Divestiture or blind trust requirement for candidates for federal office

(a) Requirement Not later than 90 days after the filing date, each covered individual shall— (1) divest all covered investments held by the covered individual; or (2) place all covered investments held by the covered individual into a qualified blind trust that meets the requirements of subsection (b). (b) Requirements for qualified blind trust A qualified blind trust established pursuant to subsection (a)(2) shall— (1) be established and administered in accordance with the requirements of section 13104(f) of title 5, United States Code; (2) be managed by an independent trustee who is not a relative, business associate, or political affiliate of the covered individual; (3) prohibit the covered individual from having any knowledge of, or influence over, the investment decisions made by the trustee; and (4) prohibit any communication between the covered individual and the trustee regarding the assets or transactions within the trust, except as required by law or for tax purposes. (c) Certification Not later than 90 days after the filing date, each covered individual shall file a written certification with the applicable supervising ethics office attesting that— (1) the covered individual holds no covered investments other than exempt investments; or (2) all covered investments have been placed in a qualified blind trust in compliance with this section, including the name of the trustee and the financial institution administering the trust. (d) Spousal and dependent child assets A covered individual shall make good faith efforts to ensure that the covered investments of a spouse or dependent child are divested or placed in a qualified blind trust pursuant to this section. If a spouse maintains legally independent finances and does not consent to such divestiture or placement, the candidate shall certify such fact to the supervising ethics office, which shall have authority to determine whether an exemption is warranted.