I 

115TH CONGRESS 

1ST SESSION H. R. 1172 

To require the President to disclose income, assets, and liabilities associated 

with countries with which the United States is negotiating a trade or 

investment agreement, countries subject to Presidential determinations 

in trade enforcement actions, and countries eligible for trade preference 

programs, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 16, 2017 

Mr. NEAL (for himself, Mr. PASCRELL, Mr. LEVIN, Mr. LEWIS of Georgia, 

Mr. DOGGETT, Mr. THOMPSON of California, Mr. LARSON of Connecticut, 

Mr. BLUMENAUER, Mr. KIND, Mr. CROWLEY, Mr. DANNY K. DAVIS of 

Illinois, Ms. SA ́NCHEZ, Mr. HIGGINS of New York, Ms. DELBENE, Ms. 

SEWELL of Alabama, Ms. JUDY CHU of California, Ms. BONAMICI, Mr. 

CICILLINE, Mrs. DAVIS of California, Ms. DELAURO, Mr. DESAULNIER, 

Mr. ELLISON, Mr. HIMES, Ms. KAPTUR, Mr. NADLER, Mr. POCAN, Mr. 

POLIS, Mr. SCOTT of Virginia, Ms. SLAUGHTER, Ms. TSONGAS, and Ms. 

MAXINE WATERS of California) introduced the following bill; which was 

referred to the Committee on Ways and Means, and in addition to the 

Committee on Rules, 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 require the President to disclose income, assets, and 

liabilities associated with countries with which the United 

States is negotiating a trade or investment agreement, 

countries subject to Presidential determinations in trade 

enforcement actions, and countries eligible for trade preference programs, and for other purposes. 


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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 Trade 

5 Transparency Act of 2017’’. 

6 SEC. 2. DISCLOSURE BY PRESIDENT OF INCOME, ASSETS, 

7 AND LIABILITIES ASSOCIATED WITH COUN8 TRIES WITH WHICH THE UNITED STATES IS 

9 NEGOTIATING A TRADE OR INVESTMENT 

10 AGREEMENT. 

11 (a) IN GENERAL.—Before initiating or continuing ne12 gotiations with a country for a trade or investment agree13 ment, the President shall submit to Congress a report, in 

14 accordance with subsection (b) or (c), containing a full 

15 and complete statement of income earned, assets held, and 

16 liabilities owed by the President and associated with the 

17 country in the 12-month period preceding the submission 

18 of the report. 

19 (b) TIMING OF REPORT FOR NEW NEGOTIATIONS.— 

20 In the case of negotiations for a trade or investment agree21 ment with a country initiated on or after the date of the 

22 enactment of this Act, the President shall submit the re23 port required by subsection (a)— 

24 (1) in the case of negotiations subject to the Bi25 partisan Congressional Trade Priorities and AcVerDate Sep 11 2014 22:05 Feb 24, 2017 Jkt 069200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1172.IH H1172

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1 countability Act of 2015 (19 U.S.C. 4201 et seq.) 

2 with respect to which the President is required to 

3 submit a notification under section 103(a)(2) or 

4 105(a)(1)(A) of that Act (19 U.S.C. 4202(a)(2) and 

5 4204(a)(1)(A)), not later than the date on which the 

6 President submits the notification; 

7 (2) in the case of negotiations subject to the 

8 Uruguay Round Agreements Act (19 U.S.C. 3501 et 

9 seq.), not later than the date on which the President 

10 submits the report required by section 115(2) of 

11 that Act (19 U.S.C. 3524(2)); 

12 (3) in the case of negotiations subject to the 

13 North American Free Trade Agreement Implemen14 tation Act (19 U.S.C. 3301 et seq.), not later than 

15 the date on which the President submits the report 

16 required by section 103(a)(2) of that Act (19 U.S.C. 

17 3313(a)(2)); or 

18 (4) in the case of negotiations for a trade or in19 vestment agreement not covered by paragraph (1), 

20 (2), or (3), not less than 60 days before initiating 

21 the negotiations. 

22 (c) TIMING OF REPORT FOR PENDING NEGOTIA23 TIONS.—In the case of negotiations for a trade or invest24 ment agreement with a country initiated before the date 

25 of the enactment of this Act, the President shall submit 


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1 the report required by subsection (a) with respect to that 

2 country not later than 90 days after such date of enact3 ment. 

4 SEC. 3. DISCLOSURE BY PRESIDENT OF INCOME, ASSETS, 

5 AND LIABILITIES ASSOCIATED WITH COUN6 TRIES SUBJECT TO PRESIDENTIAL DETER7 MINATIONS IN TRADE ENFORCEMENT AC8 TIONS. 

9 (a) IN GENERAL.—Before taking a covered action 

10 under a trade enforcement law with respect to a country, 

11 the President shall submit to Congress, in accordance with 

12 subsection (b), a report containing a full and complete 

13 statement of income earned, assets held, and liabilities 

14 owed by the President and associated with the country in 

15 the 12-month period preceding the submission of the re16 port. 

17 (b) TIMING OF REPORT.—The President shall submit 

18 the report required by subsection (a)— 

19 (1) in the case of a covered action under section 

20 201 of the Trade Act of 1974 (19 U.S.C. 2251) with 

21 respect to which a document is required to be trans22 mitted to Congress under section 203(b) of that Act 

23 (19 U.S.C. 2253(b)), not less than 30 days before 

24 the President transmits the document; 


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1 (2) in the case of a covered action under section 

2 301 of the Trade Act of 1974 (19 U.S.C. 2411) that 

3 is the subject of a direction of the President as de4 scribed in subsection (a)(1) or (b)(2) of that section, 

5 not less than 30 days before making that direction; 

6 (3) in the case of a covered action under section 

7 337 of the Tariff Act of 1930 (19 U.S.C. 1337), not 

8 later than 30 days after the date on which a copy 

9 of the determination of the United States Inter10 national Trade Commission is transmitted to the 

11 President under subsection (j) of that section; 

12 (4) in the case of a covered action under section 

13 701(b)(2) of the Trade Facilitation and Trade En14 forcement Act of 2015 (19 U.S.C. 4421(b)(2)), not 

15 later than the date on which the report required 

16 under subparagraph (B) of that section is submitted 

17 to Congress; or 

18 (5) in the case of a covered action not covered 

19 by paragraph (1), (2), (3), or (4), not less than 30 

20 days before taking such action. 

21 (c) DEFINITIONS.—In this section: 

22 (1) COVERED ACTION.—The term ‘‘covered ac23 tion’’ means— 


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1 (A) the modification under a trade enforce2 ment law of a duty imposed with respect to ar3 ticles imported from a country; or 

4 (B) waiving action, or declining to exercise 

5 authority to take action, under a trade enforce6 ment law in a trade enforcement matter with 

7 respect to a country. 

8 (2) TRADE ENFORCEMENT LAW.—The term 

9 ‘‘trade enforcement law’’ means— 

10 (A) chapter I of title II of the Trade Act 

11 of 1974 (19 U.S.C. 2251 et seq.); 

12 (B) title III of that Act (19 U.S.C. 2411 

13 et seq.); 

14 (C) section 122 of that Act (19 U.S.C. 

15 2132); 

16 (D) section 406, 421, or 422 of that Act 

17 (19 U.S.C. 2436, 2451, and 2451a); 

18 (E) sections 337 and 338(a) of the Tariff 

19 Act of 1930 (19 U.S.C. 1337 and 1338(a)); 

20 (F) section 232 of the Trade Expansion 

21 Act of 1962 (19 U.S.C. 1862); 

22 (G) section 701 of the Trade Facilitation 

23 and Trade Enforcement Act of 2015 (19 U.S.C. 

24 4421); 


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1 (H) the International Emergency Eco2 nomic Powers Act (50 U.S.C. 1701 et seq.); or 

3 (I) any other provision of law providing the 

4 President with authority to restrict trade with 

5 a foreign country through modification of a 

6 duty on imports. 

7 SEC. 4. DISCLOSURE BY PRESIDENT OF INCOME, ASSETS, 

8 AND LIABILITIES ASSOCIATED WITH COUN9 TRIES ELIGIBLE FOR TRADE PREFERENCE 

10 PROGRAMS. 

11 (a) IN GENERAL.—Before taking a covered action 

12 under a trade preference program with respect to a coun13 try or an article imported from a country, the President 

14 shall submit to Congress, in accordance with subsection 

15 (b), a report containing a full and complete statement of 

16 income earned, assets held, and liabilities owed by the 

17 President and associated with the country in the 12-month 

18 period preceding the submission of the report. 

19 (b) TIMING OF REPORT.—The President shall submit 

20 the report required by subsection (a)— 

21 (1) in the case of a covered action under title 

22 V of the Trade Act of 1974 (19 U.S.C. 2461 et seq.) 

23 with respect to which the President is required to 

24 submit a notification under section 502(f) of the 

25 Trade Act of 1974 (19 U.S.C. 2462(f)) or a report 


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1 under section 506A(a)(2) of that Act (19 U.S.C. 

2 2466a(a)(2)), at the time the President submits the 

3 notification or report; 

4 (2) in the case of a covered action under the 

5 Caribbean Basin Economic Recovery Act (19 U.S.C. 

6 2701 et seq.) with respect to which the President is 

7 required to submit a notification under paragraph 

8 (1) or (2) of section 212(a) of that Act (19 U.S.C. 

9 2702(a)) or a report under section 

10 213(b)(2)(A)(v)(II)(cc) of that Act (19 U.S.C. 

11 2703(b)(2)(A)(v)(II)(cc)), at the time the President 

12 submits the notification or report; or 

13 (3) in the case of a covered action not covered 

14 by paragraph (1) or (2), not later than 60 days be15 fore taking the action. 

16 (c) DEFINITIONS.—In this section: 

17 (1) COVERED ACTION.—The term ‘‘covered ac18 tion’’ means— 

19 (A) the designation of a country as eligible 

20 for preferential treatment under a trade pref21 erence program; 

22 (B) the termination of such a designation; 

23 (C) any determination with respect to the 

24 eligibility of an article for preferential treat25 ment under a trade preference program; 


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1 (D) the withdrawal, suspension, or limita2 tion of preferential treatment under a trade 

3 preference program with respect to a country or 

4 an article; or 

5 (E) the exercise of the authority to waive 

6 the competitive need limitation with respect to 

7 an article under section 503(d) of the Trade 

8 Act of 1974 (19 U.S.C. 2463(d)). 

9 (2) TRADE PREFERENCE PROGRAM.—The term 

10 ‘‘trade preference program’’ means— 

11 (A) the Generalized System of Preferences 

12 under title V of the Trade Act of 1974 (19 

13 U.S.C. 2461 et seq.); 

14 (B) the African Growth and Opportunity 

15 Act (19 U.S.C. 3701 et seq.); 

16 (C) the Caribbean Basin Economic Recov17 ery Act (19 U.S.C. 2701 et seq.); or 

18 (D) section 915 of the Trade Facilitation 

19 and Trade Enforcement Act of 2015 (19 U.S.C. 

20 4454). 

21 SEC. 5. CONTENTS OF DISCLOSURE REPORTS. 

22 The President shall include in a report required 

23 under section 2, 3, or 4 with respect to a country— 

24 (1) the information specified in section 102(a) 

25 of the Ethics in Government Act of 1978 (5 U.S.C. 


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1 App. 102(a)), with respect to each source of income, 

2 each asset, and each liability associated with the 

3 country; and 

4 (2) a detailed description of the nature of the 

5 association of each such source of income, asset, or 

6 liability with the country. 

7 SEC. 6. EFFECT OF FAILURE TO TIMELY DISCLOSE. 

8 (a) TARIFF MODIFICATIONS.—If the President fails 

9 to submit a report required by this Act with respect to 

10 an action modifying tariff treatment with respect to arti11 cles imported from a country by the time required by this 

12 Act, any instrument providing for the modification of such 

13 tariff treatment shall have no force or effect. 

14 (b) TRADE AND INVESTMENT AGREEMENTS.—If the 

15 President fails to submit a report required by section 2 

16 with respect to negotiations for a trade or investment 

17 agreement with a country by the time required by that 

18 section, the implementing bill submitted to Congress with 

19 respect to that agreement shall not be eligible for the trade 

20 authorities procedures under section 103 of the Bipartisan 

21 Congressional Trade Priorities and Accountability Act of 

22 2015 (19 U.S.C. 4202). 

23 SEC. 7. DEFINITIONS. 

24 In this Act: 


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1 (1) ASSOCIATED WITH A COUNTRY.—The term 

2 ‘‘associated with a country’’ or ‘‘associated with the 

3 country’’— 

4 (A) with respect to an asset, means— 

5 (i) any financial account maintained 

6 by a financial institution that is a person 

7 of the country; 

8 (ii) any stock or security issued by a 

9 person of the country; 

10 (iii) any financial instrument or con11 tract held for investment that has an 

12 issuer or counterparty that is a person of 

13 the country; 

14 (iv) any interest in a person of the 

15 country; or 

16 (v) any real property located in the 

17 country or in which a person of the coun18 try, including any representative or agent 

19 of the government of the country, has a fi20 nancial interest; 

21 (B) with respect to income, includes divi22 dends, rents, interest, or capital gains or any 

23 other income (as defined in section 61 of the 

24 Internal Revenue Code of 1986) received di25 rectly or indirectly from an asset associated 


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1 with the country or any gift or reimbursement 

2 received from a person of the country, including 

3 any representative or agent of the government 

4 of the country; and 

5 (C) with respect to a liability, refers to any 

6 liability owed to any creditor that is a person of 

7 the country, including an enterprise owned or 

8 controlled by the government of the country. 

9 (2) PERSON OF THE COUNTRY.— 

10 (A) IN GENERAL.—Except as provided in 

11 subparagraph (B), with respect to a country, 

12 the term ‘‘person of the country’’ means— 

13 (i) an individual who is a citizen of 

14 the country; or 

15 (ii) a branch, partnership, group or 

16 subgroup, association, estate, trust, cor17 poration or division of a corporation, or 

18 other organization if— 

19 (I) it is organized under the laws 

20 of the country; 

21 (II) its principal place of business 

22 is in the country; or 

23 (III) its equity securities are pri24 marily traded on one or more ex25 changes of the country. 


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1 (B) EXCEPTION.—The term ‘‘person of the 

2 country’’ does not include any branch, partner3 ship, group or subgroup, association, estate, 

4 trust, corporation or division of a corporation, 

5 or other organization for which it is dem6 onstrated that a majority of the equity interest 

7 in the organization is ultimately owned by na8 tionals of the United States. 

Æ 


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