,,ii #aaeth ,,congress #ast ,session ,s4 #djh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #af1 #bjag ,mr4 ,wyden 7for himself1 ,mr4 ,cardin1 ,ms4 ,stabenow1 ,mr4 ,schumer1 ,mr4 ,brown1 ,mr4 ,casey1 ,mr4 ,menendez1 ,mr4 ,blumenthal1 ,mr4 ,leahy1 ,mrs4 ,mc,caskill1 ,mr4 ,van ,hollen1 ,ms4 ,warren1 ,mrs4 ,feinstein1 and ,mr4 ,reed7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to require the ,president to disclose income1 assets1 and liabilities associated with countries with which the ,united ,states is negotiating a trade or investment agreement1 countries subject to ,presidential determinations in trade enforcement actions1 and countries eligible for trade preference programs1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,presidential ,trade ,transparency ,act of #bjag4 #b4 ,disclosure by ,president of income1 assets1 and liabilities associated with countries with which the ,united ,states is negotiating a trade or investment agreement 7a7 ,in general ,before initiating or continuing negotiations with a country for a trade or investment agreement1 the ,president shall submit to ,congress a report1 in accordance with subsection 7b7 or 7c71 containing a full and complete statement of income earned1 assets held1 and liabilities owed by the ,president and associated with the country in the #ab-month period preceding the submission of the report4 7b7 ,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 ,act1 the ,president shall submit the report required by subsection 7a7-- 7#a7 in the case of negotiations subject to the ,bipartisan ,congressional ,trade ,priorities and ,accountability ,act of #bjae 7#ai ,u4,s4,c4 #dbja et seq47 with respect to which the ,president is required to submit a notification under section #ajc7;a77#b7 or #aje7;a77#a77;,a7 of that ,act 7#ai ,u4,s4,c4 #dbjb7;a77#b7 and #dbjd7;a77#a77;,a771 not later than the date on which the ,president submits the notification2 7#b7 in the case of negotiations subject to the ,uruguay ,round ,agreements ,act 7#ai ,u4,s4,c4 #ceja et seq471 not later than the date on which the ,president submits the report required by section #aae7b7 of that ,act 7#ai ,u4,s4,c4 #cebd7b772 7#c7 in the case of negotiations subject to the ,north ,american ,free ,trade ,agreement ,implementation ,act 7#ai ,u4,s4,c4 #ccja et seq471 not later than the date on which the ,president submits the report required by section #ajc7;a77#b7 of that ,act 7#ai ,u4,s4,c4 #ccac7;a77#b772 or 7#d7 in the case of negotiations for a trade or investment agreement not covered by paragraph 7#a71 7#b71 or 7#c71 not less than #fj days before initiating the negotiations4 7c7 ,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 ,act1 the ,president shall submit the report required by subsection 7a7 with respect to that country not later than #ij days after such date of enactment4 #c4 ,disclosure by ,president of income1 assets1 and liabilities associated with countries subject to ,presidential determinations in trade enforcement actions 7a7 ,in general ,before taking a covered action under a trade enforcement law with respect to a country1 the ,president shall submit to ,congress1 in accordance with subsection 7b71 a report containing a full and complete statement of income earned1 assets held1 and liabilities owed by the ,president and associated with the country in the #ab-month period preceding the submission of the report4 7b7 ,timing of report ,the ,president shall submit the report required by subsection 7a7-- 7#a7 in the case of a covered action under section #bja of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bbea7 with respect to which a document is required to be transmitted to ,congress under section #bjc7;b7 of that ,act 7#ai ,u4,s4,c4 #bbec7;b771 not less than #cj days before the ,president transmits the document2 7#b7 in the case of a covered action under section #cja of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bdaa7 that is the subject of a direction of the ,president as described in subsection 7a77#a7 or 7b77#b7 of that section1 not less than #cj days before making that direction2 7#c7 in the case of a covered action under section #ccg of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #accg71 not later than #cj 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 7j7 of that section2 7#d7 in the case of a covered action under section #gja7;b77#b7 of the ,trade ,facilitation and ,trade ,enforcement ,act of #bjae 7#ai ,u4,s4,c4 #ddba7;b77#b771 not later than the date on which the report required under subparagraph 7,b7 of that section is submitted to ,congress2 or 7#e7 in the case of a covered action not covered by paragraph 7#a71 7#b71 7#c71 or 7#d71 not less than #cj days before taking such action4 7c7 ,definitions ,in this section3 7#a7 ,covered action ,the term covered action means-- 7,a7 the modification under a trade enforcement law of a duty imposed with respect to articles imported from a country2 or 7,b7 waiving action1 or declining to exercise authority to take action1 under a trade enforcement law in a trade enforcement matter with respect to a country4 7#b7 ,trade enforcement law ,the term trade enforcement law means-- 7,a7 chapter ,i of title ,,ii of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bbea et seq472 7,b7 title ,,iii of that ,act 7#ai ,u4,s4,c4 #bdaa et seq472 7,c7 section #abb of that ,act 7#ai ,u4,s4,c4 #bacb72 7,d7 section #djf1 #dba1 or #dbb of that ,act 7#ai ,u4,s4,c4 #bdcf1 #bdea1 and #bdea;a72 7,e7 sections #ccg and #cch7;a7 of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #accg and #acch7;a772 7,f7 section #bcb of the ,trade ,expansion ,act of #aifb 7#ai ,u4,s4,c4 #ahfb72 7,g7 section #gja of the ,trade ,facilitation and ,trade ,enforcement ,act of #bjae 7#ai ,u4,s4,c4 #ddba72 7,h7 the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq472 or 7,i7 any other provision of law providing the ,president with authority to restrict trade with a foreign country through modification of a duty on imports4 #d4 ,disclosure by ,president of income1 assets1 and liabilities associated with countries eligible for trade preference programs 7a7 ,in general ,before taking a covered action under a trade preference program with respect to a country or an article imported from a country1 the ,president shall submit to ,congress1 in accordance with subsection 7b71 a report containing a full and complete statement of income earned1 assets held1 and liabilities owed by the ,president and associated with the country in the #ab-month period preceding the submission of the report4 7b7 ,timing of report ,the ,president shall submit the report required by subsection 7a7-- 7#a7 in the case of a covered action under title ,v of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bdfa et seq47 with respect to which the ,president is required to submit a notification under section #ejb7;f7 of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bdfb7;f77 or a report under section #ejf;,a7a77#b7 of that ,act 7#ai ,u4,s4,c4 #bdff;a7a77#b771 at the time the ,president submits the notification or report2 7#b7 in the case of a covered action under the ,caribbean ,basin ,economic ,recovery ,act 7#ai ,u4,s4,c4 #bgja et seq47 with respect to which the ,president is required to submit a notification under paragraph 7#a7 or 7#b7 of section #bab7;a7 of that ,act 7#ai ,u4,s4,c4 #bgjb7;a77 or a report under section #bac7;b77#b77;,a77v77,,ii77cc7 of that ,act 7#ai ,u4,s4,c4 #bgjc7;b77#b77;,a77v77,,ii77cc771 at the time the ,president submits the notification or report2 or 7#c7 in the case of a covered action not covered by paragraph 7#a7 or 7#b71 not later than #fj days before taking the action4 7c7 ,definitions ,in this section3 7#a7 ,covered action ,the term covered action means-- 7,a7 the designation of a country as eligible for preferential treatment under a trade preference program2 7,b7 the termination of such a designation2 7,c7 any determination with respect to the eligibility of an article for preferential treatment under a trade preference program2 7,d7 the withdrawal1 suspension1 or limitation of preferential treatment under a trade preference program with respect to a country or an article2 or 7,e7 the exercise of the authority to waive the competitive need limitation with respect to an article under section #ejc7;d7 of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bdfc7;d774 7#b7 ,trade preference program ,the term trade preference program means-- 7,a7 the ,generalized ,system of ,preferences under title ,v of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bdfa et seq472 7,b7 the ,african ,growth and ,opportunity ,act 7#ai ,u4,s4,c4 #cgja et seq472 7,c7 the ,caribbean ,basin ,economic ,recovery ,act 7#ai ,u4,s4,c4 #bgja et seq472 or 7,d7 section #iae of the ,trade ,facilitation and ,trade ,enforcement ,act of #bjae 7#ai ,u4,s4,c4 #dded74 #e4 ,contents of disclosure reports ,the ,president shall include in a report required under section #b1 #c1 or #d with respect to a country-- 7#a7 the information specified in section #ajb7;a7 of the ,ethics in ,government ,act of #aigh 7#e ,u4,s4,c4 ,app4 #ajb7;a771 with respect to each source of income1 each asset1 and each liability associated with the country2 and 7#b7 a detailed description of the nature of the association of each such source of income1 asset1 or liability with the country4 #f4 ,effect of failure to timely disclose 7a7 ,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 ,act1 any instrument providing for the modification of such tariff treatment shall have no force or effect4 7b7 ,trade and investment agreements ,if the ,president fails to submit a report required by section #b with respect to negotiations for a trade or investment agreement with a country by the time required by that section1 the implementing bill submitted to ,congress with respect to that agreement shall not be eligible for the trade authorities procedures under section #ajc of the ,bipartisan ,congressional ,trade ,priorities and ,accountability ,act of #bjae 7#ai ,u4,s4,c4 #dbjb74 #g4 ,definitions ,in this ,act3 7#a7 ,associated with a country ,the term associated with a country or associated with the country-- 7,a7 with respect to an asset1 means-- 7i7 any financial account maintained by a financial institution that is a person of the country2 7ii7 any stock or security issued by a person of the country2 7iii7 any financial instrument or contract held for investment that has an issuer or counterparty that is a person of the country2 7iv7 any interest in a person of the country2 or 7v7 any real property located in the country or in which a person of the country1 including any representative or agent of the government of the country1 has a financial interest2 7,b7 with respect to income1 includes dividends1 rents1 interest1 or capital gains or any other income 7as defined in section #fa of the ,internal ,revenue ,code of #aihf7 received directly or indirectly from an asset associated with the country or any gift or reimbursement received from a person of the country1 including any representative or agent of the government of the country2 and 7,c7 with respect to a liability1 refers to any liability owed to any creditor that is a person of the country1 including an enterprise owned or controlled by the government of the country4 7#b7 ,person of the country 7,a7 ,in general ,except as provided in subparagraph 7,b71 with respect to a country1 the term person of the country means-- 7i7 an individual who is a citizen of the country2 or 7ii7 a branch1 partnership1 group or subgroup1 association1 estate1 trust1 corporation or division of a corporation1 or other organization if-- 7,i7 it is organized under the laws of the country2 7,,ii7 its principal place of business is in the country2 or 7,,iii7 its equity securities are primarily traded on one or more exchanges of the country4 7,b7 ,exception ,the term person of the country does not include any branch1 partnership1 group or subgroup1 association1 estate1 trust1 corporation or division of a corporation1 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 ,states4