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January 31, 2014 AT 12:01 PM
Supporters of President Barack Obama launched a foundation on Friday that will plan the building of his presidential library. It is not yet known where the library will be built but Hawaii, where Obama was born, and Chicago, his political base, are top contenders. The foundation said it expected to decide on a site for the project in early 2015, two years before Obama is due to leave office after serving two terms.