Richard Painter: Trump Owes Banks
on Monday, June 6, 2016Richard Painter Money Quote saying because Trump owes Deutsche Bank over $100 million, regulators put his business at risk. Richard Painter said:
“Having a president who owes a lot of money to banks, particularly when it’s on negotiable terms – it puts them at the mercy of the banks and the banks are at the mercy of regulators. That is a potentially very troublesome business model for someone in public office” — Richard Painter
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Richard Painter is raising concerns about President Trump owing large amounts of money to banks. Painter argues that this debt puts the President in a position where he could be influenced by the banks that have loaned him money.
As the head of the executive branch, the President oversees banking regulators who have power over those banks. Therefore, according to Painter, the President’s significant debt to banks creates a conflict of interest, as the banks’ interests could potentially affect his decisions as regulator-in-chief.
By saying this is a “troublesome business model” for a public officeholder, Painter appears to believe the Emoluments Clause was intended to prevent this type of scenario where a President’s private financial dealings could undermine his independent decision making for the nation.