The Trump Organization on Friday announced an ethics plan that will see President-elect Donald Trump distancing himself from the company’s day-to-day operations.
What Happened: The Trump Organization revealed that Trump will not be involved in the company’s daily management once he assumes office. The company also pledged not to enter into new contracts with foreign governments during Trump’s presidency, reported The Wall Street Journal on Friday.
The plan states that the Trump Organization will remain free to pursue further foreign business deals with private companies. Lawyer William Burck will assist the company in crafting internal ethics policies to prevent any possible conflicts of interest.
Trump’s investments will be managed independently by external institutions, with the president-elect having limited access to the company’s financial information. The company also plans to donate profits from foreign government officials identified at its hotels and other businesses to the U.S. Treasury.
This marks a significant shift from the approach taken when Trump first assumed office in 2017.
Eric Trump, the Trump Organization’s executive vice president, said, “The Trump Organization is dedicated to not just meeting but vastly exceeding its legal and ethical obligations during my father's presidency.”
Why It Matters: Amid growing scrutiny of its international operations, the Trump Organization has decided to distance Trump from daily business activities and halt new contracts with foreign governments. This move comes as the company continues to expand its presence in regions where the Trump brand is well-established, including Asia and the Middle East.
Trump's business dealings have sparked controversy since his first presidency, with accusations of breaching the Constitution’s emoluments clauses. The Supreme Court dismissed a case related to this issue after Trump's 2020 election loss. Recently, the Trump Organization sold the long-term lease for the Trump International Hotel in Washington, D.C., for $375 million, and reports suggest the company is in negotiations to reacquire the property.
Trump faced criticism over his son-in-law Jared Kushner receiving a $2 billion investment for his private equity firm, Affinity Partners, from a Saudi fund backed by Crown Prince Mohammed bin Salman during his first term in office.
Meanwhile, Trump Media & Technology Group Corp. DJT stock has jumped 106% over the past year, with the rally seemingly coinciding with President-elect Trump's anticipated return to the White House. At $35.31, DJT stock is trading above its 5, 20, and 50-day exponential moving averages, suggesting a bullish trend. However, key indicators present a mixed outlook.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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