Various commentators point to a 2009 OLC opinion examining whether President Obama could lawfully receive the Nobel Peace Prize award and conclude that the Emoluments Clause will apply to an elected official, like Donald Trump, when he takes office. However, when one reviews the several dozen OLC opinions that mention or discuss the Emoluments Clause, a much blurrier picture emerges. The OLC has not broadly applied the Emolument Clause to elected officials. Rather, it frequently reads the Emoluments Clause consistently with the Appointments Clause.
The President shall, at stated Times, receive for his Services, a Compensation, which shall neither be increased nor diminished during the Period for which he shall have been elected, and he shall not receive within that Period any other Emolument from the United States, or any of them.