President-elect Donald Trump waits with family members Eric Trump, left, Ivanka Trump and Donald Trump Jr. before speaking at a news conference, Wednesday, Jan. 11, 2017, in New York. (AP Photo/Seth Wenig)
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U.S. President-elect Donald Trump said Wednesday he is separating himself from his global business empire by transferring his assets into a trust and putting his two oldest sons in charge, an arrangement that watchdogs said was inadequate to prevent potential conflicts of interest in office.Trump says that unlike other government officials, he is not required to steer clear of conflicts of interest.Sheri Dillon, a lawyer for Trump, said profits generated at Trump's hotels by foreign governments will be donated to the U.S. Treasury.Since Trump sold all his stocks last year, the Trump trust will hold only business assets and liquid assets such as cash, Dillon said.
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