Lawmakers from both parties propose a new Presidential Ethics Bill

House Committee on Oversight and Accountability Chairman James Comer, R-Ky., and Rep. Katie Porter, D-Calif., are introducing a bipartisan ethics reform bill aimed at the executive branch.

The Presidential Ethics Reform Act would require presidents and vice presidents to disclose foreign payments, expensive gifts, loan transactions, and tax returns during the two-year period before taking office, during time in office, and for two years following departure from office.

The bill also requires presidents and vice presidents to make disclosures for immediate family members who receive foreign payments, expensive gifts, or loans, or who use official travel for personal business.

The legislation comes amid the committee’s investigation into President Joe Biden and allegations he earned millions of dollars while peddling influence in his family’s business dealings.

“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. Influence peddling is a cottage industry in Washington and we’ve identified deficiencies in current law that have led to a culture of corruption,” Comer said in a statement.

“By creating this bipartisan legislation to provide greater transparency to the financial interactions related to the office of the president and vice president, we can ensure that moving forward American presidents, vice presidents, and their family members cannot profit from their proximity to power.”

Porter, a member of the committee, said the “American people deserve nothing less than full honesty and transparency from presidents and vice presidents.”

“Our bipartisan Presidential Ethics Reform Act would let Americans view the tax returns, gifts, and other conflicts of interest of a president, vice president, and their families, empowering the public to evaluate our leaders’ behavior for themselves,” Porter said.

“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.”

The Wall Street Journal reported the White House opposes the measure.

“We’re always happy to look at Congressman Comer’s bright ideas,” White House spokesperson Ian Sams said, but the president “has already made clear his commitment to upholding strong ethical standards.”