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Trump to resign from Trump Organization, but will not divest ownership

President-elect Donald Trump announced Wednesday that he will step down from all positions in the Trump Organization, a response to concerns over the conflicts of interest that could arise from running a global corporation and the United States of America. His sons, Don Jr. and Eric, will run the company along with CFO Allen Weisselberg.

Trump brought piles of folders containing paperwork used to hand over the company as proof of the decision:

The Trump Organization won't enter into any new foreign deals, with domestic deals to be submitted to "rigorous vetting." Trump will additionally not be informed of new deals the company makes.

Trump will not divest ownership in the Trump Organization, a decision Sheri Dillon, Trump's attorney, explained by claiming that selling the company would "exacerbate" conflicts of interests for a number of reasons. Additionally, "President Trump should not be expected to destroy the company he built," Dillon said. To avoid accusations of emolument, Trump will donate all payments made to his businesses by foreign bodies to the U.S. Treasury.

Critics have already reacted: "This is wild. They're just focused on not losing money instead of actual ethical requirements. Banana republic American style. Wild," tweeted Aminatou Sow, the editor-at-large of Racked. "Trump today streamlined the process by which foreign governments can bribe him," said The Daily Beast's Olivia Nuzzi.