President-elect Donald Trump is making some big announcements about the future of his administration and his business dealings.

FOX's Rachel Sutherland reports from Washington:

Saying the Presidency is a far more important task, Mr. Trump tweeted that he will stop running his worldwide business empire and that he'll hold a news conference on December 15 with his children to announce plans going forward for the Trump Organization.

Also today, the President-elect has chosen two wealthy businessmen for cabinet posts. Goldman Sachs alum Steven Mnuchin nominated to be Treasury Secretary:

(Mnuchin) "Within the first 90 days of this Presidency, we're going to have a major tax reform, biggest tax reform since Reagan."

Billionaire Wilbur Ross is the President-elect's choice for Commerce Secretary.

In Washington, Rachel Sutherland, FOX News.

Follow Rachel Sutherland on Twitter: @SutherlandFOX