After mounting pressure, Trump decides to dissolve charitable foundation

U.S. President-elect Donald Trump said he intends to dissolve his charitable foundation, the Donald J. Trump foundation, in response to mounting complaints over conflicts related to the president-elect’s charitable and business interests.

Trump gave no timeline for winding down the foundation, but said in a statement that it would be “dissolved” to avoid “even the appearance of any conflict with my role as President.” He directed his counsel to take necessary steps for the dissolution.

Trump said he would continue to pursue his “strong interest in philanthropy” in other ways.

With less than four weeks to his Jan. 20 inauguration, the New York real estate magnate is under increasing pressure to reduce potential conflicts of interest ranging from his vast global business operations to his family's philanthropic work.

The closure of the Trump Foundation requires the approval of the New York attorney general’s office, which is currently investigating the nonprofit and issued a cease and desist order to it in October.

This week, Trump said his son Eric would stop raising money for his own foundation over concerns that donors could be seen as buying access to the Trump family. The president-elect said it was a "ridiculous shame" that his son's foundation would stop raising money.

Before Trump's surprising election victory on Nov. 8, New York Attorney General Eric Schneiderman in October directed the Donald J. Trump Foundation to stop taking donations, saying the foundation violated state law requiring charitable organizations that solicit outside donations to register with a state office.

Schneiderman's order followed a series of reports in The Washington Post that suggested improprieties by the foundation, including using its funds to settle legal disputes involving Trump businesses.

A spokeswoman for the attorney general's office said on Saturday that Trump cannot shutter the foundation while the investigation is ongoing.

"The Trump Foundation is still under investigation by this office and cannot legally dissolve until that investigation is complete," spokeswoman Amy Spitalnick said. She would not comment on expected timing for completing the investigation.

Trump said he was "very proud" of the money raised by the foundation and said it had operated at "essentially no cost for decades."

"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," he added in his statement, "I don’t want to allow good work to be associated with a possible conflict of interest."

The decision also comes as Trump’s children have been under scrutiny for charitable efforts that raised questions over whether people were paying for access to the incoming president and his family.