An unlikely bipartisan duo has teamed up to introduce legislation that would require presidents and vice presidents to disclose their tax returns, along with any foreign payments or expensive gifts they receive.

Reps. James Comer, Kentucky Republican, and Katie Porter, California Democrat, on Wednesday unveiled the Presidential Ethics Reform Act. The bill would require presidents and vice presidents to disclose any conflicts of interest, tax returns, foreign payments, gifts and loan transactions of more than $10,000 during the two years before and after their time in office.

It also requires similar disclosures from immediate family members who receive foreign payments, expensive gifts, loans or use official travel for personal business.

“The Presidential Ethics Reform Act is landmark bipartisan legislation that delivers the transparency and accountability the American people deserve to ensure our public offices are not for sale,” Mr. Comer said in a statement. “Influence peddling is a cottage industry in Washington and we’ve identified deficiencies in current law that have led to a culture of corruption.”

Mr. Comer, chair of the Oversight Committee, has spent months looking into President Biden and his son Hunter Biden’s foreign business dealings and finances as part of an impeachment inquiry into the president.

During the entire process, Democrats have argued that former President Donald Trump and his family should be looked into as well.

“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,” Ms. Porter said in a statement. “These reforms will help restore Americans’ trust in government and strengthen our democracy.”

• Mallory Wilson can be reached at mwilson@washingtontimes.com.