Trump's company unveils its ethics guidelines for his second term
The Trump Organization announced Friday that President-elect Trump will have no involvement with the management of his family’s business and the company will donate profits received from foreign governments, as part of a batch of new ethics measures to be put in place during Trump’s second term.
The company detailed an eight-step outline for how it would seek to avoid conflicts of interest and keep Trump separate from his family business once he takes office, including the appointment of attorney William Burck as a new outside ethics adviser who will review acquisitions, major leases, debt and refinancing and transactions with state and local governments.
The announcement comes ahead of Trump’s Jan. 20 inauguration and as his business interests are sure to be a point of contention for critics who worry the Trump family will profit from the presidency.
“The Trump Organization is dedicated to not just meeting but vastly exceeding its legal and ethical obligations during my father’s Presidency,” said Eric Trump, one of the president-elect’s sons and the executive vice president of The Trump Organization, in a statement.
“As a reflection of this commitment, just like during my father’s first term in office, we have not only implemented a series of robust ethical standards, but also appointed one of the most respected attorneys in the country to guide our company while my father serves to make America great again,” Eric Trump said.
In addition to Burck’s appointment, the Trump Organization said President-elect Trump will have no involvement in the company’s management. He will receive limited information about the Trump Organization’s finances, the company said.
His investments and business assets will be held in a trust managed by his children rather than a blind trust, similar to the arrangement during Trump's first term.
The company also said it would not enter into any new transactions or contracts with foreign governments during Trump’s second term. The ethics guidelines did not, however, address potential new contracts with private foreign companies.
The Trump Organization said it would offer discounted rates to the Secret Service and other government agencies for overnight stays at its properties, and it would donate to the U.S. Treasury “all profits it receives from foreign government patronage that the Company is able to identify at its hotels and similar businesses.”
Trump’s first term in office was marked by repeated criticisms and probes by Democrats about the blurring between the Trump administration and Trump’s businesses.
Trump opted not to place his assets in a blind trust when he took office, instead turning over control of his company to his two elder sons. Democrats repeatedly accused the president of violating the Emoluments Clause of the Constitution, which prohibits elected officials from receiving gifts or benefits from foreign governments without congressional approval.
A report from Democrats on the House Oversight and Accountability Committee released in January 2024 found Trump took in at least $7.8 million from foreign entities in 20 countries during his first term in office.
A 2020 report from The Washington Post found Trump’s company had charged the Secret Service $628,000 in lodging fees since he took office in 2017, with the totals stemming from Trump’s stays at his Mar-a-Lago estate in Florida and at Trump National Golf Club in Bedminster, N.J.
And Trump's business practices ran into legal trouble last year when a New York judge ordered Trump to pay nearly $355 million in penalties in a civil fraud case. Trump and his family repeatedly decried the case as politically motivated.