How Conflict of Interest Rules Impact Trump, Musk and Other Rich Nominees

Donald Trump is the richest person to become US president, and his far-flung business empire has only expanded since he last held the post. Then as now, he is wont to name other rich people to positions of power. He’s nominated several super-affluent individuals to lead government departments — hedge fund manager Scott Bessent for Treasury, Cantor Fitzgerald LP chief executive officer Howard Lutnick for Commerce, North Dakota Governor Doug Burgum for Interior, World Wrestling Entertainment co-founder Linda McMahon for Education, and oil and gas executive Chris Wright for Energy. And he’s named the world’s richest person — Elon Musk — to a senior position outside the cabinet.

Because having sizable financial holdings can present conflicts of interest for people working in government, US ethics laws require them to disclose assets and, in many cases, dispose of them. In the case of some of the millionaires around Trump, that can make for gigantic sell-offs. During his first term as president from 2017 to 2021, some of Trump’s wealthy appointees ran afoul of government ethics officials for failing to fully follow the rules. Trump himself was criticized for not observing the tradition of presidents before him in distancing himself from his assets.