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President-elect Donald Trump to dissolve foundation amid potential conflict of interest

Posted at 4:47 PM, Dec 24, 2016
and last updated 2016-12-24 17:16:14-05

NEW YORK — President-elect Donald Trump announced Saturday that he will be dissolving the Donald J. Trump Foundation.

“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,” President-elect Trump said in a statement.

President-elect Trump has directed his counsel to take necessary steps to dissolve the foundation.

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.”

Trump took to Twitter Friday to complain about the pressure that led his son Eric to stop raising money for the foundation.

Eric announced he would stop soliciting donations because he was nervous about the perception that people were buying access to the president-elect.

 “My wonderful son, Eric, will no longer be allowed to raise money for children with cancer because of a possible conflict of interest with my presidency. Isn’t this a ridiculous shame? He loves these kids, has raised millions of dollars for them, and now must stop. Wrong answer!”

The foundation had come under fire involving how the money raised by the charity was collected and used.

In October, New York Attorney General Eric Schneiderman ordered the foundation stop soliciting donations in New York because the Republican presidential nominee’s charitable organization is in violation of state law.

Schneiderman has been investigating Trump's foundation following media reports that foundation spending personally benefited the candidate.