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Wednesday, 11 January 2017 12:20

Trump outlines plan to shift assets, give up management of his company

Written by  Drew Harwell

President-elect Donald Trump will shift his assets into a trust managed by his sons and give up management of his private company, a step that will help the businessman move closer to resolving potential conflicts of interest.

The move, announced Wednesday in Trump’s first news conference since July, will target some of his most visible ethical vulnerabilities and push back against early criticism from Congressional Democrats who say his financial entanglements could improperly steer his presidential decision-making.

The announcement included a pledge from a Trump lawyer that the company would make “no new foreign deals whatsoever” during Trump’s presidency, and that any new domestic deals would undergo vigorous review, including approval by an independent ethics adviser.

But Trump’s commitment will not resolve what federal officials and ethics advisors say is his most key conflict: His continuing ownership of his business, the Trump Organization. That will ensure Trump will still have a vested financial interest in a global private company when he takes office next week.

Sheri Dillon, a tax advisor at Morgan Lewis, said Trump has sought to completely isolate himself from the business and “will only know of a deal if he sees it in the paper or on TV.

Read more at WashingtonPost

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