Trump says he’s leaving businesses to avoid conflicts

Trump, in fact, has not said whether he will sell the hotels, golf courses and other businesses that make up his global Trump Organization, as the U.S. Office of Government Ethics subsequently acknowledged.

Trump’s decision comes two days after the New York Times posted a piece about his “conflict-of-interest” problem, stating that it’s possible that corporate interests or foreign countries could bribe him while he’s commander in chief.

President-elect Donald Trump‘s statement that he would take unspecified steps to separate himself from his vast business empire – made via Twitter on November 30 – drew a swift rebuke from legal and ethics experts who said he was not doing enough to eliminate conflicts of interest.

The issue is the ownership of the businesses, not Trump’s daily role in the operations, says Richard Painter, a former White House ethics lawyer under George W. Bush and a leading critic of Trump’s conflict of interests.

President-elect Donald Trump announced Wednesday morning that the will leave behind his business and redirect his focus to running the nation, saying he would provide additional updates in a mid-December press conference.

President-elect Donald Trump announced Wednesday he would leave his business conglomerate to focus exclusively on the presidency.

US President-elect Donald Trump vowed on Wednesday to step back from running his global business empire to avoid conflicts of interest but gave few immediate details as concern over his dual role mounts ahead of his January 20 inauguration.

“Hence, legal documents are being crafted which take me completely out of business operations”, he said.

So far, aside from former generals sidelined by President Barack Obama’s administration, Trump has focused on recruiting super-rich conservative figures from Wall Street and private business.

USA law does not require Trump to give up his business portfolio, although the Constitution states that no federal official can receive a gift or “emolument” from a foreign government.

His company, the Trump Organization, had previously said it was looking at new business structures with the goal of transferring control of his portfolio to his Donald Trump Jr, Ivanka Trump and Eric Trump – three of his adult children who are involved with the company. Donald Trump now wants to withdraw completely from his company as soon as he becomes USA president.

“A few weeks ago, Cohen told Politico that Trump remains, very comfortable with them at the helm and the people that will surround them”. Mnuchin, 53, is a former Goldman Sachs partner who was Mr Trump’s campaign chairman and Mr Ross is an investor who has made billions turning around distressed companies.

Trump’s picks are the first major nominations to his economic policy team.

What’s more, Trump is also only promising to deal with the Trump Organization itself.

Transition sources also said Trump had chosen Chicago Cubs co-owner Todd Ricketts as deputy commerce secretary.

Trump has substantial business holdings in at least 18 countries, including China, South Korea, Azerbaijan, United Arab Emirates, Uruguay, the Philippines, Turkey and India.

NAN reports that Trump reportedly has interests in no fewer than 500 businesses now. President-elect Trump has picked Elaine Chao as Transportation secretary. A poll by CNN found that 6 in 10 Americans believe Trump is not doing enough to address conflicts of interest.

Steven Mnuchin, who served as the Trump campaign’s finance director, will be the new treasury secretary.

He said he will hold a news conference with his children on the subject on December 15.

If the business is run by his children, they must be entirely separated from government operations, Eisen and Painter said.

And experts warned that if Trump simply hands off the business to his children, his continued stake in the business, as well as the inherently close relationship he has with his immediate family, continued to pose a raft of questions. “Right decision!” one tweet said.

“I’m not ready to reveal that really”, Priebus said.