Hundreds of opaque real estate holdings throughout the country. A million dollars in a Chinese bank. A $250,000 stake in a Hollywood movie called “Trash Fire.” These are just some of the assets held by appointees in Donald Trump’s White House,
the richest presidential staff for the richest president in American history.
We analyzed thousands of pages of financial disclosure reports for White House appointees and narrowed the field to the 21 millionaires in non-cabinet level positions.
These are President Trump’s millionaire advisers.
We then sorted their assets into categories that can be selected below. Discover each person's potential conflicts of interest by clicking a category and then clicking on the individual’s card to see a breakdown of their assets.
Real estate holdings
Real estate holdings present one of the most complex potential conflicts of interest for members of the administration. Many of their real estate holdings lie in limited liability corporations, which are often opaque and reveal little
about their assets or owners. The financial disclosure forms filed by Trump administration staff do not reveal two important facts about their real estate holdings: the forms don’t show who else has a stake or who owns the debt.
"It’s critical to know who owns the rest of the company because that’s an economic dependency that could affect their official duty," said Richard Painter, who served as the chief ethics lawyer for the George W. Bush administration from
2005 to 2007. "You don’t know who is putting money into an LLC. In the real estate business there is a lot of debt. Where is that money coming from? Is it coming from JP Morgan or is it coming from the Russians?"
Stocks and Bonds
Stocks and bonds only raise red flags in the Office of Government Ethics when they are tied to a single country or industry. But ethics lawyers caution that the larger issue is how these holdings are taxed. A broad selection of stock and
bond holdings does not generate a conflict of interest in the legal sense, but Richard Painter, who served as chief ethics lawyer in the George W. Bush administration, says large stock holdings could still be worrisome to voters.
"It is of course a serious conflict of interest when all the people making these decisions are rich people, but the ethics rules do not affect that. That is a political question."
Bank accounts:
Money Market accounts:
Private Equity:
Direct investment or other investment in a company:
Investments in the energy industry:
Investments in the manufacturing industry:
Investments in the healthcare industry:
Foreign Holdings
Most of the foreign holdings that people in the Trump administration own are index funds. Those holdings contain assets from many different countries and generally do not risk potential conflicts of interest. However, any holding in a
single country could potentially be a conflict.
Richard Painter, who served as the chief ethics lawyer in the administration of George W. Bush from 2005 to 2007, said that any country-specific holdings could affect an adviser's judgment if there was an incident involving the country
where the adviser has asset.
"You don’t want to have a national security council with country-specific funds," Painter said.
Rene Augustine
Special Assistant
Rene Augustine
Special Assistant
| Asset |
# |
Minimum Value |
Maximum Value |
| Real Estate |
2 |
$1,100,002 |
$5,250,000 |
| Stock |
231 |
$15,763,169 |
$55,656,061 |
| Bond |
81 |
$2,505,048 |
$5,883,033 |
| Money Market Accounts |
5 |
$315,005 |
$750,000 |
| Hedge Fund |
12 |
$10,000,012 |
$47,000,000 |
| Private equity funds |
1 |
$250,001 |
$500,000 |
| Companies owned (in Whole or in Part) |
7 |
$182,006 |
$481,001 |
| Total Foreign Assets |
90 |
$3,566,059 |
$8,146,031 |
| Foreign Stock in Single Country (Mexico, India, Japan) |
21 |
$249,010 |
$671,011 |
Steve Bannon
Chief Strategist
Steve Bannon
Chief Strategist
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
3 |
$1,100,003 |
$2,250,000 |
| Real Estate Holdings |
3 |
$2,250,003 |
$10,500,000 |
| Companies Owned (in Whole or in Part) |
1 |
$250,001 |
$500,000 |
John Bash
Special Assistant to the President and Associate Counsel to the President
John Bash
Special Assistant to the President and Associate Counsel to the President
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
3 |
$300,003 |
$750,000 |
| Real Estate Holdings |
1 |
$500,001 |
$1,000,000 |
| Stocks |
1 |
$1,001 |
$15,000 |
| Healthcare Assets |
3 |
$3,000,000 |
$15,000,000 |
Zina Bash
Regulatory Reform, Legal and Immigration Policy
Zina Bash
Regulatory Reform, Legal and Immigration Policy
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
3 |
$300,003 |
$750,000 |
| Real Estate Holdings |
1 |
$500,001 |
$1,000,000 |
| Stocks |
1 |
$1,001 |
$15,000 |
| Healthcare Assets |
3 |
$3,000,000 |
$15,000,000 |
Gary Cohn
Director of the National Economic Council
Gary Cohn
Director of the National Economic Council
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
21 |
$10,198,016 |
$19,545,000 |
| Real Estate Holdings |
17 |
$10,865,007 |
unknown |
| Stocks |
60 |
$27,529,042 |
unknown |
| Bonds |
1 |
$1,000,000 |
unknown |
| Direct Investments |
19 |
$9,766,012 |
$10,665,000 |
| Healthcare Assets |
3 |
$3,000,000 |
unknown |
| Foreign Assets total |
2 |
$2,000,000 |
unknown |
| Industrial and Commercial Bank of China |
1 |
$1,000,000 |
unknown |
| Foreign Real Estate (France) |
1 |
$1,000,000 |
unkown |
Kellyanne Conway
Counselor to the President
Kellyanne Conway
Counselor to the President
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
4 |
$517,004 |
$1,080,000 |
| Stocks |
5 |
$47,005 |
$180,000 |
| Money Market Accounts |
2 |
$6,000,002 |
$30,000,000 |
Reed Cordish
Assistant to the President for Intragovernmental and Technology Initiatives
Reed Cordish
Assistant to the President for Intragovernmental and Technology Initiatives
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
2 |
$1,500,002 |
$6,000,000 |
| Real Estate Holdings |
6 |
$28,000,004 |
$65,002,002 |
| Stocks |
5 |
$550,005 |
$1,200,000 |
| Bonds |
1 |
$25,000,001 |
$50,000,000 |
| Direct Investments |
17 |
$11,766,023 |
$50,765,000 |
Makan Delrahim
Deputy White House Counsel
Makan Delrahim
Deputy White House Counsel
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
5 |
$353,005 |
$795,000 |
| Real Estate Holdings |
4 |
$1,350,004 |
$2,750,000 |
| Stocks |
1 |
$1,001 |
$15,000 |
| Film: "Trash Fire" |
1 |
$100,001 |
$250,000 |
Uttam Dhillon
Special Assistant to the President and Senior Associate Counsel
Uttam Dhillon
Special Assistant to the President and Senior Associate Counsel
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
14 |
$3,268,014 |
$9,695,000 |
| Stocks |
5 |
$1,215,005 |
$5,500,000 |
| Bonds |
1 |
$50,001 |
$100,000 |
| Total Foreign Stocks |
1 |
$100,001 |
max |
John Eisenberg
Deputy Counsel to the President and Legal Adviser to the National Security Council
John Eisenberg
Deputy Counsel to the President and Legal Adviser to the National Security Council
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
5 |
$715,005 |
$1,500,000 |
| Real Estate Holdings |
3 |
$751,003 |
$1,515,000 |
| Stocks |
4 |
$152,004 |
$380,000 |
| Bonds |
1 |
$100,001 |
$250,000 |
Jason Greenblatt
Assistant to the President and Special Representative for International Negotiations
Jason Greenblatt
Assistant to the President and Special Representative for International Negotiations
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
4 |
$131,004 |
$365,000 |
| Real Estate Holdings |
1 |
$250,001 |
$500,000 |
| Stocks |
52 |
$934,051 |
$2,525,001 |
| Bonds |
2 |
$16,002 |
$65,000 |
| Companies Owned (in Whole or in Part) |
9 |
$241,009 |
$665,000 |
| Direct Investments |
1 |
$15,001 |
$50,000 |
| Healthcare Assets |
2 |
$265,002 |
$550,000 |
| Total Foreign Stocks |
11 |
$220,010 |
$540,001 |
| Single Country Foreign Stocks (India and Japan) |
2 |
$2,002 |
$32,002 |
Julia Hahn
Deputy Policy Strategist
Julia Hahn
Deputy Policy Strategist
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
4 |
$503,004 |
$1,045,000 |
| Real Estate Holdings |
1 |
$250,001 |
$500,000 |
| Stocks |
11 |
$619,010 |
$1,461,001 |
| Bonds |
1 |
$1,001 |
$15,000 |
| Foreign Assets |
6 |
$104,005 |
$311,001 |
| Foreign Stocks |
5 |
$103.004 |
$296,001 |
| Foreign Bond (Israel) |
1 |
$1,001 |
$15,000 |
Gregory Katsas
Deputy Counsel to the President
Gregory Katsas
Deputy Counsel to the President
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
5 |
$17,003 |
$81,001 |
| Stocks |
75 |
$2,328,064 |
$5,563,018 |
| Bonds |
2 |
$30,002 |
$100,000 |
| Energy Assets |
3 |
$115,003 |
$250,000 |
| Foreign Stocks |
1 |
$0 |
$1,001 |
Jared Kushner
Senior White House Adviser
Jared Kushner
Senior White House Adviser
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
12 |
$4,003,012 |
$17,145,000 |
| Real Estate Holdings |
126 |
$82,366,124 |
$358,017,002 |
| Stocks |
39 |
$6,274,038 |
$25,035,000 |
| Bonds |
20 |
$16,550,020 |
$81,250,000 |
| Money Market Accounts |
4 |
$1,017,004 |
$5,080,000 |
| Companies Owned (in Whole or in Part) |
2 |
$5,100,002 |
$25,250,000 |
| Foreign Assets |
16 |
$1,265,016 |
$2,675,000 |
| Foreign Stocks |
15 |
$1,015,015 |
$2,175,000 |
| Foreign Bonds |
1 |
$250,001 |
$500,000 |
Chris Liddell
Director of Strategic Initiatives
Chris Liddell
Director of Strategic Initiatives
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
36 |
$2,407,021 |
$3,194,000 |
| Real Estate Holdings |
23 |
$7,300,005 |
$32,616,001 |
| Stocks |
35 |
$27,696,015 |
$58,939,000 |
| Bonds |
82 |
$33,151,079 |
$84,767,031 |
| Money Market Accounts |
10 |
$1,415,007 |
unknown |
| Private Equity Funds |
1 |
$0 |
$1,000 |
| Venture Capital Investments |
58 |
$53,011 |
$317,000 |
| Companies Owned (in Whole or in Part) |
111 |
$7,906,035 |
$31,365,008 |
| Direct Investments |
82 |
$403,013 |
$1,089,001 |
| Promissory Notes |
11 |
$0 |
$11,000 |
| Government Investments |
20 |
$9,000,019 |
$21,000,006 |
| Telecom Assets |
2 |
$500,002 |
$1,006,002 |
| Manufacturing Assets |
1 |
$0 |
$1
| $1,000 |
| Healthcare Assets |
14 |
$1,000,002 |
$2,026,000 |
| Pharmaceutical Assets |
3 |
$0 |
$11,000 |
| Energy Assets |
2 |
$500,001 |
$1,016,000 |
| Coal Assets |
1 |
$0 |
$4,000 |
| Golf memberships |
1 |
$50,001 |
$100,000 |
| Foreign Assets |
71 |
$1,031,005 |
$2,120,000 |
| Foreign Bank Accounts |
5 |
$531,004 |
$1,116,000 |
| Foreign Stocks |
4 |
$150,002 |
unknown |
| Company Bonds |
13 |
$7,800,013 |
$30,750,008 |
| Government Bonds |
20 |
$9,000,019 |
$21,000,006 |
Kathleen McFarland
Deputy National Security Advisor
Kathleen McFarland
Deputy National Security Advisor
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
3 |
$101,003 |
$215,000 |
| Real Estate Holdings |
1 |
$1,000,001 |
$5,000,000 |
| Stocks |
184 |
$5,017,169 |
$13,570,015 |
| Bonds |
4 |
$115,003 |
$251,001 |
| Energy Assets |
8 |
$197,008 |
$480,000 |
| Excellon Resources (Silver mine in Mexico) |
1 |
$15,001 |
$50,000 |
Dina Powell
Deputy National Security Adviser
Dina Powell
Deputy National Security Adviser
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
8 |
$333,007 |
$746,001 |
| Stocks |
7 |
$630,007 |
$1,450,000 |
| Private Equity Funds |
3 |
$250,003 |
$600,000 |
| Energy Assets |
1 |
$100,001 |
$250,000 |
| Foreign Assets |
4 |
$500,004 |
$1,100,000 |
| Foreign Stocks |
3 |
$400,003 |
$850,000 |
| Government Bonds |
31 |
$755,027 |
$1,854,004 |
James Schultz
Senior Associate White House Counsel
James Schultz
Senior Associate White House Counsel
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
1 |
$100,001 |
$250,000 |
| Real Estate Holdings |
3 |
$1,500,003 |
$6,000,000 |
| Stocks |
5 |
$103,005 |
$245,000 |
| Bonds |
1 |
$50,001 |
$100,000 |
Raj Shah
Deputy Communications Director
Raj Shah
Deputy Communications Director
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
1 |
$250,001 |
$500,000 |
| Real Estate Holdings |
2 |
$1,000,002 |
$2,000,000 |
| Stocks |
4 |
$17,003 |
$81,003 |
Marc Short
Director of Legislative Affairs
Marc Short
Director of Legislative Affairs
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
2 |
$51,002 |
$115,000 |
| Real Estate Holdings |
2 |
$2,002 |
$30,000 |
| Stocks |
259 |
$1,612,252 |
$7,012,007 |
| Bonds |
15 |
$133,014 |
$471,001 |
| Money Market Accounts |
1 |
$15,001 |
$50,000 |
| Companies Owned (in Whole or in Part) |
1 |
$0 |
$1,000 |
| Manufacturing Assets |
1 |
$15,001 |
$50,000 |
| Healthcare Assets |
3 |
$17,003 |
$80,000 |
| Pharmaceutical Assets |
3 |
$45,003 |
$150,000 |
| Energy Assets |
16 |
$134,015 |
$486,001 |
| Foreign Assets |
13 |
$41,013 |
$265,000 |
| Single country (Japan and Ireland) |
12 |
$2,002 |
$30,000 |
| Foreign Real Estate |
1 |
$1,001 |
$15,000 |
| Company Bonds |
1 |
$0 |
$1,000 |
Sean Spicer
Press Secretary
Sean Spicer
Press Secretary
| Asset |
# |
Minimum Value |
Maximum Value |
| Bank Accounts |
4 |
$46,004 |
$165,000 |
| Real Estate Holdings |
10 |
$2,601,010 |
$5,265,000 |
| Stocks |
18 |
$568,013 |
$1,325,005 |
| Bonds |
4 |
$4,004 |
$60,000 |
| Money Market Accounts |
2 |
$1,001 |
$16,001 |
| Telecom Assets |
2 |
$30,002 |
$100,000 |
| Healthcare Assets |
1 |
$0 |
$1,000 |
| Energy Assets |
1 |
$1,001 |
$15,000 |
| Foreign Assets |
3 |
$3,003 |
$45,000 |
| Foreign Stocks |
2 |
$2,002 |
$3,000 |
| Foreign Bonds |
1 |
$1,001 |
$15,000 |
| Government Bonds |
3 |
$3,003 |
$45,000 |
White House officials who earn yearly salaries of $172,100 or higher are required to file public financial disclosure reports with the Office of Government Ethics. These officials should not work on any government matter that would benefit
their own financial interests, or the finances of their partners or children.
But the disclosures leave out a lot of information.
“There isn’t a lot in those forms,” said Scott H. Amey, General Counsel for the Project on Government Oversight. “It does raise concerns that people are in Trump’s ear and they might not be putting the public’s interest over a certain industry.”
The forms report the value of each asset as a range, leaving a lot of ambiguity. For example, Reed Cordish, a special assistant to the president, reports that his stake in Cordish Enterprises, LLLP, is worth somewhere between $25 million and
$50 million. Cordish offers little information on where exactly the company invests that money..
If the Office of Government Ethics flags a conflict of interest in an applicant’s filing, that staff member has two options. One, they can keep the asset, but step away from any government matter related to it. Or, they can get rid of the
asset entirely.
Staff members can also avoid the possibility of an ethics violation by selling off any asset that could appear to be a conflict of interest. At least six of the millionaires who serve in the Trump administration are in the process of divesting
some of their assets.
But members of this administration have so many holdings that more conflicts may arise. In March, the non-profit ethics watchdog Citizens for Responsibility and Ethics in Washington
filed a complaint with White House Counsel against an apparent ethics violation by Assistant to the President and Director of Strategic Initiatives Chris Liddell who participated in meetings with companies in which he had invested.
It will take continued investigation and vigilance to prevent other conflicts in the future.
Keep digging...
This project is intended to be a tool to let other people dig deeper into the holdings of the administration. A lot of information is missing from these forms.
But part of the problem is simply how much information is in there. We did the work to synthesize the information by creating easily searchable spreadsheets from the PDF versions of the disclosure forms. We are making those spreadsheets
accessible to the public here, so anyone can work to dig through this information.