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Stop Foreign Payoffs Act
12/31/2022, 8:58 AM
Summary of Bill HR 5362
The bill includes provisions that would require all US officials to disclose any payments or gifts they receive from foreign governments. It also prohibits US officials from accepting any payments or gifts from foreign governments, with the exception of certain diplomatic gifts.
Additionally, the bill establishes penalties for US officials who violate these provisions, including fines and potential removal from office. It also requires the Department of Justice to investigate any allegations of foreign payments to US officials and take appropriate action. Overall, the Stop Foreign Payoffs Act aims to increase transparency and accountability in government by preventing foreign governments from exerting undue influence on US officials through financial means.
Congressional Summary of HR 5362
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.
