Golden Bill to Ban Presidents, Members of Congress from Profiting Off of Foreign Interests Reintroduced

October 8, 2021
Press Release

WASHINGTON — To fight corruption and help restore faith in government, Congressman Jared Golden (ME-02) announced the reintroduction of the Stop Foreign Payoffs Act today. The Stop Foreign Payoffs Act would bar high-ranking public officials — members of Congress, presidents, vice presidents, and cabinet secretaries, as well as their close families — from earning a salary from or holding an investment in a foreign business as long as the official is in office.

“Foreign corporations and governments use investment opportunities and board positions to gain influence and hold sway over American elected officials and their families," said Congressman Golden. "Even the possibility of improper influence is damaging to Congress and the White House, and reduces the trust constituents have in their representatives. There’s an easy fix: don’t let government officials and their families make money from other countries. My bill would do just that. I’m proud to reintroduce this common sense legislation.”

Under Golden’s bill, any president, vice president, cabinet-level official, member of congress, or their spouse, son, daughter, son-in-law, or daughter-in-law would be prohibited from holding a board position on or investment in a foreign business. The official or family member would have to sell, trade, or place any such investment in a qualified blind trust within 30 days of the official assuming office.

The legislation is endorsed by the End Citizens United Action Fund, an organization working to get money out of politics and restoring faith and trust in our democracy.

Golden originally introduced the bill in July 2020, as a part of his Plan to Fix a Broken Washington. He has since re-introduced the legislation in the new Congress.

Golden’s plan also included more than a dozen other important changes to root out corruption and hold lawmakers accountable, including:

  • Reversing the Citizens United ruling;
  • Stopping foreign financial influence in U.S. Elections;
  • Banning Members of Congress from buying/selling single stocks;
  • Banning Members of Congress from serving as lobbyists for life.

You can view Golden’s full plan here, and the Stop Foreign Payoffs Act here.