I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Stop Foreign Payoffs 

5 Act’’. 


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1 SEC. 2. DIVESTITURE OF FOREIGN FINANCIAL INTERESTS. 

2 (a) IN GENERAL.—Chapter 131 of title 5, United 

3 States Code, is amended by adding after title III the fol4 lowing: 

5 ‘‘TITLE IV—LIMITATION ON 

6 FOREIGN FINANCIAL INTERESTS 

7 ‘‘§ 13151. Limitation on foreign financial interests 

8 ‘‘(a) DIVESTITURE.— 

9 ‘‘(1) IN GENERAL.—A covered individual may 

10 not hold any foreign financial interest, and shall di11 vest of any such interest by— 

12 ‘‘(A) converting each such interest to cash 

13 or other investment; or 

14 ‘‘(B) placing each such interest in a quali15 fied blind trust as defined in section 

16 13104(f)(3) or a diversified trust under section 

17 13104(f)(4)(B). 

18 ‘‘(2) APPLICATION.— 

19 ‘‘(A) Not later than 30 days after the date 

20 regulations are promulgated to carry out this 

21 section, a covered individual holding any foreign 

22 financial interest on such date shall divest of 

23 such interest pursuant to paragraph (1). 

24 ‘‘(B) Within 30 days that an individual as25 sumes an office described under subparagraph 

26 (A), (B), or (C) of subsection (d)(1), such indiVerDate Sep 11 2014 19:33 May 24, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H8177.IH H8177

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1 vidual, and any applicable individual described 

2 under subparagraph (D) of such subsection, 

3 shall divest of such interest pursuant to para4 graph (1). 

5 ‘‘(b) PROHIBITION ON RECEIVING FOREIGN PAY6 MENTS.—A covered individual may not receive any wage, 

7 salary, dividend, or any other payment from any foreign 

8 business. 

9 ‘‘(c) ENFORCEMENT.— 

10 ‘‘(1) IN GENERAL.—The Attorney General may 

11 bring a civil action in any appropriate United States 

12 district court against any individual who knowingly 

13 and willfully violates the provisions of this section. 

14 The court in which such action is brought may as15 sess against such individual a civil penalty in any 

16 amount not to exceed twice the value of any foreign 

17 financial interest held, or any unlawfully foreign 

18 payment received, in violation of this section. 

19 ‘‘(2) NEGLIGENT VIOLATIONS.—The Attorney 

20 General may bring a civil action in any appropriate 

21 United States district court against any individual 

22 who negligently violates the provisions of this sec23 tion. The court in which such action is brought may 

24 assess against such individual a civil penalty in any 

25 amount not to exceed the value of any foreign finanVerDate Sep 11 2014 19:33 May 24, 2024 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H8177.IH H8177

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1 cial interest held, or any unlawfully foreign payment 

2 received, in violation of this section. 

3 ‘‘(d) DEFINITIONS.—In this section— 

4 ‘‘(1) the term ‘child’ includes a child of any 

5 age, an adopted child or recognized natural child, 

6 and a stepchild or foster child; 

7 ‘‘(2) the term ‘covered individual’ means— 

8 ‘‘(A) the President; 

9 ‘‘(B) a Member of Congress (as that term 

10 is defined in section 2106); 

11 ‘‘(C) any cabinet-level position within the 

12 executive branch of Government, including the 

13 head of any executive department (as that term 

14 is defined in section 101); and 

15 ‘‘(D) the spouse, child, or the spouse of a 

16 child, of any individual described in subpara17 graph (A), (B), or (C); 

18 ‘‘(3) the term ‘foreign business’ means a part19 nership, association, corporation, organization, or 

20 other combination of persons organized under the 

21 laws of or having its principal place of business in 

22 a foreign country; and 

23 ‘‘(4) the term ‘foreign financial interest’ means 

24 any financial interest in a foreign business, including 

25 a stock, ownership interest, bond, or debt, but does 


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1 not include any financial interest in a foreign private 

2 issuer (as that term is defined in section 240.3b–4 

3 of title 17, Code of Federal Regulations, as in effect 

4 on the date of enactment of this section) of securi5 ties that are publicly traded on United States stock 

6 exchanges.’’. 

7 (b) CLERICAL AMENDMENT.—The table of sections 

8 for such chapter 131 is amended by adding at the end 

9 the following: 

‘‘SUBCHAPTER IV—LIMITATION ON FOREIGN FINANCIAL INTERESTS

‘‘13151. Limitation on foreign financial interests.’’. 

10 (c) REGULATIONS.—Not later than 120 days after 

11 the date of the enactment of this Act— 

12 (1) with respect to covered individuals (as that 

13 term is described in subsection (d)(1) of section 

14 13151 of title 5, United States Code, as added in 

15 subsection (a)) in the executive branch (including 

16 the Vice President), the Director of the Office of 

17 Government Ethics shall promulgate regulations to 

18 carry out such section; and 

19 (2) with respect to covered individuals in the 

20 legislative branch, the Committee on Ethics of the 

21 House of Representatives and the Select Committee 

22 on Ethics of the Senate shall promulgate regulations 

23 to carry out such section. 

Æ 


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