Trump Organization to limit president-elect's involvement under new ethics plan

The Trump Organization on Friday unveiled a new ethics plan that it says will limit President-elect Donald Trump's involvement in management decisions and other aspects of the business while he is in the White House.

Trump will also have "limited access" to the company's financial information, receiving only "general business updates," according to a five-page white paper on the ethics plan shared with CNBC.

And the incoming president's investments "will be independently managed by outside financial institutions," which will not accept his input about specific holdings or transactions, the company said.

The Trump Organization, meanwhile, declared it "will not enter into any new material transactions or contracts with a foreign government, except for Ordinary Course Transactions."

The white paper does not specify whether the company will be able to do new business with private foreign entities.

The Trump Organization also said that, as it did during Trump's first term, it will once again donate to the U.S. Treasury the profits from foreign governments at its hotels and similar businesses.

The company announced it had appointed attorney William Burck as its new outside ethics advisor.

"The Trump Organization is dedicated to not just meeting but vastly exceeding its legal and ethical obligations during my father's Presidency," said Eric Trump, The Trump Organization's executive vice president, in a separate press release.

The Wall Street Journal first reported the Trump Organization's new policies.

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