Investigative reporter Beth Reinhard first noticed it in January, when President Donald Trump’s second inauguration celebration got moved indoors because of freezing temperatures. Thousands of ticketed spectators were left to stand out in the cold, but at least 17 billionaires, collectively worth more than $1 trillion, claimed coveted seats in the Capitol Rotunda — a historic concentration of wealth that seemed to herald a new class of American oligarchs, there to celebrate the inauguration of the 47th president.

In the months since that cold January day, Reinhard and her colleagues discovered that spending on elections by the richest 100 Americans crossed the $1 billion threshold for the first time, and that $1 out of every $13 spent in last year's election was donated by a handful of the wealthiest Americans. 

Today on “Post Reports,” Reinhard speaks with host Colby Itkowitz about how billionaires have driven up campaign costs and, as a result, how they may be reshaping American democracy. 

Today’s show was produced by Rennie Svirnovskiy. It was edited by Elana Gordon and mixed by Sean Carter. Thanks to Patrick Caldwell.

Subscribe to The Washington Post here.