This bill requires the President and Vice President to follow the same financial disclosure and conflict-of-interest rules that apply to other federal employees. Right now, these rules don't technically apply to the President and Vice President, which means they can hold financial interests that would be considered conflicts for anyone else in government.

Under this bill, the President and Vice President would have to disclose all their financial interests—including those of their spouses and dependent children—within 30 days of taking office. They'd also have to submit their tax returns from the past three years, plus any years currently under IRS audit. If they have any financial interests that could create a conflict of interest (like owning stock in companies they might regulate, or receiving money from foreign governments), they'd have to get rid of those interests by putting them in a "blind trust," where a trustee manages them without telling the President or Vice President what's in the trust.

The Office of Government Ethics would review these disclosures every year and report to Congress about whether the President and Vice President are following the rules. If they're not, the Attorney General or state attorneys general could go to court to force them to divest their conflicting interests. The bill also makes it clear that the President and Vice President can't participate in government decisions that would directly benefit their personal finances, just like other federal officials.