Trump to accept corporate donations for inauguration: report

by Nikita Vladimirov - 11/23/16 8:33 PM ET

President-elect Donald Trump will relax donation restrictions on corporations and individuals to raise money for his inauguration, according to The New York Times.

But he will ban contributions from lobbyists, a follow-up to his team’s purge of lobbyists from the transition effort.

Several sources involved in the planning told the newspaper that Trump is hoping to raise between $65 million and $75 million to fund festivities and parades related to his inauguration.

{mosads}President Barack Obama raised approximately $43 million for his inauguration in 2013 and $53 million for his inauguration in 2009, according to The Times.

In 2009, Obama put in place strict restrictions on inaugural donations, limiting individual contributions to $50,000 while banning donations from lobbyists and corporations, according to the report.

Those restrictions, however, were loosened during his second inauguration and are set to be relaxed even further by the new president-elect.

The Times reported that Trump would accept corporate donations up to $1 million and allow money to be transferred from super-PACs on a case-by-case basis, citing officials involved in the planning.

The move by Trump could raise eyebrows from critics who have pressured the president-elect to uphold his campaign-long pledge to limit the power of special interests in Washington D.C.

Tags Barack Obama Donald Trump