Stop Foreign Payoffs Act

Bill: 116-hr-7526
Sponsor: full_name: Rep. Golden, Jared F. [D-ME-2]
Introduced: 2020-07-09
Policy area: Government Operations and Politics
Subjects: Family relationships

Federal officials

Foreign and international corporations

Government ethics and transparency, public corruption

Members of Congress

Presidents and presidential powers, Vice Presidents

Securities

U.S. and foreign investments
Latest action: action_date: 2020-07-09
text: Referred to the Committee 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.

Summaries:
action_date: 2020-07-09
action_desc: Introduced in House
text: <p><b>Stop Foreign Payoffs Act </b></p> <p>This bill prohibits certain government officials and their family members from holding foreign financial interests and also requires divestiture of any such interests in a prescribed manner and time frame. Specifically, the bill prohibits the President, cabinet officials, and Members of Congress from holding any financial interest in, or receiving payment from, a foreign business. Such individuals must divest any such interest by either converting the interest into cash or another investment, or by placing the interest in a qualified blind trust or diversified trust; divestiture must occur no later than 30 days after either the issuance of implementing regulations or after the individual takes office. The bill's requirements apply to the spouses, children, sons-in-law, and daughters-in-law of such individuals.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7526 IN THE HOUSE OF REPRESENTATIVES July 9, 2020 Mr. Golden introduced the following bill; which was referred to the Committee 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 purposes.

1. Short title This Act may be cited as the Stop Foreign Payoffs Act . 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: 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 divest of any such interest by— (A) converting each such interest to cash or other investment; or (B) placing each such interest in a qualified 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 assumes an office described under subparagraph (A), (B), or (C) of subsection (d)(1), such individual, and any applicable individual described under subparagraph (D) of such subsection, shall divest of such interest pursuant to paragraph (1). (b) Prohibition on receiving foreign payments 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 assess 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 section. 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 financial 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 partnership, 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. . (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.