William Watson argues that while it is generally positive for business people to enter government, they must fully exit their private businesses to avoid conflicts of interest. The recent release of Donald Trump's annual financial disclosure form, spanning 978 pages, highlights the scale of potential conflicts when a president maintains extensive business holdings.
The Scale of Trump's Business Interests
Trump's disclosure form, filed with the U.S. Office of Government Ethics, reveals his ongoing roles as manager, president, secretary, and treasurer of multiple LLCs, including CIC Digital LLC and CIC Ventures LLC. He also remains president of Mar-A-Lago Club LLC and chairman of the John F. Kennedy Center for the Performing Arts. According to the Wall Street Journal, Trump reported over US$1 billion in crypto-currency earnings alone, alongside income from golf courses, licensing deals, and a Screen Actors Guild pension.
The Case for Business People in Government
Watson contends that business people bring valuable skills to government, such as efficiency and bottom-line thinking, contrasting with the prevalence of lawyers and academics. However, he emphasizes that once in office, they must divest from business to ensure decisions serve the public interest, not personal gain.
Conflict of Interest Concerns
The White House stated that "neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest" and that all actions are in the best interest of Americans. Watson expresses skepticism, noting that the U.S. founding fathers, like James Madison, believed that government must restrain human fallibility. "If men were angels, no government would be necessary," Madison wrote. Watson concludes that Trump's extensive business dealings create unavoidable conflicts, undermining trust in government.
