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blind trust
noun
- a trust in which a trustee controls the financial investments of a public official, without the beneficiary's knowledge of how their affairs are administered, in order to avoid conflict of interest.
blind trust
noun
- a trust fund that manages the financial affairs of a person without informing him or her of any investments made, usually so that the beneficiary cannot be accused of using public office for private gain
yvlog History and Origins
Origin of blind trust1
Example Sentences
He sold the family farm-supply business, which had been placed in a blind trust during his presidency and was by then deeply in debt.
“This is not a blind trust with an independent trustee, where people can have confidence that the conflicts of interest are in fact removed,” he said.
Historically, it has been up to individual presidents to voluntarily take action to avoid conflicts, like when Jimmy Carter put his peanut farm into a blind trust.
He said he would support legislation requiring lawmakers to place their assets in a blind trust, and said he would support jail time for members of Congress who fail to disclose their assets.
Fortunately, if you do win the lottery, you can take advantage of a blind trust to help you keep your winnings.
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