MONEYINPOLITICS.wtf
America’s most comprehensive dictionary of campaign finance jargon
Presidential Transition Act
noun1 a federal law that governs the hand off of power from one presidential administration to the next, including how the logistics are funded; in exchange for federal funds to assist in the operation, the incoming president must agree to fundraising limits and disclosure requirements on any private money they raise; fundraising regulations are administered by the General Services Administration, rather than the Federal Election Commission; the act was passed in 1963 and has been amended several times
Trump has not yet signed an agreement with the outgoing Biden administration — a requirement laid out in the Presidential Transition Act that places restrictions on the amount of fundraising cash in exchange for more than $7 million in federal funds for the 'orderly transfer' of power.— The Independent
A source familiar with the process acknowledged that details are still being worked out with the Biden administration regarding the ethics agreement, which is required by law under the Presidential Transition Act and which applies to all members of the transition team.— CNN