I 

116TH CONGRESS 

2D SESSION H. R. 7581 

To require certain officers and employees in the executive branch of the 

Federal Government to divest certain financial interests, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 13, 2020 

Mr. CICILLINE introduced the following bill; which was referred to the 

Committee on Oversight and Reform 

A BILL 

To require certain officers and employees in the executive 

branch of the Federal Government to divest certain 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. DIVESTITURE OF CERTAIN FINANCIAL INTER4 ESTS OF FEDERAL OFFICERS AND EMPLOY5 EES AND SPOUSES. 

6 (a) DEFINITIONS.—In this Act— 

7 (1) the term ‘‘covered significant business inter8 est’’— 


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1 (A) means any financial interest of a cov2 ered officer or employee in a corporation, com3 pany, association, firm, partnership, proprietor4 ship, or any other business entity of which the 

5 covered officer or employee is— 

6 (i) a trustee; 

7 (ii) a partner; 

8 (iii) an officer; 

9 (iv) a director; or 

10 (v) a shareholder who holds more than 

11 10 percent of any class of equity securities; 

12 and 

13 (B) does not include any financial interest 

14 consisting of obligations issued by the Treasury, 

15 diversified mutual funds that qualify for a regu16 latory exemption, or residential property that is 

17 not held for the production of rental or other 

18 income; 

19 (2) the terms ‘‘conflict-free holding’’ and 

20 ‘‘qualified blind trust’’ have the meanings given 

21 those terms in sections 102(f)(3) and 102(f)(8), re22 spectively, of the Ethics in Government Act of 1978 

23 (5 U.S.C. App.); and 

24 (3) the term ‘‘covered officer or employee’’ 

25 means— 


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1 (A) any individual occupying a position— 

2 (i) listed under the Executive Sched3 ule (subchapter II of chapter 53 of title 5, 

4 United States Code); 

5 (ii) in the Senior Executive Service as 

6 a noncareer appointee (as that term is de7 fined in section 3132(a) if such title); 

8 (iii) of a confidential or policy-deter9 mining character under schedule C of sub10 part C of part 213 of title 5, Code of Fed11 eral Regulations; or 

12 (iv) in the executive branch whose ap13 pointment is made by the President, by 

14 and with the advice and consent of the 

15 Senate; and 

16 (B) any individual occupying any of the 

17 following positions: 

18 (i) Assistant to the President for Na19 tional Security Affairs. 

20 (ii) Assistant to the President and 

21 Chief of Staff. 

22 (iii) Assistant to the President and 

23 Deputy Chief of Staff. 


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1 (iv) Assistant to the President and 

2 Deputy Chief of Staff for Communications 

3 (or Director of Communications). 

4 (v) Assistant to the President and 

5 Press Secretary. 

6 (vi) Senior Advisor to the President. 

7 (vii) Assistant to the President and 

8 Staff Secretary. 

9 (viii) Assistant to the President for 

10 Homeland Security and Counterterrorism. 

11 (ix) Assistant to the President and 

12 Counselor to the President. 

13 (x) Director of the National Economic 

14 Council. 

15 (xi) Director of the Domestic Policy 

16 Council. 

17 (xii) Assistant to the President and 

18 Chief of Staff or Deputy Chief of Staff to 

19 the Vice President. 

20 (xiii) Special Assistant to the Presi21 dent and Director of Communications for 

22 the Vice President. 

23 (xiv) Press Secretary to the Vice 

24 President. 


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1 (xv) Senior Advisor to the Vice Presi2 dent. 

3 (xvi) Deputy Assistant to the Presi4 dent and National Security Advisor or 

5 Deputy National Security Advisor to the 

6 Vice President. 

7 (xvii) Deputy Assistant to the Presi8 dent and Counselor to the Vice President. 

9 (xviii) Assistant to the President and 

10 White House Counsel. 

11 (b) DIVESTITURE OF COVERED SIGNIFICANT BUSI12 NESS INTEREST.— 

13 (1) IN GENERAL.—A covered officer or em14 ployee or the spouse of any such officer or employee 

15 shall divest of any covered significant business inter16 est by transferring such interest to a qualified blind 

17 trust. 

18 (2) TRUSTEE DUTIES.—Within a reasonable pe19 riod of time after the date a covered significant busi20 ness interest is transferred to a qualified blind trust 

21 under paragraph (1), the trustee of the qualified 

22 blind trust shall— 

23 (A) sell the interest; and 

24 (B) use the proceeds of the sale of the in25 terest to purchase conflict-free holdings. 


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1 (c) ENFORCEMENT.—The Attorney General, the at2 torney general of any State, or any person aggrieved by 

3 any violation of subsection (b) may seek declaratory or in4 junctive relief in a court of competent jurisdiction if there 

5 is probable cause to believe that a covered officer or em6 ployee or the spouse of such an officer or employee has 

7 not complied with such subsection. 

Æ 


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