By Michelle Conlin and Heather Timmons
(Reuters) -Donald Trump will hand over daily management of his multi-billion-dollar real estate, hotel, golf, media and licensing portfolio to his children when he enters the White House, the Trump Organization said on Friday, repeating an arrangement that he made during his first term that an ethics expert said still posed conflicts.
All of the president-elect's investments, assets and business interests will remain in a trust managed by his children, the company said. Trump will not sit on or be appointed to any boards and will have no role in day-to-day decision-making, it said.
Attorney William A. Burck, global co-chair of law firm Quinn Emanuel LLP, will serve as the Trump Organization's outside ethics advisor.
"In his role as outside Ethics Advisor, Mr. Burck will assist The Trump Organization in the development, implementation and maintenance of internal ethics policies, procedures, and controls designed to avoid any perceived conflicts of interest," the Trump Organization said in a statement. "Mr. Burck will also oversee the review of material transactions to ensure full compliance with ethical standards."
The Trump Organization also said the company "will not enter into any new material transactions or contracts with a foreign government, except for Ordinary Course Transactions." It said Trump would have limited access to the Trump Organization's financial information and that it would donate all profits from foreign government patronage, through hotels and similar businesses, to the U.S. Treasury. The President-elect's investments will be independently managed by outside institutions.
Trump's arrangement is similar to one during his first presidency, when he handed the management of his businesses to his sons Don Jr. and Eric Trump. At the time, ethics experts, including the U.S. Office of Government Ethics, urged Trump to completely divest or set up a blind trust for his assets. He resisted.
Asked about the new agreement, Danielle Brian, executive director of the Project on Government Oversight, said, "Most of that is not new, and therefore not good enough."
The only substantive new provision, Brian said, is Trump's promise to offer the U.S. Secret Service and other government agencies a discount when they use Trump properties. The Secret Service often stayed at Trump properties while they provided security during his first presidential term.
"But unless the discount is so significant that there is zero profit for the Trump administration, the president will still be making money from requiring that the Secret Service stay at his resorts, and that is unethical," Brian said.