Arkansas Sen. Tom Cotton said the Clinton Foundation's decision to cease accepting foreign donations if Hillary Clinton becomes president creates a "fire sale" for "dictators and shady oligarchs."

Cotton told Politico Tuesday he would like to see the foundation stop taking donations now, with Clinton in the midst of a tight presidential race with Republican Donald Trump.

"The Clinton Foundation should stop accepting foreign and corporate contributions immediately," Cotton said. "Announcing that they won't accept them after the election is worse than doing nothing.

"Because they just declared to dictators and shady oligarchs there's a fire sale before the election. Every promise and pledge from the Clintons comes with an asterisk or a loophole. This gives anyone trying to buy favor with a Clinton White House 11 weeks to get their money in."

The Clinton Foundation announced last week it would stop taking corporate and foreign donations if Clinton wins the election. Further, Bill and Chelsea Clinton would step away from leadership duties.

"At a minimum they should stop accepting foreign and corporate contributions yesterday," Cotton said. "I believe that the most prudent course of action is to close the foundation should she win and Bill Clinton to stop giving paid speeches as well.

In the wake of reports that Clinton's State Department gave Clinton Foundation donors special access, Trump said Monday the foundation should be closed.

The Associated Press reported Tuesday that more than half of the non-government people who met with Clinton during her time as secretary of state from 2009-2013 had given money to the foundation.