P
resident-elect Donald Trump's plan to separate himself from his family real estate business mirrors his previous approach eight years ago, with one key difference. Unlike before, he will not restrict deals with private foreign companies.
In 2017, just before taking office for the first time, Trump pledged that his companies would not engage in new deals with foreign entities. However, ten days before his second inauguration, he announced a more limited restriction: no new deals with foreign governments over the next four years. This leaves open the possibility of development deals with private overseas companies.
The Trump Organization's ethics agreement, released by law firm Quinn Emanuel Urquhart & Sullivan, includes several key provisions. William Burck, a prominent ethics lawyer and former federal prosecutor, has been appointed as outside counsel to review transactions worth over $10 million or involving local, state, or federal governments. This includes loans, refinancings, property trades, and leases over 40,000 square feet.
Like his first term, Trump will not have access to detailed financial information about his companies, and his assets will be kept in a trust. His investments will be managed by his children or outside financial institutions, with no involvement from him. Eric Trump, executive vice president of The Trump Organization, will lead the business while his father is in office.
The Trump Org. has several projects underway, including a 1,500-unit condo development at the site of the Trump National Doral golf course in Miami. Critics argue that any profits or benefits from foreign governments are a violation of the Emoluments Clause of the U.S. Constitution. The business plans to donate profits from smaller transactions with foreign officials to the U.S. Treasury to avoid conflicts of interest.
U.S. government officials and Secret Service agents will receive discounted rates at Trump-owned properties, as they did during his previous term. Trump received over $1.8 million in payments from the Secret Service for stays at his U.S. properties between 2016 and 2021, charging above the federally mandated maximum for hotel accommodations.
