Federal ethics chief calls Trump's business plans 'wholly inadequate'

WASHINGTON (CBS NEWS) -- President-elect Donald Trump has decided he will not sell his assets or place them in a blind trust, as government ethics experts had urged.

“As president, I could run the Trump Organization, great, great company, and I could run the country,” Trump said during a Wednesday press conference.

Instead, Trump will move his assets into a trust controlled by his two oldest sons, who will also manage the Trump Organization.

They will not pursue new international deals, and will hire an ethics adviser to oversee new deals in the U.S. They will also not consult with Trump on business matters.

“I hope at the end of eight years I’ll come back and say, ‘oh, you did a good job.’ Otherwise, if they do a bad job I’ll say ‘you’re fired,’” Trump said.

On Wednesday, Walter Shaub, the head of the government ethics office, called the plan “wholly inadequate.”

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