House, Senate Bill Would Require Trump to Disclose Foreign Business Interests Before Taking Trade Actions

Feb 16, 2017
Press Release
Americans Deserve to Know if the President Has Personal Interests In Trade

WASHINGTON, DC – A group of 45 Senate and House members today introduced a bill requiring the president to publicly disclose any financial interests that would be at stake before acting on trade matters.

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., and House Ways and Means Committee Ranking Member Richard Neal, D-Mass., led the bicameral Presidential Trade Transparency Act of 2017.

“Americans have a right to know if the President is looking out for the good of the country or just his own bottom line when he negotiates a trade deal, decides whether or not to enforce our trade laws, or decides whether to cut tariffs on imports from a developing country,” Wyden said. “Trump has business interests around the world, but he continues to keep the full nature of those ties secret.”

“It is imperative that all Presidents of the United States – including President Trump – are fully transparent about the nature and extent of their ties to foreign nations,” said Ranking Member Neal. “This bill would cement in law that Presidents must disclose all of their financial interests with countries that are involved in trade actions with the United States, a commonsense measure. We have to know that the interests of the American people and our country come first at all times, not just when it’s economically convenient or beneficial to a sitting President.”

The bill would direct the President to disclose foreign income, assets, and liabilities when initiating or continuing trade or investment negotiations with a foreign country, taking or refraining to take certain trade enforcement actions, or granting or modifying preferential tariff treatment under statutory trade preference programs.

Read the Senate bill here and the House bill here. A full summary of the legislation is available here.

The bill is cosponsored in the Senate by: Sen. Chuck Schumer, D-N.Y., Sen. Ben Cardin, D-Md., Sen. Debbie Stabenow, D-Mich., Sen. Sherrod Brown, D-Ohio, Sen. Bob Casey, D-Penn., Sen. Bob Menendez, D-N.J., Sen. Richard Blumenthal, D-Conn., Sen. Patrick Leahy, D-Vt., Sen. Claire McCaskill, D-Mo., Sen. Elizabeth Warren, D-Mass., Sen. Dianne Feinstein, D-Calif., Sen. Jack Reed, D-R.I., and Sen. Chris Van Hollen, D-Md.

It is cosponsored in the House by: Reps. Bill Pascrell, Jr., D-NJ, Sander M. Levin, D-MI, John Lewis, D-GA, Lloyd Doggett, D-TX, Mike Thompson, D-CA, John B. Larson, D-CT, Earl Blumenauer, D-OR, Ron Kind D-WI, Joseph Crowley, D-NY, Danny K. Davis, D-IL, Linda T. Sanchez, D-CA, Brian Higgins, D-NY, Suzan DelBene, D-WA, Terri A. Sewell, D-AL, Judy Chu, D-CA, Suzanne Bonamici, D-OR, David Cicilline, D-RI, Susan A. Davis, D-CA, Rosa DeLauro, D-CT, Mark DeSaulnier, D-CA, Keith Ellison, D-MN, Jim Himes D-CT, Marcy Kaptur, D-OH, Jerrold Nadler, D-NY, Mark Pocan, D-WI, Jared Polis, D-CO, Robert C. Scott, D-VA, Louise M. Slaughter, D-NY, Niki Tsongas, D-MA, and Maxine Waters, D-CA.