President Joe Biden is encountering significant hurdles in raising funds for his presidential library, with estimated costs ranging between $200 million and $300 million.
The project, still in its early stages, lacks both a selected site and an established committee for its construction and operation.
As The Washington Times’ Jeff Mordock reports:
• The project requires $200-300 million in funding.
• No official site has been selected yet.
• Three institutions are competing to host the library:
• First lady Jill Biden initiated discussions about the library after visiting Harry Truman’s presidential library.
• According to The Wall Street Journal, donors have shown some resistance to the project.
• Mr. Biden has avoided traditional fundraising tactics, such as offering White House overnight stays to potential megadonors.
• Steve Ricchetti, a Biden aide, is leading the library initiative.
The topic came up during the president’s interview with special counsel Robert Hur.
Mr. Biden expressed uncertainty about fundraising while serving as president, stating: “I wouldn’t know how — how you could raise money anyway while I’m a U.S. senator to do that — I mean president.”
The University of Pennsylvania has strong family connections, with Beau Biden and seven grandchildren having attended the institution.
The president previously led a center on diplomacy and foreign policy at UPenn after his vice presidency.
The timeline aligns with historical precedent, as demonstrated by former President Barack Obama’s presidential museum, which is set to open in Chicago in 2026, ten years after his presidency.
As discussions continue about potential locations and funding sources, the project remains in its preliminary stages, with multiple prestigious institutions vying to host this significant historical repository.
Read more: Biden labors to raise money for presidential library
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