[Blackacre]

Existing law states that for citizenship to be conveyed to a child that one or both of the parents have to have been a citizen residing in the U.S. for at least 5 years past the age of 14.

The law you cited only deals with someone born abroad. The 14th Amendment governs when someone is born in the US- other than a few exceptions (such as children of diplomats), anyone born within the US is a natural born citizen.

The law you cited was meant to deal with a situation where only one parent was a citizen, but they did not spend any significant time living in the US.

[itsahoot]

The law you cited was meant to deal with a situation where only one parent was a citizen, but they did not spend any significant time living in the US.

Exactly, and Obama's Mama didn't qualify and his Daddy, whomever that is, didn't either.