Washington (CNN) - A group of influential Republicans is launching a new independent organization with the goal of raising over $50 million to help their party topple Democrats in this year's midterm elections.
The group, American Crossroads, will raise money from "individuals and corporations who believe that Republicans offer better solutions to the challenges we face," according to one of the people involved in the group, who acknowledged that Democrats benefited from the help of outside groups in the 2004, 2006 and 2008 election cycles.
American Crossroads will be managed by Steven Law, who is leaving a top post at the U.S. Chamber of Commerce to run the group. Board members include former Republican National Committee chairman Mike Duncan, former RNC co-chair Jo Ann Davidson and GOP strategist Jim Dyke.
Karl Rove and former RNC chairman Ed Gillespie will serve as informal advisers to the group.
The creation of the group was first reported by the Wall Street Journal earlier this week.