No, this is an internet myth, spread by Donald Trump and others. But there is no truth to it. The president does not need to spend any money to "hide" his records: federal law protects school records, medical records, and college transcripts. A president may choose to release these documents to the public, but most presidents have not done so, and they are under no obligation to release them unless they choose to. It should also be noted that just because a president chooses to keep certain records private doesn't mean he is hiding anything. Further, Mr. Obama has released a number of his personal records, including six years of his tax returns.
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