Sec. 432. Disclosure of private business transactions with foreign persons
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Section 721 of the Defense Production Act of 1950 ( 50 U.S.C. 4565 ) is amended by adding at the end the following: Not less frequently than every 90 days, each covered officer shall disclose to the public any covered private business transaction during the preceding 90 days between— the covered officer; the spouse of the covered officer; a child of the covered officer; or a covered private business with respect to the covered officer; and a foreign person. For any covered private business transaction disclosed under paragraph (1), the covered officer shall include in the disclosure the following:
The name of the foreign person with which the transaction was conducted. The amount of any funds received from or owed to the foreign person. The date of the transaction. A detailed summary of the purpose of the transaction. The name of any United States entity through which the transaction was processed or funds relating to the transaction were transferred. Any disclosure made under paragraph
(1)shall be made available on the publicly available internet website of the Department of the Treasury. In this subsection: The term covered officer means the President, the Vice President, and each member of the Committee. The term covered private business — means— a sole proprietorship or business entity in which a covered officer, the spouse of the covered officer, or a child of the covered officer holds an ownership interest; and an entity in which— a covered officer holds a position required to be reported under section 102(a)(6) of the Ethics in Government Act of 1978 (5 U.S.C. App.); or the spouse or a child of the covered officer holds a position that would be required to be reported under section 102(a)(6) of the Ethics in Government Act of 1978 (5 U.S.C. App.) if it were a position held by the covered officer; includes any private entity for which— the covered officer is required to report an ownership interest of the covered officer under section 102(a)(3) of the Ethics in Government Act of 1978 (5 U.S.C. App.); or the spouse or a child of the covered officer would be required to report an ownership interest under section 102(a)(3) of the Ethics in Government Act of 1978 (5 U.S.C. App.) if it were an ownership interest held by the covered officer; and does not include— a publicly traded entity; or an entity described in clause (i)(I) or
(ii)if the ownership interest is held in a qualified blind trust, as defined in section 101(f)(3) of the Ethics in Government Act of 1978 (5 U.S.C. App.). The term covered private business transaction means— the exchange of anything with a value of more than $200; and incurring a liability that would be required to be reported under section 102(a)(4) of the Ethics in Government Act of 1978 (5 U.S.C. App.) if it were a liability of the covered officer. .
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Sec. 432
Disclosure of private business transactions with foreign persons
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