Last Tuesday, the United States got a new Chief Compliance Officer: Donald J. Trump. Much has been said of his policies; Compliance Week has no position to take politically except on that which Trump would do that impacts the practice and profession of compliance. And on that, there is much to discuss, indeed.
This week, we have published a special section of stories on what the Trump presidency will mean to the world of compliance. Joe Mont has published an incredibly thorough rundown of the various regulations and regulatory bodies that are likely to change under Trump, and how much effort it is going to take to make those changes. Tammy Whitehouse has published a story on how Trump’s tax policies are likely to shake out. And Jaclyn Jaeger has published a story on what Trump means for the future employability of the compliance profession. After all, the guy did say that “70% to 80% of federal regulations can go,” so does this mean he is basically a Black Swan event for compliance professionals? Yes … and no.
For a look at what a Trump presidency might mean for the United States on the global compliance front, be sure to keep an eye open for articles coming later this week from our U.K. writers Paul Hodgson and Neil Hodge. Trump had promised his own election would be like Brexit, only bigger. Well, he was certainly right on that count. Time will tell if his regulatory reforms will have the same kind of effects that the Brexit has had on the British economy.
As for Trump himself, he is perhaps the only person to be elected president while still hounded by dozens of civil lawsuits, the potential for criminal prosecution for fraud, not to mention the extant possibility of criminal sexual assault charges, given how many women during the campaign accused him of making unwanted advances. Perhaps most pressing is Trump’s own business empire, which he intends to keep going (just run by his children) during his stay in the White House, in an unprecedented move that the Washington Post has described as an "ethical minefield" for the Commander-in-Chief. And then there is also the matter of Trump’s newest hotel in Washington, D.C., located in the Old Post Office Building, which is owned by the federal government and leased to the Trump Organization for 60 years. There is a distinct possiblity the federal government could end up negotiating with the President or his children over this use, which is itself another huge conflict of interest.
Trump won promising many things, but among them was a willingness to “drain the swamp,” by instituting a new kind of governance in Washington, presumably free from the corruption for which life inside the Beltway is so often decried. With that in mind, Trump not only has much to do, but he is starting by taking a potentially enormous step backward. Let us hope this new president figures out a way forward for himself, for the country, and for the sake of compliance.
Source: Compliance Week