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Stop Foreign Payoffs Act

USA117th CongressHR-5362| House 
| Updated: 9/24/2021
Jared F. Golden

Jared F. Golden

Democratic Representative

Maine

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

Bill from Previous Congress

HR 116-7526
Stop Foreign Payoffs Act
Sep 24, 2021
Introduced in House
Sep 24, 2021
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.
  • Bill from Previous Congress

    HR 116-7526
    Stop Foreign Payoffs Act


  • September 24, 2021
    Introduced in House


  • September 24, 2021
    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

Stop Foreign Payoffs Act

USA117th CongressHR-5362| House 
| Updated: 9/24/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 116-7526
Stop Foreign Payoffs Act
Sep 24, 2021
Introduced in House
Sep 24, 2021
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.
  • Bill from Previous Congress

    HR 116-7526
    Stop Foreign Payoffs Act


  • September 24, 2021
    Introduced in House


  • September 24, 2021
    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.
Jared F. Golden

Jared F. Golden

Democratic Representative

Maine

Committee on House Administration, Oversight and Government Reform Committee

Government Operations and Politics

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted