Bill Frist’s name doesn’t appear on checks to dozens of Republicans in contested races, but his fingerprints are all over them. The retiring Senate Majority Leader has spent the past two years as a conduit, funneling money to Congressional candidates, financial investments that should provide political returns.

Frist’s political action committee has been a cash clearinghouse, and his electioneering, which also includes fundraising or personal appearances in at least 27 states, is motivated by an expectation that the favors will be returned.

"If you're working hard to make sure someone gets re-elected, they're obviously going to remember that down the road," said Frist advisor Alex Vogel. "They will remember that and appreciate that."

The Tennessee surgeon-turned-Senator is not seeking a third term, and many believe he is eyeing a run for the White House. “I think he’s made up his mind,” said prominent Tennessee fundraiser Ted Welch.  “I think he’s going to run.”

And Frist’s prospects for success in 2008 may be tied to his influence on today’s races.  His Volunteer PAC, which started 2005 with nearly $950,000 in the bank, has since raised almost $7.6 million and spent more than $8.2 million. While much of that activity represents typical office expenses, more than $1 million has been in the form of transactions known as conduits, in which VOLPAC collects and distributes contributions earmarked for specific candidates.

Conduits allow PACs to sidestep federally mandated caps on campaign contributions.  While individual donations are still limited, VOLPAC has no ceiling on the amount of money it can give. As a result Frist’s committee has been able to channel $130,000 to Pennsylvania Sen. Rick Santorum, $102,000 to Missouri Sen. James Talent, $99,000 to Montana Sen. Conrad Burns, $93,000 each to Arizona Sen. Jon Kyl and Sen. Lincoln Chafee of Rhode Island.

Favor bank deposits are a common strategy for Presidential hopefuls.  It was used successfully by then-Vice President George H.W. Bush leading up to the 1988 election.

Others say that Frist is simply protecting the Senate majority he has overseen since the last midterm elections. "He's Senate majority leader, so it is to his legacy and current advantage to try and maintain that majority and build on it," said Frist advisor Vogel, adding that "it's more of a raw exercise in electoral politics that it is in filling up the favor bank for a future run.”

While Frist has yet to make an official announcement about 2008, his advisor said to expect one early next year.

And although his spending has left him with less than $300,000 on hand, Frist’s personal wealth would allow him to get his Presidential campaign off the ground, said Welch, who has urged Frist to run for President.  In his 1994 Senate bid, Frist put $6.3 million toward his own candidacy, which represented almost two-third of his funds. Plus, Frist is a proven fundraiser.

“It’s not terrible not to have a war chest,” said Welch.  “Bill is quite capable of raising the money.”

The Iowa Connection

Bill Frist is trying to make a lot of friends in Iowa.

Since the beginning of 2005, Frist's political action committee has contributed more than $79,000 to candidates and political organizations in Iowa, a crucial state in any presidential bid. In the eight presidential caucuses in Iowa since 1976, seven of the prevailing Republicans went on to win their party's nomination. Only Bob Dole in 1988 won in Iowa and failed to bag the Republican Presidential nomination.

Frist is considering a presidential run, and he's clearly targeting Iowa and its January 2008 caucus. He's given to more than a dozen candidates and causes there, including $500 to Dubuque County Attorney candidate Werner Hellmer, $500 to state auditor candidate Dave Vaudt, and $250 to Black Hawk County Supervisor Leon Mosley. The retiring Senate Majority Leader has also visited Iowa at least five times since late July to campaign with local Iowa candidates, greatly aiding those small-time politicians.

"It's a tremendous boost because it brings excitement," said Brian Kennedy, the Iowa chairman of Frist's PAC. "It brings support to their campaign. It brings attention."

While national politicians are hopeful that their support of Iowa candidates will pay political dividends in the future, Kennedy warned there's no guarantee that Frist's donations to the Iowa favor bank will be repaid come caucus time because several other Republican hopefuls are making similar appearances and donations in Iowa. But that competition for Iowans' support won't stop candidates from contributing there, said Bruce Oppenheimer, a political science professor at Vanderbilt University.

"That's how things are done," he said. "Anyone running for president can expect to write a check to the county dogcatcher."

Photo courtesy of Scott County Republicans
Frist, second from left, with members of the Scott County (IA) Republicans in Davenport, July 29.