President-elect Donald J. Trump said on Wednesday that he would separate himself from his businesses before he enters the White House. More details about the arrangement will be announced in mid-December, but it sounds as if he plans to step away from only the management of his business, which presumably will be turned over to his children, while retaining ownership.

This is not enough. There has been much discussion of Mr. Trump’s business dealings’ putting him in violation of the Emoluments Clause of the Constitution, which prohibits government officials from accepting gifts and payments from foreign governments or corporations controlled by foreign governments. But there are other conflict-of-interest issues that have gotten less attention and could cause Mr. Trump — and America — much trouble as well. To prevent this, he must sell or give away his ownership interest in his global business empire as soon as possible.

One of Mr. Trump’s most lucrative initiatives has been the licensing of the Trump brand — and name. There are Trump-branded properties like towers and hotels in some 20 countries. .

This first presents an ethical problem: No president should allow his name to be put on commercial properties in return for payment. The presidency is not a branding opportunity. President Trump can’t do this unless he wants to create the impression that he is being paid off.

But it also presents a global security risk. A building branded with the name of an American president — any president, but perhaps especially Mr. Trump — would be a tempting target for terrorists and other enemies of the United States. Who is going to protect the buildings? Will the Trump organization hire a security firm to do the job, or will the American taxpayer be on the line for the bill? Will foreign governments offer to pay to secure the properties — a subsidy of the Trump organization that would probably violate the Emoluments Clause? If a terrorist attack, a botched security operation or some other tragedy happens on a Trump property, the United States could easily get drawn into a conflict abroad. And our adversaries know this. This is one of the most dangerous aspects of Mr. Trump’s conflict-of-interest problem.

Then there is the litigation risk. In Clinton v. Jones, the Supreme Court ruled that the president can be sued in his personal capacity and required to testify in depositions and at trial. Sexual misconduct is a litigation magnet; extensive business operations are another. If Mr. Trump owns his businesses while he is president, it will be a lot easier for plaintiffs’ lawyers to sue him on behalf of customers, counterparties, investors and others, and to require his testimony under oath.

David Fuller's view

Whatever one thinks of President-elect Donald Trump, and I imagine he will always be a highly controversial figure, I think it would be a shame if an international real estate developer, or any other businessperson, was discouraged or prevented from becoming president because of assets held in his or her name. 

I do not think that any democracy is improved by governance which is led primarily by career politicians.  Yes, the situation regarding successful outsiders running for top office is more complicated in a global economy.  Nevertheless, their perspectives, experience and commercial skills can be worthy attributes.    

This menacing paragraph from the NYT does not help:

“This problem does not go away because someone else is managing the business. It is still his money, and if he is president, he can’t take it. The only remedy for a serious violation of the Emoluments Clause is impeachment.”

This ‘solution’ obviously does not help the president-elect, and I doubt it helps the country. 

Here is a PDF of The New York Times article.