The Trump Organization just introduced a new ethics plan, aiming to ensure that President-elect Donald Trump’s involvement in the company remains limited while he’s in the White House.
So, what does this mean exactly? Well, Trump will only get “general business updates” and will have “limited access” to the company’s financial information. The organization shared this information in a five-page document, which was made available to CNBC.
Here’s the key point: Trump’s investments will be managed by a trust controlled by his children. This trust will be handled independently by outside financial institutions, and those institutions won’t take direction from Trump on specific investments or transactions.
On top of that, the Trump Organization has promised not to enter into any new major deals or contracts with foreign governments – except for those “ordinary course transactions” that happen regularly. However, the paper doesn’t clarify whether business with private foreign entities is allowed.
While the organization backed off from several foreign deals after Trump’s 2016 win, Eric Trump, the company’s executive vice president, recently mentioned to The Wall Street Journal that they didn’t get enough credit for it.
Additionally, the company announced that, just like during Trump’s first term, it will donate profits from foreign governments staying at its hotels and businesses to the U.S. Treasury. They will also offer discounted rates to the U.S. Secret Service and other government agencies using their properties.
Eric Trump emphasized the company’s commitment, stating, “The Trump Organization is dedicated to not just meeting but vastly exceeding its legal and ethical obligations during my father’s Presidency.”
To add an extra layer of oversight, the Trump Organization has appointed attorney William Burck as its new outside ethics advisor. Burck, who co-chairs the global law firm Quinn Emanuel LLP, expressed excitement about the role, calling it a privilege to be part of this “unprecedented and pivotal chapter” in the organization’s history.
The Wall Street Journal was the first to report on the company’s new policies.
