Former President Bill Clinton defended the work of his charitable foundation Monday, telling supporters that it had "improved millions of lives around the world" but needs to change if his wife, Hillary Clinton, wins the White House.

Bill Clinton announced last week that the foundation will no longer accept contributions from foreign governments and corporations if his wife, the Democratic presidential nominee, is elected.

If Hillary Clinton is elected, the former president said the foundation would accept contributions only from U.S. citizens, permanent residents and U.S.-based independent foundations, whose names would continue to be disclosed on a quarterly basis. He said the official name would be changed from the Bill, Hillary and Chelsea Clinton Foundation to the Clinton Foundation.

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