President-elect Donald Trump announced a sweeping plan Wednesday to separate himself from his business empire.
This is what the plan includes, according to Trump and his team:
- Trump hands control of The Trump Organization to sons Donald Jr. and Eric Trump, along with chief financial officer Allen Weisselberg.
- Trump resigns all offices and positions in his companies.
- Trump’s businesses and investments are placed in a trust.
- An ethics adviser will be required to approve any deals that could raise conflict-of-interest concerns.
- Daughter Ivanka – whose husband Jared Kushner has accepted a senior adviser job in the White House – will relinquish all management authority.
- The Trump Organization will donate profits from foreign government stays at Trump hotels and properties to the U.S. Treasury, and bar new foreign deals during his presidency. Domestic deals will be allowed, but will go through what was described as a rigorous vetting process.