Senate Democrats are pushing for more transparency from presidential inaugural committees, as a wave of cash from corporations and their billionaire leaders floods Washington, D.C., before President-elect Donald Trump takes office.
“The American people deserve to know how these funds are being spent and exactly who they come from,” said Sen. Catherine Cortez Masto, D-Nev., in a statement to CNBC after reintroducing legislation to strengthen oversight of the committees.
“The inauguration of a president from any party should not be used as an opportunity for personal enrichment or cronyism,” Cortez Masto said.
Her bill would require inaugural committees to disclose the name and address of every person or vendor who is paid $200 or more — and the purpose of each expenditure.
It would also require the committees to donate their unspent funds to a 501(c)(3) charity within 90 days of the inauguration.
And it would explicitly prohibit committees from converting donations to personal use, or letting donors contribute on behalf of someone else.
Inaugural committees are appointed by incoming presidents to handle the balls, galas, luncheons and many of the other events that surround the inauguration ceremony.
There is no limit to how much donors can contribute to the committees. While the committees have to report donations totaling at least $200 within 90 days after the inaugural ceremony, there are no binding disclosure requirements for their expenditures.
There is also little transparency about what happens to the leftover money.
The latest edition of the “Inaugural Committee Transparency Act” is cosponsored by Sens. Sheldon Whitehouse, D-R.I., Maryland’s Chris Van Hollen, Ed Markey of Massachusetts and Oregon’s Jeff Merkley.
Cortez Masto has introduced the bill in every Congress since 2017, after Trump’s first inaugural committee raised a record-shattering $107 million.
His second inaugural committee has already dwarfed that figure, raking in a reported $170 million and on track to end up with around $200 million.
As top CEOs and companies seek to cozy up to Trump before his second term begins, the inaugural committee has become a magnet for million-dollar donations.
But just days away from the inauguration, there remained significant questions Friday about how the committee planned to spend all that money, given that its schedule of festivities was relatively light compared to other recent inaugurations.
