HR7207-119

What This Bill Does

The Presidential Conflicts of Interest Accountability Act makes the President and Vice President subject to federal financial-conflict controls. It amends 18 U.S.C. 208 so officer and employee include the President and Vice President for that conflict-of-interest section. It adds a new title 5 section requiring the President and Vice President to submit financial-interest disclosures to Congress and the Director of the Office of Government Ethics within 30 days after assuming office. The disclosure covers financial interests of the President, Vice President, spouse, and dependent children; information required in executive-branch financial reports; and federal income tax returns for the three most recent taxable years plus any years under IRS audit when filed. The President, Vice President, spouse, and dependent children must divest financial interests posing potential conflicts by transferring them to a qualified blind trust. Trustees must sell the interest within 30 days and either buy conflict-free holdings or return proceeds. OGE must report annually to Congress, the President, and Vice President on potential conflicts and divestiture compliance, with identity-theft redactions. The Attorney General or any State attorney general may seek declaratory or injunctive relief if OGE cannot report substantial compliance or there is probable cause of noncompliance, and courts must protect fair market return in divestment procedures. Current officeholders must file within 30 days after enactment, and OGE must issue implementing rules within 180 days.

Who Benefits and How

Voters, Congress, the Office of Government Ethics, government accountability groups, State attorneys general, the U.S. Attorney General, and ethics watchdogs benefit from detailed financial disclosures, tax-return access, blind-trust divestiture requirements, annual OGE review, and court enforcement options for presidential and vice-presidential conflicts. Federal ethics officials gain a statutory framework for conflicts involving spouses, dependent children, foreign emoluments, and reportable financial interests.

Who Bears the Burden and How

Presidents, Vice Presidents, spouses, dependent children, blind-trust trustees, OGE staff, the Justice Department, State attorneys general, and courts bear new disclosure, divestiture, reporting, rulemaking, and enforcement burdens. Covered officeholders may have to sell or transfer assets that pose potential conflicts and disclose tax returns, including pending-audit years. Trustees must liquidate conflict interests within 30 days while preserving fair market return.

Key Provisions

• Extends 18 U.S.C. 208 conflict-of-interest coverage to the President and Vice President.
• Requires financial-interest disclosures and recent or pending-audit tax returns within 30 days of assuming office or enactment.
• Requires the President, Vice President, spouses, and dependent children to divest potential conflicts through qualified blind trusts.
• Requires trustees to sell conflict interests within 30 days and buy conflict-free holdings or return proceeds.
• Requires annual OGE reports on potential conflicts and divestiture compliance.
• Authorizes federal and State attorneys general to seek declaratory or injunctive relief and requires OGE rules within 180 days.