Harry Truman left the White House in 1953 with no income beyond his army pension of $113 a month. He later wrote that it was wrong to “commercialize on the prestige and dignity of the office of the presidency.” Contrast that with Donald Trump, who reported income of at least $2.2bn (£1.7bn) in his first year back in office — a sum nearly four times what he earned in 2024, before he became president again. Historians say it shatters all precedent for financial conflicts of interest in the White House.
So what is a presidential conflict of interest? In simple terms, it’s when the president’s private financial interests could influence or appear to influence their official decisions. The US has no law that explicitly bars a president from owning businesses while in office, but a strong norm — upheld by every modern president before Trump — has been to avoid any entanglements. Most presidents placed their assets in a blind trust, meaning they handed control to an independent manager and received no information about investments. George W. Bush did this, saying in his final week that he had no idea how the 2008 financial crisis affected his net worth. Barack Obama and Joe Biden also used blind trusts.
“Trump’s $2.2bn first-year income raises questions about presidential ethics. Here’s the history and why it matters.”
Trump has taken a different approach. Rather than a blind trust, he transferred his business to a trust run by his sons, Donald Jr. and Eric, but he retained the ability to withdraw money at any time — a structure ethics experts say does not eliminate conflicts. In his first term, his Washington hotel became a magnet for foreign diplomats seeking to curry favour. Now, in his second term, his earnings have exploded, driven largely by cryptocurrency. According to his 2025 financial disclosure, Trump made $1.4bn from the crypto industry alone. That includes $635m in royalties from Celebration Coins, the entity behind the $TRUMP meme coin, and more than $500m from World Liberty Financial, a crypto business co-founded by his sons and the sons of his special envoy to the Middle East and Ukraine. The White House has denied any conflict, with deputy press secretary Anna Kelly saying: “Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest.”
Why does this matter for UK readers? The United States is Britain’s most important ally. Decisions made by the US president — on trade, defence, foreign policy — can have direct consequences for the UK. If those decisions might be influenced by the president’s personal financial interests, it raises questions about whether US policy is driven by national interest or private gain. For example, Trump has declared himself the “crypto capital of the world” and pushed policies favourable to the industry — policies that directly benefit his own crypto holdings. British investors and regulators watching the US market must consider whether those policies are sustainable or built on a conflict of interest. Moreover, the UK has its own ministerial code requiring transparency and the avoidance of conflicts; the contrast with US practice can inform debates about ethics at Westminster.
Q: What is a blind trust and why do presidents use them? A blind trust is a financial arrangement where a president puts their assets into a trust managed by an independent trustee who makes all investment decisions without the president’s knowledge. This prevents the president from knowing their holdings, theoretically eliminating any conflict of interest. Most modern presidents have used them to assure the public they are not profiting from office.
Q: Is it illegal for a president to profit from their position? There is no federal law that specifically makes it illegal for a president to earn money while in office, though federal ethics laws do restrict certain activities. However, the Constitution includes a clause that prohibits the president from accepting any “emolument” (payment or benefit) from a foreign government without congressional consent. Critics argue Trump’s foreign business dealings may violate this, but no court has definitively ruled on it.
Q: How does Trump’s behaviour compare to previous presidents? Historians say it is unprecedented. Barbara Perry of the University of Virginia’s Miller Center, a presidential historian, said: “There’s just no precedent for this. It’s beyond anything we’ve ever seen in the presidency.” While past presidents had financial scandals — particularly after the Civil War — none generated personal income on this scale while in office. Truman and others saw it as improper; Trump has turned his presidency into a money-making venture.
What happens next? The financial disclosure has reignited calls for reform. Some Democrats in Congress have proposed legislation to require presidents and vice-presidents to divest their assets or place them in a true blind trust. But with Republicans controlling the White House and Congress, such bills are unlikely to pass. Meanwhile, Trump’s businesses continue to operate, and he shows no sign of changing course. The only limit may come from public opinion or the courts — particularly if foreign governments are found to be channelling money through Trump’s businesses. For now, the norm of presidential disinterest in personal profit appears to be a thing of the past.