Bill Clinton’s past could complicate Hillary Clinton’s future.

As rumors swirl that Sen. Clinton could become the next secretary of state, officials close to the process confirm that President-elect Barack Obama’s transition team has started vetting the former president’s foreign financial dealings. President Clinton has made a veritable fortune since he left office, largely conducting business on foreign soil and addressing various international audiences. In order to give Mrs. Clinton the green light, that team must make sure Mr. Clinton’s work won’t bring up any conflicts of interests. The New York Times reports:

"’A team of lawyers trying to facilitate the potential nomination spent the weekend looking into Mr. Clinton’s philanthropic organization, interactions with foreign governments and ties to pharmaceutical companies,’ a Democrat close to both camps said. While Mr. Clinton has used his foundation to champion efforts to fight AIDS, poverty and climate change around the world, he has also taken millions in speaking fees and contributions from foreign officials and businesses with interests in American governmental policies.

"Obama advisers are discussing what Mr. Clinton would need to do to avoid a conflict of interest with the duties of his wife, who is said to be interested in the post. ‘That’s the first and most important hurdle,’ said a senior adviser to Mr. Obama. ‘He does good work. No one wants it to stop, but a structure to avoid conflicts must be thought of.’"

Though the idea of a serious review may send shivers up some backs, other sources indicate this process only proves how serious Mr. Obama is about bringing Sen. Clinton into his administration. Said one anonymous tipster, "I can’t believe they would have her schlep out there with all this publicity unless they were real about it.” It’s also important to note that the Clintons and President-elect Obama had some tough times over the past year, as Clinton and Obama duked it out for the Democratic presidential nomination. Many point out that it would not be wise for Obama to begin this process only to put on the brakes, lest he reopen the party’s primary wounds.