Clinton Foundation Plans to Spin Off Health Initiative; Bill, Chelsea to Step Down

The Bill, Hillary & Chelsea Clinton Foundation will spin off its flagship health project into a "completely independent" charity if Hillary Clinton wins the U.S. presidency in November, the charity announced on Wednesday.

The Clinton Health Access Initiative, which has worked to lower the cost of HIV medicine in sub-Saharan Africa, accounts for about two thirds of the foundation's expenses, much of that from foreign sources, according to the foundation's financial reports.

Bill and Chelsea Clinton, Hillary Clinton's husband and daughter, will step down from the health project's board and the project will no longer use the Clinton name if the family returns to the White House next year, the announcement said.