Blind Trust Us President

It s generally acknowledged that the first american elected official to use a blind trust was president lyndon johnson who set one up when he assumed the presidency so that he and his wife lady. As a practical matter it s likely a complete non starter says leslie kiernan a partner at law firm akin gump and a former deputy white house counsel under president barack obama. Traditionally presidents have turned over their day jobs to a blind trust once they become commander in chief.

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A blind trust is a trust in which the trust beneficiaries have no knowledge of the holdings of the trust and no right to intervene in their handling.

Blind trust us president.

This arrangement is believed to help the president. Federal law makes it illegal for public officials i. Others have more or less answered the specific one asked but even those answers are not completely correct. Presidents have placed their financial holdings in a blind trust that is managed by a trustee without any input from the president.

Last week common cause and a coalition of government transparency advocates sent a letter to president elect trump urging him to fully divest himself of any financial relationship with the trump organization and place all of his assets into a true blind trust. But nothing in the law says they have to turn over the reins to anyone. This stems from concerns about conflict of interest. Such a trust would not eliminate the.

Blind trusts may be used by such government officials even when the disqualification requirements of federal law do not apply to them such as for members of congress the president and the vice president. S uggestions that president elect donald trump put his business holdings in a blind trust to avoid potential conflicts of interest are unrealistic and unfair. The question is larger than that. Should president elect trump turn over the management of his business interests to his three adult children while retaining ownership those conflicts will not go away the letter states.

In a blind trust the trustees fiduciaries or those who have been given power of attorney have full discretion over the assets.

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