On Sept. 23, 1952, Richard Nixon was in a quandary.
Rumors abounded that he had misused $18,000 of campaign funds, and presidential candidate Dwight Eisenhower considered dropping him as his VP nominee. Nixon’s solution?
A bold move to address the nation on television.
In what became known as the “Checkers Speech,” Nixon sought to earn the trust of the American public by taking the unprecedented step of sharing his net worth: a $41,000 home in Washington, DC with a $20,000 mortgage, a $13,000 house in California with a $3,000 mortgage, no stocks and bonds, and a small life insurance policy.
“It isn’t very much,” he added, “But Pat and I have the satisfaction that every dime that we’ve got is honestly ours.”
It was enough to win back both Ike and the American public.
While Nixon’s speech may seem quaint today, it reinforces a timeless truth: The personal finances of our presidents should matter in how we assess them.
Today, Americans are far more cynical about political figures.
A recent Pew Research Center study found that 63% of Americans believe elected officials chose their careers to make money.
Furthermore, 80% feel that members of Congress poorly separate their personal financial interests from their work.