Biden, who has already donated $5 million to the Senate campaign of his brother, Sen. Joe Biden (D-Del.), is expected to add another $5.6 million to his already impressive coffers when he begins fundraising in the next two weeks.
The former vice president is slated to begin raising funds on Thursday, when he is expected have an estimated net worth of $70 million.
“I’m not sure how it would work, but I’m hoping to get a little bit more,” he said of his plan for raising money.
“The idea of a $50-million donor pledge is to give a little something back to the country, to the state, to some other causes.”
The pledge comes in addition to Biden’s earlier pledge to give $25 million of his own money, which he says will be used to build a national infrastructure and to fight opioid addiction.
The announcement will be a first for Biden, whose campaign has struggled to generate buzz, largely because he lacks the name recognition and fundraising clout of his elder brother.
He is set to launch his bid for a second term in office next month.
Biden’s campaign announced Thursday that he would raise $5,000 for his first-quarter fundraising efforts, with $5 of that going to the campaign.
The rest of his donations will go to various other charities, such as his campaign to build an electric vehicle charging station in West Virginia and to the American Red Cross.
“Our campaign has always relied on small, local donors to help make sure we can reach out to more people and do things better for people who are struggling in their own lives,” said Biden campaign manager Jon Malia.
The Biden campaign is working to raise the $25,000 goal by Monday, while Biden’s brother, Joe Biden, is planning to donate $5 more than expected.
The vice president will have a net worth estimated at $60 million, according to Forbes, which said Biden is the highest-earning U.N. official with a net income of $1.6 billion.
The Washington Post has reported that the former vice presidential hopeful plans to spend the bulk of his money on fundraising and travel to the United States and abroad.
The Democratic candidate has raised $6.5 million for his Senate campaign, according with The Associated Press.
“My brother Joe has been a tireless, tireless advocate for the middle class, fighting for people like me and working with me on issues that matter to me,” Biden said in a statement on Thursday.
“Together, we will deliver on the promise of $50 billion in new jobs, $5 trillion in infrastructure investment, $20 trillion in tax cuts for everyone, and more opportunity and security for hardworking Americans.”
Biden’s fundraising will be his third major financial commitment to his campaign in the last two weeks, following his announcement to donate a total of $5 to his brother’s campaign in August and the $50,000 pledge in October.
Joe and Biden were both invited to speak at the United Nations General Assembly in September, but both declined to attend, instead signing an invitation to attend an event in Mexico.
Joe also recently announced his intention to serve as the chairman of the Democratic National Committee.
Biden is set on spending $3.8 million on his Senate bid, according the AP.