To prohibit the President, the Vice President, an immediate family member of the President or the Vice President, and certain businesses from contracting with or receiving Federal funds, and for other purposes.

To prohibit the President, the Vice President, an immediate family member of the President or the Vice President, and certain businesses from contracting with or receiving Federal funds, and for other purposes. 1. Prohibitions on making certain contracts with Federal Government or receiving Federal funds (a) Contracts with Federal Government (1) Prohibition The following may not enter into or benefit from a contract or agreement with the Federal Government, or any part thereof: (A) The President. (B) The Vice President. (C) An immediate family member of the President. (D) An immediate family member of the Vice President. (E) A covered significant business interest. (2) Exception Paragraph (1) does not apply to the following: (A) A contract or agreement with the Federal Government entered into or negotiated before or after the period in which the President or the Vice President, as applicable, serves in office. (B) A contract for employment with the Federal Government or a contract for service in the Armed Forces, or any benefits provided under such employment or service. (b) Receipt of Federal funds (1) Prohibition Except as provided in paragraph (2), the Federal Government may not obligate or expend Federal funds with the President, the Vice President, or a covered significant business interest. (2) Exceptions (A) Entitlements The Federal Government may obligate or expend Federal funds the President or the Vice President is entitled to by law for discharging an official duty, including annual salary. (B) Obligations Paragraph (1) does not apply to Federal funds obligated or expended before or after the period in which the President or the Vice President, as applicable, serves in office. (c) Rule of Construction Nothing in this Act may be construed to limit any payment to the President, the Vice President, an immediate family member of the President or Vice President, or covered significant business interest of any Federal benefit for which the President, the Vice President, an immediate family member of the President or Vice President, or covered significant business interest would otherwise be eligible. (d) Definitions In this section: (1) Contract or agreement with Federal Government The term contract or agreement with the Federal Government (2) Covered significant business interest The term covered significant business interest (A) a trustee; (B) a partner; (C) an officer; (D) a director; or (E) a shareholder who holds more than 10 percent of any class of equity securities. (3) Immediate family member The term immediate family member (e) Application (1) Contract or agreement with Federal Government The prohibition under subsection (a)(1) applies to contracts or agreements with the Federal Government entered into, revised, or renewed after the date of the enactment of this Act. (2) Federal funds The prohibition under subsection (a)(2) applies to Federal funds obligated after the date of the enactment of this Act.

Summary: This bill prohibits the President, the Vice President, immediate family members of either, or a significant business interest of such individuals from contracting with the federal government or receiving federal funds, with limited exceptions. Such exceptions include, among other things (1) a contract or agreement with the federal government entered into or negotiated before or after the period in which the President or the Vice President serves in office; and (2) a contract for employment with the federal government or a contract for service in the Armed Forces, or any benefits provided under such employment or service.