New bipartisan legislation unveiled on Wednesday would target presidents’ tax returns as well as any foreign payments in a bid for increased transparency –– the result of teamwork between Republican Rep. James Comer, chair of the House Oversight Committee, and Democratic Rep. Katie Porter.
The bill would require presidents and vice presidents to disclose their tax returns and any foreign payments made to them or their families in the two years prior to taking office, during their term in office and in the two years following. Presidents and vice presidents would also be required to disclose any conflicts of interest.
It would require presidents and vice presidents to disclose any loans or loan repayments made to them by family members over $10,000 and report when immediate family members accompany the president or vice president on official travel.
While Comer has spent much of his chairmanship scrutinizing President Joe Biden and Hunter Biden’s finances and business dealings as part of an impeachment inquiry, Democrats have said similar scrutiny should apply to former President Donald Trump – who is the presumptive Republican presidential nominee – and his family.
Trump has long been under scrutiny for not releasing his tax returns and Democrats have uncovered nearly $8 million in payments from other countries to Trump-owned businesses and properties while Trump was in office.
It’s not yet clear if House Republicans will bring the bill to the floor. The legislation represents a rare collaboration between two lawmakers on different sides of the political spectrum.
Comer’s committee found that as a private citizen, Biden was repaid $240,000 in loans he gave his brother prior to taking office, and detailed how Biden’s son, Hunter, flew with him on many foreign trips while Biden was vice president.
“The Presidential Ethics Reform Act is landmark bipartisan legislation that delivers the transparency and accountability the American people deserve to ensure our public offices are not for sale,” Comer said in a statement. “Influence peddling is a cottage industry in Washington and we’ve identified deficiencies in current law that have led to a culture of corruption.”
Porter said in a statement, “By boosting transparency and requiring additional financial disclosures, Congress can shine a light on improper conduct in the Executive Branch—or be confident that none occurred. These reforms will help restore Americans’ trust in government and strengthen our democracy.”
