Tracking Trump’s Web of Conflicts
Tracking Trump's Web of Conflicts


  

  
  
    
      Donald Trump’s sprawling business ties raise questions about how his personal interests could influence the policies he pursues as president. His financial interests at home and abroad, family businesses, outstanding debts and ongoing government action against him and his companies complicated the transition and could be a recurring problem for his presidency. Trump has stepped down from his positions at the Trump Organization, but he hasn’t divested his ownership and can draw funds from a trust established to hold the companies whenever he likes. The organization, now managed by his sons Eric and Don Jr. and Chief Financial Officer Allen Weisselberg, terminated pending deals and said it won't seek new international business. Walter Shaub, former director of the Office of Government Ethics, disagrees with the Trump team’s lawyers that these measures solve the problems his businesses present, calling them “meaningless.”  The Trump Organization declined to comment about its investments or potential conflicts. Here’s what we know about Trump’s interests around the world.
    
      
    
        Get in touch with us about this story: https://www.bloomberg.com/tips.
    
  

  

  
  
    
      He has business interests in about 20 countries. The Trump Organization has said it has ended some deals since the election.
    
    
    
    
    

    
      
        Trump has earned millions of dollars plastering his name on hotels and condominium towers built or owned by international partners, some in countries that are political flashpoints. Domestic operations and those overseas, which often have ties to foreign governments, could run afoul of the Constitution's emoluments clause, which bans gifts to U.S. officials from governments. Citizens for Responsibility and Ethics in Washington (CREW), a public watchdog group, two state attorneys general and more than 200 Democratic lawmakers have sued the president in separate cases for violating the emoluments clause over payments by diplomats and foreign government officials to Trump’s hotels and golf courses. New plaintiffs from the restaurant and hotels industry were added to CREW's lawsuit in April, alleging that Trump is unfairly depriving them of business from foreign governments trying to curry favor with the president. Meanwhile, Trump Hotels plans to triple its number of U.S. hotels, which could cause more businesses to feel the pinch of competing with the White House. A federal judge in New York dismissed the CREW lawsuit on Dec. 21, saying the plaintiffs couldn't sue because they hadn't been harmed by Trump's actions.Next update ↓
      

    


    
        
          
  
    Argentina
    
    Trump Tower
    
    
      Buenos Aires
    
  
  
    
      
        A project to build a tower was under development with partners Felipe Yaryura and Moses Yellati of the YY Development Group. The men are close with the Trumps, and Yaryura attended the election night party in New York. On Jan. 3, 2017, a Trump Organization spokeswoman said there are no plans to build) in Buenos Aires. The city government declined to authorize the project’s permit in November, according to Reuters.
      
    
    
      
    
    
    
    
  

        
          
  
    Azerbaijan
    
    Trump International Hotel & Tower
    
    
      Baku
    
  
  
    
      
        Licensed his name for a hotel-condo tower under development with Garant Holding. Its chairman, Anar Mammadov, is the son of the country’s transport minister who has been suspected by U.S. diplomats of laundering money for Iran, according to the Associated Press. Construction of the hotel is finished, but it is not yet open. On Dec. 14, 2016, the Azerbaijani embassy hosted an event at Trump’s Washington hotel. The following day, Trump Organization general counsel Alan Garten said the company has ended this licensing agreement.
      
    
    
      
    
    
    
    
  

        
          
    
      
        Trump lists a company on his FEC filing possibly related to business in Bermuda: DJ Aerospace (Bermuda) Ltd.
      
    
    
      
    
    
  
        
          
  
    Brazil
    
    Trump Towers
    
    
      Rio de Janeiro
    
  
  
    
      
        Licensing deal for five office towers in Brazil currently under development by Bulgarian partner MRP Group. Brazil is investigating investment irregularities in the project. A top Trump Organization official said on Dec. 15, 2016, that the company has ended this agreement.
      
    
    
      
    
    
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Trump Hotel
    
    
      Rio de Janeiro
    
  
  
    
      
        Licensing deal on a beachfront hotel with Brazilian partner LSH Barra. The property officially opened prior to the Olympics, but some portions of it are still under construction. Brazilian authorities have opened a criminal investigation into the hotel’s investments. On Dec. 14, 2016, Trump’s hotel management and development company said it would remove its name from the property.
      
    
    
      
    
    
    
    
  

        
          
  
    
      Canada
    
    Trump International Hotel & Tower
    
    
      Vancouver
    
  
  
    
      
        Licensing and management deal for a hotel-condo tower under development in Vancouver with the Holborn Group owned by Joo Kim Tiah, the son of one of Malaysia’s wealthiest real estate investors.
      
    
    
      
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Trump Tower Next update ↓
    
    
      Toronto
    
  
  
    
      
        Licensing and management deal with Talon International for a tower, which was placed into receivership by a bankruptcy judge. The building has been subject to investor lawsuits. Trump’s partners on the project were firms associated with Russian-born billionaire Alex Shnaider and others. In June, JCF Capital ULC, the owner of the property, reached a deal to exit its contracts with Trump Hotels. The property is being rebranded as St. Regis, one of Marriott International Inc.'s luxury flags.
      
    
    
      
    
    
    
    
  

        
          
  
    China
    
    Companies, possible development
    
    
  
  
    
      
        In October 2016, Trump Hotels CEO Eric Danziger told Chinese media that he plans to open locations in 20 to 30 Chinese cities, plus more under the Trump Organization’s new Scion brand. Industrial & Commercial Bank of China Ltd., the world’s largest lender, is a tenant of Trump Tower in Manhattan. Trump lists multiple companies on his FEC filing possibly related to business in China: THC China Technical Services Manager Corp., THC China Technical Services LLC, THC Services Shenzhen LLC, THC Services Shenzhen Member Corp., THC Shenzhen Hotel Manager LLC, THC Shenzhen Hotel Manager Member Corp. The Trump Organization has used similar naming conventions for companies associated with previous international licensing deals.
      
    
      
        In February, Trump was granted a trademark for use of the Trump brand in China—the result of a yearslong legal process. In March, the Chinese government granted as many as 38 additional trademarks to Trump. He’d applied for them in April 2016, during his campaign. In June, the government granted preliminary approval for nine previously rejected trademarks.
      
    
    
      
    
    
    
    
  

        
          
  
    
      Cuba
    
    Possible development
    
    
  
  
    
      
        Trump Organization executives have traveled to Cuba for years. Asked on CNN in March 2016 if he’d be interested in opening a hotel there, Trump said: “I would, I would—at the right time, when we’re allowed to do it. Right now, we’re not.” In July of that year he told a Miami TV station that “Cuba would be a good opportunity [but] I think the timing is not right.” At a Dec. 1, 2016, event, Miguel Fluxa, CEO of Spanish hotelier Grupo Iberostar, said the Trump Organization had been looking to buy hotels in the country within the last six months. “In the last 12 months, many major competitors have sought opportunities in Cuba,” Amanda Miller, vice president of marketing at the Trump Organization, said in an emailed statement in response to Fluxa’s comments. “While it is important for us to understand the dynamics of the markets that our competitors are exploring, we do not intend to expand into Cuba nor have we ever done any business there.”
      
    
    
      
    
    
    
    
  

        
          
  
    
      Dominican Republic
    
    Possible development
    
    
      Cap Cana
    
  
  
    
      
        The Trump Organization said on Feb. 9 that it’s considering restarting a long dormant development project at the Cap Cana resort after Eric Trump visited the property earlier in the month. Trump signed a deal with the Hazoury family, which owns Cap Cana, to develop a golf course, villas, a beach club, a condo hotel and residences boasting ocean views on the property in 2007. The deal foundered in the wake of the 2008 financial crisis, and the Trump Organization sued Cap Cana in 2012 for unpaid licensing fees. Cap Cana described its relationship with Eric Trump as “incredibly strong” in a Feb. 5 press release.
      
    
    
      
    
    
    
    
  

        
          
    
      
        Trump lists two companies on his FEC filing possibly related to business in Egypt: Trump Marks Egypt and Trump Marks Egypt LLC.
      
    
    
      
    
    
  
        
          
  
    Georgia
    
    Trump Tower and resort project
    
    
      Tbilisi and Batumi
    
  
  
    
      
        Trump lists two companies on his FEC filing possibly related to business in the Republic of Georgia: Trump Marks Batumi and Trump Marks Batumi Member Corp. In 2011, he signed a licensing deal to use his name on two projects, developed by the Silk Road Group, in the former Soviet state: a tower in the capital of Tbilisi and a casino resort in Batumi, on the Black Sea. Then-President Mikheil Saakashvili sought out Trump to develop the project and attended the signing ceremony at Trump Tower in New York. Once on hold, the project appeared to be moving forward following Trump’s win. The Trump Organization and the Silk Road Group have since said that they've decided “to formally end the development of Trump Tower, Batumi.” The Silk Road Group will continue the tower project on its own.
      
    
    
      
    
    
    
    
  

        
          
  
    
      India
    
    Trump Towers and companies
    
    
      Mumbai, Pune and Kolkata
    
  
  
    
      
        Licensed his name for two projects in development in India—one in Mumbai with Lodha Group and another with Panchshil Realty for two towers in Pune. In November 2016, Trump met with his project partners, who also have ties to the Indian government, raising questions of a potential conflict. On his FEC filing, he lists two companies possibly related to a project in Kolkata: DT Tower Kolkata LLC and DT Tower Kolkata Managing Member Corp.
      
    
    
      
    
    
    
    
  

        
          
    Indonesia
    
    Trump International Hotel & Tower
    
    
      Lido and Bali
    
  
        
          
    Ireland
    
    Trump International Golf Links
    
    
      Doonbeg
    
  
        
          
    
      
        Trump lists two companies on his FEC filing possibly related to business in Israel : Trump Drinks Israel LLC, Trump Drinks Israel Member Corp.
      
    
    
      
    
    
  
        
          
    
      
        In February 2016, the Mexican Institute of Industrial Property approved trademarks for Trump-branded businesses, the Associated Press reported. The government entity had previously approved other Trump trademarks in October. An attorney for Trump said the trademarks were to prevent others from abusing the brand.
      
    
    
      
    
    
  
        
          
  
    Panama Next update ↓
    
    Trump Ocean Club International Hotel & Tower
    
    
      Panama City
    
  
  
    
      
        Licensing deal on hotel-condo tower currently in operation developed by local partner Newland International Properties Corp.
      
    
    
      
    
    
    
    
  

        
          
  
    
      Philippines
    
    Trump Tower
    
    
      Makati
    
  
  
    
      
        Licensing deal on a luxury residential tower under development with Century Properties Group, whose shares surged 20 percent the day after Trump was elected. The country’s new special envoy to the U.S., Jose E.B. Antonio, is the CEO of Century Properties. President Rodrigo Duterte has repeatedly threatened to distance himself from U.S. policy in favor of stronger ties with Russia and China. Although he’s signaled a willingness to work more closely with Trump, many of Trump’s immigration and trade policies could hurt the country’s exports and remittances.
      
    
    
      
    
    
    
    
  

        
          
  
    Russia
    
    Possible development
    
    
  
  
    
      
        During the 2016 campaign, the Trump Organization sought to build a Trump Tower in Moscow and a longtime Trump legal adviser, Michael Cohen, requested help from the Kremlin to advance the project, according to documents turned over to the House Intelligence Committee and statements from those involved. The Trump Organization signed a nonbinding letter of intent in October 2015 with a Moscow-based firm called IC Expert to look into the project, and Cohen said he discussed the project with Trump three times. The Trump Organization abandoned the deal in early 2016.
      
    
    
      
    
    
    
    
  

        
          
    
      
        Trump lists two companies on his FEC filing registered in St. Martin, French West Indies: Excel Venture I LLC and Excel Venture I Corp. The companies are tied to residential rental properties, according to the disclosure.
      
    
    
      
    
    
  
        
          
  
    
      Taiwan
    
    Possible development
    
    
      Taoyuan
    
  
  
    
      
        In October 2016, a Trump representative visited Taiwan to explore building a luxury hotel on a government-backed development near the Taipei airport, according to the mayor of Taoyuan, Cheng Wen-tsan. The Trump Organization said it is not planning any developments in Taiwan but did not dispute that an employee assigned to promote hotel sales in Asia visited Taipei on a work-related trip in October, according to the New York Times. Trump recently spoke by phone with Taiwan’s president, Tsai Ing-wen, breaking decades of diplomatic protocol and upsetting Chinese officials. China does not recognize Taiwan as a sovereign state, and the U.S. has not had diplomatic ties to the island since the 1970s.
      
    
    
      
    
    
    
    
  

        
          
  
    Turkey
    
    Trump Towers
    
    
      Istanbul
    
  
  
    
      
        Licensing deal to use his name on two currently operating luxury towers, one commercial and one residential He reported as much as $5 million in fees from the properties in his 2017 financial disclosure. Shares in Dogan Sirketler Grubu Holding, his partner on the project, surged almost 11 percent after Trump’s victory. Trump said in an interview with Breitbart News that “I have a little conflict of interest, because I have a major, major building in Istanbul.” In a move that potentially puts pressure on Trump, a Dogan representative, Barbaros Muratogl, was jailed on allegations of keeping ties to a U.S.-based Islamic preacher, Fethullah Gulen. Erdogan has accused Gulen of planning a failed coup and reiterated calls for Gulen’s extradition in his congratulatory message to Trump.
      
    
    
      
    
    
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Trump Home
    
    
      Istanbul
    
  
  
    
      
        Licensing deal with Dorya International to manufacture Trump-branded furniture. Dorya President and CEO F. Doruk Yorgancioglu was quoted saying that the line sells well in places like Dubai, Istanbul, China and Russia.
      
    
    
      
    
    
    
    
  

        
          
  
    Saudi Arabia
    
    Companies
    
    
      Jeddah
    
  
  
    
      
        Trump lists companies on his FEC filing possibly related to a development project in Jeddah, Saudi Arabia’s second-biggest city: DT Jeddah Technical Services Manager LLC, DT Jeddah Technical Services Manager Member Corp., THC Jeddah Hotel Manager LLC and THC Jeddah Hotel Manager Member Corp.
      
    
    
      
    
    
    
    
  

        
          
  
    
      South Korea
    
    Trump World
    
    
      Seoul, Busan and Daegu
    
  
  
    
      
        Six luxury condominum towers in Seoul, Busan and Daegu erected in 2007 by Daewoo Corp., which paid Trump for use of his name. Daewoo had previously built Trump World Tower in Manhattan.
      
    
    
      
    
    
  

        
          
  
    United Arab Emirates
    
    Trump Golf courses
    
    
      Dubai Next update ↓
    
  
  
    
      
        The Trump Organization has a licensing and management deal in Dubai with Damac Properties Dubai Co. for a golf course and luxury villas currently under construction. Another Trump-branded golf course, designed by Tiger Woods, is under development with Damac nearby.
      
    
    
      
    
    
    
    
  

        
          
  
    
      United Kingdom
    
    Trump Turnberry
    
    
      Turnberry, Scotland
    
  
  
    
      
        Trump bought Turnberry, one of Scotland’s most iconic golf courses, in 2014 for about £41 million ($51 million). It lost £8.4 million in 2015.
      
    
    
      
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Trump International Golf Links Scotland
    
    
      Aberdeen, Scotland
    
  
  
    
      
        He built from scratch a course north of Aberdeen against opposition from environmentalists. It, too, has failed to make a profit, losing £1.1 million in 2015. Also in that year, Trump lost a years-long fight with Scottish lawmakers to halt the construction of an offshore wind project being built near the golf course. Trump told the New York Times that he "might have brought it up" in a conversation with Nigel Farage, the former leader of the right-wing U.K. Independence Party, whom Trump has recommended for an ambassador position to the U.S.
      
    
    
      
    
    
    
    
  

        
          
  
    
      United States
    
    Condo properties
    
    
      Multiple locations
    
  
  
    
      
        Trump has real estate holdings across the U.S. worth $250 million, according to a USA Today analysis. Since Election Day, his companies have sold $33 million worth of these properties. Seventy percent of the buyers are LLCs whose ultimate owners are difficult to know. Financial disclosure forms list the total amount collected from sales but do not detail individual sales nor specifically list individual property holdings.
      
    
    
      
    
    
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Golf courses
    
    
      Multiple locations
    
  
  
    
      
        Members at Trump’s golf clubs have the opportunity for unprecedented access to a president. Lobbyists, contractors and others who do business with the federal government pay hundreds of thousands of dollars to be members and frequently play golf during weekends when Trump is visiting, according to a USA Today investigation.
      
    
    
      
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Mar-a-Lago Next update ↓
    
    
      Palm Beach, Florida
    
  
  
    
      
        Following Trump’s election, his Florida resort doubled its initiation fee to $200,000. During the campaign, Trump held fundraisers at Mar-a-Lago and has visited frequently since the election, calling it the “Winter White House.” Ethics experts say membership could be seen as a way to buy proximity to the president or curry favor. In April, an article about the property and Trump's current use of it was published to a State Department website and reposted by at least two embassies. The State Department later removed the story following criticism that it was promoting one of the president's businesses.
      
    
    
      
    
    
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Old Post Office Hotel
    
    
      Washington D.C.
    
  
  
    
      
        Trump’s lease of a hotel near the White House has raised questions of whether stays by foreign governments violate the Constitution’s emoluments clause, which bars gifts from foreign officials. The U.S. General Services Administration ruled in March that Trump isn't violating the terms of his lease. But that may pose further Constitutional questions because the so-called domestic emoluments clause bars the president from receiving any compensation from government agencies other than his salary. According to the Washington Post, the Trump Organization held an event at the hotel one week after the election pitching the venue to foreign diplomats. In December, the Azerbaijani Embassy and the government of Bahrain held events there. The government of Kuwait switched the location of its February national-day celebration from the Four Seasons to Trump‘s hotel. The Istanbul-based Turkey-U.S. Business Council hosted a conference at the venue in May.
      
    
    
      
    
    
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Trump Park Avenue
    
    
      New York
    
  
  
    
      
        Trump still owns about 20 apartments in this Manhattan luxury condominium tower, and a handful are listed for sale. In February, he sold one penthouse apartment there for $15.9 million to Angela Chen, who lived on a lower floor of the building. Chen's business, Global Alliance Associates LLC, specializes in establishing “influential relationships with key decision-makers” in China for its clients. The sale represented a $2 million premium over what a larger unit sold for a year earlier.
      
    
    
      
    
    
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Trump International Hotel Las Vegas
    
    
      New York
    
  
  
    
      
        Trump still co-owns more than 300 units in Trump International Hotel Las Vegas, a 64-story tower he built with businessman Phil Ruffin. The tower has been a magnet for funds from Asian countries, especially China.
      
    
    
      
    
    
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Trump SoHo Next update ↓
    
    
      New York
    
  
  
    
      
        On Nov. 22, 2017, the Trump Organization announced that its management and licensing agreement for the Trump SoHo Hotel was bought out by the property's owner, CIM Group, a Los Angeles-based investment firm. The Trump branding was removed from the building in mid-December and it will operate as the Dominick Hotel. Seven states invested millions of dollars in the CIM fund that owns the hotel. Several lawyers have suggested that this could have violated the so-called domestic emoluments clause, as state money might have flowed through the fund to the president’s company.
      
    
    
      
    
    
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Trump Tower
    
    
      New York
    
  
  
    
      
        The state-controlled Chinese bank, Industrial & Commercial Bank of China Ltd., leases space in Trump Tower and is due to renegotiate its lease in 2019. This presents a possible conflict under the Constitution’s emoluments clause, which bars gifts from foreign governments.
      
    
    
      
    
    
    
    
  

        
          
  
    
      SAME-AS-ABOVE
    
    Scion Hotel Next update ↓
    
    
      Dallas, Texas
    
  
  
    
      
        Trump Hotels had planned to open a hotel in Dallas, Texas, with funding from investors in Turkey, Qatar and Kazakhstan. The deal fell apart in April, because a development partner “made quite a bit of noise” about the project, Trump Hotels said, following debate within the city council.
      
    
    
      
    
    
    
    
  

        
          
  
    Uruguay
    
    Trump Tower
    
    
      Punta del Este
    
  
  
    
      
        Licensing deal to develop a residential tower with Aetos SA, a company affiliated with YY Development, which is also Trump’s partner in Argentina.
      
    
    
      
    
    
    
    
  

        
      
  
    
      Family members have their own brands
    
    

    
      
        Melania Trump owns an accessories business and a skincare line with combined royalties of no more than $50,000, Trump said in his May FEC disclosure. Ivanka Trump announced in January that she’d discontinue actively managing her own businesses, but hasn’t divested from them. Scion Hotels, owned by the Trump Organization, is among businesses now managed by Trump sons Eric and Don Jr.
      

    


    
        
          
  
    Ivanka Trump
    
    Lifestyle brand
    
    
  
  
    
      
        Ivanka Trump hasn’t divested from her company that sells apparel and accessories through fashion retailers. After Nordstrom Inc. announced Feb. 3 it would drop her line from its stores amid disappointing sales, Trump tweeted that the company had treated his daughter “so unfairly.” Presidential adviser Kellyanne Conway encouraged people to buy Ivanka Trump-branded clothes in a Feb. 9 interview on Fox News Channel’s Fox & Friends program. That triggered a bipartisan letter from the U.S. House Oversight and Government Reform Committee to the Office of Government Ethics, encouraging it to recommend “disciplinary action, if warranted.” In April, China approved trademarks for her brand on the same day the country’s president, Xi Jinping, met with the Trump family at their Mar-a-Lago resort.
      
    
    
      
    
    
    
    
  

        
          
    
      
        First Lady Melania Trump sued the Daily Mail, a British newspaper, saying a defamatory article it later retracted deprived her of the chance to launch a brand of clothing, shoes, jewelry and perfume. The article made it almost impossible to take advantage of “major business opportunities” available “for a multi-year term during which plaintiff is one of the most photographed women in the world,” the lawsuit said. In April 2017, the suit was settled with the Daily Mail paying unspecified damages.
      
    
    
      
    
    
    
    
  
        
          
  
    
      Scion Hotels
    
    New developments
    
    
  
  
    
      
        Trump Hotels is considering expanding to as many as 26 U.S. cities, CEO Eric Danziger said at a January hospitality event. It currently operates in five. Under its new Scion brand, the first that doesn’t carry the Trump name, the company plans to open a location in Dallas, according to a developer who has been in talks with the Trump Organization about the project.
      
    
    
      
    
    
    
    
  

        
      
  
    
      He has debts to lenders
    
    

    
      
        Trump’s businesses held at least $550 million of debt as of June, owed to international lenders such as Deutsche Bank and UBS. Vornado Realty Trust, the majority owner of two towers in which Trump also has a stake, owes money to Goldman Sachs and Bank of China. Trump has refused to disclose his tax returns, so it’s impossible to know if he has additional debts not tied to his businesses.
      

    


    
        
          
    
      
        Bank of China holds part of a $950 million loan on an office building, 1290 Avenue of the Americas, in Manhattan. Trump has a 30 percent stake in the project.
      
    
    
      
    
    
    
    
  
        
          
    
      
        Deutsche Bank is Trump’s biggest lender. The German company owns about half of the billionaire’s outstanding debt in loans tied to Trump’s hotel in Washington and Doral, a Miami golf resort. In May, Chinese conglomerate HNA Group became the bank’s largest shareholder. Unrelated to its loans to Trump, the bank reached a $7.2 billion settlement with the Department of Justice in December over an investigation of its sale of mortgage-backed securities. They are being investigated separately for a “systemic” failure to prevent money laundering.
      
    
    
      
    
    
    
    
  
        
          
    
      
        Ladder Capital is Trump’s second-biggest lender. The New York-based firm has issued loans against Trump’s older real estate assets, including Trump Tower and 40 Wall St., an office tower, in Manhattan.
      
    
    
      
    
    
  
        
      
  
    
      Government agencies have been reviewing his businesses
    
    

    
      
        Before he was elected, Trump, his businesses and his financial partners were involved with several federal agencies. With billions of dollars, and possible criminal charges, at stake, he'll now oversee and appoint people to lead these same agencies.
      

    


    
        
          
  
    Federal Communications Commission Next update ↓
    
    
    
  
  
    
      
        Trump is going to be executive producer on the NBC reality show "The New Celebrity Apprentice" and continue to hold a “big stake” in the show. NBC is owned by Comcast, which is regulated by the Federal Communications Commission, which the president oversees. Comcast recently sought a merger with Time Warner, which failed after regulators indicated they had issues with the deal. Trump said that he would block a proposed AT&T-Time Warner deal. Trump has appointed three commissioners to the FCC, including its new chair Ajit Pai. In December, the commission overturned net neutrality regulation in a move that could benefit companies like Comcast.
      
    
    
      
    
    
    
    
  

        
          
  
    General Services Administration
    
    
    
  
  
    
      
        Trump holds a 60-year lease to run Trump International Hotel in Washington’s historic Old Post Office. He paid about $200 million in renovation costs and will pay $3 million a year in rent to the General Services Administration. The lease agreement appears to forbid any elected official from being involved in the property. On Dec. 14, 2016, Democrats on the House oversight committee wrote a letter saying that GSA officials believe Trump must fully divest from the property to avoid being in breach of his lease. The GSA issued a statement saying that it would be “premature” to make a “definitive statement at this time about what would constitute a breach of the agreement.”
      
    
    
      
    
    
    
    
  

        
          
    
      
        Trump’s taxes are currently under audit by the IRS. The commissioner is appointed by the president to five-year terms. The current commissioner’s term expires in 2018. The IRS is housed under the office of the Deputy Secretary of the Treasury within the Treasury Department. Trump will nominate new people for those positions.
      
    
    
      
    
    
  
        
          
    
      
        Trump owes Deutsche Bank AG, his largest lender, about $300 million in loans against his Washington hotel and his Doral resort in Florida. Unrelated to its business with Trump, the Justice Department reached a $7.2 billion settlement with Deutsche Bank in December 2016 over its sale of mortgage-backed securities ahead of the 2008 financial crisis. The agency is separately investigating the bank for a “systemic” failure to prevent money laundering. Trump’s Attorney General, Jeff Sessions, is now the head of the Justice Department.
      
    
    
      
    
    
    
    
  
        
          
  
    National Labor Relations Board Next update ↓
    
    
    
  
  Trump International Hotel Las Vegas has asked a U.S. appeals court to overturn a ruling by the National Labor Relations Board finding the company in violation of federal law for refusing to bargain with a local union. Trump has appointed two members of the NLRB board, which hears cases involving unfair labor practice allegations, shifting the power from Democrats to Republicans.The New York Times reported on Dec. 21, 2016, that the Trump Organization provided a union contract for one group of workers at the hotel and made it easier for workers to unionize at Trump’s new hotel in Washington.

        
          
    
      
        Trump could be poised to make millions of dollars off of his publicly financed Secret Service protection. During the campaign, the Trump Organization charged the Secret Service between $1.6 million and $8.5 million to fly on his aircraft. Trump could make even more money once he takes office: he has continued to fly around the country on his Boeing 757 jet with Secret Service in tow. It’s less clear who would be responsible for the costs of advanced security at Trump-branded properties around the world. The security of every president or president-elect costs the public money, but it is unusual that Trump has profited from some of those funds.
      
    
    
      
    
    
    
    
  
        
          
  
    Treasury Department and Federal ReservePrevious update ↑
    
    
    
  
  
    
      
        According to his FEC Filing, Trump has hundreds of millions of dollars in loans to cover his real estate projects, which could be affected by U.S. monetary policy. While the Fed is structured to be resistant to changes in administration, Trump took aim at Fed Chair Janet Yellen during the campaign and, with the help of Congress, could take steps to change how the central bank operates. In November, he nominated Jerome Powell to take Yellen's place when her term expires in February.
      
    
    
      
    
    
    
    
  

        
      
  





    
      He held millions in stock but says he ‘got out’
      
        Trump faced criticism over how his personal investments could influence his policies as president. He held millions of dollars in banking and energy holdings and stood to benefit from policies that would weaken financial regulations or increase oil and gas development. On Dec. 6, 2016, Jason Miller, a spokesman for Trump, said the president-elect had sold all his stock in June. Miller did not provide documentation that verified the sale, and none of Trump’s stakes was large enough to require disclosure. As of June 16, Trump's 2017 financial disclosure form indicated he had divested his personal investments. Some of his stock holdings seem related to actions he’s taken as president-elect. His FEC disclosure listed a small stake in United Technologies, with which Trump recently brokered a $7 million deal in state tax breaks and other incentives to keep about 800 jobs in the U.S. These are the industries Trump was most heavily invested in according to his May FEC filing.
      
    

      

    

      
      
      
      
      
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
        
          
    
      Transportation & Logistics
    
    
    
  
        
          
    
      Gaming, Lodging & Restaurants
    
    
    
  
        
          
        
          
    
      Waste & Environmental Services & Equipment
    
    
    
  
        
      

      
      
        Stock data from Trump's May 2016 FEC filing show industries with up to $1 million or more invested
      
      
      
    
  

  
  

