H.R. 7207: Presidential Conflicts of Interest Accountability Act

This bill, titled the Presidential Conflicts of Interest Accountability Act, proposes to amend certain laws regarding the financial interests of the President and Vice President of the United States. Its main objectives are to enhance transparency and reduce potential conflicts of interest. Here is a detailed breakdown of what the bill entails:

Disclosure of Financial Interests

The President and Vice President must disclose their financial interests within 30 days of taking office. This disclosure will include:

• A detailed description of each financial interest held by them, their spouse, and dependent children.
• Information required for existing financial disclosure reports.
• Tax returns for the last three years and for any year under audit.

Divestiture of Conflicting Interests

If the financial interests of the President or Vice President could pose a potential conflict of interest, they must transfer these interests to a qualified blind trust. Key points include:

• The transfer of interests to the trust must occur within 30 days.
• The trustee of the trust must either sell the financial interests and purchase conflict-free holdings or return the proceeds of the sale to the President or Vice President.

Annual Reporting and Review

The Director of the Office of Government Ethics will submit an annual report to Congress regarding the financial interests of the President and Vice President, which will include:

• Indications of any conflicts of interest identified.
• Evaluation of whether divestitures were made in accordance with the law.
• Protection of private information to prevent identity theft.

Enforcement Measures

The bill allows the Attorney General or state attorneys general to seek legal action if compliance with the disclosure provisions is not met. The courts will ensure fair market value in any divestitures that take place.

Definitions and Applicability

The bill provides definitions for key terms such as:

• Conflict-free holding: Financial interests that do not need to be reported under the relevant laws.
• Financial interest: Any monetary interests that need to be reported.

It will also apply to current officeholders within 30 days of enactment.

Implementation Rules

The Office of Government Ethics is required to issue rules for implementing these provisions no later than 180 days after the bill's enactment.

Clerical Adjustments

The bill includes a clerical amendment to the legal code for proper categorization of the new provisions related to the financial interests of the President and Vice President.

Relevant Companies

• None found