Obama limits inauguration contributions

CHICAGO, Nov. 26 (UPI) -- U.S. President-elect Barack Obama has named his inauguration team and set limits on who can contribute to the events and how much they can give, aides said.

Leaders of the Jan. 20 celebrations include Chicago Bears part-owner Patrick Ryan, former Commerce Secretary William Daley and Chicago businesswoman and billionaire Penny Pritzker, who helped Obama raise record sums during his campaign, USA Today reported.

Inaugural contributions are limited to $50,000 each and the committee won't take money from corporations, unions, political action committees or federal lobbyists, inaugural spokesman Josh Earnest said. Obama, however, will accept donations from corporate executives, wealthy individuals and former federal lobbyists.

Individuals who raise money on behalf of the inaugural committee cannot collect more than $300,000 each, Earnest told USA Today.

Federal law doesn't place limits on inaugural fundraising.