Ex-Rep. Devin Nunes and the Mystery of His $14.5 Million War Chest

Federal regulators have probed why former Rep. Devin Nunes — until recently CEO of Trump Media — has a whopping $14.5 million in campaign funds despite not running for office since 2020.

The Federal Election Commission reached out in April to Nunes’ mom, Toni Dian Nunes, who is also his campaign committee’s treasurer, for answers about her son’s stockpile. The amount is extraordinary for someone who is not a candidate or lawmaker and is rivaled by only a few in the House. Rep. Alexandria Ocasio-Cortez, one of Congress’ top fundraisers, reported on Thursday that her campaign has $15.9 million on hand.

The explanation, Nunes’ attorney told the FEC in a filing last month, is that the campaign “maintains the residual cash on hand for a potential future election.”

The brief response left most of the agency’s questions unanswered.

Nunes left Congress on Jan. 1, 2022, after being tapped as chief executive of Donald Trump’s media company, which operates Truth Social. While in charge, he oversaw a massive decline in its share price and a staggering reported net loss of $712 million last year.

In February 2025, Trump appointed Nunes the chair of the President’s Intelligence Advisory Board.

All the while, Nunes maintained his campaign account. His cash on hand has grown steadily to over $14.5 million, even as he pays for “Professional Legal Services” and some payroll expenses.

Those expenditures in particular caught the attention of federal regulators, who flagged 16 disbursements made throughout the second half of 2025. Most were made out to Berke Farah LLP, a D.C. law firm, and Clarissa Henderson, a former Congressional aide to Nunes for his entire tenure in office.

“If the disbursements constitute personal use, the committee should seek reimbursement for the appropriate amount of the personal use violation from the beneficiary,” the FEC wrote in its April 27 letter. “If the expenses were incurred because candidate is testing the waters for a future election, please specify to which election the disbursements relate.”

Nunes’ campaign did not share which election it may be preparing for in its response to the FEC. Neither Nunes nor his campaign attorney responded to requests for comment.