[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8177 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8177

  To amend title 5, United States Code, to require senior Government 
    officials and their family members to divest foreign financial 
                   interests, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 30, 2024

 Mr. Golden of Maine introduced the following bill; which was referred 
 to the Committee on Oversight and Accountability, and in addition to 
the Committee on House Administration, 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 senior Government 
    officials and their family members to divest foreign financial 
                   interests, 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 ``Stop Foreign Payoffs Act''.

SEC. 2. DIVESTITURE OF FOREIGN FINANCIAL INTERESTS.

    (a) In General.--Chapter 131 of title 5, United States Code, is 
amended by adding after title III the following:

         ``TITLE IV--LIMITATION ON FOREIGN FINANCIAL INTERESTS

``Sec. 13151. Limitation on foreign financial interests
    ``(a) Divestiture.--
            ``(1) In general.--A covered individual may not hold any 
        foreign financial interest, and shall divest of any such 
        interest by--
                    ``(A) converting each such interest to cash or 
                other investment; or
                    ``(B) placing each such interest in a qualified 
                blind trust as defined in section 13104(f)(3) or a 
                diversified trust under section 13104(f)(4)(B).
            ``(2) Application.--
                    ``(A) Not later than 30 days after the date 
                regulations are promulgated to carry out this section, 
                a covered individual holding any foreign financial 
                interest on such date shall divest of such interest 
                pursuant to paragraph (1).
                    ``(B) Within 30 days that an individual assumes an 
                office described under subparagraph (A), (B), or (C) of 
                subsection (d)(1), such individual, and any applicable 
                individual described under subparagraph (D) of such 
                subsection, shall divest of such interest pursuant to 
                paragraph (1).
    ``(b) Prohibition on Receiving Foreign Payments.--A covered 
individual may not receive any wage, salary, dividend, or any other 
payment from any foreign business.
    ``(c) Enforcement.--
            ``(1) In general.--The Attorney General may bring a civil 
        action in any appropriate United States district court against 
        any individual who knowingly and willfully violates the 
        provisions of this section. The court in which such action is 
        brought may assess against such individual a civil penalty in 
        any amount not to exceed twice the value of any foreign 
        financial interest held, or any unlawfully foreign payment 
        received, in violation of this section.
            ``(2) Negligent violations.--The Attorney General may bring 
        a civil action in any appropriate United States district court 
        against any individual who negligently violates the provisions 
        of this section. The court in which such action is brought may 
        assess against such individual a civil penalty in any amount 
        not to exceed the value of any foreign financial interest held, 
        or any unlawfully foreign payment received, in violation of 
        this section.
    ``(d) Definitions.--In this section--
            ``(1) the term `child' includes a child of any age, an 
        adopted child or recognized natural child, and a stepchild or 
        foster child;
            ``(2) the term `covered individual' means--
                    ``(A) the President;
                    ``(B) a Member of Congress (as that term is defined 
                in section 2106);
                    ``(C) any cabinet-level position within the 
                executive branch of Government, including the head of 
                any executive department (as that term is defined in 
                section 101); and
                    ``(D) the spouse, child, or the spouse of a child, 
                of any individual described in subparagraph (A), (B), 
                or (C);
            ``(3) the term `foreign 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; and
            ``(4) the term `foreign financial interest' means any 
        financial interest in a foreign business, including a stock, 
        ownership interest, bond, or debt, but does not include any 
        financial interest in a foreign private issuer (as that term is 
        defined in section 240.3b-4 of title 17, Code of Federal 
        Regulations, as in effect on the date of enactment of this 
        section) of securities that are publicly traded on United 
        States stock exchanges.''.
    (b) Clerical Amendment.--The table of sections for such chapter 131 
is amended by adding at the end the following:

       ``subchapter iv--limitation on foreign financial interests

``13151. Limitation on foreign financial interests.''.
    (c) Regulations.--Not later than 120 days after the date of the 
enactment of this Act--
            (1) with respect to covered individuals (as that term is 
        described in subsection (d)(1) of section 13151 of title 5, 
        United States Code, as added in subsection (a)) in the 
        executive branch (including the Vice President), the Director 
        of the Office of Government Ethics shall promulgate regulations 
        to carry out such section; and
            (2) with respect to covered individuals in the legislative 
        branch, the Committee on Ethics of the House of Representatives 
        and the Select Committee on Ethics of the Senate shall 
        promulgate regulations to carry out such section.
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