Committee on House Administration, Oversight and Government Reform Committee
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Stop Foreign Payoffs Act This bill prohibits certain government officials and their family members from holding foreign financial interests and also requires divestiture of any such interests in a prescribed manner and time frame. Specifically, the bill prohibits the President, cabinet officials, and Members of Congress from holding any financial interest in, or receiving payment from, a foreign business. Such individuals must divest any such interest by either converting the interest into cash or another investment, or by placing the interest in a qualified blind trust or diversified trust; divestiture must occur no later than 30 days after either the issuance of implementing regulations or after the individual takes office. The bill's requirements apply to the spouses, children, sons-in-law, and daughters-in-law of such individuals.
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Timeline
Introduced in House
Referred to the Committee on Oversight and Reform, 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.
Introduced in House
Referred to the Committee on Oversight and Reform, 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.
Government Operations and Politics
Family relationshipsFederal officialsForeign and international corporationsGovernment ethics and transparency, public corruptionMembers of CongressPresidents and presidential powers, Vice PresidentsSecuritiesU.S. and foreign investments
Stop Foreign Payoffs Act
USA116th CongressHR-7526| House
| Updated: 7/9/2020
Stop Foreign Payoffs Act This bill prohibits certain government officials and their family members from holding foreign financial interests and also requires divestiture of any such interests in a prescribed manner and time frame. Specifically, the bill prohibits the President, cabinet officials, and Members of Congress from holding any financial interest in, or receiving payment from, a foreign business. Such individuals must divest any such interest by either converting the interest into cash or another investment, or by placing the interest in a qualified blind trust or diversified trust; divestiture must occur no later than 30 days after either the issuance of implementing regulations or after the individual takes office. The bill's requirements apply to the spouses, children, sons-in-law, and daughters-in-law of such individuals.
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the Committee on Oversight and Reform, 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.
Introduced in House
Referred to the Committee on Oversight and Reform, 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.
Committee on House Administration, Oversight and Government Reform Committee
Government Operations and Politics
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Family relationshipsFederal officialsForeign and international corporationsGovernment ethics and transparency, public corruptionMembers of CongressPresidents and presidential powers, Vice PresidentsSecuritiesU.S. and foreign investments