There is a considerable loophole in the campaign finance regulations.Â Usually, we hear about no big gifts, no secrets, and no foreign money.Â However, if you want to give to a presidential library, there are no limits.
On March 14, the House voted 390-34 in favor of approving the Presidential Library Donation Reform Act.Â This act would require that the source and amount of any donations over $200 be disclosed quarterly until the completed library is turned over to the National Archives.
Why does this need to be done (besides the obvious)?Â The Jimmy Carter Library took $26 million to build.Â The Ronald Reagan Library took $57 million.Â George H.W. Bush's was price tag of $83 million.Â Bill Clinton's library complex took $163 million.Â The rumor is that George W. Bush's library will have aÂ of $500 million. Â Since these amounts are so high, fundraising starts before the president leaves office.Â If people and/or corporations are giving a million dollars, how do you not see political favoritism if laws are made in favor of these people/corporations.
We'll see what happens now with this act.