Bill
Bill > HR7581
US HR7581
To require certain officers and employees in the executive branch of the Federal Government to divest certain financial interests, and for other purposes.
summary
Introduced
07/13/2020
07/13/2020
In Committee
07/13/2020
07/13/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To require certain officers and employees in the executive branch of the Federal Government to divest certain financial interests, and for other purposes. This bill requires certain government officials in the executive branch and their spouses to divest corporate and other financial interests. Specifically, such officials must divest into a qualified blind trust any financial interest in a business for which the official is a trustee, partner, officer, director, or more than 10% shareholder. The trustee of the qualified blind trust must sell the interest and use the proceeds to purchase conflict-free holdings. The bill's requirements apply to cabinet officials, senior executives, policy advisors, presidential appointees, specified White House personnel, and their spouses.
AI Summary
This bill requires certain government officials in the executive branch and their spouses to divest corporate and other financial interests that could pose a conflict of interest. Specifically, officials must transfer any "covered significant business interest" (over 10% ownership in a company where the official is a trustee, partner, officer, director, or shareholder) into a qualified blind trust. The trustee of the blind trust must then sell the interest and use the proceeds to purchase conflict-free holdings. The bill's requirements apply to cabinet officials, senior executives, policy advisors, presidential appointees, and specified White House personnel.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Referred to the House Committee on Oversight and Reform. (on 07/13/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/7581/all-info |
| BillText | https://www.congress.gov/116/bills/hr7581/BILLS-116hr7581ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr7581/BILLS-116hr7581ih.pdf.pdf |
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