The “emoluments clause” is the only conflict of interest law that applies to the presidency. It is designed to keep foreign interests from essentially buying influence with U.S. government officials, including the president. Trump may tread on this clause literally during the first week of his presidency as foreign agents pay vast sums to stay at his hotel during inauguration week. Here’s the exact language from the “Emoluments Clause” in the Constitution: “No person holding any (U.S.) office of profit or trust…shall, without the consent of the Congress, accept of any present…of any kind whatever, from any king, prince, or foreign state.”

The central question will be this: if foreign agents spend $5 million—or $500 million—to stay at Trump properties as a way to curry favor with the White House, does this constitute an emolument given to directly benefit the president-elect? The clause’s applicability to a president has never really been tested in court. It might during a Trump presidency if he chooses not to sell his assets, or set up a true blind trust that shields him from knowing if anything valuable is offered to him.