Tim Scott's massive war chest could give him head start in 2024 presidential campaign

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Sen. Tim Scott: How do we get President Biden to do his job?

Sen. Tim Scott, R-S.C., discusses President Biden’s handling of the four flying objects in U.S. airspace, the inflation expectations for January and the growing list of 2024 GOP potential presidential candidates.

Republican Sen. Tim Scott is taking steps to position himself at a run for president in 2024, and his massive war chest and fundraising prowess could give him a solid head start.

Speculation of a Scott presidential bid increased after the South Carolina lawmaker hired former Republican Colorado Sen. Cory Gardner and political operative Rob Collins to lead his super PAC, Opportunity Matters Fund Action, to back his endeavors. 

The super PAC, which launched in September, has raised $17 million. Federal filings show the super PAC spent millions aiding a handful of senatorial candidates between late September and early November. In December, it dropped $250,000 into digital advertisements for Scott.

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Sen. Tim Scott recently revamped his super PAC, leading to increased speculation of a 2024 presidential run. (AP Photo/J. Scott Applewhite)

Scott will also attend a South Carolina presidential forum next month alongside former Palmetto State governor and recently announced 2024 candidate Nikki Haley. 

If Scott, the sole Black Republican in Congress's upper chamber, chooses to throw his hat into the ring, his large war chest could provide him with a boost out of the gates.

Since Haley appointed him to the Senate in 2013, he has grown into a fundraising powerhouse. Scott faced a special election in 2014 and garnered just under $7 million in contributions that cycle. But during his 2022 election, that number skyrocketed to just over $43 million in donations, according to Federal Election Commission records.

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Tim Scott has turned into a fundraising powerhouse in recent years. (Ronda Churchill/Bloomberg via Getty Images)

Scott's campaign finished the last cycle with nearly $22 million in the bank, which has likely only grown since late December. His campaign could transfer that money into a presidential committee if he chooses to run.

Scott's campaign cash is also more than the $3 million Donald Trump's committee had in its coffers at the end of the year, which has struggled to raise money since he announced his 2024 candidacy, while his joint fundraising committee reported just under $4 million cash on hand. Trump, however, kicked off his run around the midterm elections, where donor fatigue had likely set in.

Some big-money donors have announced they'll distance themselves from Trump after fueling super PACs backing him. But other deep-pocketed contributors will most likely boost those entities, while his base will help turn around his campaign's fortunes. However, it's unlikely he'll raise the eye-popping figures he once did if others like Florida Gov. Ron DeSantis enter the contest.

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Tim Scott recently embarked on a national listening tour, which will take him to Iowa, the first state in the Republican presidential primary. (Reuters)

Scott, meanwhile, kicked off his national "Faith in America" listening tour in South Carolina on Thursday by attending a Black History Month dinner hosted by the Charleston County Republican Party.

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When asked if he'd run for president at the event, he said he hopes America gets to see more of South Carolina. He also did not answer whether he would endorse Haley, WCSC reported.

Scott's listening tour will also land him in Iowa, the first state in the GOP presidential primary. 

Fox News' Paul Steinhauser contributed reporting