President-elect Donald Trump is hoping to raise approximately $65 million to $75 million to fund the activities planned for his inauguration, the New York Times reported Wednesday. Trump will allow big corporations and donors to give money for the Jan. 20 event.
Trump will seek corporate donations of up to $1 million and even allow donations from political action committees on a case-by-case basis. The real estate mogul’s fund-raising total would beat President Barack Obama’s both in 2009 and 2013. In 2009, Obama’s Inaugural Committee raised a record $53 million and in 2013, $43 million.
However, Trump is planning on banning money from registered lobbyists. Restrictions on corporate donors and individuals will be much lighter. Restrictions are yet to be finalized, members of Trump’s Inaugural Committee said. Thomas Barrack Jr., who is heading the committee, said the decision to restrict funds from certain groups was “in line with the president-elect’s thoughts on ethics reform.”
In 2009, Obama had banned donations from lobbyists, political action committees and corporations, and put a cap of $50,000 on individuals. He, however, relaxed his rules for his 2013 inauguration, which followed one of the most expensive presidential campaigns in history. Corporations were allowed to donate money and the cap on individual donations was increased.
Barrack said the committee was working on finalizing plans by the end of the week adding: “It’s like putting on the Olympics in 61 days.”
Sources told the Times that the committee will launch tiered giving packages next week ranging from $25,000 to $1 million. Donors will be allowed access to events with Trump and his team based on their donations. The committee will hold two official balls, a marked decrease compared to the 10 official balls Obama attended. Trump is not expected to donate funds for the ceremony himself.
The Jan. 20 swearing-in could cost up to $200 million with tax payers taking on most of the burden. It is expected to draw a crowd of two million to three million people, beating Obama’s record of drawing an estimated 1.8 million people for his 2009 inauguration. More protests are also expected.
“It’s one of the greatest opportunities that this president has to put his fingerprints on bridging the divide,” Barrack said Wednesday.
Trump’s Presidential Inaugural Committee features many of his campaign donors as the committee’s finance vice-chairs. Conservative mega donors Sheldon and Miriam Adelson, New York Jets owner Woody Johnson, Wisconsin billionaire Diane Hendricks and California venture capitalist Elliott Broidy are some of the 17 people listed as finance vice-chairs.