Bill Summary
The Transparency in Executive Branch Official Finances Act is a bill that requires senior government officials and their spouses and family members to disclose any foreign business interests they may have. It also requires the President and Vice President to disclose their tax returns. Additionally, the bill prohibits political appointees from receiving payments from foreign entities, with certain exceptions. The bill defines terms such as "foreign-owned business" and "political appointee" and provides regulations for disclosure and penalties for violations.
Possible Impacts
1. The bill could affect senior government officials and their families by requiring them to disclose any foreign business interests they may have, potentially exposing any conflicts of interest.
2. The bill could affect the President and Vice President by requiring them to disclose their tax returns, providing transparency and accountability to the public.
3. The bill could affect political appointees by prohibiting them from receiving payments from foreign entities, preventing any potential influence or conflicts of interest.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5433 Introduced in House (IH)]
<DOC>
116th CONGRESS
1st Session
H. R. 5433
To require the disclosure of foreign business interests of senior
Government officials and their spouses and family members, to require
the President and Vice President to disclose their tax returns, to
prevent political appointees from receiving payments from foreign
entities, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 13, 2019
Ms. Porter (for herself and Mr. Rose of New York) introduced the
following bill; which was referred to the Committee on Oversight and
Reform, and in addition to the Committees on Ways and Means, and 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 require the disclosure of foreign business interests of senior
Government officials and their spouses and family members, to require
the President and Vice President to disclose their tax returns, to
prevent political appointees from receiving payments from foreign
entities, 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 ``Transparency in Executive Branch
Official Finances Act''.
SEC. 2. DISCLOSURE OF FOREIGN FINANCIAL INTERESTS.
(a) In General.--Section 102 of the Ethics in Government Act of
1978 (5 U.S.C. App. 102) is amended by adding at the end the following:
``(j)(1) Any report filed pursuant to section 101(d) by a senior
Government official shall include--
``(A) a description of any foreign business relationship of
the official or spouse or member of family of the official;
``(B) with respect to any member of family of the official,
the information required to be disclosed with respect to a
spouse of the official under this title, including those under
section 102(e); and
``(C) a disclosure on whether the official or spouse or
member of family of the official owns--
``(i) either directly or in combination with the
holdings of any trust controlled by the member, ten
percent or more of the outstanding shares in a private
enterprise or corporation; or
``(ii) any intellectual property (including any
trademark, copyright, or patent) protected or enforced
by a foreign country.
``(2) With respect to any affirmative disclosure made under
paragraph (1)(C)(i), the disclosure shall include--
``(A) the name of any applicable private enterprise or
corporation;
``(B) whether the private enterprise or corporation has
engaged in, during the previous 5 years, any business dealing
(including any sale, purchase, rental, disposition or exchange
of any goods, services, or property, any license, permit, grant
or benefit transaction) equal to or greater than $25,000 with a
publicly traded company with foreign majority shareholders, a
foreign-owned business, an organization associated with a
foreign-owned business, or a foreign national; and
``(C) with respect to any affirmative disclosure under
subparagraph (B), a list of any applicable publicly traded
company with foreign majority shareholders, foreign-owned
business, organization associated with a foreign-owned
business, or foreign national.
``(3) With respect to any affirmative disclosure made under
paragraph (1)(C)(ii), a description of the applicable intellectual
property.
``(4) In this subsection--
``(A) the term `foreign business relationship', when used
in connection with a senior Government official or their spouse
or member of family, means any instance where the official,
spouse, or member of family (as the case may be) holds any
position with--
``(i) a publicly traded company with foreign
majority shareholders; or
``(ii) a foreign-owned business or an organization
associated with a foreign-owned business;
``(B) the term `foreign-owned business' means a
partnership, association, corporation, organization, or other
combination of persons organized under the laws of or having
its principal place of business in a foreign country;
``(C) the term `member of family', when used in connection
with a senior Government official, means a parent, sibling,
child (including an adopted child or a step-child), aunt,
uncle, or first cousin of the official; and
``(D) the term `senior Government official' means--
``(i) the President;
``(ii) the Vice President; and
``(iii) any political appointee (as that term is
defined in section 221(c)(2) of title 18, United States
Code).''.
(b) Application.--The amendment made by subsection (a) shall apply
to any report filed pursuant to section 101(d) of the Ethics in
Government Act of 1978 (5 U.S.C. App. 101(d)) after the date of
enactment of this Act.
SEC. 3. DISCLOSURE OF TAX RETURNS OF PRESIDENT AND VICE PRESIDENT AND
CANDIDATES.
(a) In General.--Section 102 of the Ethics in Government Act of
1978 (5 U.S.C. App.), as amended by section 1, is further amended by
adding at the end the following:
``(k)(1) Any report filed pursuant to section 101(d) by the
President or the Vice President shall include the President's or Vice
President's (as the case may be) return of Federal income tax for the
previous 5 taxable years.
``(2) Any report filed pursuant to section 101(c) by an individual
who is a candidate for the office of President or Vice President shall
include the individual's return of Federal income tax for the previous
5 taxable years.
``(3) The Director of the Office of Government Ethics may issue
regulations authorizing the redaction of personal information as the
Director deems necessary to prevent identity theft or physical danger
from disclosure of tax returns required under paragraphs (1) and (2).
``(4) Not later than 30 days after the date that any tax returns
are submitted by the President or Vice President pursuant to paragraph
(1) or an individual who is a candidate for the office of President or
Vice President pursuant to paragraph (2), the Director shall publish
such tax returns on the public Internet website of the Office.''.
(b) Disclosure Permitted.--Section 6103(i) of the Internal Revenue
Code of 1986 is amended by adding at the end the following:
``(9) Disclosure of tax returns under the ethics in
government act of 1978.--The Director of the Office of
Government Ethics may publicly disclose returns described in
section 102(k) of the Ethics in Government Act of 1978 (5
U.S.C. App. 102(k)) to the extent such returns are required to
be made available pursuant to such section.''.
(c) Application.--The amendments made by subsections (a) and (b)
shall apply to any report filed pursuant to section 101(c) or 101(d) of
the Ethics in Government Act of 1978 and any disclosure made under
section 6103(i) of the Internal Revenue Code of 1986, respectively,
after the date of enactment of this Act.
SEC. 4. PROHIBITION ON RECEIPT OF PAYMENTS FROM FOREIGN ENTITIES.
(a) In General.--Title 18, United States Code, is amended by
inserting after section 220 the following:
``Sec. 221. Prohibition on receipt of payments from foreign entities
``(a) In General.--Whoever, being a political appointee, solicits
or receives any payment (in cash or in kind) from any foreign-owned
business, any organization affiliated with a foreign-owned business,
any organization affiliated with a foreign government, or a foreign
national, shall be subject to the penalties set forth in section 216.
``(b) Exceptions.--This section does not apply to--
``(1) any payment (including interest, dividends, or
capital gains) resulting from an investment in any stock,
mutual fund, or trust described in section 401(a) of the
Internal Revenue Code of 1986 which is exempt from taxation
under section 501(a) of such Code (including the Thrift Savings
Plan under subchapter III of chapter 84 of title 5); or
``(2) any discounts, rebates, or promotional offerings
associated with a bona-fide transaction with a foreign-owned
business or an organization associated with a foreign-owned
business.
``(c) Definitions.--In this section--
``(1) the term `foreign-owned business' has the meaning
given that term in section 102(j)(3)(B) of the Ethics in
Government Act of 1978; and
``(2) the term `political appointee' means any individual
within the executive branch of Government--
``(A) appointed by the President, by and with the
advice and consent of the Senate;
``(B) occupying a position in the Senior Executive
Service as a noncareer appointee (as such term is
defined in section 3132(a) of title 5);
``(C) occupying a senior position of a confidential
or policy-determining character under schedule C of
subpart C of part 213 of title 5, Code of Federal
Regulations; or
``(D) occupying any other position which has been
excepted from the competitive service by reason of its
confidential, policy-determining, policy-making, or
policy-advocating character.''.
(b) Clerical Amendment.--The table of sections for chapter 11 of
such title is amended by inserting after the item relating to section
220 the following new item:
``221. Prohibition on receipt of payments from foreign entities.''.
(c) Application.--The amendment made by subsection (a) shall apply
to any payment described under section 221 of title 18, United States
Code, as added by subsection (a), received by a political appointee
after the date of enactment of this Act.
<all>