Trump to give up business completely
President-elect Donald Trump announced that he'd be leaving his business empire before taking on the presidency. He said that he wasn't 'mandated' to do so but it might become a potential conflict of interest. Former Goldman Sachs executive Steven Mnuchin will be his treasury secretary while Wilbur Ross- the billionaire investor would serve as the commerce secretary.
The Trump Organization- an amassed wealth of $4.5 billion
The Trump Organization is a privately owned American international conglomerate with Donald Trump as its chairman and president. Trump's 3 eldest children Donald Trump Jr., Ivanka Trump, and Eric Trump are the executive vice presidents. The Trump Organization collectively owns 500 business entities of which Trump is the primary owner. While sources differ his net worth was pegged by Forbes at $4.5 billion.
Trump's children to run his business
The Trump Organization revealed that Trump's children would be running the company with the help of a team of highly skilled executives. The Democrats criticized this move claiming that Donald Trump's children were also a part of the presidential transition team and hence would meet foreign dignitaries that could lead to business favours and hence was 'tricky'. They sought that Trump set-up a blind-fund.
What is a blind trust?
A trust in which the administrators have full discretion over the assets and the trust recipients have no information about the holdings. The trustee inducts the trust and controls the ability to annul but exerts no power over the operations and gets no reports.
Democrats skeptical about Trump's announcement
Democrats questioned Trump's move to give up business contending that 'conflicts of interest' would still remain if Trump's adult children get operational authority of his business. Trump had previously said that he would set up a "blind trust" leaving his children in charge. However, this won't be a blind trust as family members "cannot be involved in those under federal law."
