H.R. 7207 — Presidential Conflicts of Interest Accountability Act

This section extends the conflict-of-interest prohibition of 18 U.S.C. 208(a)—which bars executive branch officers and employees from participating personally and substantially in particular matters affecting their financial interests (or those of their spouse, minor child, etc.)—to the President and Vice President. It further adds a new section to the Ethics in Government Act of 1978 (5 U.S.C. ch. 131) establishing financial disclosure, divestiture, oversight, and enforcement requirements for the President, Vice President, their spouses, and dependent children, as follows: (1) Requires submission of detailed financial disclosures—including assets, income sources, liabilities, and tax returns for the three most recent taxable years (plus any under IRS audit)—to Congress and the Director of the Office of Government Ethics within 30 days of assuming office (and, under subsection (c), for any sitting President or Vice President upon enactment). (2) Mandates divestiture of any "financial interest posing a potential conflict of interest" (i.e., those prohibited under 18 U.S.C. 208(a) without exceptions or foreign emoluments under U.S. Const. art. I, §9, cl. 8) by transfer to a qualified blind trust, with the trustee required within 30 days to sell the interest and either reinvest proceeds in "conflict-free holdings" (i.e., those exempt from certain reporting) or return proceeds to the beneficiary. (3) Directs the Director of the Office of Government Ethics to submit annual reports to Congress, the President, and the Vice President assessing financial interests for conflicts and compliance with divestitures (with redactions for identity theft prevention). (4) Authorizes the Attorney General or any state attorney general to seek declaratory or injunctive relief for noncompliance, with courts required to ensure fair market value for liquidated assets.