Washington, D.C. - Today Colorado U.S. Senator Michael Bennet co-sponsored a bill requiring current presidents and future presidential nominees to release their tax returns in an effort to increase transparency and give the American public insight into any foreign deals.

"The American people deserve to know about the financial dealings, both foreign and domestic, of the person who serves as our commander-in-chief," Bennet said. "Our democracy depends on the foundation of transparency that makes America unique and great."

The Presidential Tax Transparency Act requires all sitting presidents to release their most recent three years of tax returns to the Office of Government Ethics (OGE). It also requires that, within 15 days of becoming the nominee at the party convention, presidential nominees must release their most recent 3 years of tax returns to the Federal Election Commission (FEC). Should the sitting president or future candidates refuse to comply, the Treasury Secretary will be required to provide the tax returns directly to the OGE or FEC respectively for public release.

For nearly 40 year, since Watergate, candidates from major political parties have voluntarily released tax returns during the campaign.

Original cosponsors of the Presidential Tax Transparency Act include: Senators Tammy Baldwin (D-WI), Michael Bennet (D-CO), Ben Cardin (D-MD), Dianne Feinstein (D-CA), Tim Kaine (D-VA), Jeff Merkley (D-OR) Chris Murphy (D-CT), Debbie Stabenow (D-MI), Tom Udall (D-NM), and Elizabeth Warren (D-MA).

A one-page summary of the legislative proposal can be found here. The bill text can be found here.