Congress Introduces Bicameral Legislation to Require Presidential Financial Disclosures Before Trade Actions
Top Democratic trade lawmakers on Feb. 16 introduced legislation to require presidents to disclose any financial interests that would be “at stake” before acting on trade matters, according to announcements from Democrats on the Senate Finance (here) and House Ways…
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and Means (here) committees. “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,” Senate Finance ranking member Ron Wyden, D-Ore., said in a statement. “Trump has business interests around the world, but he continues to keep the full nature of those ties secret.” House Ways and Means ranking member Richard Neal, D-Mass., said the legislation is a “commonsense measure.” Specifically, the bills would direct the president to disseminate foreign income, assets and liabilities when the U.S. starts or continues trade or investment negotiations with another country, when taking or refraining to take certain trade enforcement actions, or when granting or modifying preferential tariff treatment under statutory trade preference programs, according to a summary of the Presidential Trade Transparency Act (here). The Republican offices of the Senate Finance and House Ways and Means majority didn't comment.