Know Conflicts Act of 2017 2017-05-03 Introduced in Senate Know Conflicts Act of 2017

This bill amends the Federal Funding Accountability and Transparency Act of 2006 to define:

  • "active financial conflict of interest" to mean any potential source of conflict that constitutes a financial interest in or liability owed to an entity reported as receiving a federal award under such Act;
  • "covered person" to mean the President, Vice President, spouse of the President or Vice President, and a dependent child of the President or Vice President; and
  • "potential source of conflict" to mean any financial interest or liability held by a covered person that is not a financial interest held by a widely held investment fund and that is included in a covered person's financial disclosure report required to be filed under such Act, or that is otherwise identified by the Office of Government Ethics as a potential source of conflict.

The Office of Management and Budget must ensure that its publicly accessible website on federal awards includes information indicating whether an award has resulted in the existence of one or more active financial conflicts of interest.

The Bureau of the Fiscal Service of the Department of the Treasury must annually submit to Congress a report that includes a comprehensive accounting of all new or ongoing active conflicts of interest.

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