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 fi-
nancial interests, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. DIVESTITURE OF CERTAIN FINANCIAL INTER-
ESTS OF FEDERAL OFFICERS AND EMPLOY-
EES AND SPOUSES. 
(a) DEFINITIONS.—In this Act— 
(1) the term ‘‘covered significant business inter-
est’’— 
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(A) means any financial interest of a cov-
ered officer or employee in a corporation, com-
pany, association, firm, partnership, proprietor-
ship, or any other business entity of which the 
covered officer or employee is— 
(i) a trustee; 
(ii) a partner; 
(iii) an officer; 
(iv) a director; or 
(v) a shareholder who holds more than 
10 percent of any class of equity securities; 
and 
(B) does not include any financial interest 
consisting of obligations issued by the Treasury, 
diversified mutual funds that qualify for a regu-
latory exemption, or residential property that is 
not held for the production of rental or other 
income; 
(2) the terms ‘‘conflict-free holding’’ and 
‘‘qualified blind trust’’ have the meanings given 
those terms in sections 102(f)(3) and 102(f)(8), re-
spectively, of the Ethics in Government Act of 1978 
(5 U.S.C. App.); and 
(3) the term ‘‘covered officer or employee’’ 
means— 
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(A) any individual occupying a position— 
(i) listed under the Executive Sched-
ule (subchapter II of chapter 53 of title 5, 
United States Code); 
(ii) in the Senior Executive Service as 
a noncareer appointee (as that term is de-
fined in section 3132(a) if such title); 
(iii) of a confidential or policy-deter-
mining character under schedule C of sub-
part C of part 213 of title 5, Code of Fed-
eral Regulations; or 
(iv) in the executive branch whose ap-
pointment is made by the President, by 
and with the advice and consent of the 
Senate; and 
(B) any individual occupying any of the 
following positions: 
(i) Assistant to the President for Na-
tional Security Affairs. 
(ii) Assistant to the President and 
Chief of Staff. 
(iii) Assistant to the President and 
Deputy Chief of Staff. 
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(iv) Assistant to the President and 
Deputy Chief of Staff for Communications 
(or Director of Communications). 
(v) Assistant to the President and 
Press Secretary. 
(vi) Senior Advisor to the President. 
(vii) Assistant to the President and 
Staff Secretary. 
(viii) Assistant to the President for 
Homeland Security and Counterterrorism. 
(ix) Assistant to the President and 
Counselor to the President. 
(x) Director of the National Economic 
Council. 
(xi) Director of the Domestic Policy 
Council. 
(xii) Assistant to the President and 
Chief of Staff or Deputy Chief of Staff to 
the Vice President. 
(xiii) Special Assistant to the Presi-
dent and Director of Communications for 
the Vice President. 
(xiv) Press Secretary to the Vice 
President. 
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(xv) Senior Advisor to the Vice Presi-
dent. 
(xvi) Deputy Assistant to the Presi-
dent and National Security Advisor or 
Deputy National Security Advisor to the 
Vice President. 
(xvii) Deputy Assistant to the Presi-
dent and Counselor to the Vice President. 
(xviii) Assistant to the President and 
White House Counsel. 
(b) DIVESTITURE OF COVERED SIGNIFICANT BUSI-
NESS INTEREST.— 
(1) IN
GENERAL.—A covered officer or em-
ployee or the spouse of any such officer or employee 
shall divest of any covered significant business inter-
est by transferring such interest to a qualified blind 
trust. 
(2) TRUSTEE DUTIES.—Within a reasonable pe-
riod of time after the date a covered significant busi-
ness interest is transferred to a qualified blind trust 
under paragraph (1), the trustee of the qualified 
blind trust shall— 
(A) sell the interest; and 
(B) use the proceeds of the sale of the in-
terest to purchase conflict-free holdings. 
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(c) ENFORCEMENT.—The Attorney General, the at-
torney general of any State, or any person aggrieved by 
any violation of subsection (b) may seek declaratory or in-
junctive relief in a court of competent jurisdiction if there 
is probable cause to believe that a covered officer or em-
ployee or the spouse of such an officer or employee has 
not complied with such subsection. 
Æ 
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