President-elect Donald Trump announced on Saturday that he plans to dissolve the charitable foundation to avoid any possible conflicts of interest.

“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, 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 said Saturday.

 The New York Times was the first to report Saturday that Trump planned to dissolve his Donald J. Trump Foundation and distribute all its assets.

 The Times also reported Saturday that Trump has examined a plan to hire an outside monitor to oversee the Trump Organization as his team works to resolve potential conflicts of interest.

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