,i #aaith ,,congress #b;d ,session ,h4 ,r4 #gbjg ,,in ,,the ,,house ,,of ,,representatives ,january #bb1 #bjbf,ms4 ,craig introduced the following bill2 which was referred to the ,committee on ,oversight and ,government ,reform1 and in addition to the ,committee on the ,judiciary1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend title #e1 ,united ,states ,code1 to require the ,president and the ,vice ,president to disclose financial interests and divest of any financial interest posing a potential conflict of interest1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,presidential ,conflicts of ,interest ,accountability ,act4 #b4 ,financial interests of the ,president and ,vice ,president 7a7 ,acts affecting a personal financial interest ,section #bjh of title #ah1 ,united ,states ,code1 is amended by adding at the end the following new subsection3 7e7 ,for the purposes of this section1 the terms officer and employee shall include the ,president and the ,vice ,president4 4 7b7 ,limitation on financial interests ,subchapter ,,iii of chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following new section3 #acadg4 ,financial interests of the ,president and the ,vice ,president 7a7 ,initial financial disclosure 7#a7 ,submission of disclosure ,not later than #cj days after assuming the office of ,president or ,vice ,president1 respectively1 the ,president and the ,vice ,president shall submit to ,congress and the ,director of ,government ,ethics a disclosure of financial interests4 7#b7 ,contents ,the disclosure of financial interests submitted under paragraph 7#a7 shall-- 7,a7 describe in detail each financial interest of the ,president or the ,vice ,president1 or the spouse or dependent child of the ,president or the ,vice ,president2 7,b7 at a minimum1 include the information relating to each such financial interest that is required for reports under section #acajc7;d7 of this title2 and 7,c7 include the tax returns filed by or on behalf of the ,president or the ,vice ,president1 as applicable1 for-- 7i7 the #c most recent taxable years2 and 7ii7 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 filed4 7b7 ,divestiture of financial interests posing a potential conflict of interest 7#a7 ,in general ,the ,president1 the ,vice ,president1 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 trust4 7#b7 ,trustee duties ,not later than #cj days 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 interest and use the proceeds of such sale to purchase conflict-free holdings2 or 7,b7 sell the financial interest and return the proceeds of such sale to the ,president1 the ,vice ,president1 or the spouse or dependent child of the ,president or the ,vice ,president1 as applicable4 7c7 ,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 and the spouse and dependent child of the ,president and the ,vice ,president4 7#b7 ,contents ,each report submitted under paragraph 7#a7 shall-- 7,a7 indicate whether any financial interest is a financial interest posing a potential conflict of interest2 7,b7 evaluate whether any previously held financial interest 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 7d7 ,enforcement 7#a7 ,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-- 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 fair market return for any asset that is liquidated4 7e7 ,definitions 7#a7 ,in general ,in this section-- 7,a7 the term conflict-free holding means a financial interest that a reporting individual is not required to report under section #acajd7;f77#h7 of this title2 7,b7 the term dependent child has the meaning given that term in section #acaja of this title2 7,c7 the term financial interest means the items required to be included in reports filed pursuant to section #acjc7;d7 and 7e7 of this title under section #acajd7;a7 of this title2 7,d7 the term financial interest posing a potential conflict of interest means a financial interest of the ,president1 the ,vice ,president1 or the spouse or dependent child of the ,president or the ,vice ,president1 as applicable1 that-- 7i7 constitutes a financial interest described in section #bjh7;a7 of title #ah1 without regard to any exception under subsection 7b7 of such section2 or 7ii7 constitutes a present1 emolument1 office1 or title1 of any kind1 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,e7 the term qualified blind trust has the meaning given that term in section #acajd7;f77#c7 of this title2 and 7,f7 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 ,supervising ethics office ,for the purpose of the definition of qualified blind trust in this section1 the term supervising ethics office in section #acajd7;f77#c7 of this title means the ,director of the ,office of ,government ,ethics4 4 7c7 ,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 #acadg of title #e1 ,united ,states ,code1 as added by subsection 7a7 of this section1 not later than #cj days after the date of the enactment of this ,act4 7d7 ,rulemaking ,not later than #ahj days after the date of the enactment of this ,act1 the ,office of ,government ,ethics shall issue rules for the implementation of section #acadg of title #e1 ,united ,states ,code1 as added by subsection 7a7 of this section4 7e7 ,clerical amendment ,the table of contents for subchapter ,,iii of such title is amended by adding at the end the following item3 #acadg4 ,financial interests of the ,president and the ,vice ,president4 4