I'd be in favor of moderating the current "only natural-born citizens" rule, but not specifically for Arnold.
In fact, the idea I have in mind would exclude Arnold. That is, I'd be in favor of letting a naturalized citizen run for president if: (a) he's been a US citizen for 20 years (Hatch's proposal), *and* (b) he has not held dual-nationality for at least the last ten years. As I see it, if you're going to be president, you should have all your eggs in this one basket.
Since Arnold's currently a dual-national (US & Austria), he wouldn't qualify.
That said, the Hatch amendment might go through as-is. There are now foreign-born stars in each party--the Democrats' Jennifer Granholm (born in Canada), and the GOP's Arnold. So both sides have an interest. Plus, I don't think most people are all that strongly in favor of the must-be-born-here requirement. Made sense in 1787, but I don't think it's necessary now.
--AMS
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