U.S. President-elect Donald Trump announced on Saturday that he would dissolve the charity bearing his name in order to avoid potential conflicts of interest as he prepares to enter the Oval Office.
In a statement quoted by NBC News, Trump said that the Donald J. Trump 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."
"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 percent of the money going to charity," Trump added.
However, "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."
The foundation has been part of a wide ranging discussion about Trump's business and personal entanglements, which some experts have cited as being fraught with potential conflicts with his new role as commander in chief.
In September, New York Attorney General Eric Schneiderman opened an investigation into the Donald J. Trump Foundation “to make sure it’s complying with the laws governing charities in New York,” he said at the time.
In October, Schneiderman ordered the Trump Foundation to stop raising funds in the state.
On Saturday night, Schneiderman said Trump could not dissolve the foundation so long as the investigation against it is ongoing.
“The Trump Foundation is still under investigation by this office and cannot legally dissolve until that investigation is complete,” a spokeswoman for Schneiderman told The Hill.
Trump’s transition team did not immediately respond when asked for comment.