WASHINGTON—A bipartisan pair of influential lawmakers are pushing new rules forcing presidents to make their tax returns public and mandating that family members reveal more financial information, but the proposal quickly ran into objections from the White House.
House Oversight Committee Chairman James Comer (R., Ky.) and Rep. Katie Porter, a California Democrat on the committee, plan to introduce a bill on Wednesday that would force presidents and vice presidents to disclose their tax filings for the two years before entering the White House, for the years while in office, and for two years afterward.
It would also compel them, along with close family members such as children, siblings and in-laws, to disclose payments from foreign entities as well as large gifts and loans from family members.
The legislation from the ideological opposites comes after investigations by Republicans into Biden family members’ dealings overseas, and probes by Democrats into the Trump family’s extensive business affairs and foreign payments to Trump-owned enterprises.
“I think we have a good product here,” said Comer, who is currently leading an impeachment inquiry into President Biden, centered on his son Hunter Biden, that has largely stalled out. He said the legislation helps address the “gray area” around disclosures from presidents’ family members and influence peddling.
Referring to Porter’s support of the bill, he said, “She’s not doing it to pick on Trump and I’m not doing it to pick on Biden.”
Biden has voluntarily disclosed many years of tax returns, as is customary but not required, while former President Donald Trump has refused to do so, citing a continuing audit. Critics call that a dodge. House Democrats released six years of Trump’s tax returns in late 2022.
“This bill is very evenhanded in trying to cover a range of situations that have applied to recent presidents,” Porter said. Porter, a progressive known for her use of a whiteboard in hearings as she grills witnesses, is leaving Congress after this term following an unsuccessful run for Senate.
Other Democrats raised objections to the proposal as word of it circulated, seeing it as unfairly equating the business conflicts of the Trumps and Bidens. The White House plans to oppose the legislation, according to a person familiar with the matter. A Democratic leadership aide said the bill was “a political stunt masquerading as a legislative proposal, coming from none other than the chief architect of extreme MAGA Republicans’ failed impeachment effort.”
Separately, Rep. Jamie Raskin of Maryland, the top Democrat on the Oversight Committee, introduced a bill with Sen. Richard Blumenthal (D., Conn.) that would ban the president and federal officials from accepting payments from foreign governments—called emoluments—without congressional approval while in office and for two years after leaving.
“When I heard that Chairman Comer was putting out his bill, I thought it would be a good time to put out our proposal,” he said, calling it critical to preventing “personal and family self-enrichment through the sale of influence to foreign governments” by a president.
Records released by Democrats earlier this year showed foreign countries spent at least $7.8 million at Trump hotels while he was president. The Trump Organization said that foreign profits from patronage at its properties were donated to the Treasury.
The Comer-Porter bill doesn’t add enforcement penalties but would give Congress authority to pursue the required documents should they not be released. Current law says that anyone who knowingly and willfully falsifies a report or fails to report required information may be subject to a $50,000 civil penalty and/or up to one year of imprisonment.
Democrats say Trump didn’t do enough as president to separate himself from his business interests. This legislation would require the president’s close family members to disclose financial connections. Trump’s son-in-law, Jared Kushner, has attracted scrutiny because his firm has received billions in investments from Gulf states.
Republicans, meanwhile, have attempted to link President Biden to Hunter Biden’s business dealings in Ukraine and elsewhere. But GOP theories that President Biden benefited from those activities remain unproven despite more than a year of investigation. Hunter Biden has pleaded not guilty to charges of gun offenses and evading taxes on income from foreign businesses.
House Oversight Committee Chairman James Comer (R., Ky.) and Rep. Katie Porter, a California Democrat on the committee, plan to introduce a bill on Wednesday that would force presidents and vice presidents to disclose their tax filings for the two years before entering the White House, for the years while in office, and for two years afterward.
It would also compel them, along with close family members such as children, siblings and in-laws, to disclose payments from foreign entities as well as large gifts and loans from family members.
The legislation from the ideological opposites comes after investigations by Republicans into Biden family members’ dealings overseas, and probes by Democrats into the Trump family’s extensive business affairs and foreign payments to Trump-owned enterprises.
“I think we have a good product here,” said Comer, who is currently leading an impeachment inquiry into President Biden, centered on his son Hunter Biden, that has largely stalled out. He said the legislation helps address the “gray area” around disclosures from presidents’ family members and influence peddling.
Referring to Porter’s support of the bill, he said, “She’s not doing it to pick on Trump and I’m not doing it to pick on Biden.”
Biden has voluntarily disclosed many years of tax returns, as is customary but not required, while former President Donald Trump has refused to do so, citing a continuing audit. Critics call that a dodge. House Democrats released six years of Trump’s tax returns in late 2022.
“This bill is very evenhanded in trying to cover a range of situations that have applied to recent presidents,” Porter said. Porter, a progressive known for her use of a whiteboard in hearings as she grills witnesses, is leaving Congress after this term following an unsuccessful run for Senate.
Other Democrats raised objections to the proposal as word of it circulated, seeing it as unfairly equating the business conflicts of the Trumps and Bidens. The White House plans to oppose the legislation, according to a person familiar with the matter. A Democratic leadership aide said the bill was “a political stunt masquerading as a legislative proposal, coming from none other than the chief architect of extreme MAGA Republicans’ failed impeachment effort.”
Separately, Rep. Jamie Raskin of Maryland, the top Democrat on the Oversight Committee, introduced a bill with Sen. Richard Blumenthal (D., Conn.) that would ban the president and federal officials from accepting payments from foreign governments—called emoluments—without congressional approval while in office and for two years after leaving.
“When I heard that Chairman Comer was putting out his bill, I thought it would be a good time to put out our proposal,” he said, calling it critical to preventing “personal and family self-enrichment through the sale of influence to foreign governments” by a president.
Records released by Democrats earlier this year showed foreign countries spent at least $7.8 million at Trump hotels while he was president. The Trump Organization said that foreign profits from patronage at its properties were donated to the Treasury.
The Comer-Porter bill doesn’t add enforcement penalties but would give Congress authority to pursue the required documents should they not be released. Current law says that anyone who knowingly and willfully falsifies a report or fails to report required information may be subject to a $50,000 civil penalty and/or up to one year of imprisonment.
Democrats say Trump didn’t do enough as president to separate himself from his business interests. This legislation would require the president’s close family members to disclose financial connections. Trump’s son-in-law, Jared Kushner, has attracted scrutiny because his firm has received billions in investments from Gulf states.
Republicans, meanwhile, have attempted to link President Biden to Hunter Biden’s business dealings in Ukraine and elsewhere. But GOP theories that President Biden benefited from those activities remain unproven despite more than a year of investigation. Hunter Biden has pleaded not guilty to charges of gun offenses and evading taxes on income from foreign businesses.
