Federal rules for stock sales may not apply to Trump Media, says TD Cowen

TD Cowen’s Jaret Seiberg in the firm’s Washington Research Group notes that the list of candidates President Trump is considering for Treasury Secretary and top economic jobs includes executives who have significant stock holdings and the firm’s view remains that these executives would need to divest the stock and put the proceeds into mutual funds and Treasury securities under federal ethics laws. However, these rules apply to executive branch employees and Donald Trump as President is not an employee, which is “why none of the ethics rules apply to him.” The firm adds: “Most Presidents still abide by the same rules, but it is not required.” Shares of Trump Media (DJT), in which President-elect Trump is the majority holder, are up about 3% in pre-market trading.