Trump Said Ready to Turn Business Over to Trust Run by Sons and Associate
Source: New York Times
By MAGGIE HABERMAN, JULIE HIRSCHFELD DAVIS and ERIC LIPTONJAN. 11, 2017
WASHINGTON — President-elect Donald J. Trump, insisting he will not divest himself of his vast business empire as he prepares to assume the presidency, plans instead to turn over all of his business operations to a trust controlled by his two oldest sons and a longtime associate, top officials with his company said on Wednesday.
He will donate to the United States government all profits from foreign government payments to his hotels, the officials said, describing the arrangements as voluntary measures taken to answer concerns about potential conflicts of interest that would allow Mr. Trump to focus on running the country.
The Trump Organization will also refrain from entering into any new deals with foreign partners, his legal advisers said, backing off from an earlier claim by Mr. Trump that his company would have “no new deals” of any kind during his presidency. Instead, the Trump enterprise will have to clear any new transactions with an ethics adviser to be chosen by the president-elect in coming days. That ethics adviser will vet them for potential conflicts, using a standard that his advisers said had not yet been agreed upon.
The long-promised specifics Mr. Trump’s advisers provided on Wednesday left dozens of unanswered questions about whether or how the incoming president would avoid conflicts as commander in chief.
Read more: https://www.nytimes.com/2017/01/11/us/politics/trump-organization-business-conflicts.html?emc=edit_na_20170111&nlid=57435284&ref=headline
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