Obama imposes inaugural donation limits

President-elect Barack Obama, continuing his campaign push to limit special-interest influence on the presidency, unveiled today what his aides say are unprecedented limits on inauguration fund-raising, imposing a cap of $50,000 on all donations.

Obama's Presidential Inaugural Committee noted that, by law, there is no restriction on the size of contributions, but that past presidents-elect have accepted checks of up to $250,000 a piece. The committee also announced that, unlike inaugural committees past, it will not accept donations from corporations, political action committees, or those presently registered as federal lobbyists.

Leading the committee will be four close confidants of Obama, as well as one prominent Republican from Chicago. The cochairs of the group are former US Commerce secretary and JP Morgan Chase executive William Daley; top Obama fund-raiser Penny Pritzker; John Rogers, a long-time friend who heads a Chicago investment firm; Julianna Smoot, Obama's national fund-raising director during the campaign; and Patrick Ryan, a Chicago business executive who is heading the city's bid for the 2016 Summer Olympics.

"It is a distinct honor to chair the committee that will organize the celebration of next year's historic inauguration of Barack Obama and Joe Biden," the co-chairmen said in a statement. "We are committed to ensuring that these activities are organized in a way that reflects the American people's common values, shared aspirations, and commitment to addressing our challenges as one, united nation."

More information about the committee and Inauguration Day planning can be found at www.pic2009.org.