Title: Presidential Trade Transparency Act of 2017
Policy area: Foreign Trade and International Finance

Summary:
Presidential Trade Transparency Act of 2017
This bill requires the President to submit to Congress a report containing a full and complete statement of the President's income earned, assets held, and liabilities owed in the preceding 12 months that are associated with a foreign country:
If the President fails to report such information to Congress:

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 408 Introduced in Senate (IS)]

<DOC>






115th CONGRESS
  1st Session
                                 S. 408

 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 SENATE OF THE UNITED STATES

                           February 16, 2017

  Mr. Wyden (for himself, Mr. Cardin, Ms. Stabenow, Mr. Schumer, Mr. 
    Brown, Mr. Casey, Mr. Menendez, Mr. Blumenthal, Mr. Leahy, Mrs. 
 McCaskill, Mr. Van Hollen, Ms. Warren, Mrs. Feinstein, and Mr. Reed) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Presidential Trade Transparency Act 
of 2017''.

SEC. 2. DISCLOSURE BY PRESIDENT OF INCOME, ASSETS, AND LIABILITIES 
              ASSOCIATED WITH COUNTRIES WITH WHICH THE UNITED STATES IS 
              NEGOTIATING A TRADE OR INVESTMENT AGREEMENT.

    (a) In General.--Before initiating or continuing negotiations with 
a country for a trade or investment agreement, the President shall 
submit to Congress a report, in accordance with subsection (b) or (c), 
containing a full and complete statement of income earned, assets held, 
and liabilities owed by the President and associated with the country 
in the 12-month period preceding the submission of the report.
    (b) Timing of Report for New Negotiations.--In the case of 
negotiations for a trade or investment agreement with a country 
initiated on or after the date of the enactment of this Act, the 
President shall submit the report required by subsection (a)--
            (1) in the case of negotiations subject to the Bipartisan 
        Congressional Trade Priorities and Accountability Act of 2015 
        (19 U.S.C. 4201 et seq.) with respect to which the President is 
        required to submit a notification under section 103(a)(2) or 
        105(a)(1)(A) of that Act (19 U.S.C. 4202(a)(2) and 
        4204(a)(1)(A)), not later than the date on which the President 
        submits the notification;
            (2) in the case of negotiations subject to the Uruguay 
        Round Agreements Act (19 U.S.C. 3501 et seq.), not later than 
        the date on which the President submits the report required by 
        section 115(2) of that Act (19 U.S.C. 3524(2));
            (3) in the case of negotiations subject to the North 
        American Free Trade Agreement Implementation Act (19 U.S.C. 
        3301 et seq.), not later than the date on which the President 
        submits the report required by section 103(a)(2) of that Act 
        (19 U.S.C. 3313(a)(2)); or
            (4) in the case of negotiations for a trade or investment 
        agreement not covered by paragraph (1), (2), or (3), not less 
        than 60 days before initiating the negotiations.
    (c) Timing of Report for Pending Negotiations.--In the case of 
negotiations for a trade or investment agreement with a country 
initiated before the date of the enactment of this Act, the President 
shall submit the report required by subsection (a) with respect to that 
country not later than 90 days after such date of enactment.

SEC. 3. DISCLOSURE BY PRESIDENT OF INCOME, ASSETS, AND LIABILITIES 
              ASSOCIATED WITH COUNTRIES SUBJECT TO PRESIDENTIAL 
              DETERMINATIONS IN TRADE ENFORCEMENT ACTIONS.

    (a) In General.--Before taking a covered action under a trade 
enforcement law with respect to a country, the President shall submit 
to Congress, in accordance with subsection (b), a report containing a 
full and complete statement of income earned, assets held, and 
liabilities owed by the President and associated with the country in 
the 12-month period preceding the submission of the report.
    (b) Timing of Report.--The President shall submit the report 
required by subsection (a)--
            (1) in the case of a covered action under section 201 of 
        the Trade Act of 1974 (19 U.S.C. 2251) with respect to which a 
        document is required to be transmitted to Congress under 
        section 203(b) of that Act (19 U.S.C. 2253(b)), not less than 
        30 days before the President transmits the document;
            (2) in the case of a covered action under section 301 of 
        the Trade Act of 1974 (19 U.S.C. 2411) that is the subject of a 
        direction of the President as described in subsection (a)(1) or 
        (b)(2) of that section, not less than 30 days before making 
        that direction;
            (3) in the case of a covered action under section 337 of 
        the Tariff Act of 1930 (19 U.S.C. 1337), not later than 30 days 
        after the date on which a copy of the determination of the 
        United States International Trade Commission is transmitted to 
        the President under subsection (j) of that section;
            (4) in the case of a covered action under section 701(b)(2) 
        of the Trade Facilitation and Trade Enforcement Act of 2015 (19 
        U.S.C. 4421(b)(2)), not later than the date on which the report 
        required under subparagraph (B) of that section is submitted to 
        Congress; or
            (5) in the case of a covered action not covered by 
        paragraph (1), (2), (3), or (4), not less than 30 days before 
        taking such action.
    (c) Definitions.--In this section:
            (1) Covered action.--The term ``covered action'' means--
                    (A) the modification under a trade enforcement law 
                of a duty imposed with respect to articles imported 
                from a country; or
                    (B) waiving action, or declining to exercise 
                authority to take action, under a trade enforcement law 
                in a trade enforcement matter with respect to a 
                country.
            (2) Trade enforcement law.--The term ``trade enforcement 
        law'' means--
                    (A) chapter I of title II of the Trade Act of 1974 
                (19 U.S.C. 2251 et seq.);
                    (B) title III of that Act (19 U.S.C. 2411 et seq.);
                    (C) section 122 of that Act (19 U.S.C. 2132);
                    (D) section 406, 421, or 422 of that Act (19 U.S.C. 
                2436, 2451, and 2451a);
                    (E) sections 337 and 338(a) of the Tariff Act of 
                1930 (19 U.S.C. 1337 and 1338(a));
                    (F) section 232 of the Trade Expansion Act of 1962 
                (19 U.S.C. 1862);
                    (G) section 701 of the Trade Facilitation and Trade 
                Enforcement Act of 2015 (19 U.S.C. 4421);
                    (H) the International Emergency Economic Powers Act 
                (50 U.S.C. 1701 et seq.); or
                    (I) any other provision of law providing the 
                President with authority to restrict trade with a 
                foreign country through modification of a duty on 
                imports.

SEC. 4. DISCLOSURE BY PRESIDENT OF INCOME, ASSETS, AND LIABILITIES 
              ASSOCIATED WITH COUNTRIES ELIGIBLE FOR TRADE PREFERENCE 
              PROGRAMS.

    (a) In General.--Before taking a covered action under a trade 
preference program with respect to a country or an article imported 
from a country, the President shall submit to Congress, in accordance 
with subsection (b), a report containing a full and complete statement 
of income earned, assets held, and liabilities owed by the President 
and associated with the country in the 12-month period preceding the 
submission of the report.
    (b) Timing of Report.--The President shall submit the report 
required by subsection (a)--
            (1) in the case of a covered action under title V of the 
        Trade Act of 1974 (19 U.S.C. 2461 et seq.) with respect to 
        which the President is required to submit a notification under 
        section 502(f) of the Trade Act of 1974 (19 U.S.C. 2462(f)) or 
        a report under section 506A(a)(2) of that Act (19 U.S.C. 
        2466a(a)(2)), at the time the President submits the 
        notification or report;
            (2) in the case of a covered action under the Caribbean 
        Basin Economic Recovery Act (19 U.S.C. 2701 et seq.) with 
        respect to which the President is required to submit a 
        notification under paragraph (1) or (2) of section 212(a) of 
        that Act (19 U.S.C. 2702(a)) or a report under section 
        213(b)(2)(A)(v)(II)(cc) of that Act (19 U.S.C. 
        2703(b)(2)(A)(v)(II)(cc)), at the time the President submits 
        the notification or report; or
            (3) in the case of a covered action not covered by 
        paragraph (1) or (2), not later than 60 days before taking the 
        action.
    (c) Definitions.--In this section:
            (1) Covered action.--The term ``covered action'' means--
                    (A) the designation of a country as eligible for 
                preferential treatment under a trade preference 
                program;
                    (B) the termination of such a designation;
                    (C) any determination with respect to the 
                eligibility of an article for preferential treatment 
                under a trade preference program;
                    (D) the withdrawal, suspension, or limitation of 
                preferential treatment under a trade preference program 
                with respect to a country or an article; or
                    (E) the exercise of the authority to waive the 
                competitive need limitation with respect to an article 
                under section 503(d) of the Trade Act of 1974 (19 
                U.S.C. 2463(d)).
            (2) Trade preference program.--The term ``trade preference 
        program'' means--
                    (A) the Generalized System of Preferences under 
                title V of the Trade Act of 1974 (19 U.S.C. 2461 et 
                seq.);
                    (B) the African Growth and Opportunity Act (19 
                U.S.C. 3701 et seq.);
                    (C) the Caribbean Basin Economic Recovery Act (19 
                U.S.C. 2701 et seq.); or
                    (D) section 915 of the Trade Facilitation and Trade 
                Enforcement Act of 2015 (19 U.S.C. 4454).

SEC. 5. CONTENTS OF DISCLOSURE REPORTS.

    The President shall include in a report required under section 2, 
3, or 4 with respect to a country--
            (1) the information specified in section 102(a) of the 
        Ethics in Government Act of 1978 (5 U.S.C. App. 102(a)), with 
        respect to each source of income, each asset, and each 
        liability associated with the country; and
            (2) a detailed description of the nature of the association 
        of each such source of income, asset, or liability with the 
        country.

SEC. 6. EFFECT OF FAILURE TO TIMELY DISCLOSE.

    (a) Tariff Modifications.--If the President fails to submit a 
report required by this Act with respect to an action modifying tariff 
treatment with respect to articles imported from a country by the time 
required by this Act, any instrument providing for the modification of 
such tariff treatment shall have no force or effect.
    (b) Trade and Investment Agreements.--If the President fails to 
submit a report required by section 2 with respect to negotiations for 
a trade or investment agreement with a country by the time required by 
that section, the implementing bill submitted to Congress with respect 
to that agreement shall not be eligible for the trade authorities 
procedures under section 103 of the Bipartisan Congressional Trade 
Priorities and Accountability Act of 2015 (19 U.S.C. 4202).

SEC. 7. DEFINITIONS.

    In this Act:
            (1) Associated with a country.--The term ``associated with 
        a country'' or ``associated with the country''--
                    (A) with respect to an asset, means--
                            (i) any financial account maintained by a 
                        financial institution that is a person of the 
                        country;
                            (ii) any stock or security issued by a 
                        person of the country;
                            (iii) any financial instrument or contract 
                        held for investment that has an issuer or 
                        counterparty that is a person of the country;
                            (iv) any interest in a person of the 
                        country; or
                            (v) any real property located in the 
                        country or in which a person of the country, 
                        including any representative or agent of the 
                        government of the country, has a financial 
                        interest;
                    (B) with respect to income, includes dividends, 
                rents, interest, or capital gains or any other income 
                (as defined in section 61 of the Internal Revenue Code 
                of 1986) received directly or indirectly from an asset 
                associated with the country or any gift or 
                reimbursement received from a person of the country, 
                including any representative or agent of the government 
                of the country; and
                    (C) with respect to a liability, refers to any 
                liability owed to any creditor that is a person of the 
                country, including an enterprise owned or controlled by 
                the government of the country.
            (2) Person of the country.--
                    (A) In general.--Except as provided in subparagraph 
                (B), with respect to a country, the term ``person of 
                the country'' means--
                            (i) an individual who is a citizen of the 
                        country; or
                            (ii) a branch, partnership, group or 
                        subgroup, association, estate, trust, 
                        corporation or division of a corporation, or 
                        other organization if--
                                    (I) it is organized under the laws 
                                of the country;
                                    (II) its principal place of 
                                business is in the country; or
                                    (III) its equity securities are 
                                primarily traded on one or more 
                                exchanges of the country.
                    (B) Exception.--The term ``person of the country'' 
                does not include any branch, partnership, group or 
                subgroup, association, estate, trust, corporation or 
                division of a corporation, or other organization for 
                which it is demonstrated that a majority of the equity 
                interest in the organization is ultimately owned by 
                nationals of the United States.
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