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HR7207119th Congress

Presidential Conflicts of Interest Accountability Act

Sponsored By: Representative Craig, Angie [D-MN-2]

Introduced

Summary

**This bill would *apply criminal conflict-of-interest rules to the President and the Vice President* and create a mandatory, enforceable system of financial disclosure, divestment, and oversight for them and their immediate families.** It would set firm timelines for disclosures, require divestment of conflicting holdings into qualified blind trusts, and give ethics officials and prosecutors tools to enforce compliance.

Show full summary
  • The President, the Vice President, and their spouse and dependent child would have to file detailed financial disclosures and the last 3 years of tax returns within 30 days of assuming office, including any year with a pending IRS audit. These disclosures must describe each financial interest covered by federal reporting rules.
  • Conflicting financial interests would have to be transferred into a qualified blind trust within 30 days of transfer, and trustees would have 30 days to sell those assets and either buy conflict-free holdings or return proceeds to the individual as applicable.
  • The Director of the Office of Government Ethics would report annually to Congress and the President on potential conflicts and divestment compliance, and the Attorney General or a state attorney general could seek court relief if the Director cannot certify substantial compliance. The Office of Government Ethics would also have to issue implementing rules within 180 days of enactment.

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 2 benefits, 0 costs, 2 mixed.

Clear definitions for presidential finances

If enacted, this bill would add clear definitions for terms about the President's and Vice President's finances. It would define "financial interest," "conflict-free holding," "qualified blind trust," "tax return," and "dependent child" by referencing existing ethics rules. It would also say the Director of the Office of Government Ethics is the supervising ethics office for blind trusts.

Conflict law covers President and Vice President

If enacted, the bill would expand the criminal conflict-of-interest statute so the terms "officer" and "employee" include the President and Vice President. That would make it possible to apply the statute's prohibitions on acting in matters that affect personal financial interests to those offices.

Forced divestment into blind trusts

If enacted, the President, Vice President, and their spouses and dependent children would have to transfer any financial interest that poses a potential conflict into a qualified blind trust. The trustee would have 30 days after receiving a transferred interest to sell it and either buy conflict-free holdings or return the proceeds to the person. The Attorney General or a State attorney general could sue to enforce divestiture if the ethics director cannot certify compliance or there is probable cause. Courts ordering sales would have to ensure a fair market return.

Mandatory presidential financial reports

If enacted, the President and Vice President would have to file detailed financial disclosures to Congress and the Office of Government Ethics within 30 days of taking office. The filings would list each financial interest of the official, spouse, and dependent child and must include federal income tax returns for the last three taxable years and any year with a pending IRS audit. The ethics director would have 180 days after enactment to issue rules. The director would also send yearly reports that flag potential conflicts and check divestiture compliance, with redactions to prevent identity theft.

Sponsors & CoSponsors

Sponsor

Craig, Angie [D-MN-2]

MN • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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