How S 882 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill adds new requirements and penalties related to financial conflicts of interest specifically for the President and Vice President, including disclosure, divestiture, recusal, and contract regulations.

• 18 U.S.C. § 431

  Whoever, being a Member of or Delegate to Congress, or a Resident Commissioner, either before or after he has qualified, directly or indirectly, himself, or by any other person in trust for him, or for his use or benefit, or on his account, undertakes, executes, holds, or enjoys, in whole or in part, any contract or agreement, made or entered into in behalf of the United States or any agency thereof, by any officer or person authorized to make contracts on its behalf, shall be fined under this title. → Whoever, being the President, Vice President, a Member of or Delegate to Congress, or a Resident Commissioner, either before or after he has qualified, directly or indirectly, himself, or by any other person in trust for him, or for his use or benefit, or on his account, undertakes, executes, holds, or enjoys, in whole or in part, any contract or agreement, made or entered into in behalf of the United States or any agency thereof, by any officer or person authorized to make contracts on its behalf, shall be fined under this title.

  The bill expands the definition of individuals prohibited from engaging in contracts on behalf of the United States to include the President and Vice President.

• 18 U.S.C. § 431

  All contracts or agreements made in violation of this section shall be void; and whenever any sum of money is advanced by the United States or any agency thereof, in consideration of any such contract or agreement, it shall forthwith be repaid; and in case of failure or refusal to repay the same when demanded by the proper officer of the department or agency under whose authority such contract or agreement shall have been made or entered into, suit shall at once be brought against the person so failing or refusing and his sureties for the recovery of the money so advanced.

  The bill clarifies that contracts made against this section, involving the President or Vice President, are void.

• 18 U.S.C. § 208

  (e)(1) Any officer or employee appointed by the President shall recuse himself or herself from any particular matter involving specific parties in which a party to that matter is-- (A) the President who appointed the officer or employee, which shall include any entity in which the President has a substantial interest; or (B) the spouse of the President who appointed the officer or employee, which shall include any entity in which the spouse of the President has a substantial interest.

  The bill mandates recusal for any officer or employee appointed by the President from matters involving the President or the President's spouse.

• 18 U.S.C. § 208

  (3) Any officer or employee who negligently violates paragraph (1) shall be subject to the penalties set forth in section 216.

  The bill establishes penalties for officers or employees who negligently fail to recuse themselves as mandated in the new provisions.