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I think the records belong to the govt, the same way that any employer owns records the employee created while acting on the employer's business.
That said, because of the sensitivity of this stuff, I'd say 12 years is probably too short a time. It should be more like 30 years. Many historical courses of events haven't fully played out in 12 years, and disclosure of internal presidential documents could affect current events at that stage. It's unlikely that would be true after 30 years, except in unusual circumstances.
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