In 1961, President John F. Kennedy signed Executive Order 10930, the first step in a long series of efforts to regulate the ethical behavior of executive branch officials. A few years later Lyndon B. Johnson required all senior officials to report assets and sources of non-government income to the Civil Service Commission. The reaction to Watergate opened the floodgates to more laws and rules: the Ethics in Government Act of 1978, subsequent expansions of that act in the 1980s and 1990s, and sweeping executive orders by Presidents George H. W. Bush and Bill Clinton. The consequence of...