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Joe Biden's inaugural committee will settle for company donations as much as $ 1 million, however lobbyists and fossil fuels

WASHINGTON – President-elect Joe Biden's newly formed inaugural committee will accept donations up to $ 500,000 from individuals and up to $ 1 million from corporations, a transition official told CNBC on Monday.

The committee will ban all contributions from registered lobbyists, foreign agents and the fossil fuel industry.

A newly created opening committee website that was released Monday initially limited online donations to $ 100,000. However, a Biden transition official later told CNBC that this number reflected a limit set by the ActBlue donation platform that the opening committee uses for online donations, rather than a limit set by the opening committee itself.

The opening committee's donation ban on lobbyists and the oil and gas industry is a continuation of the rules of the Biden presidential campaign that prohibit donations from registered lobbyists and overseas agents and anything over $ 200 from fossil fuel company employees.

The inaugural committee goes one step further than the campaign, however, aside from donations from "fossil fuel companies (ie companies whose primary business is the extraction, processing, distribution or sale of oil, gas or coal), their executives, or from them organized PACs. "

With corporate contributions of up to $ 1 million, the committee is providing American businesses and trade associations with the first real opportunity to visually and financially support in-depth administration.

Also on Monday, the Biden transition announced the leadership team for the opening committee. Tony Allen, president of Delaware State University, a major historically black college, has been named chief executive officer of the committee.

Former Biden Campaign Senior Advisor and Chief Operating Officer Manu Varghese will serve as Executive Director, along with two Assistant Executive Directors: Erin Wilson, a former Biden Campaign Assistant, and Yvanna Cancela, a Nevada State Senator.

The team Biden announced on Monday is facing an unprecedented challenge: how to conduct an inauguration of the president during a pandemic.

One of Biden's core values ​​during the presidential campaign was his insistence on responsible public health precautions. As a result, the January events are unlikely to host the kind of balls and mass gatherings in the National Mall that traditionally came with the inaugurations of the American President.

And while plans for Biden's swearing-in are still in their infancy, the new White House chief of staff Ron Klain recently suggested that virtual inaugurations, similar to this year's Democratic National Convention, might be the way to go.

"They will try to have an initiation that recognizes the meaning and symbolic significance of the moment, but also does not lead to the spread of disease. That is our goal," said Klain during an appearance on ABC on November 22nd. This week."

"You know, we had a very effective Democratic Congress this August that was safe for the people to attend and watch in a way that communicates with the American people," added Klain.

Biden's new fundraising rules mark a marked departure from the inauguration of President Donald Trump, Biden's predecessor. Trump's inaugural committee for 2017 did not limit the number of money companies, and individuals were allowed to donate as long as they were not foreign .

As a result, Trump raised a staggering $ 107 million for his opening events, including three official opening balls and a variety of VIP events in and around Trump's Washington, DC hotel.

How exactly Trump's team spent all of that money on relatively few events has been controversial since then. In January of this year, Washington Attorney General Karl Racine sued Trump's inaugural committee for misusing funds in violation of District of Columbia law. The suit is still ongoing.

Correction: An earlier version of this story incorrectly reported that contributions were capped at $ 100,000.

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