I 

116TH CONGRESS 

2D SESSION H. R. 7526 

To amend the Ethics in Government Act of 1978 to require senior Government officials and their family members to divest foreign financial interests, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 9, 2020 

Mr. GOLDEN introduced the following bill; which was referred to the Committee on Oversight and Reform, 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 the Ethics in Government Act of 1978 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.—The Ethics in Government Act of 

3 1978 (5 U.S.C. App.) is amended by adding after title 

4 V the following: 

5 ‘‘TITLE VI—LIMITATION ON 

6 FOREIGN FINANCIAL INTERESTS 

7 ‘‘§ 601. 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 102(f)(3) 

16 or a diversified trust under section 

17 102(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 19:02 Jul 28, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7526.IH H7526

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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 19:02 Jul 28, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H7526.IH H7526

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1 cial interest held, or any unlawfully foreign payment 

2 received, in violation of this section. 

3 ‘‘(d) DEFINITIONS.—For purposes of this section— 

4 ‘‘(1) the term ‘covered individual’ means— 

5 ‘‘(A) the President; 

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

7 is defined in section 2106 of title 5, United 

8 States Code); 

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

10 executive branch of Government, including the 

11 head of any executive department (as that term 

12 is defined in section 101 of title 5, United 

13 States Code); and 

14 ‘‘(D) the spouse, son, daughter, son-in-law, 

15 or daughter-in-law of any individual described 

16 in subparagraph (A), (B), or (C); 

17 ‘‘(2) the term ‘foreign business’ means a part18 nership, association, corporation, organization, or 

19 other combination of persons organized under the 

20 laws of or having its principal place of business in 

21 a foreign country; and 

22 ‘‘(3) the term ‘foreign financial interest’ means 

23 any financial interest in a foreign business, including 

24 a stock, ownership interest, bond, or debt.’’. 


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1 (b) REGULATIONS.—Not later than 120 days after 

2 the date of enactment of this Act— 

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

4 term is described in subsection (d)(1) of section 601 

5 of the Ethics in Government Act of 1978, as added 

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

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

8 Government Ethics shall promulgate regulations to 

9 carry out such section 601; and 

10 (2) with respect to covered individuals in the 

11 legislative branch, the Committee on Ethics of the 

12 House of Representatives and the Select Committee 

13 on Ethics of the Senate shall promulgate regulations 

14 to carry out such section 601. 

Æ 


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