Presidential Conflicts of Interest Accountability Act

Summary

Adds the President and Vice President to federal conflicts-of-interest law and creates a new statutory regime requiring them to disclose personal financial interests, divest conflicts through a qualified blind trust, and submit to review and enforcement by the Office of Government Ethics (OGE) and prosecutors. New rules require detailed financial reports (including three years of tax returns), a fast timetable for filings and trust liquidation, annual OGE reports to Congress, and civil enforcement remedies available to the U.S. Attorney General and state attorneys general.

• The President and Vice President are explicitly covered by federal conflict-of-interest law and a new Title 5 disclosure/divestiture regime.
• Both must file detailed financial disclosures within 30 days of assuming office; current officeholders get 30 days after enactment.
• Disclosures must include all financial interests of the official and spouse/dependent child plus three years of federal tax returns.
• Conflicting assets must be transferred to a qualified blind trust; trustees must sell conflicting interests promptly and reinvest in conflict-free assets or return proceeds.
• OGE must supervise qualified blind trusts, issue rules within 180 days, and send annual reports to Congress and the White House evaluating conflicts and divestitures.
• U.S. and state attorneys general may sue for declaratory or injunctive relief if OGE cannot establish compliance; courts must protect fair market returns on divested assets.
• The bill defines key terms and expands application of 18 U.S.C. §208 to cover the President and Vice President.
• OGE may redact sensitive information to prevent identity theft while still producing oversight reports.