Story highlights Bill Clinton told foundation staff about the decision at a meeting on Thursday

The decision is an acknowledgment by Bill Clinton that the foundation needs to be retooled if his wife wins

(CNN) The Clinton Foundation said Thursday it will not accept foreign or corporate donations if Hillary Clinton is elected president in November.

The decision comes amid intensifying scrutiny over the foundation's practices as Republicans use its connections to wealthy international players to attack Clinton's tenure as secretary of state. Bill Clinton also plans to cease giving paid speeches -- another move intended to prevent further accusations of cronyism.

Bill Clinton told foundation staff about the decision at a meeting, according to Clinton Foundation spokesman Craig Minassian. Minassian also said Clinton also told staff yesterday that he would resign from the Clinton Foundation board, should Hillary Clinton win in November.

Bill Clinton also said the Clinton Global Initiative meeting in New York next month will be the final CGI meeting, no matter what happens with Hillary Clinton in November.

The decision is an acknowledgment by Bill Clinton that while he wants the work to continue, he understands that it needs to be refocused and retooled should his wife win in November.

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