Bill > HR7207

This bill, titled the Presidential Conflicts of Interest Accountability Act, aims to enhance transparency and accountability regarding the financial dealings of the President and Vice President. It mandates that within 30 days of taking office, the President and Vice President must disclose all their financial interests, including those of their spouses and dependent children, to Congress and the Director of Government Ethics. This disclosure must be detailed and include tax returns from the three most recent years, as well as any years currently under IRS audit. Furthermore, the bill requires the President and Vice President, along with their spouses and dependent children, to divest any financial interests that pose a potential conflict of interest by transferring them into a qualified blind trust, which is a trust managed by an independent trustee who is unaware of the beneficiary's specific holdings. The Office of Government Ethics will then conduct annual reviews to ensure compliance and report to Congress. The bill also establishes enforcement mechanisms, allowing the Attorney General or state attorneys general to seek court intervention if compliance is not met, ensuring that any divestment procedures result in fair market value for liquidated assets. The term "financial interest posing a potential conflict of interest" is broadly defined to include holdings that could influence official decisions or that are received from foreign governments or entities.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/7207/all-info