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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7207 Introduced in House (IH)]
<DOC>
119th CONGRESS
2d Session
H. R. 7207
To amend title 5, United States Code, to require the President and the
Vice President to disclose financial interests and divest of any
financial interest posing a potential conflict of interest, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 22, 2026
Ms. Craig introduced the following bill; which was referred to the
Committee on Oversight and Government Reform, and in addition to the
Committee on the Judiciary, 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
_______________________________________________________________________
A BILL
To amend title 5, United States Code, to require the President and the
Vice President to disclose financial interests and divest of any
financial interest posing a potential conflict of interest, 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 ``Presidential Conflicts of Interest
Accountability Act''.
SEC. 2. FINANCIAL INTERESTS OF THE PRESIDENT AND VICE PRESIDENT.
(a) Acts Affecting a Personal Financial Interest.--Section 208 of
title 18, United States Code, is amended by adding at the end the
following new subsection:
``(e) For the purposes of this section, the terms `officer' and
`employee' shall include the President and the Vice President.''.
(b) Limitation on Financial Interests.--Subchapter III of chapter
131 of title 5, United States Code, is amended by adding at the end the
following new section:
``Sec. 13147. Financial interests of the President and the Vice
President
``(a) Initial Financial Disclosure.--
``(1) Submission of disclosure.--Not later than 30 days
after assuming the office of President or Vice President,
respectively, the President and the Vice President shall submit
to Congress and the Director of Government Ethics a disclosure
of financial interests.
``(2) Contents.--The disclosure of financial interests
submitted under paragraph (1) shall--
``(A) describe in detail each financial interest of
the President or the Vice President, or the spouse or
dependent child of the President or the Vice President;
``(B) at a minimum, include the information
relating to each such financial interest that is
required for reports under section 13103(d) of this
title; and
``(C) include the tax returns filed by or on behalf
of the President or the Vice President, as applicable,
for--
``(i) the 3 most recent taxable years; and
``(ii) each taxable year for which an audit
of the return by the International Revenue
Service is pending on the date on which the
report is filed.
``(b) Divestiture of Financial Interests Posing a Potential
Conflict of Interest.--
``(1) In general.--The President, the Vice President, and
the spouse and dependent child of the President and the Vice
President shall divest of any financial interest posing a
potential conflict of interest by transferring such interest to
a qualified blind trust.
``(2) Trustee duties.--Not later than 30 days after the
date a financial interest is transferred to a qualified blind
trust under paragraph (1), the trustee of the qualified blind
trust shall--
``(A) sell the financial interest and use the
proceeds of such sale to purchase conflict-free
holdings; or
``(B) sell the financial interest and return the
proceeds of such sale to the President, the Vice
President, or the spouse or dependent child of the
President or the Vice President, as applicable.
``(c) Review by Office of Government Ethics.--
``(1) In general.--The Director of the Office of Government
Ethics shall submit to Congress, the President, and the Vice
President an annual report regarding the financial interests of
the President, the Vice President, and the spouse and dependent
child of the President and the Vice President.
``(2) Contents.--Each report submitted under paragraph (1)
shall--
``(A) indicate whether any financial interest is a
financial interest posing a potential conflict of
interest;
``(B) evaluate whether any previously held
financial interest that was a financial interest posing
a potential conflict of interest was divested in
accordance with subsection (c); and
``(C) redact such information as the Director of
the Office of Government Ethics determines necessary
for preventing identity theft, such as social security
numbers or taxpayer identification numbers.
``(d) Enforcement.--
``(1) In general.--The Attorney General or the attorney
general of any State may seek declaratory or injunctive relief
in a court of competent jurisdiction if--
``(A) the Director of the Office of Government
Ethics is unable to issue a report indicating whether
the President or the Vice President is in substantial
compliance with subsection (c); or
``(B) there is probable cause to believe that the
President or the Vice President has not complied with
subsection (c).
``(2) Fair market value.--In granting injunctive relief to
the plaintiff, the court shall ensure that any divestment
procedure shall ensure fair market return for any asset that is
liquidated.
``(e) Definitions.--
``(1) In general.--In this section--
``(A) the term `conflict-free holding' means a
financial interest that a reporting individual is not
required to report under section 13104(f)(8) of this
title;
``(B) the term `dependent child' has the meaning
given that term in section 13101 of this title;
``(C) the term `financial interest' means the items
required to be included in reports filed pursuant to
section 1303(d) and (e) of this title under section
13104(a) of this title;
``(D) the term `financial interest posing a
potential conflict of interest' means a financial
interest of the President, the Vice President, or the
spouse or dependent child of the President or the Vice
President, as applicable, that--
``(i) constitutes a financial interest
described in section 208(a) of title 18,
without regard to any exception under
subsection (b) of such section; or
``(ii) constitutes a present, emolument,
office, or title, of any kind, from any king,
prince, or foreign state (including from an
entity owned or controlled by a foreign
government), within the meaning of article I,
section 9 of the Constitution of the United
States;
``(E) the term `qualified blind trust' has the
meaning given that term in section 13104(f)(3) of this
title; and
``(F) the term `tax return'--
``(i) means any Federal income tax return
and any amendment or supplement thereto,
including supporting schedules, attachments, or
lists which are supplemental to, or part of,
the return for the taxable year; and
``(ii) includes any information return that
reports information that does or may affect the
liability for tax for the taxable year.
``(2) Supervising ethics office.--For the purpose of the
definition of `qualified blind trust' in this section, the term
`supervising ethics office' in section 13104(f)(3) of this
title means the Director of the Office of Government Ethics.''.
(c) Application of Disclosure to Sitting President and Vice
President.--Any individual who is serving as the President or the Vice
President on the date of the enactment of this Act shall submit a
disclosure of financial interests under section 13147 of title 5,
United States Code, as added by subsection (a) of this section, not
later than 30 days after the date of the enactment of this Act.
(d) Rulemaking.--Not later than 180 days after the date of the
enactment of this Act, the Office of Government Ethics shall issue
rules for the implementation of section 13147 of title 5, United States
Code, as added by subsection (a) of this section.
(e) Clerical Amendment.--The table of contents for subchapter III
of such title is amended by adding at the end the following item:
``13147. Financial interests of the President and the Vice
President.''.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on the Judiciary, 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.
Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on the Judiciary, 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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