[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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