Democrats slammed Donald Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE on Saturday for the president-elect's Christmas Eve announcement that he would dissolve his charitable foundation.

The Democratic National Committee (DNC) called Trump’s announcement "a wilted fig leaf to cover up his remaining conflicts of interest and his pitiful record of charitable giving."

"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," DNC spokesman Eric Walker said in the statement.

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"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. Shuttering a charity is no substitute for divesting from his for-profit business and putting the assets in a blind trust – the only way to guarantee separation between the Trump administration and the Trump business," Walker said.

Trump announced earlier Saturday that while the Donald J. Trump Foundation "has done enormous good works over the years" it would be shuttered "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."

However, Trump's foundation is being investigated for using money to personally benefit the president-elect and won't be able to close until the investigation is complete, a spokesperson for the New York attorney general told The Hill on Saturday.

Democrats said they are "glad" Trump is shutting down the foundation, which they called a "corrupt enterprise," but said "questions remain about how this 'shut down' will accommodate the investigation into the foundation."