Lane and Moore's Bridgehampton, NY gala will be attended by Vice President Joe Biden on August 24, reports Page Six.
Nurse Jackie star Edie Falco and art collector Jane Holzer are also serving as hosts for the benefit, with James Taylor providing entertainment.
Tickets will cost between $500 (£322) and $10,000 (£6,442).
Lane and Moore are the latest of many celebrities to hold events to support Obama and Biden's re-election campaign.
Sarah Jessica Parker, George Clooney and Glee creator Ryan Murphy have also held fundraisers in recent months.
Watch Sarah Jessica Parker's Barack Obama campaign advert below: