President-elect Donald Trump announced Saturday he directed his legal counsel to take the necessary steps to dissolve the Donald J. Trump Foundation as part of his continuing transition efforts.
“The Foundation has done enormous good works over the years in contributing millions of dollars to countless worthy groups, including supporting veterans, law enforcement officers and children. However, to avoid even the appearance of any conflict with my role as President I have decided to continue to pursue my strong interest in philanthropy in other ways,” Trump said in a statement.
The President-elect added, “I am very proud of the money that has been raised for many organizations in need, and I am also very proud of the fact that the Foundation has operated at essentially no cost for decades, with 100% of the money going to charity, but because I will be devoting so much time and energy to the Presidency and solving the many problems facing our country and the world, I don’t want to allow good work to be associated with a possible conflict of interest.”
New York State Attorney General Eric Schneiderman, a Democrat, placed the foundation under scrutiny amid a probe that questioned the organization’s finances and fundraising procedures last October and ordered it to cease fundraising.
The Trump campaign at the time claimed that “political motives” were behind the investigation, but that the Trump Foundation intended to “cooperate fully with the investigation.”
Opponents of Trump have criticized him for having potential conflicts of interest that could be associated with the foundation and his many business properties before his inauguration next month.
Trump’s son Eric also announced last week that he would shutter his own Eric J. Trump Foundation.