To amend title 5, United States Code, to require senior Government officials and their family members to divest foreign financial interests, and for other purposes.
About This Bill
Committee
Latest Action · April 30, 2024
Referred to the Committee on Oversight and Accountability, and in addition to the Committee on House Administration, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Stop Foreign Payoffs Act would require senior U.S. government officials and their immediate family members to divest from foreign financial interests and prohibit them from receiving any payments from foreign businesses. The bill applies to the President, members of Congress, cabinet-level officials, and their spouses and children. Covered individuals would have 30 days after regulations are issued to sell off or place foreign financial interests into qualified blind trusts, with violations subject to civil penalties of up to twice the value of the held interests or received payments. The Office of Government Ethics would have 120 days to write rules for executive branch officials, while the House and Senate ethics committees would do the same for legislators.
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