Documents Show Jared Kushner, Ivanka Trump to Divest Some Assets

  • Ethics filings released by federal agency reveal plans
  • President’s adviser to sell interests linked to Thrive Capital

Ivanka Trump: The Quiet Power Behind the President

Ivanka Trump, the daughter of President Donald Trump, and her husband Jared Kushner offered plans to divest some assets to comply with federal ethics standards, documents show.

Kushner, who serves as senior adviser to his father-in-law, indicated that he would divest from three limited liability companies linked to Thrive Capital, the venture capital firm co-founded by Joshua Kushner, his brother. He also listed for divestment shares in closely-held Regal Bank, based in Livingston, New Jersey, where the Kushners have a home. 

The Thrive entities include one that appears to be linked to a $700 million fund the firm raised in July of last year. Thrive has invested in messaging app Slack, online-payments company Stripe, and Oscar, which sells insurance under the Affordable Care Act. Billionaire Peter Thiel, Trump’s most vocal supporter in Silicon Valley, was an early investor.

Kushner is also selling his interest in Broadband Proliferation Partners LLC, which operates under the name WiredScore. The firm rates the internet connectivity of commercial buildings, and participates in WiredNYC, a New York City initiative to improve its high-tech infrastructure. It’s active in more than 30 other cities, according to the company’s website.

A spokesman for Kushner Cos. didn’t immediately respond to a request for comment.

Documents Released

The disclosures were contained in documents called certificates of divestiture that were released by the federal Office of Government Ethics in response to a request under the federal Freedom of Information Act. The certificates don’t constitute full financial disclosures. Presidential appointees request them to defer capital gains taxes on assets they have to sell to avoid conflicts of interest while in government service.

OGE must approve the deferrals before the sales occur. The documents indicate that they were approved on Jan. 26.

The ethics agency also released similar disclosures for Gary Cohn, whom Trump appointed to serve as director of the National Economic Council. Cohn, the former president and chief operating officer of Goldman Sachs Group Inc., disclosed plans to sell interests in his former bank and in the Industrial & Commercial Bank of China, among other assets.

Ivanka Trump announced in January that she was handing management of her brand to top lieutenant Abigail Klem. The closely held company licenses her name to vendors that make goods, including a $100 million apparel line made by G-III Apparel Group, as well as shoes and accessories. Ivanka Trump said at the time that she planned to take a leave of absence and help her three young children adapt to a new home and schools in Washington. She placed her brand into a trust, retaining ownership of the company and receiving payouts.

A representative for Ivanka Trump didn’t immediately respond to a request for comment.

Lawyers for Kushner announced in January that he’d divest from 666 Fifth Avenue, a Manhattan office tower, as well as numerous Kushner Cos. operating businesses and any foreign investments. The divestments would be carried out through sales for fair-market value, the lawyers said.

Bloomberg reported Monday on deal terms being floated to potential investors that would make Kushner Cos. and Anbang Insurance Group partners in 666 Fifth. The $4 billion transaction would allow Kushner Cos. to refinance its debt at the property and receive a $400 million cash payment. Anbang hasn’t yet invested in the property, it said Tuesday.

Although she doesn’t have an official role in the White House, Ivanka Trump has urged lawmakers writing a tax overhaul to include a deduction for child-care expenses with a price tag of as much as $500 billion over a decade. Members of the House and Senate met with the president’s eldest daughter at the White House in February to discuss her proposed child care tax benefit, according to a person with knowledge of the meeting.

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