Note the American ruler playing in the street (7)

I believe the answer is:

busking

'playing in the street' is the definition.
(I've seen this before)

'note the american ruler' is the wordplay.
'note' becomes 'b' (musical note).
'the american' becomes 'US' (United States).
'ruler' becomes 'king' (king is a kind of ruler).
'b'+'us'+'king'='BUSKING'

(Other definitions for busking that I've seen before include "providing entertainment for commuters?" , "street diversion" , "Serenading passers-by" , "performing for donations" , "Performing in the street for money" .)

I've seen this clue in The Irish Independent.

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