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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Presidential Conflicts of Interest Act of 2017

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to address financial conflicts of interest of the President and Vice President.


Actions Overview (1)

Date
01/09/2017Introduced in Senate

All Actions (1)

Date
01/09/2017Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Action By: Senate

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Homeland Security and Governmental Affairs01/09/2017 Referred to

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Latest Summary (1)

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Introduced in Senate (01/09/2017)

Presidential Conflicts of Interest Act of 2017

This bill requires the President and Vice President to submit to Congress and the Office of Government Ethics a disclosure of financial interests.

Among the contents of such disclosure, the President and Vice President shall: (1) include a detailed description of each financial interest of the President and Vice President, the spouse of the President and Vice President, or a minor child of the President and Vice President; and (2) include the tax returns filed by or on behalf of the President and Vice President for the three most recent taxable years.

The President, the Vice President, the spouse of the President or Vice President, and any minor child of the President or Vice President must divest any financial interest posing a potential conflict of interest by transferring such interest to a qualified blind trust.

Within a reasonable period of time after such financial interest is transferred to a qualified blind trust, the trustee of such trust shall: (1) sell the financial interest; and (2) use the proceeds from the sale of the financial interest to purchase conflict-free holdings.

The Office of Government Ethics shall submit to Congress, the President, and the Vice President an annual report regarding the financial interests of such officials, their spouses, and any of their minor children.

The Attorney General, the attorney general of any state, or any person aggrieved by a violation of divestiture requirements posing a potential conflict of interest may seek declaratory or injunctive relief if: (1) the Office of Government Ethics is unable to issue a report indicating whether the President or Vice President is in substantial compliance with such divestiture requirements; or (2) there is probable cause to believe the President or the Vice President has not complied with such requirements.

The bill amends the federal criminal code to require the recusal of presidential appointees from decisions affecting the financial holdings of a President or the spouse of a President. Prohibitions pertaining to contracts entered into by Members of Congress are extended to contracts by the President or Vice President.

The bill amends the Ethics in Government Act of 1978 to require the disclosure of tax returns by the incumbent President and presidential nominees of a major political party for the three most recent taxable years.

The bill declares the sense of Congress that a violation of divestiture requirements of this bill or the Ethics in Government in Government Act of 1978 by the President or the Vice President would constitute a high crime or misdemeanor.