Trump's unique status exempts him from adhering to the conflict-of-interest law that his administration officials are required to observe.
In the midst of the Trump administration's push for the Golden Dome missile shield project, a significant focus has been placed on the financial dealings of key officials. One such figure is Treasury Secretary Scott Bessent, who has been working towards selling the remaining assets required for divestiture before the end of this year.
Bessent, who has played a leading role in the administration's messaging on tariffs, tax cuts, and more, has faced criticism for his pace of divestment. The Office of Government Ethics (OGE), the federal ethics agency, recently notified senators that Bessent is moving too slowly to reach 100% compliance with divestment requirements.
The existing federal ethics regimen was established after the Watergate scandal, and past presidents have voluntarily upheld certain norms. However, the presidential exemption in the law has created a bizarre dynamic where President Trump openly flouts ethics norms while others, like Bessent, jump through hoops to deconflict.
This dynamic is evident in the case of Bessent, who has divested from more than 90% of the assets he was required to sell. As of now, he has 4% of his required divestitures remaining, mainly in illiquid farmland. The assets, worth up to $25 million, are in a soybean and corn farm in North Dakota, which are not readily marketable.
Other senior Trump officials and nominees have taken significant steps this year to comply with ethics rules. Mike Obadal, Trump's nominee for Army Under Secretary, had between $250,001 and $500,000 of stock in Anduril, another defense contractor vying for Golden Dome deals. Obadal pledged to recuse himself from Anduril-related matters and has now fully divested, awaiting Senate confirmation.
The issue of financial conflicts of interest is a serious one for executive branch officials, who are required to avoid such conflicts under penalty of potential prison. Greg Barbaccia, the federal government's chief information officer, had investments in Anduril Industries. Barbaccia informed federal ethics officials about his deconfliction plan and was fully divested from Anduril by March.
Palantir, another major government contractor, is aggressively eyeing additional deals as part of the Trump administration's Golden Dome project. Thomas Williams, OMB's associate director for defense spending, has a recusal plan regarding six companies, including Palantir.
The Trump administration's blending of business interests with the presidency has been a topic of concern for many. Trump has been accused of blending his business interests with the presidency, including accepting a $400 million luxury jet from Qatar, promoting his Scotland golf properties, and more.
President Donald Trump and Vice President JD Vance are exempt from the federal criminal conflicts-of-interest law, thanks to "carveouts" in the ethics regimen that allow them to work on anything that comes across their desk. This has created a unique dynamic where the president and vice president can openly flout ethics norms while others, like Bessent, must navigate a complex web of divestitures and deconflictions.
In conclusion, while Bessent has made significant progress in divesting his financial holdings, his slow pace has raised concerns. The issue of financial conflicts of interest is a serious one for executive branch officials, and the unique dynamics created by the Trump administration's ethics policies have created a complex landscape for those involved.
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