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Trump Announces Complete Separation From Business Dealings

Trump Announces Complete Separation From Business Dealings

FOX NEWS --

President-elect Trump has announced plans to separate himself from his business empire. He is conveying all of his businesses and investments to a trust and is resigning all offices and positions from his companies.

One of his legal team is briefing reporters now, saying they were told to do everything necessary to separate him from interests, and to make sure he could not be seen as using the office of the president to enrich himself.

Also, an ethics adviser will be appointed to join the management team, and they will create the position of a chief compliance officer.

He has relinquished control of the Trump Organization to Don Jr., Eric and Alan Weisselberg. The Organization will also donate all profits from foreign stays at his hotels and properties to the U.S. Treasury. "It will therefore be the American people who profit," his tax attorney said.

Additionally Ivanka Trump is also relinquishing management authority of the Trump Organization.

Any new business deals will only be learned about by Trump when he sees it on television or reads about it in the newspaper, his tax attorney Sheri Dillon told reporters.

However, he will not divest himself of business interests as it is not realistic to do so and would not get rid of conflicts of interest. If he sold it, the price would be scrutinized as a potential "pay to play" problem, Dillon said. She added that it is not reasonable to expect Trump to destroy the business he built, which is risked if there was a "fire sale."

Dillon also adds there is no realistic way to do a blind trust. "Trump cannot unknow that he owns Trump Tower," she notes.

Read the full story at FoxNews.com→



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