House Committee on Oversight and Accountability Chairman James Comer, R-Ky., and Rep. Katie Porter, D-Calif., introduced the Presidential Ethics Reform Act on Wednesday to increase transparency and congressional oversight. 

According to a news release, the bill would require "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."

In addition, "presidents and vice presidents to make disclosures for immediate family members who receive foreign payments, expensive gifts, or loans, or who use official travel for personal business."

Comer called the bill a "landmark" piece of bipartisan legislation that "delivers the transparency and accountability the American people deserve to ensure our public offices are not for sale."

"Influence peddling is a cottage industry in Washington and we’ve identified deficiencies in current law that have led to a culture of corruption," he said. "By creating this bipartisan legislation to provide greater transparency to the financial interactions related to the office of the president and vice-president, we can ensure that moving forward American presidents, vice presidents, and their family members cannot profit from their proximity to power."

Rep. Katie Porter (D-Calif.) said in a statement that the American people "deserve nothing less than full honesty and transparency from presidents and vice presidents."

"Our bipartisan Presidential Ethics Reform Act would let Americans view the tax returns, gifts, and other conflicts of interest of a president, vice president, and their families, empowering the public to evaluate our leaders’ behavior for themselves," she said. "By boosting transparency and requiring additional financial disclosures, Congress can shine a light on improper conduct in the Executive Branch—or be confident that none occurred. These reforms will help restore Americans’ trust in government and strengthen our democracy."