,i #aadth ,,congress #b;d ,session ,h4 ,r4 #fcdj ,,in ,,the ,,house ,,of ,,representatives ,november #ag1 #bjaf ,ms4 ,clark of ,massachusetts introduced the following bill2 which was referred to the ,committee on the ,judiciary ,a ,,bill ,to extend conflict of interest provisions to the ,president and ,vice ,president of the ,united ,states4 #a4 ,short title ,this ,act may be cited as the ,presidential ,accountability ,act4 #b4 ,acts affecting a personal financial interest of the ,president or ,vice ,president of the ,united ,states 7a7 ,in general ,chapter #aa of title #ah1 ,united ,states ,code1 is amended by inserting after section #bjh the following3 #bjh;,a4 ,acts affecting a personal financial interest of the ,president or ,vice ,president of the ,united ,states 7a7 ,except as permitted by subsection 7b7 hereof1 whoever1 being the ,president or ,vice ,president of the ,united ,states1 participates personally and substantially1 through decision1 approval1 disapproval1 recommendation1 the rendering of advice1 investigation1 or otherwise1 in a judicial or other proceeding1 application1 request for a ruling or other determination1 contract1 claim1 controversy1 charge1 accusation1 arrest1 or other particular matter in which1 to their knowledge1 the ,president or ,vice ,president of the ,united ,states1 their spouse1 child1 general partner1 organization in which they are serving as officer1 director1 trustee1 general partner or employee1 or any person or organization with whom they are negotiating or has any arrangement concerning prospective employment1 has a financial interest shall be subject to the penalties set forth in section #baf of this title4 7b7 ,subsection 7a7 shall not apply-- 7#a7 if the financial interest that would be affected by the particular matter involved is held in a qualified blind trust as defined by subsection 7g72 or 7#b7 if the ,president or ,vice ,president of the ,united ,states first advises the ,director of the ,office of ,government ,ethics of the nature and circumstances of the judicial or other proceeding1 application1 request for a ruling or other determination1 contract1 claim1 controversy1 charge1 accusation1 arrest1 or other particular matter and makes full disclosure of the financial interest and receives in advance a written determination made by the ,director of the ,office of ,government ,ethics that the interest is not so substantial as to be deemed likely to affect the actions of the ,president or ,vice ,president or undermine the public's confidence in the integrity of their office4 7c7 ,in the event that a national emergency necessitates the ,president or ,vice ,president taking any immediate action that affects their personal financial interests prior to receiving an exemption under subsection 7b77#b71 the ,president or ,vice ,president shall1 in addition to the information required by subsection 7b77#b71 notify the ,director of the ,office of ,government ,ethics of the circumstances requiring action to be taken prior to the receipt of an exemption and shall make a retroactive request for an exemption under subsection 7b77#b7 within #dh hours of taking the action4 ,the ,director of the ,office of ,government ,ethics shall then make a written determination as to whether an exemption under subsection 7b77#b7 would have been issued had the ,president or ,vice ,president requested an exemption prior to taking the action4 ,should the ,director of the ,office of ,government ,ethics determine that an exemption would not have been granted1 the ,president or ,vice ,president shall1 to the extent practicable1 return1 repay1 remit1 or refund any benefit gained as a result of that action4 ,any financial gains that cannot be repaid shall be gifted to reduce the public debt pursuant to section #caac of title #ca1 ,united ,states ,code4 7d7 ,the ,director of the ,office of ,government ,ethics shall complete the written determination required under subsection 7b77#b7 and subsection 7c7 as soon as practicable1 but in no event shall the determination be made later than #aj days following a request for an exemption4 ,any request for exemption under subsection 7b77#b7 and subsection 7c7 not receiving a written determination within #aj days will be deemed to have been denied4 7e7 ,a copy of any request for an exemption and a copy of any determination made in response to a request for an exemption1 including exemptions under subsection 7b77#b7 or 7c7 and any determination deemed to have been denied under subsection 7d71 shall be made available to the public by the ,office of ,government ,ethics within #aj days of the receipt of a request for an exemption pursuant to procedures set forth in section #aje of the ,ethics in ,government ,act of #aigh4 ,in making such determination available1 the agency may withhold from disclosure any information contained in the determination that would be exempt from disclosure under section #eeb of title #e4 7f7 ,a violation of subsection 7a7 shall constitute a high crime and misdemeanor for the purposes of article ,,ii1 section #d of the ,united ,states ,constitution4 7g7 ,for the purposes of this section1 the term qualified blind trust shall include any trust in which the ,president or ,vice ,president of the ,united ,states1 their spouse1 or any child has a beneficial interest in the principal or income1 and which meets the following requirements3 7#a7 ,in general 7,a7 ,the trustee of the trust and any other entity designated in the trust instrument to perform fiduciary duties is a financial institution1 an attorney1 a certified public accountant1 a broker1 or an investment advisor who-- 7i7 is independent of and not associated with any interested party so that the trustee or other person cannot be controlled or influenced in the administration of the trust by any interested party2 7ii7 is not and has not been an employee of or affiliated with any interested party and is not a partner of1 or involved in any joint venture or other investment with1 any interested party2 and 7iii7 is not a relative of any interested party4 7,b7 ,any officer or employee of a trustee or other entity who is involved in the management or control of the trust-- 7i7 is independent of and not associated with any interested party so that such officer or employee cannot be controlled or influenced in the administration of the trust by any interested party2 7ii7 is not a partner of1 or involved in any joint venture or other investment with1 any interested party2 and 7iii7 is not a relative of any interested party4 7#b7 ,any asset transferred to the trust by an interested party is free of any restriction with respect to its transfer of sale unless such restriction is expressly approved in writing by the ,director of the ,office of ,government ,ethics4 7#c7 ,the trust instrument that establishes the trust provides that-- 7,a7 except to the extent provided in subparagraph 7#b7 of this subsection1 the trustee in the exercise of his authority and discretion to manage and control the assets of the trust shall not consult or notify any interested party2 7,b7 the trust shall not contain any asset the holding of which by any interested party is prohibited by any law or regulation2 7,c7 the trustee shall promptly notify the reporting individual and the ,director of the ,office of ,government ,ethics when the holdings of any particular asset transferred to the trust by any interested party are disposed of or when the value of such holding is less than #a1jjj2 7,d7 the trust tax return shall be prepared by the trustee or his designee1 and such return and any information relating thereto 7other than the trust income summarized in appropriated categories necessary to complete an interested party's tax return71 shall not be disclosed to any interested party2 7,e7 an interested party shall not receive any report on the holdings and sources of income of the trust1 except a report at the end of each calendar quarter with respect to the total cash value of the interest of the interested party in the trust or the net income or loss of the trust or any reports necessary to enable the interested party to complete an individual tax return required by law1 but such report shall not identify any asset or holding2 7,f7 except for communications which solely consist of requests for distributions of cash or other unspecified assets of the trust1 there shall be no direct or indirect communication between the trustee and an interested party with respect to the trust unless such communication is in writing 7a copy of which shall be provided to the ,director of the ,office of ,government ,ethics71 and unless it relates only 7i7 to the general financial interest and needs of the interested party 7including1 but not limited to1 an interest in maximizing income or long-term capital gain71 7ii7 to the notification of a trustee of a law or regulation subsequently applicable to the reporting individual which prohibits the interested party from holding an asset1 which notification directs that the asset not be held by the trust1 or 7iii7 to directions to the trustee to sell all of an asset initially placed in the trust by an interested party which in the determination of the reporting individual creates a conflict of interest or the appearance thereof due to the subsequent assumption of duties by the reporting individual2 and 7,g7 the interested parties shall make no effort to obtain information with respect to the holdings of the trust1 including obtaining a copy of any trust tax return filed or any information relating thereto except as otherwise provided in this subsection4 7#d7 ,the proposed trust instrument and the proposed trustee are certified in writing by the ,director of the ,office of ,government ,ethics to be in compliance with the requirements of this section4 ,the ,director of the ,office of ,government ,ethics shall conduct an annual recertification of the trust instrument and trustee to verify that they remain in compliance with the requirements of this section4 ,if at any time the ,director of the ,office of ,government ,ethics determines that the trust instrument or trustee are no longer in compliance with requirements of this section1 the ,director of the ,office of ,government ,ethics shall notify the ,committee on ,oversight and ,government ,reform of the ,house of ,representatives and the ,committee on ,homeland ,security and ,governmental ,affairs of the ,senate1 and provide written notification to the interested parties that they are no longer eligible for an exemption under subsection 7b77#a7 until the trust instrument and trustee are recertified4 7#e7 ,for the purposes of this subsection1 interested party means the ,president or ,vice ,president of the ,united ,states1 their spouse1 and any child2 reporting individual means the ,president or ,vice ,president of the ,united ,states2 broker has the meaning set forth in section #c7;a77#d7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a77#d772 and investment adviser includes any investment adviser who1 as determined under regulations prescribed by the ,office of ,government ,ethics1 is generally involved in their role as such an advisor in the management or control of trusts4 7#f7 ,any written certification or notification made pursuant to subsection 7g7 shall be made available to the public within #aj days of the certification or notification being made4 4 7b7 ,in general ,section #baf of title #ah1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7a7 by inserting #bjh;,a1 after #bjh12 7#b7 in subsection 7b7 by inserting #bjh;,a1 after #bjh12 and 7#c7 in subsection 7c7 by inserting #bjh;,a1 after #bjh14 7c7 ,clerical amendment ,the table of sections at the beginning of chapter #aa of title #ah1 ,united ,states ,code1 is amended by inserting after ,sec4 #bjh4 ,acts affecting a personal financial interest4 the following new item3 ,sec4 #bjh;,a4 ,acts affecting a personal financial interest of the ,president or ,vice ,president of the ,united ,states4 4 #c4 ,contracts by the ,president or ,vice ,president of the ,united ,states 7a7 ,in general ,section #dca of title #ah1 ,united ,states ,code1 is amended by inserting the ,president or ,vice ,president of the ,united ,states1 after ,whoever1 being4