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Donald Trump Approves Corporate And Individual Donations For Inauguration

(Credit: Spencer Platt / Staff) NEW YORK, NY - NOVEMBER 22: President-elect Donald Trump walks through the lobby of the New York Times following a meeting with editors at the paper on November 22, 2016 in New York City. Trump, who has held meetings with media executives over the last few days, has often had a tense relationship with many mainstream media outlets. (Photo by Spencer Platt/Getty Images)Donald Trump Holds Meeting At The New York Times
November 26
5:07 AM 2016

With preparations for his inauguration in full swing, President-elect Donald Trump stated that he is open to accepting corporate donations to fund activities surrounding his inauguration. This, however, raises concerns over conflicts with his promise to "drain the swamp" of special interests.

Donald Trump previously vowed to eliminate the corrupting influences of special interests in politics. But as his inauguration draws near, he reverses the stricter inauguration restrictions set by President Barack Obama.

In 2009, President Obama limited the amount that could be donated to a president's inauguration to $50,000 for individual donations. Lobbyists and corporations were banned from even donating.

According to New York Times, he will have a more relaxed approach about accepting inauguration funds from corporations and individuals. He said that he will allow corporations to donate as much as $1 million to his inauguration while there is no limit to individual donations. But he also expressed his plans to stick to his campaign promise by banning money from registered lobbyists whom he has also barred from working for his administration.

It is likewise reported that officials planning the inauguration said Donald Trump would solicit corporate donations and allow money to be transferred from political action committees on a case-by-case basis. The committee, however, has not yet concluded on where to cap gifts from individuals, if at all.

Although lighter than President Obama's restrictions, Thomas Barrack Jr., who is heading the committee in charge of planning the events surrounding Donald Trump's inauguration, claimed that the decision to limit donations from certain groups was "in line with the president-elect's thoughts on ethics reform."

If such fund-raising scheme materializes, Donald Trump is expected to raise roughly $65 million to $75 million to fund the parade, balls, and other festivities. This would surpass President Obama's record of $53 million inauguration fund.

The overall cost of the inauguration and related festivities is estimated to amount to $200 million, most of which will fall on the taxpayers.

And while the transition committee is still in the early stages of assembling, the physical preparations for the January 20 event are well underway.

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