Biden and Trump will meet in the Oval Office on Wednesday, the White House says

Such a meeting is customary between the outgoing president and the incoming president, and is meant partly to mark the start of a peaceful transfer of power under America's democracy.

However, Trump, a Republican, did not host Biden, a Democrat, for a sit-down after the 2020 election, when Trump lost his reelection bid.

Trump sought the presidency four years later, and this past week he defeated Vice President Kamala Harris, a Democrat.

Trump is the first former president to return to power for nonconsecutive terms since Grover Cleveland regained the White House in the 1892 election.

The White House said Biden called Trump this past Wednesday to congratulate him and invite him to meet in the Oval Office.

In a speech Thursday, Biden said he assured Trump "that I would direct my entire administration to work with his team to ensure a peaceful and orderly transition. That's what the American people deserve."

Their meeting is set for 11 a.m.

Meanwhile, Trump announced Saturday that his inaugural committee will be chaired by Florida real estate investor Steven Witkoff and former Georgia Sen. Kelly Loeffler, who he called “longtime friends and supporters.”

“This will be the kick-off to my administration, which will deliver on bold promises to Make America Great Again," Trump said in a news release.

Witkoff is the president-elect’s golf partner who was with Trump when the former president was the target of a second attempted assassination at his golf club in West Palm Beach, Florida in September.

Trump's first inauguration was scrutinized for its lavish spending. The inaugural committee chair back then, California billionaire Tom Barrack, drew attention by raising $107 million for the event.

Trump's businesses and the inaugural committee reached a deal to pay Washington, D.C. $750,000 to resolve a lawsuit that alleged the committee overpaid for events at his hotel and enriched the former president's family in the process.

The committee maintained back then that its finances were independently audited, and that the money was spent in accordance with the law.