Corporate money to help pay for Obama inauguration

Unlike the 2009 inauguration, the Presidential Inaugural Committee will accept cash from companies and individuals.

WASHINGTON — In a reversal from four years ago, President Barack Obama will accept unlimited sums of corporate money to pay for his inauguration.

A spokeswoman for the Presidential Inaugural Committee said Friday that it will accept cash from companies and individuals to underwrite the costs of a weekend of festivities surrounding his second inauguration next month.

Money from lobbyists, political action committees or foreign donors will not be accepted.

Obama had banned corporate donors for his 2009 inauguration and for the 2012 Democratic National Convention in Charlotte, N.C., last September. The move was designed to give the president's supporters ownership of the events.

The shift comes after the most expensive presidential campaign in history.

The inaugural committee says it will release the names of all donors.