I 

116TH CONGRESS 

1ST SESSION H. R. 1481 

To amend the Ethics in Government Act of 1978 to require the President 

and Vice President to divest themselves of certain financial conflicts 

of interest, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 4, 2019 

Ms. CLARK of Massachusetts (for herself and Ms. JAYAPAL) introduced the 

following bill; which was referred to the Committee on Oversight and Reform 

A BILL 

To amend the Ethics in Government Act of 1978 to require 

the President and Vice President to divest themselves 

of certain financial conflicts of interest, 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 ‘‘Presidential Account5 ability Act’’. 


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1 SEC. 2. DIVESTITURE OF PERSONAL FINANCIAL INTERESTS 

2 OF THE PRESIDENT AND VICE PRESIDENT 

3 THAT POSE A POTENTIAL CONFLICT OF IN4 TEREST. 

5 (a) IN GENERAL.—The Ethics in Government Act of 

6 1978 (5 U.S.C. App.) is amended by adding after title 

7 VI (as added by section 8003) the following: 

8 ‘‘TITLE VII—DIVESTITURE OF FI9 NANCIAL CONFLICTS OF IN10 TERESTS OF THE PRESIDENT 

11 AND VICE PRESIDENT 

12 ‘‘§ 701. Divestiture of financial interests posing a con13 flict of interest 

14 ‘‘(a) APPLICABILITY TO THE PRESIDENT AND VICE

15 PRESIDENT.—The President and Vice President shall, 

16 within 30 days of assuming office, divest of all financial 

17 interests that pose a conflict of interest because the Presi18 dent or Vice President, the spouse, dependent child, or 

19 general partner of the President or Vice President, or any 

20 person or organization with whom the President or Vice 

21 President is negotiating or has any arrangement con22 cerning prospective employment, has a financial interest, 

23 by— 

24 ‘‘(1) converting each such interest to cash or 

25 other investment that meets the criteria established 

26 by the Director of the Office of Government Ethics 


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1 through regulation as being an interest so remote or 

2 inconsequential as not to pose a conflict; or 

3 ‘‘(2) placing each such interest in a qualified 

4 blind trust as defined in section 102(f)(3) or a diver5 sified trust under section 102(f)(4)(B). 

6 ‘‘(b) DISCLOSURE EXEMPTION.—Subsection (a) shall 

7 not apply if the President or Vice President complies with 

8 section 102.’’. 

9 (b) ADDITIONAL DISCLOSURES.—Section 102(a) of 

10 the Ethics in Government Act of 1978 (5 U.S.C. App.) 

11 is amended by adding at the end the following: 

12 ‘‘(9) With respect to any such report filed by 

13 the President or Vice President, for any corporation, 

14 company, firm, partnership, or other business enter15 prise in which the President, Vice President, or the 

16 spouse or dependent child of the President or Vice 

17 President, has a significant financial interest— 

18 ‘‘(A) the name of each other person who 

19 holds a significant financial interest in the firm, 

20 partnership, association, corporation, or other 

21 entity; 

22 ‘‘(B) the value, identity, and category of 

23 each liability in excess of $10,000; and 


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1 ‘‘(C) a description of the nature and value 

2 of any assets with a value of $10,000 or 

3 more.’’. 

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

5 the date of enactment of this Act, the Director of the Of6 fice of Government Ethics shall promulgate regulations to 

7 define the criteria required by section 701(a)(1) of the 

8 Ethics in Government Act of 1978 (as added subsection 

9 (a)) and the term ‘‘significant financial interest’’ for pur10 poses of section 102(a)(9) of the Ethics in Government 

11 Act (as added by subsection (b)). 

Æ 


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