Donald Trump to Hand Over Daily Management of Business Empire to Children
Donald Trump will hand over daily management of his multi-billion-dollar real estate, hotel, golf, media, and licensing portfolio to his children when he enters the White House, the Trump Organization announced on Friday. This arrangement is similar to one made during his first term, which an ethics expert said still posed conflicts.
According to the Trump Organization, all of Trump’s investments, assets, and business interests will remain in a trust managed by his children. Trump will not sit on or be appointed to any boards and will have no role in day-to-day decision-making.
The Trump Organization has also appointed attorney William A. Burck as its outside ethics advisor. Burck will assist the company in developing, implementing, and maintaining internal ethics policies and procedures to avoid any perceived conflicts of interest.
The company has also stated that it will not enter into any new material transactions or contracts with a foreign government, except for ordinary course transactions. Trump will have limited access to the Trump Organization’s financial information, and all profits from foreign government patronage will be donated to the U.S. Treasury.
Trump’s investments will be independently managed by outside institutions, and the Trump Organization will offer the U.S. Secret Service and other government agencies a discount when they use Trump properties. However, ethics experts have questioned the arrangement, saying that Trump will still be making money from requiring the Secret Service to stay at his resorts, which is unethical.
