Wyden Bill Would Strengthen Debt Disclosure For President, High-Ranking Government Officials

Press Release

Washington, D.C. -- Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today introduced legislation to better address conflicts of interest for the president and other high-ranking government officials by modernizing business and debt disclosure requirements.

"The Trump administration has been the most corrupt in modern history, and comprehensive reform is need to prevent the president and high-ranking government officials from using their positions of public trust to bail out their struggling businesses," Wyden said. "One piece of the puzzle is to significantly strengthen disclosure requirements so they capture all outstanding debts. Time and time again we've seen evidence that the Trump family's debts have undermined national security and U.S. interests. Ensuring all of those debts are disclosed is the first step in fixing this problem."

The Debt Disclosure for Officials in Government Act would:

Strengthen Disclosure Requirements: The bill amends federal ethics disclosure requirements for high-level officials to include disclosure of debts of any closely-held business in which the official or an immediate family member is a beneficial owner.

Require Enhanced Disclosure: The bill requires high-level officials to disclose additional information about the terms of each loan in order to identify sweetheart deals and looming conflicts.

Protect Sensitive Business Interests: The bill gives ethics officials the authority to allow disclosures to remain confidential for debts that raise no ethical concerns for all filers other than the president.

Modernize Filing Thresholds: The bill raises the minimum threshold of debts that need to be disclosed from $10,000 to $50,000, roughly in line with inflation and maintains exemptions for debts on a personal residence.

A copy of the bill text is available here.

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