text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Presidential Trade Transparency Act 
  of 2017''.
  
  SEC. 2. DISCLOSURE BY PRESIDENT OF INCOME, ASSETS, AND LIABILITIES 
                ASSOCIATED WITH COUNTRIES WITH WHICH THE UNITED STATES IS 
                NEGOTIATING A TRADE OR INVESTMENT AGREEMENT.
  
      (a) In General.--Before initiating or continuing negotiations with 
  a country for a trade or investment agreement, the President shall 
  submit to Congress a report, in accordance with subsection (b) or (c), 
  containing a full and complete statement of income earned, assets held, 
  and liabilities owed by the President and associated with the country 
  in the 12-month period preceding the submission of the report.
      (b) Timing of Report for New Negotiations.--In the case of 
  negotiations for a trade or investment agreement with a country 
  initiated on or after the date of the enactment of this Act, the 
  President shall submit the report required by subsection (a)--
              (1) in the case of negotiations subject to the Bipartisan 
          Congressional Trade Priorities and Accountability Act of 2015 
          (19 U.S.C. 4201 et seq.) with respect to which the President is 
          required to submit a notification under section 103(a)(2) or 
          105(a)(1)(A) of that Act (19 U.S.C. 4202(a)(2) and 
          4204(a)(1)(A)), not later than the date on which the President 
          submits the notification;
              (2) in the case of negotiations subject to the Uruguay 
          Round Agreements Act (19 U.S.C. 3501 et seq.), not later than 
          the date on which the President submits the report required by 
          section 115(2) of that Act (19 U.S.C. 3524(2));
              (3) in the case of negotiations subject to the North 
          American Free Trade Agreement Implementation Act (19 U.S.C. 
          3301 et seq.), not later than the date on which the President 
          submits the report required by section 103(a)(2) of that Act 
          (19 U.S.C. 3313(a)(2)); or
              (4) in the case of negotiations for a trade or investment 
          agreement not covered by paragraph (1), (2), or (3), not less 
          than 60 days before initiating the negotiations.
      (c) Timing of Report for Pending Negotiations.--In the case of 
  negotiations for a trade or investment agreement with a country 
  initiated before the date of the enactment of this Act, the President 
  shall submit the report required by subsection (a) with respect to that 
  country not later than 90 days after such date of enactment.
  
  SEC. 3. DISCLOSURE BY PRESIDENT OF INCOME, ASSETS, AND LIABILITIES 
                ASSOCIATED WITH COUNTRIES SUBJECT TO PRESIDENTIAL 
                DETERMINATIONS IN TRADE ENFORCEMENT ACTIONS.
  
      (a) In General.--Before taking a covered action under a trade 
  enforcement law with respect to a country, the President shall submit 
  to Congress, in accordance with subsection (b), a report containing a 
  full and complete statement of income earned, assets held, and 
  liabilities owed by the President and associated with the country in 
  the 12-month period preceding the submission of the report.
      (b) Timing of Report.--The President shall submit the report 
  required by subsection (a)--
              (1) in the case of a covered action under section 201 of 
          the Trade Act of 1974 (19 U.S.C. 2251) with respect to which a 
          document is required to be transmitted to Congress under 
          section 203(b) of that Act (19 U.S.C. 2253(b)), not less than 
          30 days before the President transmits the document;
              (2) in the case of a covered action under section 301 of 
          the Trade Act of 1974 (19 U.S.C. 2411) that is the subject of a 
          direction of the President as described in subsection (a)(1) or 
          (b)(2) of that section, not less than 30 days before making 
          that direction;
              (3) in the case of a covered action under section 337 of 
          the Tariff Act of 1930 (19 U.S.C. 1337), not later than 30 days 
          after the date on which a copy of the determination of the 
          United States International Trade Commission is transmitted to 
          the President under subsection (j) of that section;
              (4) in the case of a covered action under section 701(b)(2) 
          of the Trade Facilitation and Trade Enforcement Act of 2015 (19 
          U.S.C. 4421(b)(2)), not later than the date on which the report 
          required under subparagraph (B) of that section is submitted to 
          Congress; or
              (5) in the case of a covered action not covered by 
          paragraph (1), (2), (3), or (4), not less than 30 days before 
          taking such action.
      (c) Definitions.--In this section:
              (1) Covered action.--The term ``covered action'' means--
                      (A) the modification under a trade enforcement law 
                  of a duty imposed with respect to articles imported 
                  from a country; or
                      (B) waiving action, or declining to exercise 
                  authority to take action, under a trade enforcement law 
                  in a trade enforcement matter with respect to a 
                  country.
              (2) Trade enforcement law.--The term ``trade enforcement 
          law'' means--
                      (A) chapter I of title II of the Trade Act of 1974 
                  (19 U.S.C. 2251 et seq.);
                      (B) title III of that Act (19 U.S.C. 2411 et seq.);
                      (C) section 122 of that Act (19 U.S.C. 2132);
                      (D) section 406, 421, or 422 of that Act (19 U.S.C. 
                  2436, 2451, and 2451a);
                      (E) sections 337 and 338(a) of the Tariff Act of 
                  1930 (19 U.S.C. 1337 and 1338(a));
                      (F) section 232 of the Trade Expansion Act of 1962 
                  (19 U.S.C. 1862);
                      (G) section 701 of the Trade Facilitation and Trade 
                  Enforcement Act of 2015 (19 U.S.C. 4421);
                      (H) the International Emergency Economic Powers Act 
                  (50 U.S.C. 1701 et seq.); or
                      (I) any other provision of law providing the 
                  President with authority to restrict trade with a 
                  foreign country through modification of a duty on 
                  imports.
  
  SEC. 4. DISCLOSURE BY PRESIDENT OF INCOME, ASSETS, AND LIABILITIES 
                ASSOCIATED WITH COUNTRIES ELIGIBLE FOR TRADE PREFERENCE 
                PROGRAMS.
  
      (a) In General.--Before taking a covered action under a trade 
  preference program with respect to a country or an article imported 
  from a country, the President shall submit to Congress, in accordance 
  with subsection (b), a report containing a full and complete statement 
  of income earned, assets held, and liabilities owed by the President 
  and associated with the country in the 12-month period preceding the 
  submission of the report.
      (b) Timing of Report.--The President shall submit the report 
  required by subsection (a)--
              (1) in the case of a covered action under title V of the 
          Trade Act of 1974 (19 U.S.C. 2461 et seq.) with respect to 
          which the President is required to submit a notification under 
          section 502(f) of the Trade Act of 1974 (19 U.S.C. 2462(f)) or 
          a report under section 506A(a)(2) of that Act (19 U.S.C. 
          2466a(a)(2)), at the time the President submits the 
          notification or report;
              (2) in the case of a covered action under the Caribbean 
          Basin Economic Recovery Act (19 U.S.C. 2701 et seq.) with 
          respect to which the President is required to submit a 
          notification under paragraph (1) or (2) of section 212(a) of 
          that Act (19 U.S.C. 2702(a)) or a report under section 
          213(b)(2)(A)(v)(II)(cc) of that Act (19 U.S.C. 
          2703(b)(2)(A)(v)(II)(cc)), at the time the President submits 
          the notification or report; or
              (3) in the case of a covered action not covered by 
          paragraph (1) or (2), not later than 60 days before taking the 
          action.
      (c) Definitions.--In this section:
              (1) Covered action.--The term ``covered action'' means--
                      (A) the designation of a country as eligible for 
                  preferential treatment under a trade preference 
                  program;
                      (B) the termination of such a designation;
                      (C) any determination with respect to the 
                  eligibility of an article for preferential treatment 
                  under a trade preference program;
                      (D) the withdrawal, suspension, or limitation of 
                  preferential treatment under a trade preference program 
                  with respect to a country or an article; or
                      (E) the exercise of the authority to waive the 
                  competitive need limitation with respect to an article 
                  under section 503(d) of the Trade Act of 1974 (19 
                  U.S.C. 2463(d)).
              (2) Trade preference program.--The term ``trade preference 
          program'' means--
                      (A) the Generalized System of Preferences under 
                  title V of the Trade Act of 1974 (19 U.S.C. 2461 et 
                  seq.);
                      (B) the African Growth and Opportunity Act (19 
                  U.S.C. 3701 et seq.);
                      (C) the Caribbean Basin Economic Recovery Act (19 
                  U.S.C. 2701 et seq.); or
                      (D) section 915 of the Trade Facilitation and Trade 
                  Enforcement Act of 2015 (19 U.S.C. 4454).
  
  SEC. 5. CONTENTS OF DISCLOSURE REPORTS.
  
      The President shall include in a report required under section 2, 
  3, or 4 with respect to a country--
              (1) the information specified in section 102(a) of the 
          Ethics in Government Act of 1978 (5 U.S.C. App. 102(a)), with 
          respect to each source of income, each asset, and each 
          liability associated with the country; and
              (2) a detailed description of the nature of the association 
          of each such source of income, asset, or liability with the 
          country.
  
  SEC. 6. EFFECT OF FAILURE TO TIMELY DISCLOSE.
  
      (a) Tariff Modifications.--If the President fails to submit a 
  report required by this Act with respect to an action modifying tariff 
  treatment with respect to articles imported from a country by the time 
  required by this Act, any instrument providing for the modification of 
  such tariff treatment shall have no force or effect.
      (b) Trade and Investment Agreements.--If the President fails to 
  submit a report required by section 2 with respect to negotiations for 
  a trade or investment agreement with a country by the time required by 
  that section, the implementing bill submitted to Congress with respect 
  to that agreement shall not be eligible for the trade authorities 
  procedures under section 103 of the Bipartisan Congressional Trade 
  Priorities and Accountability Act of 2015 (19 U.S.C. 4202).
  
  SEC. 7. DEFINITIONS.
  
      In this Act:
              (1) Associated with a country.--The term ``associated with 
          a country'' or ``associated with the country''--
                      (A) with respect to an asset, means--
                              (i) any financial account maintained by a 
                          financial institution that is a person of the 
                          country;
                              (ii) any stock or security issued by a 
                          person of the country;
                              (iii) any financial instrument or contract 
                          held for investment that has an issuer or 
                          counterparty that is a person of the country;
                              (iv) any interest in a person of the 
                          country; or
                              (v) any real property located in the 
                          country or in which a person of the country, 
                          including any representative or agent of the 
                          government of the country, has a financial 
                          interest;
                      (B) with respect to income, includes dividends, 
                  rents, interest, or capital gains or any other income 
                  (as defined in section 61 of the Internal Revenue Code 
                  of 1986) received directly or indirectly from an asset 
                  associated with the country or any gift or 
                  reimbursement received from a person of the country, 
                  including any representative or agent of the government 
                  of the country; and
                      (C) with respect to a liability, refers to any 
                  liability owed to any creditor that is a person of the 
                  country, including an enterprise owned or controlled by 
                  the government of the country.
              (2) Person of the country.--
                      (A) In general.--Except as provided in subparagraph 
                  (B), with respect to a country, the term ``person of 
                  the country'' means--
                              (i) an individual who is a citizen of the 
                          country; or
                              (ii) a branch, partnership, group or 
                          subgroup, association, estate, trust, 
                          corporation or division of a corporation, or 
                          other organization if--
                                      (I) it is organized under the laws 
                                  of the country;
                                      (II) its principal place of 
                                  business is in the country; or
                                      (III) its equity securities are 
                                  primarily traded on one or more 
                                  exchanges of the country.
                      (B) Exception.--The term ``person of the country'' 
                  does not include any branch, partnership, group or 
                  subgroup, association, estate, trust, corporation or 
                  division of a corporation, or other organization for 
                  which it is demonstrated that a majority of the equity 
                  interest in the organization is ultimately owned by 
                  nationals of the United States.
target: Presidential Trade Transparency Act of 2017 This bill requires the President to submit to Congress a report containing a full and complete statement of the President's income earned, assets held, and liabilities owed in the preceding 12 months that are associated with a foreign country:   with which the United States is negotiating a trade or investment agreement, that is subject to a presidential trade enforcement action determination modifying the tariff treatment of imported articles from such country, or that is designated as eligible for preferential trade treatment under a trade preference program.  If the President fails to report such information to Congress:   any instrument providing for the modification of such tariff treatment shall have no force or effect, and  the bill implementing such a trade or investment agreement shall not be eligible for trade authorities (fast track) procedures under the Bipartisan Congressional Trade Priorities and Accountability Act of 2015. 
feat_title: Presidential Trade Transparency Act of 2017