Transparency in Executive Branch Official Finances Act

Transparency in Executive Branch Official Finances Act

This bill establishes disclosure requirements for the President, Vice President, and senior government officials, and it establishes penalties for political appointees who engage in certain conduct.

Specifically, the bill requires the President and Vice President, and any candidate for such offices, to disclose their federal income tax returns for the previous five years. The Office of Government Ethics must publish such tax returns after making redactions to prevent identity theft or physical danger.

In addition, the bill requires senior government officials to make certain disclosures with respect to (1) any foreign business relationship, and (2) any ownership interest of at least 10% of the outstanding shares in a private enterprise or corporation or any intellectual property protected or enforced by a foreign country.

Further, the bill establishes penalties for any political appointee who solicits or receives a payment from a foreign-owned business, organization affiliated with a foreign-owned business or foreign government, or a foreign national.