To prohibit the President and the spouse of the President from accepting certain gifts for personal use.

Prohibits the President or the President's spouse from knowingly accepting for personal use: (1) any gift with a value of over $50; or (2) any gifts from a single source having a cumulative value during a calendar year of over $100 (excluding gifts valued at less than $10).

Provides that any gift exceeding such limits that is accepted by the President or the President's spouse shall be deemed to be a gift to and property of the United States.

Considers a gift to any other immediate family member of the President or to any other individual based upon that individual's relationship with the President to be a gift to the President, if it is given with the knowledge and acquiescence of the President or the President's spouse.

Specifies exceptions, including election and legal fund contributions, gifts from relatives, and certain honoraria.