Bill Summary
The Presidential Accountability Act is a bill that aims to amend the Ethics in Government Act of 1978 in order to require the President and Vice President to divest themselves of any financial interests that may pose a conflict of interest. This includes the interests of their spouse, dependent child, or any person or organization with whom they have a potential employment arrangement. The Act also requires the President and Vice President to disclose any significant financial interests they or their family members may have in any corporations, companies, partnerships, or other business entities. Regulations will be established to define what constitutes a significant financial interest and how these interests should be handled. Overall, the purpose of this Act is to promote transparency and prevent any potential conflicts of interest within the highest levels of government.
Possible Impacts
1. A government official who is also a business owner must divest themselves of any financial interests that could potentially create a conflict of interest with their government duties. This could affect their income and financial stability, as well as their ability to make decisions that could benefit their business.
2. The public would have access to more information about the financial interests of the President and Vice President, including any significant financial interests held by their spouses or dependent children. This could potentially affect public perception and trust in these officials.
3. The Director of the Office of Government Ethics is required to define the criteria for determining what constitutes a "significant financial interest" and to create regulations for divestiture within 120 days. This could potentially create a quick turnaround for government officials to comply with the new law, but also allows for a potential delay in the process if the regulations are not defined in a timely manner.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1481 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 1481
To amend the Ethics in Government Act of 1978 to require the President
and Vice President to divest themselves of certain financial conflicts
of interest, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 4, 2019
Ms. Clark of Massachusetts (for herself and Ms. Jayapal) introduced the
following bill; which was referred to the Committee on Oversight and
Reform
_______________________________________________________________________
A BILL
To amend the Ethics in Government Act of 1978 to require the President
and Vice President to divest themselves of certain financial conflicts
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 Accountability Act''.
SEC. 2. DIVESTITURE OF PERSONAL FINANCIAL INTERESTS OF THE PRESIDENT
AND VICE PRESIDENT THAT POSE A POTENTIAL CONFLICT OF
INTEREST.
(a) In General.--The Ethics in Government Act of 1978 (5 U.S.C.
App.) is amended by adding after title VI (as added by section 8003)
the following:
``TITLE VII--DIVESTITURE OF FINANCIAL CONFLICTS OF INTERESTS OF THE
PRESIDENT AND VICE PRESIDENT
``Sec. 701. Divestiture of financial interests posing a conflict of
interest
``(a) Applicability to the President and Vice President.--The
President and Vice President shall, within 30 days of assuming office,
divest of all financial interests that pose a conflict of interest
because the President or Vice President, the spouse, dependent child,
or general partner of the President or Vice President, or any person or
organization with whom the President or Vice President is negotiating
or has any arrangement concerning prospective employment, has a
financial interest, by--
``(1) converting each such interest to cash or other
investment that meets the criteria established by the Director
of the Office of Government Ethics through regulation as being
an interest so remote or inconsequential as not to pose a
conflict; or
``(2) placing each such interest in a qualified blind trust
as defined in section 102(f)(3) or a diversified trust under
section 102(f)(4)(B).
``(b) Disclosure Exemption.--Subsection (a) shall not apply if the
President or Vice President complies with section 102.''.
(b) Additional Disclosures.--Section 102(a) of the Ethics in
Government Act of 1978 (5 U.S.C. App.) is amended by adding at the end
the following:
``(9) With respect to any such report filed by the
President or Vice President, for any corporation, company,
firm, partnership, or other business enterprise in which the
President, Vice President, or the spouse or dependent child of
the President or Vice President, has a significant financial
interest--
``(A) the name of each other person who holds a
significant financial interest in the firm,
partnership, association, corporation, or other entity;
``(B) the value, identity, and category of each
liability in excess of $10,000; and
``(C) a description of the nature and value of any
assets with a value of $10,000 or more.''.
(c) Regulations.--Not later than 120 days after the date of
enactment of this Act, the Director of the Office of Government Ethics
shall promulgate regulations to define the criteria required by section
701(a)(1) of the Ethics in Government Act of 1978 (as added subsection
(a)) and the term ``significant financial interest'' for purposes of
section 102(a)(9) of the Ethics in Government Act (as added by
subsection (b)).
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