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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 23, 2021.
Prevent Corrupting Foreign Influence Act
This bill establishes new statutory restrictions on the receipt or acceptance of foreign gifts or things of value by the President, Vice President, or their immediate family members.
First, the bill creates a new criminal offense to generally prohibit the President, Vice President, an immediate family member of the President or Vice President, or an entity in which any of these individuals has at least a 50% ownership interest from accepting or receiving anything of value from a foreign state or entity. A violator is subject to criminal penalties—a fine, a prison term of up to five years, or both.
Second, the bill broadens the application of existing foreign gift restrictions on federal employees. Current law generally prohibits federal employees (including the President and Vice President) from receiving or soliciting foreign gifts. This bill further extends the restrictions to cover immediate family members of the President or Vice President. An immediate family member is a parent, parent-in-law, child, or sibling.