Trump Company Reverses Ban on Private Foreign Deals
The Trump family business recently released an ethics agreement that outlines its policies on private foreign deals, which is a departure from previous terms. The new guidelines allow the Trump Organization to engage in business with private companies overseas, but not with foreign governments. This marks a significant shift from the earlier policy that prohibited deals with both foreign governments and companies.
Additionally, the Trump Organization has reinstated several safeguards from the previous term to prevent private financial interests from influencing policies. These safeguards include hiring an external ethics adviser to review deals to ensure compliance with ethical standards. Executive Vice President Eric Trump stated that the organization is dedicated to not only meeting legal obligations but also exceeding ethical standards during his father’s presidency.
Recent developments include the Trump Organization finalizing deals for hotels and golf resorts in various countries like Vietnam, Saudi Arabia, and the United Arab Emirates. This has raised concerns among ethics experts regarding potential conflicts of interest and how President-elect Trump’s personal financial interests could impact policy decisions related to these countries.
Moving forward, the Trump Organization has expressed interest in expanding into other international markets, including potential deals in Israel, and has investments in businesses like Trump Media & Technology Group and World Liberty Financial. These ventures pose the risk of attracting foreign investments that could influence decision-making within the company.
In light of these concerns, the Trump Organization has hired William A. Burck from Quinn Emanuel LLP to evaluate deals that might pose conflicts with public policies. The organization has reiterated its commitment to adhering to ethical standards outlined in the new five-page ethics agreement, which prohibits Trump from being involved in day-to-day operations, restricts financial information disclosure, and mandates the donation of profits from foreign government spending at Trump properties to the U.S. Treasury.
Under U.S. law, federal government officials are prohibited from maintaining business interests that could sway their decisions on public policies. Traditionally, U.S. presidents have voluntarily complied with this regulation, except for Trump, who faced specific challenges due to his extensive real estate and business holdings.
During his previous term, Trump faced criticism for potential conflicts of interest, most notably through the Trump International Hotel in Washington D.C., which served as a hub for lobbyists and foreign diplomats. Concerns were also raised about violation of the Constitution’s emoluments clause, which prohibits gifts or payments to the president. While these issues have been contentious, the recent ethics agreement aims to address potential conflicts moving forward.
However, with the Trump Organization’s vast business empire and the inclusion of new ventures, such as Trump Media and World Liberty Financial, the challenge of avoiding conflicts of interest remains a focal point for ethics experts and critics alike. As the Trump Organization navigates these complexities, the spotlight will remain on how these safeguards are upheld to prevent private financial interests from influencing public policies.
