H.R. 7207

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7207 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 7207

To amend title 5, United States Code, to require the President and the 
Vice President to disclose financial interests and divest of any 
financial interest posing a potential conflict of interest, and for 
other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

January 22, 2026

Ms. Craig introduced the following bill; which was referred to the 
Committee on Oversight and Government Reform, and in addition to the 
Committee on the Judiciary, 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 title 5, United States Code, to require the President and the 
Vice President to disclose financial interests and divest of any 
financial interest posing a potential conflict of interest, 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 Conflicts of Interest 
Accountability Act''.

SEC. 2. FINANCIAL INTERESTS OF THE PRESIDENT AND VICE PRESIDENT.

(a) Acts Affecting a Personal Financial Interest.--Section 208 of 
title 18, United States Code, is amended by adding at the end the 
following new subsection:
``(e) For the purposes of this section, the terms `officer' and 
`employee' shall include the President and the Vice President.''.
(b) Limitation on Financial Interests.--Subchapter III of chapter 
131 of title 5, United States Code, is amended by adding at the end the 
following new section:
``Sec. 13147. Financial interests of the President and the Vice 
President
``(a) Initial Financial Disclosure.--
``(1) Submission of disclosure.--Not later than 30 days 
after assuming the office of President or Vice President, 
respectively, the President and the Vice President shall submit 
to Congress and the Director of Government Ethics a disclosure 
of financial interests.
``(2) Contents.--The disclosure of financial interests 
submitted under paragraph (1) shall--
``(A) describe in detail each financial interest of 
the President or the Vice President, or the spouse or 
dependent child of the President or the Vice President;
``(B) at a minimum, include the information 
relating to each such financial interest that is 
required for reports under section 13103(d) of this 
title; and
``(C) include the tax returns filed by or on behalf 
of the President or the Vice President, as applicable, 
for--
``(i) the 3 most recent taxable years; and
``(ii) each taxable year for which an audit 
of the return by the International Revenue 
Service is pending on the date on which the 
report is filed.
``(b) Divestiture of Financial Interests Posing a Potential 
Conflict of Interest.--
``(1) In general.--The President, the Vice President, and 
the spouse and dependent child of the President and the Vice 
President shall divest of any financial interest posing a 
potential conflict of interest by transferring such interest to 
a qualified blind trust.
``(2) Trustee duties.--Not later than 30 days after the 
date a financial interest is transferred to a qualified blind 
trust under paragraph (1), the trustee of the qualified blind 
trust shall--
``(A) sell the financial interest and use the 
proceeds of such sale to purchase conflict-free 
holdings; or
``(B) sell the financial interest and return the 
proceeds of such sale to the President, the Vice 
President, or the spouse or dependent child of the 
President or the Vice President, as applicable.
``(c) Review by Office of Government Ethics.--
``(1) In general.--The Director of the Office of Government 
Ethics shall submit to Congress, the President, and the Vice 
President an annual report regarding the financial interests of 
the President, the Vice President, and the spouse and dependent 
child of the President and the Vice President.
``(2) Contents.--Each report submitted under paragraph (1) 
shall--
``(A) indicate whether any financial interest is a 
financial interest posing a potential conflict of 
interest;
``(B) evaluate whether any previously held 
financial interest that was a financial interest posing 
a potential conflict of interest was divested in 
accordance with subsection (c); and
``(C) redact such information as the Director of 
the Office of Government Ethics determines necessary 
for preventing identity theft, such as social security 
numbers or taxpayer identification numbers.
``(d) Enforcement.--
``(1) In general.--The Attorney General or the attorney 
general of any State may seek declaratory or injunctive relief 
in a court of competent jurisdiction if--
``(A) the Director of the Office of Government 
Ethics is unable to issue a report indicating whether 
the President or the Vice President is in substantial 
compliance with subsection (c); or
``(B) there is probable cause to believe that the 
President or the Vice President has not complied with 
subsection (c).
``(2) Fair market value.--In granting injunctive relief to 
the plaintiff, the court shall ensure that any divestment 
procedure shall ensure fair market return for any asset that is 
liquidated.
``(e) Definitions.--
``(1) In general.--In this section--
``(A) the term `conflict-free holding' means a 
financial interest that a reporting individual is not 
required to report under section 13104(f)(8) of this 
title;
``(B) the term `dependent child' has the meaning 
given that term in section 13101 of this title;
``(C) the term `financial interest' means the items 
required to be included in reports filed pursuant to 
section 1303(d) and (e) of this title under section 
13104(a) of this title;
``(D) the term `financial interest posing a 
potential conflict of interest' means a financial 
interest of the President, the Vice President, or the 
spouse or dependent child of the President or the Vice 
President, as applicable, that--
``(i) constitutes a financial interest 
described in section 208(a) of title 18, 
without regard to any exception under 
subsection (b) of such section; or
``(ii) constitutes a present, emolument, 
office, or title, of any kind, from any king, 
prince, or foreign state (including from an 
entity owned or controlled by a foreign 
government), within the meaning of article I, 
section 9 of the Constitution of the United 
States;
``(E) the term `qualified blind trust' has the 
meaning given that term in section 13104(f)(3) of this 
title; and
``(F) the term `tax return'--
``(i) means any Federal income tax return 
and any amendment or supplement thereto, 
including supporting schedules, attachments, or 
lists which are supplemental to, or part of, 
the return for the taxable year; and
``(ii) includes any information return that 
reports information that does or may affect the 
liability for tax for the taxable year.
``(2) Supervising ethics office.--For the purpose of the 
definition of `qualified blind trust' in this section, the term 
`supervising ethics office' in section 13104(f)(3) of this 
title means the Director of the Office of Government Ethics.''.
(c) Application of Disclosure to Sitting President and Vice 
President.--Any individual who is serving as the President or the Vice 
President on the date of the enactment of this Act shall submit a 
disclosure of financial interests under section 13147 of title 5, 
United States Code, as added by subsection (a) of this section, not 
later than 30 days after the date of the enactment of this Act.
(d) Rulemaking.--Not later than 180 days after the date of the 
enactment of this Act, the Office of Government Ethics shall issue 
rules for the implementation of section 13147 of title 5, United States 
Code, as added by subsection (a) of this section.
(e) Clerical Amendment.--The table of contents for subchapter III 
of such title is amended by adding at the end the following item:

``13147. Financial interests of the President and the Vice 
President.''.
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