To amend the Ethics in Government Act of 1978 to require employees of the Executive Office of the President or the White House to notify the Office of Government Ethics and Congress in each instance the individual is recused from a particular matter pursuant to section 208 of title 18, United States Code, and for other purposes.

Congressional Oversight Needed For Likely Illicit and Corrupt Transactions Act This bill amends the Ethics in Government Act of 1978 to require an officer or employee of the Executive Office of the President or the White House who is recused from a particular matter for a financial conflict of interest to notify Congress and the Office of Government Ethics and provide the specific reasons for the recusal.