[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7526 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 7526
To amend the Ethics in Government Act of 1978 to require senior
Government officials and their family members to divest foreign
financial interests, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
July 9, 2020
Mr. Golden introduced the following bill; which was referred to the
Committee on Oversight and Reform, and in addition to the Committee on
House Administration, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
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A BILL
To amend the Ethics in Government Act of 1978 to require senior
Government officials and their family members to divest foreign
financial interests, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Stop Foreign Payoffs Act''.
SEC. 2. DIVESTITURE OF FOREIGN FINANCIAL INTERESTS.
(a) In General.--The Ethics in Government Act of 1978 (5 U.S.C.
App.) is amended by adding after title V the following:
``TITLE VI--LIMITATION ON FOREIGN FINANCIAL INTERESTS
``Sec. 601. Limitation on foreign financial interests
``(a) Divestiture.--
``(1) In general.--A covered individual may not hold any
foreign financial interest, and shall divest of any such
interest by--
``(A) converting each such interest to cash or
other investment; or
``(B) placing each such interest in a qualified
blind trust as defined in section 102(f)(3) or a
diversified trust under section 102(f)(4)(B).
``(2) Application.--
``(A) Not later than 30 days after the date
regulations are promulgated to carry out this section,
a covered individual holding any foreign financial
interest on such date shall divest of such interest
pursuant to paragraph (1).
``(B) Within 30 days that an individual assumes an
office described under subparagraph (A), (B), or (C) of
subsection (d)(1), such individual, and any applicable
individual described under subparagraph (D) of such
subsection, shall divest of such interest pursuant to
paragraph (1).
``(b) Prohibition on Receiving Foreign Payments.--A covered
individual may not receive any wage, salary, dividend, or any other
payment from any foreign business.
``(c) Enforcement.--
``(1) In general.--The Attorney General may bring a civil
action in any appropriate United States district court against
any individual who knowingly and willfully violates the
provisions of this section. The court in which such action is
brought may assess against such individual a civil penalty in
any amount not to exceed twice the value of any foreign
financial interest held, or any unlawfully foreign payment
received, in violation of this section.
``(2) Negligent violations.--The Attorney General may bring
a civil action in any appropriate United States district court
against any individual who negligently violates the provisions
of this section. The court in which such action is brought may
assess against such individual a civil penalty in any amount
not to exceed the value of any foreign financial interest held,
or any unlawfully foreign payment received, in violation of
this section.
``(d) Definitions.--For purposes of this section--
``(1) the term `covered individual' means--
``(A) the President;
``(B) a Member of Congress (as that term is defined
in section 2106 of title 5, United States Code);
``(C) any cabinet-level position within the
executive branch of Government, including the head of
any executive department (as that term is defined in
section 101 of title 5, United States Code); and
``(D) the spouse, son, daughter, son-in-law, or
daughter-in-law of any individual described in
subparagraph (A), (B), or (C);
``(2) the term `foreign business' means a partnership,
association, corporation, organization, or other combination of
persons organized under the laws of or having its principal
place of business in a foreign country; and
``(3) the term `foreign financial interest' means any
financial interest in a foreign business, including a stock,
ownership interest, bond, or debt.''.
(b) Regulations.--Not later than 120 days after the date of
enactment of this Act--
(1) with respect to covered individuals (as that term is
described in subsection (d)(1) of section 601 of the Ethics in
Government Act of 1978, as added in subsection (a)) in the
executive branch (including the Vice President), the Director
of the Office of Government Ethics shall promulgate regulations
to carry out such section 601; and
(2) with respect to covered individuals in the legislative
branch, the Committee on Ethics of the House of Representatives
and the Select Committee on Ethics of the Senate shall
promulgate regulations to carry out such section 601.
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