mates do not: a record of support from the tech sector.

As Trump makes headways with the traditionally progressive donor class in Silicon Valley — in part by promising laissez-faire regulations — Harris’ allies in the tech space have been trying to raise money from Silicon Valley donors, too.

As a senator, Kelly has pushed for tech-related investments in Arizona, including around the U.S.-Mexico border. Kelly and fellow Arizona senator Kyrsten Sinema celebrated when it was announced that Arizona-based Amkor Technology Inc. would receive $400 million from the CHIPS and Science Act.

Kelly’s 2022 reelection campaign raised almost $90 million, according to OpenSecrets. Employees from Microsoft, Apple, Amazon, AT&T, Alphabet and Meta combined to donate over $1.5 million to his campaign coffers.

Kelly, though, could have his detractors in the tech sector, too. He introduced a bill last year that would require internet giants to contribute to the Federal Communications Commission’s universal service fund program, according to Broadband Breakfast.

A spokesperson for Kelly did not reply to a request for comment from CNBC.

Walz has strong union support

Though many of Harris’ options to be her running have ties to unions, few have allegiances to them stronger than Walz.

Since he first ran for Congress in 2005, Walz has received regular campaign donations from the National Education Association, the International Brotherhood of Electrical Workers and the International Brotherhood of Teamsters, according to the campaign finance website Follow The Money.

A career high school teacher and former union member himself, Walz has been advocating for years for the importance of organized labour.

But Walz could also have a tougher time making inroads with the kinds of donors who are meeting with Shapiro this weekend, or some Silicon Valley and Wall Street Democratic donors who believe organized labour wields too much power in the party’s broader coalition.

A spokesperson for Walz did not reply to a request for comment from CNBC.

Buttigieg has his fundraising network

Ever since Buttigieg ran in the 2020 Democratic primary for president, he’s maintained his national fundraising network. After he dropped out of the race, he launched a political action committee called Win the Era.

After he was confirmed as transportation secretary, the PAC remained active, and it had over $1 million cash on hand heading into July, according to Federal Election Commission records. His primary campaign for president raised almost $100 million, according to OpenSecrets. He too received donations from those working in tech.

And that network has been a benefit to the Biden campaign, which is now run by Harris, according to a person briefed on the matter.

In 2020, Buttigieg and his allies helped raise at least $12 million for Biden and around $4 million for other Democrats, this person explained. Since May 2023, Buttigieg and his network have helped the campaign raise around $7 million.

Buttigieg’s “donors still work together,” this person explained. “Any fundraiser Pete does on behalf of the Harris team, they show up (even without being asked) and rally.”

A spokesperson for the Transportation Department did not return a request for comment.