Trump forms PAC as he refuses to concede election

President Trump has created a new political action committee as he refuses to concede to President-elect Joe Biden, according to a filing with the Federal Election Commission.

The big picture: The committee, called "Save America," will receive 60% of donations sent to the Trump campaign and the Republican National Committee's joint fundraising effort, according to a Trump campaign website. The federal fundraising apparatus will potentially help the president "retain his hold on the Republican Party even after he leaves office," writes the New York Times, which first reported the story.

• The entity is known as a leadership PAC, which can receive donations of up to $5,000 annually per donor. But it can collect money from an unlimited number of people, and it can also receive funds from other PACs.
• It will also be used to help other candidates. Politicians usually form such committees "to support candidates for federal and nonfederal offices," according to the FEC website.

What they're saying: Trump planned to establish the PAC whether he won or lost the election, Trump campaign spokesperson Tim Murtaugh told the Times, “so he can support candidates and issues he cares about, such as combating voter fraud.”