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4 hours ago
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Donald Trump’s inauguration committee has raised a record $170m for the bonanza of balls, receptions, parades, dinners and related events that will surround his swearing in as president on Monday.
The financial takings – which, with money reportedly still coming in, could reach $200m by inauguration day – outstrips the $106m raised for the returning president’s first inaugural in 2017, itself a record at the time. It also far exceeds the $65m donated to Joe Biden’s inauguration four years ago.
Despite the lavishness of the events being thrown to mark Trump’s second political coming, his inauguration committee is likely to be left with a cash surplus as tech barons and assorted billionaires have splashed out in a contest to curry favour and gain access to him on his return to the White House.
What rules govern presidential inaugurations?
Regulations regarding inaugural fund-raising are overseen by the Federal Election Commission (FEC), as set out in law 36, section 510 of the US code.
What does this require?
Basically, that the committee shall file a report with the FEC no later than 90 days after the inauguration disclosing any donations worth $200 or more. The filing must state the amount of the donation, the date it was made and the name and address of the donor.
What limitations are there on donations?
There are no restrictions on the amount that can be given or accepted, nor are there requirements to explain how funds are used. The Trump committee has set a $1m figure for donors who want to secure the maximum degree of access to the new president and his entourage, but this is not legally mandated. Moreover, so many wealthy donors have pledged this amount that the committee has said it cannot guarantee all of them the privileged access to the new president’s inaugural events that it was meant to secure.
The committee is allowed to accept money from corporations and labour organisations – as evidenced by the large number of tech and Silicon Valley bosses who have coughed up $1m contributions in the hope of gaining access.
But the incoming president’s team is prohibited from accepting donations from foreign nationals under the 1971 Federal Election Campaign Act. Likewise, foreign citizens are prohibited from making, or attempting to make, such donations.
Is there transparency over how inaugural donations are spent?
No. This has become a bugbear for congressional Democrats. Catherine Cortez Masto, a Democratic senator for Nevada, recently reintroduced a bill she first tabled in 2018, the Inaugural Committee Transparency Act, that would increase oversight and disclosure requirements for donations.
It would require inaugural committees to disclose the name and address of every person who paid $200 or more, and an accounting of what each expenditure is used for.
Committees would also be required to donate unused donations to a registered charity within 90 days of the inauguration. At the moment, there is no transparency over what happens to unused funds, a relevant point given that Trump’s committee has raised far more than it needs. There has been speculation that Trump will divert excess money to finance his presidential library.
“The American people deserve to know how these funds are being spent and exactly who they come from,” Cortez Masto told NBC. “The inauguration of a president from any party should not be used as an opportunity for personal enrichment or cronyism.”
What other funding does the president-elect’s inaugural committee benefit from?
Inaugural events staged at the US Capitol – venue of the swearing-in ceremony – are publicly funded, thanks to the joint congressional committee on inaugural ceremonies, which is formed by a congressional resolution every four years. It funds the swearing-in and the congressional luncheon on inauguration day.
