Senator Catherine Cortez Masto of Nevada has reintroduced a bill aimed at enhancing transparency and accountability in presidential inaugural committees. The bill, cosponsored by Senators Sheldon Whitehouse, Chris Van Hollen, Ed Markey, and Jeff Merkley, seeks to impose stricter reporting and disclosure requirements on these committees. Since 2017, the bill has been introduced in every Congress, reflecting ongoing concerns over the financial activities surrounding presidential inaugurations.
Under the proposed legislation, inaugural committees would be required to disclose the name and address of every individual or vendor receiving payments of $200 or more. Additionally, they must specify the purpose behind each expenditure. This measure is designed to shed light on how funds are allocated, providing insight into the financial operations of these committees. Moreover, the bill mandates that unspent funds be donated to a 501(c) charity within 90 days of the inauguration.
Senator Cortez Masto emphasized the importance of transparency regarding inaugural funds.
"The American people deserve to know how these funds are being spent and exactly who they come from," – Sen. Catherine Cortez Masto
The necessity for such legislation became evident after former President Donald Trump's inaugural committee raised an unprecedented $107 million during his first term. Reports indicate that the second inauguration has already accumulated approximately $170 million, with projections reaching $200 million. These committees have increasingly attracted substantial donations from top CEOs and corporations, raising questions about potential motivations and influence.
Currently, inaugural committees are only obligated to report donations totaling $200 or more within 90 days after the ceremony. However, there are no binding requirements for disclosing how these funds are spent. The new bill aims to close this gap by enforcing comprehensive transparency on both the sources and expenditures of inaugural funds.
Senator Cortez Masto further stated:
"The inauguration of a president from any party should not be used as an opportunity for personal enrichment or cronyism," – Sen. Catherine Cortez Masto
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