"When [the government] determine that there is a conflict, the agency will often say you need to divest," said Robert Rizzi, a tax partner with law firm Holland & Knight, who advises executives joining the U.S. government. This highlights how regulatory measures can compel government nominees to sell off assets, creating potential financial burdens in light of their significant earnings before joining the public sector.
The tax provision known as a certificate of divestiture offers a unique relief for executives transitioning into government roles, helping to mitigate the financial impact of necessary asset sales. For prominent figures like Lutnick and Bessent, this provision could be crucial in managing both their wealth and potential conflicts of interest as they accept high-stakes positions within the Trump administration.
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