Sec. 1402. Divestiture of personal financial interests of the President and Vice President that pose a potential conflict of interest
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In this section— the term conflict-free holding means a financial interest described in section 102(f)(8) of the Ethics in Government Act of 1978 (5 U.S.C. App.); the term financial interest posing a potential conflict of interest means a financial interest of the President, the Vice President, the spouse of the President or Vice President, or a minor child of the President or Vice President, as applicable, that— would constitute a financial interest described in subsection
(a)of section 208 of title 18, United States Code— if— for purposes of such section 208, the terms officer and employee included the President and the Vice President; and the President or Vice President, as applicable, participated as described in subsection
(a)of such section 208 in relation to such financial interest; and determined without regard to any exception under subsection
(b)of such section 208; or may constitute a present, emolument, office, or title, of any kind whatever, 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; the term qualified blind trust has the meaning given that term in section 102(f)(3) of the Ethics in Government Act of 1978 (5 U.S.C. App.), unless otherwise specified in this Act; and the term tax return — 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 includes any information return that reports information that does or may affect the liability for tax for the taxable year. For purposes of the definition of qualified blind trust in this section, the term supervising ethics officer in section 102(f)(3) of the Ethics in Government Act of 1978 (5 U.S.C. App.) means the Director of the Office of Government Ethics. Not later than 30 days after assuming the office of President or Vice President, respectively, the President and Vice President shall submit to Congress and the Director of the Office of Government Ethics a disclosure of financial interests. For any individual who is serving as the President or Vice President on the date of enactment of this Act, the disclosure of financial interests shall be submitted to Congress and the Director of the Office of Government Ethics not later than 30 days after the date of enactment of this Act. The disclosure of financial interests submitted under paragraph
(1)by the President shall— describe in detail each financial interest of the President, the spouse of the President, or a minor child of the President; at a minimum, include the information relating to each such financial interest that is required for reports under section 102 of the Ethics in Government Act of 1978 (5 U.S.C. App.); and include the tax returns filed by or on behalf of the President for— the 3 most recent taxable years; and each taxable year for which an audit of the return by the Internal Revenue Service is pending on the date the report is filed. The disclosure of financial interests submitted under paragraph
(1)by the Vice President shall— describe in detail each financial interest of the Vice President, the spouse of the Vice President, or a minor child of the Vice President; at a minimum, include the information relating to each such financial interest that is required for reports under section 102 of the Ethics in Government Act of 1978 (5 U.S.C. App.); and include the tax returns filed by or on behalf of the Vice President for— the 3 most recent taxable years; and each taxable year for which an audit of the return by the Internal Revenue Service is pending on the date the report is filed. The President, the Vice President, the spouse of the President or Vice President, 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 trust. Within a reasonable period of time after the date a financial interest is transferred to a qualified blind trust under paragraph (1), the trustee of the qualified blind trust shall— sell the financial interest; and use the proceeds of the sale of the financial interest to purchase conflict-free holdings. 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, the spouse of the President or Vice President, and any minor child of the President or Vice President. Each report submitted under paragraph
(1)shall— indicate whether any financial interest of the President, the Vice President, the spouse of the President or Vice President, or a minor child of the President or Vice President is a financial interest posing a potential conflict of interest; evaluate whether any previously held financial interest of the President, the Vice President, the spouse of the President or Vice President, 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 (c); and 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. The Attorney General, the attorney general of any State, or any person aggrieved by any violation of subsection
(c)may seek declaratory or injunctive relief in a court of competent jurisdiction if— 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 there is probable cause to believe that the President or the Vice President has not complied with subsection (c). In granting injunctive relief to the plaintiff, the court shall ensure that any divestment procedure shall ensure the fair market return for any asset that is liquidated.