When Ronald Reagan entered the White House in 1981, he voluntarily placed the liquid assets from his $4 million fortune into a blind trust. For decades, presidents across both parties followed a similar standard, freezing their personal business activities while in office so they could focus entirely on serving the American people. It was a clear promise that the leader of our country would work for the public interest, not their own.
Today, that promise is being broken. Through overseas business deals, crypto ventures, stock trading, corporate partnerships, and more, the presidency is being turned into a multibillion-dollar business opportunity.
This problem is not unique to one person or one party. Without clear guardrails, any future occupants of the White House, Democrats and Republicans alike, will have a clear playbook for putting their personal profit ahead of their public duties.
A commander in chief focused on personal profit poses a serious risk to the nation. Foreign adversaries will invest in the president’s company as an easy way to shape U.S. military, intelligence, and trade decisions, threatening America’s position as a global leader.
Presidential profiteering also distorts our economy and undermines basic fairness. Small businesses cannot compete on a level playing field alongside companies linked to the president.
This isn’t to say that a successful business leader shouldn’t be allowed to run for office. Wealth should not disqualify someone from serving their country. But leaders should not profit while occupying a role meant solely for public service. It threatens the free market when one person, wielding immense power and influence, can tilt the playing field toward their own financial interests.
Think of it this way: If you own a small business and hire someone full-time, only to find out they’re stealing from the till and running a side business while on the clock, you would be outraged. That’s exactly what’s happening here. The American people hired the president to lead the country, and that’s where his full focus belongs.
Fortunately, there’s a solution to this problem. As an independent, nonpartisan watchdog holding power accountable across the aisle since 1970, Common Cause is urging Congress to pass a law barring the president and vice president from receiving outside income while in office, full stop. Presidents would make their official salary, and that’s it. Similar ethics safeguards already apply to other senior federal officials — extending the safeguard to the most powerful office in the land is simple commonsense.
This ban must be paired with a requirement to divest from any income-generating assets to shield leaders from conflicts of interest. To protect the free market, companies and individuals should also be barred from paying the president while in office. And clear, enforceable penalties should be established for federal and state authorities to uphold.
The ban would end once the president leaves office. After that, they would be free to make millions again, in addition to their official pension.
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This is about good governance, plain and simple. A profiteering ban is already popular — 77% of Americans believe a sitting president should not be allowed to profit from personal business ventures while in office, including majorities across all parties.
Now it’s on Congress to exercise the checks and balances granted by the Constitution to enforce fair rules. As voters look to the future of this election, we must ask every candidate running for office a simple question: Will you vote for clear rules that ensure the president is focused only on serving the American people?
Abigail Bellows is the Senior Policy Director for Anti-Corruption & Accountability at Common Cause. She previously served as Director for Anti-Corruption on the National Security Council staff and advised senior officials at USAID, the State Department, and DoD.