New Bill Could Force Trump to Release Tax Returns

In a bipartisan move, Republican Representative James Comer, chair of the House Committee on Oversight and Accountability, and Democratic Representative Katie Porter introduced an ethics bill on Wednesday that demands transparency in the Oval Office regarding foreign financial dealings, expensive gifts, conflicts of interest, and tax returns.

The bill would mandate that former president and presumptive Republican nominee Donald Trump release his tax returns if he is elected in 2024, as would incumbent President Joe Biden.

The bill, called the Presidential Ethics Reform Act, explicitly requires “presidents and vice presidents to disclose foreign payments, expensive gifts, loan transactions, and tax returns during the two-year period prior to time in office, during time in office, and for two years following departure from office,” the House Committee on Oversight and Accountability said in a press release on Wednesday.

It also outlines ethics disclosures for presidential family members.

In a joint video statement posted on X, formerly Twitter, Comer and Porter addressed their differing political backgrounds and how they want the same goal: transparency.

Porter stated, “Despite our political differences, we both understand how the lack of transparency in Washington is damaging Americans’ faith in our government.” Comer added, “We want Americans to see for themselves, now and in the future, whether or not our leaders in the White House are influence peddling,” concluding that “this isn’t a partisan problem.”

Newsweek reached out to Comer and Porter’s communications directors via email for comment.

Both the current and former presidents have been attacked for various financial dealings. Trump refused for years to release his tax returns, often spewing speculation about what he was hiding, including potential overseas dealings. After a 2022 Supreme Court ruling, the House Ways and Means Committee received Trump’s 2015-2020 federal tax returns. Certain personal information was redacted from them.

Meanwhile, Comer has led a GOP impeachment inquiry into Biden’s alleged involvement in his son, Hunter Biden’s, foreign business dealings. The White House has repeatedly denied the claims, and no sufficient evidence has been presented against the president.

On Wednesday, Comer said the new ethics bill is to “ensure our public offices are not for sale,” emphasizing that this legislation will “ensure that moving forward, American presidents, vice presidents, and their family members cannot profit from their proximity to power.”

The bill will allow Congress to “shine a light on improper conduct in the Executive Branch—or be confident that none occurred,” Porter said in a statement on Wednesday, adding, “These reforms will help restore American’s trust in government and strengthen our democracy.”

The bill also impacts presidential family members, requiring disclosure of their foreign payments, expensive gifts, and when “immediate family members accompany the president or vice president on official travel, specifying when they do so for business purposes.”