Trump said in a
statement he was dismantling the foundation "to avoid even the
appearance of any conflict with my role as President." He has also said
recently that he will announce steps next month to separate himself from
his business, the Trump Organization, to avoid conflicts of interest as
president of the United States, even though he has repeatedly suggested
such steps are unnecessary.
Trump's
decision suggests the President-elect is prepared to take some steps to
avoid potential conflicts of interest, but offers little indication
into whether he will employ a similar approach to the
multi-billion-dollar company he has spent decades building.
Trump
on Saturday touted the money the foundation has donated over the years
to veterans, law enforcement and children's groups and said that he
intends to pursue his "strong interest in philanthropy in other ways,"
though he had not donated to the foundation since 2008, according to the
foundation's tax records.
Photos: In transition: President-elect Trump
The Trump transition said Trump directed
his counsel to take the necessary steps to dissolve the foundation,
which has no employees or active fundraising operation. The foundation
also was forced to stop fundraising in New York State after New York
Attorney General Eric Schneiderman issued a cease-and-desist order in
October citing the foundation's failure to properly register with the
state.
And
an ongoing investigation launched by Schneiderman over allegations
Trump used the charity to settle private legal disputes in which he was
involved may prevent Trump from shuttering the foundation.
"The
Trump Foundation is still under investigation by this office and cannot
legally dissolve until that investigation is complete," Amy Spitalnick,
the attorney general's press secretary, said in an email. She also
confirmed the foundation's fundraising activities "remain suspended."
Saturday's
announcement also comes days after Trump's son, Eric, announced he
would suspend all operations of his foundation, The Eric Trump
Foundation, to prevent wealthy donors from seeking access to Trump once
he is sworn into office by donating to his son's foundation.
Foundation subject of criticism
Trump Foundation admits violations 01:45
Shuttering trump Foundation also could allow the President-elect to steer
clear of further legal troubles tied to the foundation.
The
foundation has been the subject of much criticism, and has admitted to
violating IRS rules by improperly giving money to someone close to the
organization, according to a recent federal income tax filing.
The Trump Foundation reported assets of $1.12 million in its 2015 tax returns.
Although
Trump touted the philanthropic efforts of his foundation, he has
largely filled the charity's coffers with other people's money, according to a CNN review
of the Trump Foundation's tax records in September. It is unclear if
Trump has donated money to charitable causes outside of the foundation
as he has refused to release his tax returns, which would shed light on
his charitable contributions.
Alan
Garten, the Trump Organization's general counsel, said earlier Saturday
that attorneys and executives at the president-elect's company are
"continuing to reevaluate various transactions that we're involved in"
and said that "measures are being taken to sort of comply with all the
conflict laws."
"It's being actively worked on, that's for sure," he said.
Trump's
announcement today is a wilted fig leaf to cover up his remaining
conflicts of interest and his pitiful record of charitable giving," said
Eric Walker, deputy communications director of the Democratic National
Committee.
"There is something
richly symbolic about Donald Trump choosing Christmas Eve to shutter the
one part of his financial empire that could in theory have a positive
impact on people's lives, if it were being used in the right way,"
Walker added. "He still has not taken any concrete steps to divest from
his business, which currently allows him to profit off of the presidency
while leaving him susceptible to foreign influence."
Trump
has resisted calls to liquidate his company's assets and place them in a
blind trust, and announced instead that he planned to hand over control
of his company to his two adult sons, Eric and Donald Jr., and other
top executives. Still, both Eric and Donald Jr. continue to serve on
Trump's transition team.
Instead,
he said "no new deals will be done during my term(s) in office" and has
suggested he is already turning down potentially lucrative deals to
avoid conflicts of interest.
Still,
his company's multi-billion-dollar international footprint will likely
continue to raise questions about Trump's motives as he is sworn in and
begins to direct US foreign policy.
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