Mr. Trump will stop managing his business empire when he takes office

The Trump Organization announced last weekend that Donald Trump would hand over business management to his children when he takes office as US President on January 20. His business empire is currently worth billions of dollars, operating in real estate, hotels, golf courses, and media. During his first term, he also made a similar move.

The Trump Organization said all of Trump’s assets, investments and business interests will be placed in a trust, managed by his children. He also does not participate in any board of directors, nor does he run the company.

William A. Burck – co-chairman of law firm Quinn Emanuel is an ethics consultant for the Trump Organization. His job is to develop and help the corporation comply with ethical regulations and policies, as well as review transactions to avoid conflicts of interest after Mr. Trump takes office.

The Trump Organization said it was “entering into no new transactions or contracts with foreign governments.” Mr. Trump will have limited access to the corporation’s financial information.

Profits derived from foreign government customers, through hotel stays or similar services, will be transferred to the US Treasury. Mr. Trump’s investments are independently managed by an outside organization.

During his first term, Mr. Trump transferred the companies to his son Don Jr. and Eric Trump. However, many experts believe that this still causes a conflict of interest. They urged him to completely divest from the businesses, but he refused.

Regarding this plan, Danielle Brian – Director of POGO – an independent organization specializing in monitoring US government activities commented that “most arrangements are not new and not radical enough”. He said the most significant new point is that Mr. Trump proposed discounts for the US Secret Service and other government agencies if staying at Trump Organization properties. During his first term, US Secret Service agents were often here to protect Mr. Trump.

“But unless they cut prices so drastically that they make no profit, the President-elect still makes a profit by requiring Secret Service agents to stay at his resort. This is not ethically sound,” Brian conclude.