Washington: President-elect Donald Trump said on Wednesday on Twitter that he would be “holding a major news conference” on December 15 in New York with his children to discuss his departure from his business to focus on his job at the White House.
He’ll leave his business “in total,” he said in a series of tweets. “While I am not mandated to do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses.”
“Hence, legal documents are being crafted which take me completely out of business operations,” he tweeted. “The Presidency is a far more important task!”
Concerns about potential conflicts of interest in domestic and foreign affairs have already begun to bubble up for the billionaire ahead of his January inauguration as the first president not to have held elected office or a position in the military.
Many of Trump’s assets are in the form of licensing deals to put his name on developments all over the world — a type of a brand equity that would be difficult for him to transfer, although his adult children Ivanka, Donald junior, and Eric are all Trump Organisation Inc. executives who carry the name.
Past presidents have routinely placed their liquid assets, including stocks and bonds, into blind trusts. Trump had said on the campaign trail that placing his assets with his children would constitute such a trust, although they are almost always overseen by independent trustees.