WASHINGTON, D.C.—Following is a statement by Amb. Norm Eisen (ret.), co-founder and board member of Democracy Defenders Action and Richard W. Painter, former associate counsel to President George W. Bush, regarding President Trump’s newly released financial disclosures. Amb. Eisen was the White House ethics czar for President Obama.

“President Trump’s financial disclosure reveals he is capitalizing on the presidency for personal gain on a staggering scale never seen in American history.

“Worse, he's doing this while his administration refuses to regulate the very industry making him a billionaire several times over, leaving Americans exposed while his own meme coin soars. His cronies and family are up to their eyeballs in the grift.

“Make no mistake. His billions in personal profit don't come out of thin air. Every dollar extracted from these schemes comes at a cost imposed directly on the American people—whether through weaker consumer protections, trust sold to the highest bidder or otherwise.

“Congress has the power to enact legislation now to prevent these types of conflicts of interest for the president, vice president and members of Congress themselves. They should also investigate and hold him accountable. By refusing to act, they are complicit.

“The American people will not tolerate this shocking greed. And they will hold accountable those who enabled it.”

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Democracy Defenders Action brings together a nonpartisan team to work with national, state and local allies across the country to defend in real-time the foundations of our democracy.