WASHINGTON — Sen. Tim Scott of South Carolina has a nest egg that would allow him to seek the Republican nomination.
Scott converted his Senate campaign, which had $21.9 million in the bank at the end of March, to a presidential exploratory committee, a filing with the Federal Election Commission shows. In a video released Wednesday to coincide with the anniversary of the start of the Civil War, Scott announced he was considering a run.
The move allows Scott to use leftover funds from his Senate campaign to pay for polling, consultants, travel and other expenses as he gauges his strength as a candidate and how he stacks up against potential opponents. He can’t use the funds to campaign for president until he formally declares he’s seeking the office, but may continue raising money for a run.
In a separate filing, Scott, 57, who was reelected in November to what he said would be his final six-year term, formally notified the FEC that he wouldn’t be a Senate candidate in 2028, the next year he would face South Carolina’s voters.
His war chest may make him a formidable candidate should he enter the race. Former President Donald Trump’s campaign announced it ended the first quarter with $13.9 million cash on hand, the biggest balance among declared candidates, though his campaign has seen a surge of contributions in the weeks following his March 30 indictment by Manhattan prosecutor Alvin Bragg.
Before announcing he was considering a presidential run, Scott visited early-voting states on what he called a “Faith in America” listening tour. He held events in in Iowa on Wednesday, New Hampshire on Thursday and South Carolina Friday.
The senator has been an effective fundraiser. His 2022 Senate race wasn’t competitive, but he still raised $43 million for it.
Scott currently lags Trump, Florida Gov. Ron DeSantis — who’s widely expected to run — and other potential Republican contenders in early surveys of voters. Scott has less than 1% support in a RealClearPolitics average of GOP presidential polls.
