The disclosure by former New York City Mayor Michael Bloomberg that he is consid...
- The disclosure by former New York City Mayor Michael Bloomberg that he is considering entering the race for the 2020 U.S. Democratic presidential nomination has raised questions about how the billionaire business owner would disentangle himself from the business he founded and runs.
Bloomberg, 77, is the controlling owner and chief executive officer of Bloomberg L.P, a financial information and media firm. Forbes ranks Bloomberg as the eighth richest American with an estimated worth of $53.4 billion. Bloomberg suggested last year in an interview with Radio Iowa that he would either place his stake in the company in a blind trust or sell it if he became president.
Federal law does not prohibit the U.S. president from being involved in private business while in office, even though members of Congress and lower-ranking executive branch officials are subject to strict conflict-of-interest rules.Unlike earlier presidents, President Donald Trump has maintained ownership of his real estate company, the Trump Organization, in an arrangement that watchdogs say poses conflicts of interest.
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