Senior Officials and Families Must Sell Foreign Financial Holdings to Prevent Conflicts.
This law mandates that the President, Members of Congress, Cabinet officials, and their immediate families must sell off or place into a blind trust all foreign financial interests. This measure aims to eliminate potential conflicts of interest that could influence decisions made by top government officials. Violations can result in significant civil penalties, up to twice the value of the unlawfully held assets.
Key points
The requirement applies to the President, Members of Congress, Cabinet heads, and their spouses and children (including adopted and stepchildren).
Covered individuals must divest foreign financial interests (such as stocks or bonds in foreign businesses) within 30 days of regulations being issued or assuming office.
The act strictly prohibits these officials from receiving any wages, salaries, dividends, or other payments from any foreign business.
Knowingly violating the rules can lead to civil penalties up to twice the value of the illegally held assets or payments received.
Expired
Citizen Poll