Trump says won’t divest from his business while president

WASHINGTON, (Reuters) U.S. President-elect Donald Trump said yesterday he would maintain ownership of his global business empire but hand off control to his two oldest sons while president, an arrangement that watchdogs said would not prevent conflicts of interest in the White House. Trump told a news conference he would resign from all positions overseeing his hotels, golf courses and hundreds of other businesses and move his assets into a trust to help ensure that he will not consciously take actions as president that would benefit him personally.

Trump, a Republican, is under pressure to distance himself from his businesses before he moves into the White House on Jan. 20. Unlike other U.S. government officials, the president is not required by law to steer clear of conflicts of interest.

“I could actually run my business and run government at the same time. I don’t like the way that looks, but I would be able to do that if I wanted to,” Trump said. Ethics experts said the arrangement did not go far enough. “Mr. Trump’s ill-advised course will precipitate scandal and corruption,” said Norman Eisen, a former White House ethics adviser under Democratic President Barack Obama. Walter Shaub, director of the U.S. Office of Government Ethics, said yesterday in a speech at a Washington think tank that his office recommends Trump “divest his conflicting assets” to avoid conflicts.

Trump appears to be still involved with his business while preparing to take office, saying he had turned down a $2 billion development deal in Dubai he had been offered over the weekend. The company that made the proposal, DAMAC, confirmed the discussions had taken place.

The Trump Organization will not enter into any new overseas deals while Trump is president and will only undertake domestic projects after a company ethics adviser has approved them, said Trump adviser Sheri Dillon. Details of how the ethics adviser would operate, as well as several other aspects of the arrangements, were not immediately clear.