I 
116TH CONGRESS 
2D SESSION 
H. R. 7526 
To amend the Ethics in Government Act of 1978 to require senior Govern-
ment officials and their family members to divest foreign financial inter-
ests, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 9, 2020 
Mr. GOLDEN introduced the following bill; which was referred to the Com-
mittee 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 pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Stop Foreign Payoffs 
Act’’. 
VerDate Sep 11 2014 
19:02 Jul 28, 2020
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H7526.IH
H7526
pamtmann on DSKBC07HB2PROD with BILLS
SEC. 2. DIVESTITURE OF FOREIGN FINANCIAL INTERESTS. 
(a) IN GENERAL.—The Ethics in Government Act of 
1978 (5 U.S.C. App.) is amended by adding after title 
V the following: 
‘‘TITLE VI—LIMITATION ON 
FOREIGN FINANCIAL INTERESTS 
‘‘§ 601. Limitation on foreign financial interests 
‘‘(a) DIVESTITURE.— 
‘‘(1) IN GENERAL.—A covered individual may 
not hold any foreign financial interest, and shall di-
vest of any such interest by— 
‘‘(A) converting each such interest to cash 
or other investment; or 
‘‘(B) placing each such interest in a quali-
fied blind trust as defined in section 102(f)(3) 
or 
a 
diversified 
trust 
under 
section 
102(f)(4)(B). 
‘‘(2) APPLICATION.— 
‘‘(A) Not later than 30 days after the date 
regulations are promulgated to carry out this 
section, a covered individual holding any foreign 
financial interest on such date shall divest of 
such interest pursuant to paragraph (1). 
‘‘(B) Within 30 days that an individual as-
sumes an office described under subparagraph 
(A), (B), or (C) of subsection (d)(1), such indi-
VerDate Sep 11 2014 
19:02 Jul 28, 2020
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H7526.IH
H7526
pamtmann on DSKBC07HB2PROD with BILLS
vidual, and any applicable individual described 
under subparagraph (D) of such subsection, 
shall divest of such interest pursuant to para-
graph (1). 
‘‘(b) PROHIBITION
ON RECEIVING FOREIGN PAY-
MENTS.—A covered individual may not receive any wage, 
salary, dividend, or any other payment from any foreign 
business. 
‘‘(c) ENFORCEMENT.— 
‘‘(1) IN GENERAL.—The Attorney General may 
bring a civil action in any appropriate United States 
district court against any individual who knowingly 
and willfully violates the provisions of this section. 
The court in which such action is brought may as-
sess against such individual a civil penalty in any 
amount not to exceed twice the value of any foreign 
financial interest held, or any unlawfully foreign 
payment received, in violation of this section. 
‘‘(2) NEGLIGENT
VIOLATIONS.—The Attorney 
General may bring a civil action in any appropriate 
United States district court against any individual 
who negligently violates the provisions of this sec-
tion. The court in which such action is brought may 
assess against such individual a civil penalty in any 
amount not to exceed the value of any foreign finan-
VerDate Sep 11 2014 
19:02 Jul 28, 2020
Jkt 099200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H7526.IH
H7526
pamtmann on DSKBC07HB2PROD with BILLS
cial interest held, or any unlawfully foreign payment 
received, in violation of this section. 
‘‘(d) DEFINITIONS.—For purposes of this section— 
‘‘(1) the term ‘covered individual’ means— 
‘‘(A) the President; 
‘‘(B) a Member of Congress (as that term 
is defined in section 2106 of title 5, United 
States Code); 
‘‘(C) any cabinet-level position within the 
executive branch of Government, including the 
head of any executive department (as that term 
is defined in section 101 of title 5, United 
States Code); and 
‘‘(D) the spouse, son, daughter, son-in-law, 
or daughter-in-law of any individual described 
in subparagraph (A), (B), or (C); 
‘‘(2) the term ‘foreign business’ means a part-
nership, association, corporation, organization, or 
other combination of persons organized under the 
laws of or having its principal place of business in 
a foreign country; and 
‘‘(3) the term ‘foreign financial interest’ means 
any financial interest in a foreign business, including 
a stock, ownership interest, bond, or debt.’’. 
VerDate Sep 11 2014 
23:39 Jul 28, 2020
Jkt 099200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H7526.IH
H7526
pamtmann on DSKBC07HB2PROD with BILLS
(b) REGULATIONS.—Not later than 120 days after 
the date of enactment of this Act— 
(1) with respect to covered individuals (as that 
term is described in subsection (d)(1) of section 601 
of the Ethics in Government Act of 1978, as added 
in subsection (a)) in the executive branch (including 
the Vice President), the Director of the Office of 
Government Ethics shall promulgate regulations to 
carry out such section 601; and 
(2) with respect to covered individuals in the 
legislative branch, the Committee on Ethics of the 
House of Representatives and the Select Committee 
on Ethics of the Senate shall promulgate regulations 
to carry out such section 601. 
Æ 
VerDate Sep 11 2014 
19:02 Jul 28, 2020
Jkt 099200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\H7526.IH
H7526
pamtmann on DSKBC07HB2PROD with BILLS