President-elect Donald Trump announced late Monday night that he would hand over control of his businesses to his adult sons before his inauguration and vowed that the companies would make “no new deals” while he is in office.
In a pair of tweets sent after 11 p.m., Trump wrote: “Even though I am not mandated by law to do so, I will be leaving my businesses before January 20th so that I can focus full time on the Presidency. Two of my children, Don and Eric, plus executives, will manage them. No new deals will be done during my term(s) in office.”
Trump was earlier scheduled to hold a press conference on Thursday — his first since winning the election Nov. 8 — to announce his plans for his businesses, but his transition team announced Monday that the press conference will be rescheduled for next month.
Trump’s tweets gave no indication that he will give up his ownership stake in his global real estate and licensing empire, which experts have advocated as the only way to ensure Trump could not profit from the impact of his own policies.
The promise to forgo any new deals, however, was a step beyond Trump’s previous statements on the topic, when he merely indicated he would give up control of the business.
Trump gave no details on how his businesses would operate without embarking on new business deals, nor how transparency would be provided so the public could judge whether that pledge is being upheld. The law requires that only certain information about his personal finances be disclosed and only annually. Trump will not be required to disclose financial information next until May 2018.
Trump’s tweets omitted reference to daughter Ivanka, who, like her brothers, currently works at the Trump Organization. However, Ivanka is expected to step away from the business to serve in an advisory capacity to her father; her husband Jared is a key and trusted aide.
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SOURCE: The Washington Post, Elise Viebeck