,,ii  #aafth ,,congress  #ast ,session  
,s4 #hhb  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #bf1         
#bjai,ms4 ,warren 7for herself1 ,ms4    
,baldwin1 ,mr4 ,bennet1 ,mr4            
,blumenthal1 ,mr4 ,booker1 ,mr4 ,brown1 
,ms4 ,cantwell1 ,mr4 ,cardin1 ,mr4      
,carper1 ,mr4 ,casey1 ,mr4 ,coons1 ,ms4 
,duckworth1 ,mr4 ,durbin1 ,mrs4         
,feinstein1 ,mrs4 ,gillibrand1 ,ms4     
,harris1 ,ms4 ,hirono1 ,ms4 ,klobuchar1 
,mr4 ,leahy1 ,mr4 ,markey1 ,mr4         
,merkley1 ,mr4 ,murphy1 ,mrs4 ,murray1  
,mr4 ,peters1 ,mr4 ,reed1 ,ms4 ,smith1  
,ms4 ,stabenow1 ,mr4 ,udall1 ,mr4 ,van  
,hollen1 ,mr4 ,whitehouse1 and ,mr4     
,wyden7 introduced the following bill2  
which was read twice and referred to the
 ,committee on ,homeland ,security and  
,governmental ,affairs  ,a ,,bill  ,to  
address financial conflicts of interest 
of the ,president and ,vice ,president4 
#a4 ,short title ,this ,act may be cited
 as the ,presidential ,conflicts of     
,interest ,act of #bjai4  #b4           

,divestiture of personal financial      
interests of the ,president and ,vice   
,president that pose a potential        
conflict of interest  7a7 ,definitions  
7#a7 ,in general ,in this section-- 7,a7
 the term conflict-free holding means a 
financial interest described in section 
#ajb7;f77#h7 of the ,ethics in          
,government ,act of #aigh 7#e ,u4,s4,c4 
,app472  7,b7 the term financial        
interest posing a potential conflict of 
interest means a financial interest of  
the ,president1 the ,vice ,president1   
the spouse of the ,president or ,vice   
,president1 or a minor child of the     
,president or ,vice ,president1 as      
applicable1 that--  7i7 would constitute
 a financial interest described in      
subsection 7a7 of section #bjh of title 
#ah1 ,united ,states ,code--  7,i7 if-- 
7aa7 for purposes of such section #bjh1 
the terms officer and employee included 
the ,president and the ,vice ,president2
 and  7bb7 the ,president or ,vice      
,president1 as applicable1 participated 

as described in subsection 7a7 of such  
section #bjh in relation to such        
financial interest2 and  7,,ii7         
determined without regard to any        
exception under subsection 7b7 of such  
section #bjh2 or  7ii7 may constitute a 
present1 emolument1 office1 or title1 of
 any kind whatever1 from any king1      
prince1 or foreign state 7including from
 an entity owned or controlled by a     
foreign government71 within the meaning 
of article ,i1 section #i of the        
,constitution of the ,united ,states2   
7,c7 the term qualified blind trust has 
the meaning given that term in section  
#ajb7;f77#c7 of the ,ethics in          
,government ,act of #aigh 7#e ,u4,s4,c4 
,app471 unless otherwise specified in   
this ,act2 and  7,d7 the term tax       
return-- 7i7 means any ,federal income  
tax return and any amendment or         
supplement thereto1 including supporting
 schedules1 attachments1 or lists which 
are supplemental to1 or part of1 the    
return for the taxable year2 and  7ii7  

includes any information return that    
reports information that does or may    
affect the liability for tax for the    
taxable year4  7#b7 ,applicability of   
,ethics in ,government ,act of #aigh    
,for purposes of the definition of      
qualified blind trust in this section1  
the term supervising ethics officer in  
section #ajb7;f77#c7 of the ,ethics in  
,government ,act of #aigh 7#e ,u4,s4,c4 
,app47 means the ,director of the       
,office of ,government ,ethics4  7b7    
,initial financial disclosure  7#a7     
,submission of disclosure  7,a7 ,in     
general ,not later than #cj days after  
assuming the office of ,president or    
,vice ,president1 respectively1 the     
,president and ,vice ,president shall   
submit to ,congress and the ,director of
 the ,office of ,government ,ethics a   
disclosure of financial interests4  7,b7
 ,application to sitting ,president and 
,vice ,president ,for any individual who
 is serving as the ,president or ,vice  
,president on the date of enactment of  

this ,act1 the disclosure of financial  
interests shall be submitted to         
,congress and the ,director of the      
,office of ,government ,ethics not later
 than #cj days after the date of        
enactment of this ,act4  7#b7 ,contents 
7,a7 ,president ,the disclosure of      
financial interests submitted under     
paragraph 7#a7 by the ,president shall--
 7i7 describe in detail each financial  
interest of the ,president1 the spouse  
of the ,president1 or a minor child of  
the ,president2  7ii7 at a minimum1     
include the information relating to each
 such financial interest that is        
required for reports under section #ajb 
of the ,ethics in ,government ,act of   
#aigh 7#e ,u4,s4,c4 ,app472 and  7iii7  
include the tax returns filed by or on  
behalf of the ,president for-- 7,i7 the 
#c most recent taxable years2 and       
7,,ii7 each taxable year for which an   
audit of the return by the ,internal    
,revenue ,service is pending on the date
 the report is filed4  7,b7 ,vice       

,president ,the disclosure of financial 
interests submitted under paragraph 7#a7
 by the ,vice ,president shall-- 7i7    
describe in detail each financial       
interest of the ,vice ,president1 the   
spouse of the ,vice ,president1 or a    
minor child of the ,vice ,president2    
7ii7 at a minimum1 include the          
information relating to each such       
financial interest that is required for 
reports under section #ajb of the       
,ethics in ,government ,act of #aigh 7#e
 ,u4,s4,c4 ,app472 and  7iii7 include   
the tax returns filed by or on behalf of
 the ,vice ,president for-- 7,i7 the #c 
most recent taxable years2 and  7,,ii7  
each taxable year for which an audit of 
the return by the ,internal ,revenue    
,service is pending on the date the     
report is filed4  7c7 ,divestiture of   
financial interests posing a potential  
conflict of interest  7#a7 ,in general  
,the ,president1 the ,vice ,president1  
the spouse of the ,president or ,vice   
,president1 and any minor child of the  

,president or ,vice ,president shall    
divest of any financial interest posing 
a potential conflict of interest by     
transferring such interest to a         
qualified blind trust4  7#b7 ,trustee   
duties ,within a reasonable period of   
time after the date a financial interest
 is transferred to a qualified blind    
trust under paragraph 7#a71 the trustee 
of the qualified blind trust shall--    
7,a7 sell the financial interest2 and   
7,b7 use the proceeds of the sale of the
 financial interest to purchase         
conflict-free holdings4  7d7 ,review by 
,office of ,government ,ethics  7#a7 ,in
 general ,the ,director of the ,office  
of ,government ,ethics shall submit to  
,congress1 the ,president1 and the ,vice
 ,president an annual report regarding  
the financial interests of the          
,president1 the ,vice ,president1 the   
spouse of the ,president or ,vice       
,president1 and any minor child of the  
,president or ,vice ,president4  7#b7   
,contents ,each report submitted under  

paragraph 7#a7 shall-- 7,a7 indicate    
whether any financial interest of the   
,president1 the ,vice ,president1 the   
spouse of the ,president or ,vice       
,president1 or a minor child of the     
,president or ,vice ,president is a     
financial interest posing a potential   
conflict of interest2  7,b7 evaluate    
whether any previously held financial   
interest of the ,president1 the ,vice   
,president1 the spouse of the ,president
 or ,vice ,president1 or a minor child  
of the ,president or ,vice ,president   
that was a financial interest posing a  
potential conflict of interest was      
divested in accordance with subsection  
7c72 and  7,c7 redact such information  
as the ,director of the ,office of      
,government ,ethics determines necessary
 for preventing identity theft1 such as 
social security numbers or taxpayer     
identification numbers4  7e7            
,enforcement  7#a7 ,in general ,the     
,attorney ,general1 the attorney general
 of any ,state1 or any person aggrieved 

by any violation of subsection 7c7 may  
seek declaratory or injunctive relief in
 a court of competent jurisdiction if-- 
7,a7 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 
7c72 or  7,b7 there is probable cause to
 believe that the ,president or the     
,vice ,president has not complied with  
subsection 7c74  7#b7 ,fair market value
 ,in granting injunctive relief to the  
plaintiff1 the court shall ensure that  
any divestment procedure shall ensure   
the fair market return for any asset    
that is liquidated4  #c4 ,recusal of    
appointees ,section #bjh of title #ah1  
,united ,states ,code1 is amended by    
adding at the end the following3  7e7   
7#a7 ,any officer or employee appointed 
by the ,president shall recuse himself  
or herself from any particular matter   
involving specific parties in which a   
party to that matter is--  7,a7 the     

,president who appointed the officer or 
employee1 which shall include any entity
 in which the ,president has a          
substantial interest2 or  7,b7 the      
spouse of the ,president who appointed  
the officer or employee1 which shall    
include any entity in which the spouse  
of the ,president has a substantial     
interest4  7#b7 7,a7 ,subject to        
subparagraph 7,b71 if an officer or     
employee is recused under paragraph     
7#a71 a career appointee in the agency  
of the officer or employee shall perform
 the functions and duties of the officer
 or employee with respect to the matter4
  7,b7 7i7 ,in this subparagraph1 the   
term ,commission means a board1         
commission1 or other agency for which   
the authority of the agency is vested in
 more than #a member4  7ii7 ,if the     
recusal of a member of a ,commission    
from a matter under paragraph 7#a7 would
 result in there not being a statutorily
 required quorum of members of the      
,commission available to participate in 

the matter1 notwithstanding such statute
 or any other provision of law1 the     
members of the ,commission not recused  
under paragraph 7#a7 may--  7,i7        
consider the matter without regard to   
the quorum requirement under such       
statute2  7,,ii7 delegate the           
authorities and responsibilities of the 
,commission with respect to the matter  
to a subcommittee of the ,commission2 or
  7,,iii7 designate an officer or       
employee of the ,commission who was not 
appointed by the ,president who         
appointed the member of the ,commission 
recused from the matter to exercise the 
authorities and duties of the recused   
member with respect to the matter4  7#c7
 ,any officer or employee who           
negligently violates paragraph 7#a7     
shall be subject to the penalties set   
forth in section #baf4  7#d7 ,for       
purposes of this section1 the term      
particular matter shall have the meaning
 given the term in section #bjg7;i74  4 
#d4 ,contracts by the ,president or     

,vice ,president  7a7 ,amendment        
,section #dca of title #ah1 ,united     
,states ,code1 is amended--  7#a7 in the
 section heading1 by inserting the      
,president1 ,vice ,president1 or a after
 ,contracts by2 and  7#b7 in the first  
undesignated paragraph1 by inserting the
 ,president or ,vice ,president1 after  
,whoever1 being4  7b7 ,table of sections
 amendment ,the table of sections for   
chapter #bc of title #ah1 ,united       
,states ,code1 is amended by striking   
the item relating to section #dca and   
inserting the following3  #dca4         
,contracts by the ,president1 ,vice     
,president1 or a ,member of ,congress4  
4  #e4 ,presidential tax transparency   
7a7 ,in general ,title ,i of the ,ethics
 in ,government ,act of #aigh 7#e       
,u4,s4,c4 ,app47 is amended-- 7#a7 by   
inserting after section #ajb the        
following3  #ajb;,a4 ,disclosure of tax 
returns  7a7 ,definitions ,in this      
section-- 7#a7 the term covered         
candidate means an individual--  7,a7   

required to file a report under section 
#aja7;c72 and  7,b7 who is nominated by 
a major party as a candidate for the    
office of ,president2 and  7#b7 the term
 covered individual means-- 7,a7 a      
,president required to file a report    
under subsection 7a7 or 7d7 of section  
#aja2 and  7,b7 an individual who       
occupies the office of the ,president   
required to file a report under section 
#aja7;e72  7#c7 the term major party has
 the meaning given the term in section  
#ijjb of the ,internal ,revenue ,code of
 #aihf2 and  7#d7 the term income tax   
return means1 with respect to any       
covered candidate or covered individual1
 any return 7within the meaning of      
section #fajc7;b7 of the ,internal      
,revenue ,code of #aihf7 related to     
,federal income taxes1 but does not     
include--  7,a7 information returns     
issued to persons other than such       
covered candidate or covered individual1
 and  7,b7 declarations of estimated    
tax4  7b7 ,disclosure  7#a7 ,covered    

individuals  7,a7 ,in general ,in       
addition to the information described in
 subsections 7a7 and 7b7 of section     
#ajb1 a covered individual shall include
 in each report required to be filed    
under this title a copy of the income   
tax returns of the covered individual   
for the #c most recent taxable years for
 which a return have been filed with the
 ,internal ,revenue ,service as of the  
date on which the report is filed4  7,b7
 ,failure to disclose ,if an income tax 
return is not disclosed under           
subparagraph 7,a71 the ,director of the 
,office of ,government ,ethics shall    
submit to the ,secretary of the         
,treasury a request that the ,secretary 
of the ,treasury provide the ,director  
of the ,office of ,government ,ethics   
with a copy of the income tax return4   
7,c7 ,publicly available ,each income   
tax return submitted under this         
paragraph shall be filed with the       
,director of the ,office of ,government 
,ethics and made publicly available in  

the same manner as the information      
described in subsections 7a7 and 7b7 of 
section #ajb4  7,d7 ,redaction of       
certain information ,before making any  
income tax return submitted under this  
paragraph available to the public1 the  
,director of the ,office of ,government 
,ethics shall redact such information as
 the ,director of the ,office of        
,government ,ethics1 in consultation    
with the ,secretary of the ,treasury 7or
 a delegate of the ,secretary71         
determines appropriate4  7#b7           
,candidates  7,a7 ,in general ,not later
 than #ae days after the date on which a
 covered candidate is nominated1 the    
covered candidate shall amend the report
 filed by the covered candidate under   
section #aja7;c7 with the ,federal      
,election ,commission to include a copy 
of the income tax returns of the covered
 candidate for the #c most recent       
taxable years for which a return has    
been filed with the ,internal ,revenue  
,service4  7,b7 ,failure to disclose ,if

 an income tax return is not disclosed  
under subparagraph 7,a7 the ,federal    
,election ,commission shall submit to   
the ,secretary of the ,treasury a       
request that the ,secretary of the      
,treasury provide the ,federal ,election
 ,commission with the income tax return4
  7,c7 ,publicly available ,each income 
tax return submitted under this         
paragraph shall be filed with the       
,federal ,election ,commission and made 
publicly available in the same manner as
 the information described in section   
#ajb7;b74  7,d7 ,redaction of certain   
information ,before making any income   
tax return submitted under this         
paragraph available to the public1 the  
,federal ,election ,commission shall    
redact such information as the ,federal 
,election ,commission1 in consultation  
with the ,secretary of the ,treasury 7or
 a delegate of the ,secretary7 and the  
,director of the ,office of ,government 
,ethics1 determines appropriate4  7#c7  
,special rule for sitting ,presidents   

,not later than #cj days after the date 
of enactment of this section1 the       
,president shall submit to the ,director
 of the ,office of ,government ,ethics a
 copy of the income tax returns         
described in paragraph 7#a77;,a74  2 and
  7#b7 in section #ajd-- 7,a7 in        
subsection 7a7--  7i7 in paragraph 7#a71
 in the first sentence1 by inserting or 
any individual who knowingly and        
willfully falsifies or who knowingly and
 willfully fails to file an income tax  
return that such individual is required 
to disclose pursuant to section #ajb;,a 
before the period2 and  7ii7 in         
paragraph 7#b77;,a7-- 7,i7 in clause    
7i71 by inserting or falsify any income 
tax return that such person is required 
to disclose under section #ajb;,a before
 the semicolon2 and  7,,ii7 in clause   
7ii71 by inserting or fail to file any  
income tax return that such person is   
required to disclosed under section     
#ajb;,a before the period2  7,b7 in     
subsection 7b71 in the first sentence by

 inserting or willfully failed to file  
or has willfully falsified an income tax
 return required to be disclosed under  
section #ajb;,a before the period2  7,c7
 in subsection 7c71 by inserting or     
failing to file or falsifying an income 
tax return required to be disclosed     
under section #ajb;,a before the period2
 and  7,d7 in subsection 7d77#a7--  7i7 
in the matter preceding subparagraph    
7,a71 by inserting or files an income   
tax return required to be disclosed     
under section #ajb;,a after title2 and  
7ii7 in subparagraph 7,a71 by inserting 
or such income tax return1 as           
applicable1 after report4  7b7          
,authority ,to disclose information     
7#a7 ,in general ,section #fajc7l7 of   
the ,internal ,revenue ,code of #aihf is
 amended by adding at the end the       
following new paragraph3  7#bc7         
,disclosure of return information of    
,presidents and certain presidential    
candidates  7,a7 ,disclosure of returns 
of ,presidents  7i7 ,in general ,the    

,secretary shall1 upon written request  
from the ,director of the ,office of    
,government ,ethics pursuant to section 
#ajb;,a7b77#a77;,b7 of the ,ethics in   
,government ,act of #aigh1 provide to   
officers and employees of the ,office of
 ,government ,ethics a copy of any      
income tax return of the ,president     
which is required to be filed under     
section #ajb;,a of such ,act4  7ii7     
,disclosure to public ,the ,director of 
the ,office of ,government ,ethics may  
disclose to the public the income tax   
return of any ,president which is       
required to be filed with the ,director 
pursuant to section #ajb;,a of the      
,ethics in ,government ,act of #aigh4   
7,b7 ,disclosure of returns of certain  
candidates for ,president  7i7 ,in      
general ,the ,secretary shall1 upon     
written request from the ,chairman of   
the ,federal ,election ,commission      
pursuant to section #ajb;,a7b77#b77;,b7 
of the ,ethics in ,government ,act of   
#aigh1 provide to officers and employees

 of the ,federal ,election ,commission  
copies of the applicable returns of any 
person who has been nominated as a      
candidate of a major party 7as defined  
in section #ijjb7;a77 for the office of 
,president4  7ii7 ,disclosure to public 
,the ,federal ,election ,commission may 
disclose to the public applicable       
returns of any person who has been      
nominated as a candidate of a major     
party 7as defined in section #ijjb7f77  
for the office of ,president and which  
is required to be filed with the        
,commission pursuant to section #ajb;,a 
of the ,ethics in ,government ,act4     
7,c7 ,applicable returns ,for purposes  
of this paragraph1 the term applicable  
returns means1 with respect to any      
candidate for the office of ,president1 
income tax returns for the #c most      
recent taxable years for which a return 
has been filed as of the date of the    
nomination4  4  7#b7 ,conforming        
amendments ,section #fajc7p77#d7 of such
 ,code1 in the matter preceding         

subparagraph 7,a7 and in subparagraph   
7,f77ii71 is amended by striking or     
7#bb7 and inserting 7#bb71 or 7#bc7 each
 place it appears4  #f4 ,sense of       
,congress regarding violations ,it is   
the sense of ,congress that a violation 
of section #b of this ,act or the       
,ethics in ,government ,act of #aigh 7#e
 ,u4,s4,c4 ,app47 by the ,president or  
the ,vice ,president would constitute a 
high crime or misdemeanor under article 
,,ii1 section #d of the ,constitution of
 the ,united ,states4  #g4 ,rule of     
construction ,nothing in this ,act or an
 amendment made by this ,act shall be   
construed to violate the ,constitution  
of the ,united ,states4  #h4            
,severability ,if any provision of this 
,act or any amendment made by this ,act1
 or any application of such provision or
 amendment to any person or             
circumstance1 is held to be             
unconstitutional1 the remainder of the  
provisions of this ,act and the         
amendments made by this ,act1 and the   

application of the provision or         
amendment to any other person or        
circumstance1 shall not be affected4