[Congressional Record Volume 170, Number 115 (Thursday, July 11, 2024)]
[Senate]
[Pages S5123-S5125]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2893. Ms. WARREN (for herself, Ms. Stabenow, Mr. Markey, Mr.
Padilla, Mr. Blumenthal, Mr. Lujan, Ms. Duckworth, and Mr. Van Hollen)
submitted an amendment intended to be proposed by her to the bill S.
4638, to authorize appropriations for fiscal year 2025 for military
activities of the Department of Defense, for military construction, and
for defense activities of the Department of Energy, to prescribe
military personnel strengths for such fiscal year, and for other
purposes; which was ordered to lie on the table; as follows:
At the end of subtitle H of title X, add the following:
SEC. 1095. PRESIDENTIAL CONFLICTS OF INTEREST ACT OF 2024.
(a) Short Title.--This section may be cited as the
``Presidential Conflicts of Interest Act of 2024''.
(b) Divestiture of Personal Financial Interests of the
President and Vice President That Pose a Potential Conflict
of Interest.--
(1) Definitions.--
(A) In general.--In this subsection--
(i) the term ``conflict-free holding'' means an interest in
a widely held investment fund (whether such fund is a mutual
fund, regulated investment company, pension or deferred
compensation plan, or other investment fund) that--
(I) is diversified (as defined in section 2640.102 of title
5, Code of Federal Regulations, as in effect on the date of
enactment of this Act); and
(II) is--
(aa) publicly traded;
(bb) registered as a management company under the
Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.); or
(cc) a unit investment trust (as defined in section 4 of
the Investment Company Act of 1940 15 U.S.C. 80a-4) that is a
regulated investment company under section 851 of the
Internal Revenue Code of 1986;
[[Page S5124]]
(ii) the term ``financial interest posing a potential
conflict of interest'' means a financial interest of the
President, the Vice President, the spouse of the President or
Vice President, or a minor child of the President or Vice
President, as applicable, that--
(I) would constitute a financial interest described in
subsection (a) of section 208 of title 18, United States
Code--
(aa) if--
(AA) for purposes of such section 208, the terms
``officer'' and ``employee'' included the President and the
Vice President; and
(BB) the President or Vice President, as applicable,
participated in a particular matter affecting such financial
interest; and
(bb) determined without regard to any exception under
subsection (b)(1) of such section 208; or
(II) constitutes a present, emolument, office, or title, of
any kind whatever, from any king, prince, or foreign state
(including from an entity owned or controlled by a foreign
government), within the meaning of article I, section 9 of
the Constitution of the United States;
(iii) the term ``qualified blind trust'' has the meaning
given that term in section 13104(f)(3) of title 5, United
States Code; and
(iv) the term ``tax return''--
(I) means any Federal income tax return and any amendment
or supplement thereto, including supporting schedules,
attachments, or lists which are supplemental to, or part of,
the return for the taxable year; and
(II) includes any information return that reports
information that does or may affect the liability for tax for
the taxable year.
(B) Applicability of ethics in government requirements.--
For purposes of the definition of ``qualified blind trust''
in this subsection, the term ``supervising ethics officer''
in section 13104(f)(3) of title 5, United States Code, means
the Director of the Office of Government Ethics.
(2) Initial financial disclosure.--
(A) Submission of disclosure.--
(i) In general.--Not later than 30 days after assuming the
office of President or Vice President, respectively, the
President and Vice President shall submit to Congress and the
Director of the Office of Government Ethics a disclosure of
financial interests.
(ii) Application to sitting president and vice president.--
For any individual who is serving as the President or Vice
President on the date of enactment of this Act, the
disclosure of financial interests shall be submitted to
Congress and the Director of the Office of Government Ethics
not later than 30 days after the date of enactment of this
Act.
(B) Contents.--
(i) President.--The disclosure of financial interests
submitted under subparagraph (A) by the President shall--
(I) describe in detail each financial interest of the
President, the spouse of the President, or a minor child of
the President that is required to be disclosed under
regulations of the Office of Government Ethics in addition to
the financial interests required to be disclosed under
section 13104 of title 5, United States Code; and
(II) include the tax returns filed by or on behalf of the
President for--
(aa) the 3 most recent taxable years; and
(bb) each taxable year for which an audit of the return by
the Internal Revenue Service is pending on the date the
report is filed.
(ii) Vice president.--The disclosure of financial interests
submitted under subparagraph (A) by the Vice President
shall--
(I) describe in detail each financial interest of the Vice
President, the spouse of the Vice President, or a minor child
of the Vice President that is required to be disclosed under
regulations of the Office of Government Ethics in addition to
the financial interests required to be disclosed under
section 13104 of title 5, United States Code; and
(II) include the tax returns filed by or on behalf of the
Vice President for--
(aa) the 3 most recent taxable years; and
(bb) each taxable year for which an audit of the return by
the Internal Revenue Service is pending on the date the
report is filed.
(3) Divestiture of financial interests posing a potential
conflict of interest.--
(A) In general.--The President, the Vice President, the
spouse of the President or Vice President, and any minor
child of the President or Vice President shall divest of any
financial interest posing a potential conflict of interest
by--
(i) converting each such interest to cash or another
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
(ii) transferring such interest to a qualified blind trust.
(B) Trustee duties.--Within a reasonable period of time
after the date a financial interest is transferred to a
qualified blind trust under subparagraph (A)(ii), the trustee
of the qualified blind trust shall--
(i) sell the financial interest; and
(ii) use the proceeds of the sale of the financial interest
to purchase conflict-free holdings.
(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 described in subparagraph (A)(ii).
(4) Review by office of government ethics.--
(A) In general.--The Director of the Office of Government
Ethics shall submit to Congress, the President, and the Vice
President an annual report regarding the financial interests
of the President, the Vice President, the spouse of the
President or Vice President, and any minor child of the
President or Vice President.
(B) Contents.--Each report submitted under subparagraph (A)
shall--
(i) indicate whether any financial interest of the
President, the Vice President, the spouse of the President or
Vice President, or a minor child of the President or Vice
President is a financial interest posing a potential conflict
of interest;
(ii) evaluate whether any previously held financial
interest of the President, the Vice President, the spouse of
the President or Vice President, or a minor child of the
President or Vice President that was a financial interest
posing a potential conflict of interest was divested in
accordance with paragraph (3); and
(iii) redact such information as the Director of the Office
of Government Ethics determines necessary for preventing
identity theft, such as social security numbers or taxpayer
identification numbers.
(C) Trustee responsibility.--If the President, the Vice
President, the spouse of the President or Vice President, or
any minor child of the President or Vice President transfers
1 or more interests to a qualified blind trust under
paragraph (3)(A)(ii), the trustee for the qualified blind
trust shall assist the Director in complying with
subparagraph (B)(ii) of this paragraph by notifying the
Director of the Office of Government Ethics when all initial
property of the qualified blind trust has been sold and
furnishing such other information as the Director may
require.
(5) Enforcement.--
(A) In general.--The Attorney General, the attorney general
of any State, or any person aggrieved by any violation
paragraph (3) may seek declaratory or injunctive relief in a
court of competent jurisdiction if--
(i) the Director of the Office of Government Ethics is
unable to issue a report indicating whether the President or
the Vice President is in substantial compliance with
paragraph (3); or
(ii) there is probable cause to believe that the President
or the Vice President has not complied with paragraph (3).
(B) Fair market value.--In granting injunctive relief to
the plaintiff, the court shall ensure that any divestment
procedure is reasonably calculated to ensure the fair market
return for any asset that is liquidated.
(c) Recusal of Appointees.--Section 208 of title 18, United
States Code, is amended by adding at the end the following:
``(e)(1) Any officer or employee appointed by the President
shall recuse himself or herself from any particular matter
involving specific parties in which a party to that matter
is--
``(A) the President who appointed the officer or employee,
which shall include any entity in which the President has a
substantial interest; or
``(B) the spouse of the President who appointed the officer
or employee, which shall include any entity in which the
spouse of the President has a substantial interest.
``(2)(A) Subject to subparagraph (B), if an officer or
employee is recused under paragraph (1), a career appointee
in the agency of the officer or employee shall perform the
functions and duties of the officer or employee with respect
to the matter.
``(B)(i) In this subparagraph, the term `Commission' means
a board, commission, or other agency for which the authority
of the agency is vested in more than 1 member.
``(ii) If the recusal of a member of a Commission from a
matter under paragraph (1) would result in there not being a
statutorily required quorum of members of the Commission
available to participate in the matter, notwithstanding such
statute or any other provision of law, the members of the
Commission not recused under paragraph (1) may--
``(I) consider the matter without regard to the quorum
requirement under such statute;
``(II) delegate the authorities and responsibilities of the
Commission with respect to the matter to a subcommittee of
the Commission; or
``(III) designate an officer or employee of the Commission
who was not appointed by the President who appointed the
member of the Commission recused from the matter to exercise
the authorities and duties of the recused member with respect
to the matter.
``(3) Any officer or employee who knowingly and willfully
violates paragraph (1) shall be subject to the penalties set
forth in section 216.
``(4) For purposes of this section, the term `particular
matter' shall have the meaning given the term in section
207(i).''.
(d) Contracts by the President or Vice President.--
(1) Amendment.--Section 431 of title 18, United States
Code, is amended--
(A) in the section heading, by inserting ``the President,
Vice President, or a'' after ``Contracts by''; and
(B) in the first undesignated paragraph, by inserting ``the
President or Vice President,'' after ``Whoever, being''.
(2) Table of sections amendment.--The table of sections for
chapter 23 of title 18, United States Code, is amended by
striking the item relating to section 431 and inserting the
following:
``431. Contracts by the President, Vice President, or a Member of
Congress.''.
[[Page S5125]]
(e) Presidential Tax Transparency.--
(1) Disclosure requirement.--
(A) In general.--Chapter 131 of title 5, United States
Code, is amended--
(i) by inserting after section 13104 the following:
``Sec. 13104A. Disclosure of tax returns
``(a) Definitions.--In this section--
``(1) the term `covered candidate' means an individual--
``(A) required to file a report under section 13103(c); and
``(B) who is nominated by a major party as a candidate for
the office of President; and
``(2) the term `covered individual' means--
``(A) a President required to file a report under
subsection (a) or (d) of section 13103; and
``(B) an individual who occupies the office of the
President required to file a report under section 13103(e);
``(3) the term `income tax return' means, with respect to
any covered candidate or covered individual, any return
(within the meaning of section 6103(b) of the Internal
Revenue Code of 1986) related to Federal income taxes, but
does not include--
``(A) information returns issued to persons other than such
covered candidate or covered individual, and
``(B) declarations of estimated tax; and
``(4) the term `major party' has the meaning given the term
in section 9002 of the Internal Revenue Code of 1986.
``(b) Disclosure.--
``(1) Covered individuals.--
``(A) In general.--In addition to the information described
in subsections (a) and (b) of section 13104, a covered
individual shall include in each report required to be filed
under this subchapter a copy of the income tax returns of the
covered individual for the 3 most recent taxable years for
which a return have been filed with the Internal Revenue
Service as of the date on which the report is filed.
``(B) Failure to disclose.--If an income tax return is not
disclosed under subparagraph (A), the Director of the Office
of Government Ethics shall submit to the Secretary of the
Treasury a request that the Secretary of the Treasury provide
the Director of the Office of Government Ethics with a copy
of the income tax return.
``(C) Publicly available.--Each income tax return submitted
under this paragraph shall be filed with the Director of the
Office of Government Ethics and made publicly available in
the same manner as the information described in subsections
(a) and (b) of section 13104.
``(D) Redaction of certain information.--Before making any
income tax return submitted under this paragraph available to
the public, the Director of the Office of Government Ethics
shall redact such information as the Director of the Office
of Government Ethics, in consultation with the Secretary of
the Treasury (or a delegate of the Secretary), determines
appropriate.
``(2) Candidates.--
``(A) In general.--Not later than 15 days after the date on
which a covered candidate is nominated, the covered candidate
shall amend the report filed by the covered candidate under
section 13103(c) with the Federal Election Commission to
include a copy of the income tax returns of the covered
candidate for the 3 most recent taxable years for which a
return has been filed with the Internal Revenue Service.
``(B) Failure to disclose.--If an income tax return is not
disclosed under subparagraph (A), the Federal Election
Commission shall submit to the Secretary of the Treasury a
request that the Secretary of the Treasury provide the
Federal Election Commission with the income tax return.
``(C) Publicly available.--Each income tax return submitted
under this paragraph shall be filed with the Federal Election
Commission and made publicly available in the same manner as
the information described in section 13104(b).
``(D) Redaction of certain information.--Before making any
income tax return submitted under this paragraph available to
the public, the Federal Election Commission shall redact such
information as the Federal Election Commission, in
consultation with the Secretary of the Treasury (or a
delegate of the Secretary) and the Director of the Office of
Government Ethics, determines appropriate.
``(3) Special rule for sitting presidents.--Not later than
30 days after the date of enactment of this section, the
President shall submit to the Director of the Office of
Government Ethics a copy of the income tax returns described
in paragraph (1)(A).''; and
(ii) in section 13106--
(I) in subsection (a)--
(aa) in paragraph (1), in the first sentence, by inserting
``or any individual who knowingly and willfully falsifies or
who knowingly and willfully fails to file an income tax
return that such individual is required to disclose pursuant
to section 13104A'' before the period; and
(bb) in paragraph (2)(A)--
(AA) in clause (i), by inserting ``or falsify any income
tax return that such person is required to disclose under
section 13104A'' before the semicolon; and
(BB) in clause (ii), by inserting ``or fail to file any
income tax return that such person is required to disclosed
under section 13104A'' before the period;
(II) in subsection (b), in the first sentence by inserting
``or willfully failed to file or has willfully falsified an
income tax return required to be disclosed under section
13104A'' before the period;
(III) in subsection (c), by inserting ``or failing to file
or falsifying an income tax return required to be disclosed
under section 13104A'' before the period; and
(IV) in subsection (d)(1)--
(aa) in the matter preceding subparagraph (A), by inserting
``or files an income tax return required to be disclosed
under section 13104A'' after ``subchapter''; and
(bb) in subparagraph (A), by inserting ``or such income tax
return, as applicable,'' after ``report''.
(B) Conforming amendment.--The table of sections for
chapter 131 of title 5, United States Code, is amended by
inserting after the item relating to section 13104 the
following:
``13104A. Disclosure of tax returns.''.
(2) Authority to disclose information.--
(A) In general.--Section 6103(l) of the Internal Revenue
Code of 1986 is amended by adding at the end the following
new paragraph:
``(23) Disclosure of return information of presidents and
certain presidential candidates.--
``(A) Disclosure of returns of presidents.--
``(i) In general.--The Secretary shall, upon written
request from the Director of the Office of Government Ethics
pursuant to section 13104A(b)(1)(B) of title 5, United States
Code, provide to officers and employees of the Office of
Government Ethics a copy of any income tax return of the
President which is required to be filed under section 13104A
of such title.
``(ii) Disclosure to public.--The Director of the Office of
Government Ethics may disclose to the public the income tax
return of any President which is required to be filed with
the Director pursuant to section 13104A of title 5, United
States Code.
``(B) Disclosure of returns of certain candidates for
president.--
``(i) In general.--The Secretary shall, upon written
request from the Chairman of the Federal Election Commission
pursuant to section 13104A(b)(2)(B) of title 5, United States
Code, provide to officers and employees of the Federal
Election Commission copies of the applicable returns of any
person who has been nominated as a candidate of a major party
(as defined in section 9002(a)) for the office of President.
``(ii) Disclosure to public.--The Federal Election
Commission may disclose to the public applicable returns of
any person who has been nominated as a candidate of a major
party (as defined in section 9002(6)) for the office of
President and which is required to be filed with the
Commission pursuant to section 13104A of title 5, United
States Code.
``(C) Applicable returns.--For purposes of this paragraph,
the term `applicable returns' means, with respect to any
candidate for the office of President, income tax returns for
the 3 most recent taxable years for which a return has been
filed as of the date of the nomination.''.
(B) Conforming amendments.--Section 6103(p)(4) of such
Code, in the matter preceding subparagraph (A) and in
subparagraph (F)(ii), is amended by striking ``or (22)'' and
inserting ``(22), or (23)'' each place it appears.
(f) Sense of Congress Regarding Violations.--It is the
sense of Congress that a violation of subsection (b) or
chapter 131 of title 5, United States Code, by the President
or the Vice President would constitute a high crime or
misdemeanor under article II, section 4 of the Constitution
of the United States.
(g) Rule of Construction.--Nothing in this section or an
amendment made by this section shall be construed to violate
the Constitution of the United States.
(h) Severability.--If any provision of this section or any
amendment made by this section, or any application of such
provision or amendment to any person or circumstance, is held
to be unconstitutional, the remainder of the provisions of
this section and the amendments made by this section, and the
application of the provision or amendment to any other person
or circumstance, shall not be affected.
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