112 S2463 IS: Ban Stock Trading for Government Officials Act of 2023
U.S. Senate
2023-07-25
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.This Act may be cited as the Ban Stock Trading for Government Officials Act of 2023
.<enum>I</enum><header>Eliminating Executive Branch Insider Conflicts of Interest</header><section id="id6087FA30F01947F1B95C4932B0F330FC" section-type="subsequent-section"><enum>101.</enum><header>Short title</header><text display-inline="no-display-inline">This title may be cited as the <quote><short-title>Eliminating Executive Branch Insider Conflicts of Interest Act</short-title></quote>.</text></section><section id="ide4bb3abd63ba444cb69ef3916feb3cc2"><enum>102.</enum><header>Sense of Congress</header><text display-inline="no-display-inline">It is the sense of Congress that executive branch officials should not have a personal financial interest in the outcome of Government policy decisions.</text></section><section id="id2d6e4fa3fccf48e9b1994e5aa9cd2a23"><enum>103.</enum><header>Banning conflicted interests in the executive branch</header><subsection id="id11E082229DCF469BBEC3C9A1A6EE2BF9"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/131">Chapter 131</external-xref> of title 5, United States Code, is amended by adding at the end the following:</text><quoted-block id="id650DB2DF228B45A995ADDA2CCACAE070" display-inline="no-display-inline" style="USC"><subchapter id="id15109DFE420243379CF020AC9EE1BAAA" style="OLC"><enum>IV</enum><header>Banning conflicted interests in the executive branch</header><section id="id67a63ee06986481bbd5c2b35de16ccbd"><enum>13151.</enum><header>Definitions</header><text display-inline="no-display-inline">In this subchapter:</text><paragraph id="id572f5e1883724066bf1fba3afb46b822"><enum>(1)</enum><header>Adjacent individual</header><text>The term <quote>adjacent individual</quote> means—</text><subparagraph commented="no" display-inline="no-display-inline" id="id57a7179acb2548dda15d8f3e9a1165da"><enum>(A)</enum><text display-inline="yes-display-inline">each officer or employee in the executive branch holding a Senior Executive Service position, as defined under section 3132(a)(2) of title 5;</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id2491b1e36326417a8d3c992460727c94"><enum>(B)</enum><text>each member of a uniformed service whose pay grade is at or in excess of O–7 under section 201 of title 37; </text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idd753160e447a497a9839421cc9d1bd93"><enum>(C)</enum><text>each officer or employee in any other position determined by the Special Counsel of the United States, in consultation with the Director of the Office of Government Ethics, to be of equal classification to a position described in subparagraph (A) or (B); or</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idA1F620B9F58B42A98C35FADE8E262AA0"><enum>(D)</enum><text>the spouse or dependent child of any individual described in subparagraph (A), (B), or (C). </text></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="iddfaa8846a34846ffbcacff09618f7eee"><enum>(2)</enum><header display-inline="yes-display-inline">Covered financial interest</header><subparagraph id="id69461a58ab624c898934f649881e6885"><enum>(A)</enum><header>In general</header><text>The term <term>covered financial interest</term> means—</text><clause id="id6101cb78850547d3998fb85d33d1a6d6"><enum>(i)</enum><text>any investment in—</text><subclause id="idc93727c5702f4aa6b4f65133be43790b"><enum>(I)</enum><text>a security (as defined in section 3(a) of Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>));</text></subclause><subclause id="ida6cbc34d9cf14ff0bf857a4643f030c3"><enum>(II)</enum><text>a security future (as defined in that section); or</text></subclause><subclause id="id906d1183d76c40aa9bf31ef9cd562ab5"><enum>(III)</enum><text>a commodity (as defined in section 1a of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a</external-xref>)); or</text></subclause></clause><clause id="idf13be0f8dc6342d5b7735b3de1109f86"><enum>(ii)</enum><text>any economic interest comparable to an interest described in clause (i) that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means.</text></clause></subparagraph><subparagraph id="ideee86963e1fb462d8567b0ccbd8f150a"><enum>(B)</enum><header>Exclusions</header><text>The term <term>covered financial interest</term> does not include—</text><clause id="idaa462a4d10dd472b83a4f8bc0981f118"><enum>(i)</enum><text>a diversified mutual fund;</text></clause><clause id="idfe77efd9537f4930b3a66a5080a62d92"><enum>(ii)</enum><text>a diversified exchange-traded fund;</text></clause><clause id="idcb629c7118674e2097d2c9b5b86aa449"><enum>(iii)</enum><text>a United States Treasury bill, note, or bond; </text></clause><clause id="id1eb0ae6a22e542cc9894c461dd6b2350"><enum>(iv)</enum><text>compensation from the primary occupation of a covered individual or adjacent individual; or</text></clause><clause commented="no" display-inline="no-display-inline" id="id8d7443a21cfe40ec8e01c86969c50f5f"><enum>(v)</enum><text>any financial interest exempted under paragraph (1) or (2) of section 208(b) of title 18. </text></clause></subparagraph></paragraph><paragraph id="idd643be18a88c47d79f52883cdaa59f2d"><enum>(3)</enum><header>Covered individual</header><text>The term <term>covered individual</term> means—</text><subparagraph commented="no" display-inline="no-display-inline" id="idb6c50edd19bc409495ca1286f5961f06"><enum>(A)</enum><text display-inline="yes-display-inline">the President;</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ideb4a0b898db241d4968645296bb370bf"><enum>(B)</enum><text>the Vice President; or</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idc9b94105005848e0b0764201de3ee0a4"><enum>(C)</enum><text>the spouse or dependent child of any individual described in subparagraph (A) or (B). </text></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id6f095b61e44e4f74a45b42d782faaf61"><enum>(4)</enum><header>Dependent child</header><text>The term dependent child has the meaning given the term in section 13101. </text></paragraph></section><section id="id40750013a24f4b52b62d625593ecfa30"><enum>13152.</enum><header>Prohibition on certain transactions and holdings involving covered financial interests</header><subsection id="id41c225c15541468ebe56ec1d9d56cb7e"><enum>(a)</enum><header>Prohibition</header><text>Except as provided in subsection (b), a covered individual or an adjacent individual may not, during the term of service of the covered individual or adjacent individual, or during the 180-day period beginning on the date on which the service of such covered individual or adjacent individual is terminated, hold, purchase, sell, or conduct any type of transaction with respect to a covered financial interest.</text></subsection><subsection id="id0d5345c746034f4eaeb02d30ccb24d93"><enum>(b)</enum><header>Exceptions</header><text>The prohibition under subsection (a) shall not apply to a sale by a covered individual or an adjacent individual that is completed by the date that is—</text><paragraph id="ided628130902d4c1dbc4618f2258bdfe2"><enum>(1)</enum><text>for a covered individual or an adjacent individual serving on the date of enactment of this section, 180 days after the date of enactment; and</text></paragraph><paragraph id="id0a832f80a9374ce49de34e46675251de"><enum>(2)</enum><text>for a covered individual or an adjacent individual who commences service as a covered individual after the date of enactment of this section, 180 days after the first date of the term of service.</text></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idba5ae6203b2a4064b9b3134ce63ccb77"><enum>(c)</enum><header>Adjacent individuals</header><text>With respect to adjacent individuals—</text><paragraph commented="no" display-inline="no-display-inline" id="id77f2e87587f549249ef7bf794f092a88"><enum>(1)</enum><text display-inline="yes-display-inline">this section shall be supplementary in nature to section 208 of title 18; and </text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id22c0d3564a5741c7b377dca3837b7371"><enum>(2)</enum><text display-inline="yes-display-inline">nothing in this section shall be construed to limit the application of section 208 of title 18. </text></paragraph></subsection><subsection id="id8f877035b3be4f109ddae7ccc797c6a4"><enum>(d)</enum><header>Penalties</header><paragraph id="id7b0fde97e6d94290b3297deb065672bd"><enum>(1)</enum><header>Disgorgement</header><text>A covered individual or adjacent individual shall disgorge to the Treasury of the United States any profit from a transaction or holding involving a covered financial interest that is conducted in violation of this section.</text></paragraph><paragraph id="idff7671e793614c62a0dfc39d78600829"><enum>(2)</enum><header>Fines</header><text>A covered individual or an adjacent individual who holds, purchases, sells, or conducts a transaction involving a covered financial interest in violation of this section—</text><subparagraph id="id96c08b574a4b4e48817af2c9a9444cc7"><enum>(A)</enum><text>shall be assessed a fine by the Office of the Special Counsel, in consultation with the Director of the Office of Government Ethics, of not more than $10,000 or the amount of compensation, if any, that the covered individual or adjacent individual received for the prohibited conduct, whichever is greater; and</text></subparagraph><subparagraph id="id6c9aa2aa39974c97903d275ae78eaef3"><enum>(B)</enum><text>may be referred to the Department of Justice and assessed a civil fine pursuant to section 13153 if the Office of the Special Counsel, in consultation with the Director of the Office of Government Ethics, find such case comparatively substantial in monetary value or extraordinary in nature.</text></subparagraph></paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="id62958393c55648efabee0925cdbf96ea"><enum>13153.</enum><header>Civil penalties</header><subsection commented="no" display-inline="no-display-inline" id="id194d2e5c48f2483eb89162543f6a9c68"><enum>(a)</enum><header display-inline="yes-display-inline">Civil action</header><text display-inline="yes-display-inline">The Attorney General may bring a civil action in any appropriate United States district court against any covered individual or adjacent individual who violates any provision of section 13152. </text></subsection><subsection commented="no" display-inline="no-display-inline" id="idcab196ea76ad44de9691ed34424a4786"><enum>(b)</enum><header>Civil penalty</header><text display-inline="yes-display-inline">The court in which any action is brought under subsection (a) may assess against a covered individual or an adjacent individual a civil penalty of not more than the amount recommended by the Attorney General.</text></subsection></section></subchapter><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection commented="no" display-inline="no-display-inline" id="idb42b441887314541a0552c2ca646adad"><enum>(b)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of sections for <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/131">chapter 131</external-xref> of title 5, United States Code, is amended by adding at the end the following: </text><quoted-block style="USC" id="idc089c7ae-27e7-43d3-b7fa-ebb827aff68a"><toc><toc-entry level="subchapter" idref="id15109DFE420243379CF020AC9EE1BAAA">SUBCHAPTER IV—Banning conflicted interests in the executive branch </toc-entry><toc-entry level="section" idref="id67a63ee06986481bbd5c2b35de16ccbd">13151. Definitions. </toc-entry><toc-entry level="section">13152. Prohibition on certain transactions and holdings involving covered financial interests. </toc-entry><toc-entry level="section">13153. Civil penalties.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><enum>II</enum><header>STOCK Act 2.0</header><section id="id6D42F82EB1964EC7B8B96F45F25D9E8E" section-type="subsequent-section"><enum>201.</enum><header>Short title</header><text display-inline="no-display-inline">This title may be cited as the <quote><short-title>STOCK Act 2.0</short-title></quote>.</text></section><section id="id82967E4A8EF24AEC8F7D6BFE68E655A1"><enum>202.</enum><header>Reporting of applications for, or receipt of, payments from Federal Government</header><subsection id="idF4CBDF8DC56B4D54A532469E8DFFE3C4"><enum>(a)</enum><header>In general</header><text>Section 13103 of title 5, United States Code, is amended by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="idBBAFDF60383145C8A242EB2AB299E456"><subsection commented="no" display-inline="no-display-inline" id="ID05820380134E4FAC932C1F40AA7ABEDF"><enum>(i)</enum><header>Reporting of applications for, or receipt of, payments from Federal Government</header><paragraph commented="no" display-inline="no-display-inline" id="id09615D520B8F43B1926D4C455A1C7F8C"><enum>(1)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this subsection:</text><subparagraph commented="no" display-inline="no-display-inline" id="id014808FED7B043FB9969FC7807B726F0"><enum>(A)</enum><header>Covered payment</header><clause commented="no" display-inline="no-display-inline" id="idFCC509E2F7624AE58019586C97F8A4C3"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">The term <term>covered payment</term> means a payment of money or any other item of value made, or promised to be made, by the Federal Government.</text></clause><clause commented="no" display-inline="no-display-inline" id="id0F061E3E0E0E4310AE0167665A252BD1"><enum>(ii)</enum><header>Inclusions</header><text display-inline="yes-display-inline">The term <term>covered payment</term> includes—</text><subclause commented="no" display-inline="no-display-inline" id="id6D8CD749634846228130ED8C30E3B7C9"><enum>(I)</enum><text display-inline="yes-display-inline">a loan agreement, contract, or grant made, or promised to be made, by the Federal Government; and</text></subclause><subclause commented="no" display-inline="no-display-inline" id="id3E3793A0B9ED4EAE9941A3E7E93E2963"><enum>(II)</enum><text display-inline="yes-display-inline">such other types of payment of money or items of value as the Secretary of the Treasury, in consultation with the Director of the Office of Government Ethics, may establish, by regulation.</text></subclause></clause><clause commented="no" display-inline="no-display-inline" id="id3AB4F3EEFD06437E80D69091EEE6D4C9"><enum>(iii)</enum><header>Exclusions</header><text>The term <term>covered payment</term> does not include— </text><subclause commented="no" display-inline="no-display-inline" id="id3B949A18D510422EB759375A8ED01F19"><enum>(I)</enum><text>any salary or compensation for service performed as, or reimbursement of personal outlay by, an officer or employee of the Federal Government; or</text></subclause><subclause commented="no" display-inline="no-display-inline" id="id18E1BA497FF8408A806ED849FECE60E5"><enum>(II)</enum><text>any tax refund (including a refundable tax credit).</text></subclause></clause></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idF834CFAC53474A45A986BEA18561D583"><enum>(B)</enum><header>Covered person</header><text display-inline="yes-display-inline">The term <term>covered person</term> means a person described in any of paragraphs (1) through (10) of section 13105(l). </text></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idD27D1B392B6D4E7680933590894A2107"><enum>(2)</enum><header>Reporting requirement</header><text display-inline="yes-display-inline">Not later than 30 days after the date of receipt of a notice of any application for, or receipt of, a covered payment by a covered person, the spouse of the covered person, or a dependent child of the covered person (including any business owned and controlled by the covered person or spouse or dependent child of the covered person), but in no case later than 45 days after the date on which the covered payment is made or promised to be made, the covered person shall submit to the applicable supervising ethics office a report describing the covered payment.</text></paragraph><paragraph id="id2F38189BAF2B4B00B30CA9649CAA49CC"><enum>(3)</enum><header>Fine for failure to report</header><text>Notwithstanding section 13106(d), a covered person shall be assessed a fine, pursuant to regulations issued by the applicable supervising ethics office, of $500 in each case in which the covered person fails to file a report required under this subsection.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="idB4AEA1EAF87B43319A95D6F580E9F923"><enum>(b)</enum><header>Report contents</header><text>Section 13104 of title 5, United States Code, is amended by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="idAB6A50D305214945A110762D075709F9"><subsection commented="no" display-inline="no-display-inline" id="id1192FA0DF867448D92BF757DBAD74936"><enum>(j)</enum><header>Payments from Federal Government</header><text display-inline="yes-display-inline">Each report filed pursuant to subsection (i) of section 13103 shall include—</text><paragraph id="idc7dcabd7028c4d38988708ea63ce9f21"><enum>(1)</enum><text>an identification of each type of payment or item of value applied for, or received, from the Federal Government;</text></paragraph><paragraph id="idA6BF2C23825748F7A68096F7B8CA0DE2"><enum>(2)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="idF50587D1526A4A159002FEF9C0F503D9"><enum>(A)</enum><text>the name of each recipient of each payment or item of value identified under paragraph (1); and</text></subparagraph><subparagraph id="id6F4EF47CA2C648C89C6464543FEA11AB" indent="up1"><enum>(B)</enum><text>the relationship of each recipient named under subparagraph (A) to the person filing the report;</text></subparagraph></paragraph><paragraph id="id3580C84B627642BAB471E784267CF9A1"><enum>(3)</enum><text>a description of the date on which, as applicable—</text><subparagraph id="id16BEE9D2FE9E47D99F1416F7018B4CFC"><enum>(A)</enum><text>an application for a payment or other item of value was submitted to the Federal Government; and</text></subparagraph><subparagraph id="idE9CD4E59B5074CD2B7FFC95549017B4F"><enum>(B)</enum><text>the payment or item of value was received from the Federal Government; and</text></subparagraph></paragraph><paragraph id="id442D981AD8E24ACDAAC23E95A4FC5135"><enum>(4)</enum><text>a description of the amount of each applicable payment or item of value.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="id43293a1406204aba815b884c44871501"><enum>(c)</enum><header>Technical and conforming amendments</header><paragraph id="idF30A0FCA52A347D4BE44935A32CA5882"><enum>(1)</enum><header>Persons required to file</header><text>Section 13103(f) of title 5, United States Code, is amended—</text><subparagraph id="H4184F22B7D3E4E899B877AD160ED3E4C"><enum>(A)</enum><text>in paragraph (9), by striking <quote>as defined in section 13101</quote>;</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HE39DB5BDAC814854AFE5F689A9A255F5"><enum>(B)</enum><text display-inline="yes-display-inline">in paragraph (10), by striking <quote>as defined in section 13101</quote>;</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HB029AF892AA54AD3B62D29CB9374760B"><enum>(C)</enum><text display-inline="yes-display-inline">in paragraph (11), by striking <quote>as defined in section 13101</quote>; and</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HF646954782E14D52801600D128B827ED"><enum>(D)</enum><text display-inline="yes-display-inline">in paragraph (12), by striking <quote>as defined in section 13101</quote>.</text></subparagraph></paragraph><paragraph id="id05D3352B89784DA390FAFBA3BD7577C7"><enum>(2)</enum><header>Contents of reports</header><text>Section 13104(a) of title 5, United States Code, is amended in the matter preceding paragraph (1), by striking <quote>section 13103(d) and (e)</quote> and inserting <quote>subsection (d) or (e) of section 13103</quote>.</text></paragraph></subsection><subsection id="idA024F2709AB04045A436663F8CF7A594"><enum>(d)</enum><header>Effective date</header><text>The amendments made by this section shall apply to relevant applications submitted to, and payments made or promised to be made by, the Federal Government on or after the date that is 90 days after the date of enactment of this Act.</text></subsection></section><section id="id3D8537B2C97D4542A1E7A09183AECDB0"><enum>203.</enum><header>Penalty for STOCK Act noncompliance</header><subsection id="id8D8C36A1C3154F3F841954F80E7235FE"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The STOCK Act (<external-xref legal-doc="public-law" parsable-cite="pl/112/105">Public Law 112–105</external-xref>; 126 Stat. 291; 126 Stat. 1310; 127 Stat. 438; 132 Stat. 4167) is amended by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="idECF05F0F3DFE4DEA90955AF276B1455C"><section id="idE999E271CA2447CD97971C352D9D6384"><enum>20.</enum><header>Fines for failure to report</header><subsection id="id787BCEC237854D4BA87F50B3B542E31B"><enum>(a)</enum><header>In general</header><text>Notwithstanding any other provision of law (including regulations), an individual shall be assessed a fine, pursuant to regulations issued by the applicable supervising ethics office (including the Administrative Office of the United States Courts, as applicable), of $500 in each case in which the individual fails to file a transaction report required under this Act.</text></subsection><subsection commented="no" id="idBAEADA976ACC46D5A45BB2AF5BEC6B59"><enum>(b)</enum><header>Deposit in Treasury</header><text>The fines paid under this section shall be deposited in the miscellaneous receipts of the Treasury.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="idE4BA4C572C9F4664829E63621045096C"><enum>(b)</enum><header>Rules, regulations, guidance, and documents</header><text>Not later than 1 year after the date of enactment of this Act, each supervising ethics office (as defined in section 2 of the STOCK Act (<external-xref legal-doc="usc" parsable-cite="usc/5/13101">5 U.S.C. 13101</external-xref> note)) (including the Administrative Office of the United States Courts, as applicable) shall amend the rules, regulations, guidance, documents, papers, and other records of the supervising ethics office in accordance with the amendment made by this section.</text></subsection></section><section id="id5235B51D16244908B6BC78EDFD8EFD2F"><enum>204.</enum><header>Banning conflicted interests in Congress</header><subsection id="id097193A2D1F84CB59AF8E39FD18A8701"><enum>(a)</enum><header>In general</header><paragraph commented="no" display-inline="no-display-inline" id="id1abd494bcbd64b16a5b2351755f9abbe"><enum>(1)</enum><header display-inline="yes-display-inline">Banning conflicted trades</header><text><external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/131">Chapter 131</external-xref> of title 5, United States Code, as amended by section 103 of this Act, is amended by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="id65A8ACE7B0204CCCB186A19399DA2022"><subchapter id="idDAC7A28BE2654592BA3B59A1175ED85A" style="OLC"><enum>V</enum><header>Banning conflicted trades in Congress</header><section section-type="subsequent-section" id="idCAD9D450CECE45009C6CE98C55BB2ADC"><enum>13161.</enum><header>Definitions</header><text display-inline="no-display-inline">In this subchapter:</text><paragraph id="id85f86dbb2e694a94a0b02fc99819395d"><enum>(1)</enum><header>Commodity</header><text>The term <term>commodity</term> has the meaning given the term in section 1a of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a</external-xref>).</text></paragraph><paragraph id="idCFDBA1FA30AC4C71A8298B7B648C7C0A"><enum>(2)</enum><header>Covered financial interest</header><subparagraph id="id87D98946BEE64B9CBD49601AADE7BE67"><enum>(A)</enum><header>In general</header><text>The term <term>covered financial interest</term> means—</text><clause id="id59E611E743024A09BCC840BAD3B80C24"><enum>(i)</enum><text>any investment in—</text><subclause id="id0A771EFE2A064268BDFE3C94374490E0"><enum>(I)</enum><text>a security (as defined in section 3(a) of Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>));</text></subclause><subclause id="id807848E51F16499FBAECEC6F415C7F98"><enum>(II)</enum><text>a security future (as defined in that section); or</text></subclause><subclause id="id30D0B46CE59C483DAFE871877C1EC15E"><enum>(III)</enum><text>a commodity (as defined in section 1a of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a</external-xref>)); or</text></subclause></clause><clause id="id89662009EE924DAC9A6607A790F4AE79"><enum>(ii)</enum><text>any economic interest comparable to an interest described in clause (i) that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means.</text></clause></subparagraph><subparagraph id="idDFCB1F530AB34F8BBEEDB639C1A14040"><enum>(B)</enum><header>Exclusions</header><text>The term <term>covered financial interest</term> does not include—</text><clause id="id88C94203072F49388B4A301913324DD0"><enum>(i)</enum><text>a diversified mutual fund;</text></clause><clause id="id398D44B75D444C57AEE059B8EC9B0F9C"><enum>(ii)</enum><text>a diversified exchange-traded fund;</text></clause><clause id="id67B45540B5334173A5F313DD70C9DC56"><enum>(iii)</enum><text>a United States Treasury bill, note, or bond; </text></clause><clause id="id3991063B597C42C79B299182A00E9C07"><enum>(iv)</enum><text>compensation from the primary occupation of a covered individual; or</text></clause><clause commented="no" display-inline="no-display-inline" id="id6B6751F917DF49A1AE893D73239F8F80"><enum>(v)</enum><text>any financial interest exempted under paragraph (1) or (2) of section 208(b) of title 18. </text></clause></subparagraph></paragraph><paragraph id="idC5345B1D430040A19DCBD144910FAE4E"><enum>(3)</enum><header>Covered individual</header><text>The term <term>covered individual</term> means— </text><subparagraph commented="no" display-inline="no-display-inline" id="id26cac683e85449a0ad5f3e0519adb47d"><enum>(A)</enum><text display-inline="yes-display-inline">a Member of Congress (as defined in section 13101); or</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="ida9c54bce179e4149bde8f6f3a95a90a9"><enum>(B)</enum><text>a spouse or dependent child of a Member of Congress. </text></subparagraph></paragraph><paragraph id="id767ebe3f94e24d8692526d488ef8f7b7"><enum>(4)</enum><header>Dependent child</header><text>The term dependent child has the meaning given the term in section 13101.</text></paragraph><paragraph id="id798EE37EF06C48F18A8C8D6B5F7EF265"><enum>(5)</enum><header>Future</header><text>The term <term>future</term> means a financial contract obligating a buyer to purchase, or a seller to sell, an asset, such as a physical commodity or a financial instrument, at a predetermined future date and price.</text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id5A2B784C7A734B65BC639355578C9985"><enum>(6)</enum><header>Security</header><text>The term <term>security</term> has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>).</text></paragraph><paragraph id="idE20105470A00443880D607D519067E05"><enum>(7)</enum><header>Supervising ethics office</header><text>The term <term>supervising ethics office</term>, with respect to a covered individual, has the meaning given the term in section 13101 with respect to that covered individual.</text></paragraph></section><section id="id9adbeb51eebd46ab994ec933dcaa24ad"><enum>13162.</enum><header>Prohibitions</header><subsection id="idB2CEC02D2A234731B89A305937DFC4C3"><enum>(a)</enum><header>Transactions</header><text display-inline="yes-display-inline">Except as provided in sections 13163 and 13164, and during the 180-day period beginning on the date on which the service of such covered individual is terminated, no covered individual may—</text><paragraph id="id4A05BF0D394E48D4AAC1EC1C2AFC9D26"><enum>(1)</enum><text display-inline="yes-display-inline">hold, purchase, sell, or conduct any type of transaction with respect to a covered financial interest; or</text></paragraph><paragraph id="id79C03AB4AD3A4E798D2FF5283E258553"><enum>(2)</enum><text>enter into a transaction that creates a net short position in any security.</text></paragraph></subsection><subsection id="id884F70CE9521438792350AE0012E5150"><enum>(b)</enum><header>Positions</header><text>A covered individual may not serve as an officer or member of any board of any for-profit association, corporation, or other entity.</text></subsection></section><section id="idab72b6f8c7654014819bd52d6db5cc62"><enum>13163.</enum><header>Divestiture</header><text display-inline="no-display-inline">With respect to any covered financial interest held by a covered individual, the covered individual shall sell the covered financial interest during the 180-day period beginning on the later of—</text><paragraph id="id31FDE2945E6C40758CE5407198A636C5"><enum>(1)</enum><text>the date on which the covered individual assumes office or employment as a covered individual; and</text></paragraph><paragraph id="id7DACF3F4069C490C8F074D32E6447D62"><enum>(2)</enum><text>the date of enactment of this Act.</text></paragraph></section><section id="idb833893f3d084456948aaa7bca9dc699"><enum>13164.</enum><header>Administration and enforcement</header><subsection id="id6BAE5C6ACBCB445F9BCDCDB240ADFEA3"><enum>(a)</enum><header>Administration</header><text>Each supervising ethics office may issue guidance relating to any matter covered by this subchapter, including—</text><paragraph id="id52EE9E38623448FF92278F83AEA3872E"><enum>(1)</enum><text>whether a covered individual may hold an employee stock option or other, similar instrument that has not vested before the date on which the covered individual assumes office or employment as a covered individual; and</text></paragraph><paragraph id="id21daf58e3a534ac894a920829c04b090"><enum>(2)</enum><text>the process and timeline for determining the date on which a covered individual shall no longer serve as an officer or member of any board of any for-profit association, corporation, or other entity.</text></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idd18fd332229e484eaecb22b0de6e9182"><enum>(b)</enum><header>Enforcement</header><text>A covered individual who knowingly fails to comply with this subchapter— </text><paragraph commented="no" display-inline="no-display-inline" id="idf13dc715b4f5417c822427ab6c88a0cf"><enum>(1)</enum><text>shall disgorge to the Treasury of the United States any profit from a transaction or holding involving a covered financial interest that is conducted in violation of this subchapter; and </text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idaaf08422ab7342bc86c6e154d64dacc6"><enum>(2)</enum><text display-inline="yes-display-inline">shall be assessed a fine by the supervising ethics office of not less than 10 percent of the value of the covered financial interest that was purchased or sold, or the security in which a net short position was created, in violation of this subchapter, as applicable.</text></paragraph></subsection></section></subchapter><after-quoted-block>.</after-quoted-block></quoted-block></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ide1dc63827c28433bac4af6db6f75904d"><enum>(2)</enum><header>Clerical amendment</header><text>The table of sections for <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/131">chapter 131</external-xref> of title 5, United States Code, as amended by section 103 of this Act, is amended by adding at the end the following:</text><quoted-block style="USC" display-inline="no-display-inline" id="id71975489CB49430282609120CB4BFA81"><toc><toc-entry level="subchapter" idref="idDAC7A28BE2654592BA3B59A1175ED85A">SUBCHAPTER V—Banning conflicted trades in Congress</toc-entry><toc-entry level="section" idref="idCAD9D450CECE45009C6CE98C55BB2ADC">13161. Definitions. </toc-entry><toc-entry level="section" idref="id9adbeb51eebd46ab994ec933dcaa24ad">13162. Prohibitions. </toc-entry><toc-entry level="section" idref="idab72b6f8c7654014819bd52d6db5cc62">13163. Divestiture. </toc-entry><toc-entry level="section" idref="idb833893f3d084456948aaa7bca9dc699">13164. Administration and enforcement.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="id9D7F33DCFFC64651AE22E3F3E9E6B5CF"><enum>(b)</enum><header>Conforming amendments</header><paragraph commented="no" display-inline="no-display-inline" id="id670AEB294B5D486DB2AE9FCA3E5D3BF6"><enum>(1)</enum><header>Authority and functions</header><text>Section 13122(f)(2)(B) of title 5, United States Code, is amended—</text><subparagraph commented="no" display-inline="no-display-inline" id="id37FE9B4187B74827BCABC79BEBB2660D"><enum>(A)</enum><text>by striking <quote>Subject to clause (iv) of this subparagraph, before</quote> each place it appears and inserting <quote>Before</quote>; and</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id4DD55C7CF129401A9EAA2EA435798C95"><enum>(B)</enum><text>by striking clause (iv).</text></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H69A78E439C564602A60437499D906F4D"><enum>(2)</enum><header>Lobbying Disclosure Act of 1995</header><text>Section 3(4)(D) of the Lobbying Disclosure Act of 1995 (<external-xref legal-doc="usc" parsable-cite="usc/2/1602">2 U.S.C. 1602(4)(D)</external-xref>) is amended by striking <quote>legislative branch employee serving in a position described under section 13101(13) of title 5, United States Code</quote> and inserting <quote>officer or employee of Congress (as defined in section 13101 of title 5, United States Code)</quote>.</text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id08CB0EC73B8743F696400A924E9362AD"><enum>(3)</enum><header>STOCK Act</header><text>Section 2 of the STOCK Act (<external-xref legal-doc="usc" parsable-cite="usc/5/13101">5 U.S.C. 13101</external-xref> note) is amended—</text><subparagraph commented="no" display-inline="no-display-inline" id="id66334D5A235E46F8917D6CCF44A1D2C0"><enum>(A)</enum><text>in paragraph (2)(B), by striking <quote>(11)</quote>;</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idEC2859F7C3174C7CBB3E4473CFD3D9F9"><enum>(B)</enum><text>in paragraph (4), by striking <quote>(10)</quote>;</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id333708E5ED2E4E90B4E7A3F717B84263"><enum>(C)</enum><text>in paragraph (5), by striking <quote>(9)</quote>; and</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id29D1F50D45EC4864B3EEC544E689F9B7"><enum>(D)</enum><text>in paragraph (6), by striking <quote>(18)</quote>.</text></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H6A95A580F86A4E6296D1CFCFA75DF463"><enum>(4)</enum><header>Securities Exchange Act of 1934</header><text>Section 21A of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u-1">15 U.S.C. 78u–1</external-xref>) is amended—</text><subparagraph commented="no" display-inline="no-display-inline" id="H16C4CDC796B04FE1B34A2F922C7DF5D2"><enum>(A)</enum><text>in subsection (g)(2)(B)(ii), by striking <quote>(11)</quote>; and</text></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H0C6A22D3C3FB458EB65B612E6C3AC74F"><enum>(B)</enum><text>in subsection (h)(2)—</text><clause commented="no" display-inline="no-display-inline" id="HFE52FA4A9E474A96BF21945DFA8804B7"><enum>(i)</enum><text>in subparagraph (B), by striking <quote>(9)</quote>; and</text></clause><clause commented="no" display-inline="no-display-inline" id="H70262377D160409BBC0E2FA4D9B125D6"><enum>(ii)</enum><text>in subparagraph (C), by striking <quote>(10)</quote>.</text></clause></subparagraph></paragraph></subsection></section><section id="id007C81271C444AC4A9CB4BCEC710AB7B"><enum>205.</enum><header>Electronic filing and online public availability of financial disclosure forms</header><subsection id="idB5787E4A8ACF40A386B182408DA8E2BC"><enum>(a)</enum><header>Members of Congress and congressional staff</header><text>Section 8(b)(1) of the STOCK Act (<external-xref legal-doc="usc" parsable-cite="usc/5/13107">5 U.S.C. 13107</external-xref> note) is amended—</text><paragraph id="id29F96EBAE03244E982BF9AB28AFC6F25"><enum>(1)</enum><text>in the matter preceding subparagraph (A), by inserting <quote>, pursuant to subchapter I of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/131">chapter 131</external-xref> of title 5, United States Code, through databases maintained on the official websites of the Senate and House of Representatives</quote> after <quote>enable</quote>;</text></paragraph><paragraph id="id2670F653F71F4BF3B70192EC5C1156BD"><enum>(2)</enum><text>in subparagraph (A), by striking <quote>reports received by them pursuant to section 13105(h)(1)(A) of title 5, United States Code, and</quote> and inserting <quote>each report received under section 13105(h)(1)(A) of that subchapter; and</quote>; and</text></paragraph><paragraph id="id33CFB36620C049DA9E690773FB603845"><enum>(3)</enum><text>by striking subparagraph (B) and the undesignated matter following that subparagraph and inserting the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="id8C49020470C4456083C2F05D09EA8530"><subparagraph id="id996da6901eba443da7e36b89bcc8a674"><enum>(B)</enum><text>public access—</text><clause id="idBBF9B4015AAD4B79A2E22791C22C5C42"><enum>(i)</enum><text>to each—</text><subclause id="id8FE64BB7CF054EE08233ED32ABF2E0D6"><enum>(I)</enum><text>financial disclosure report filed by a Member of Congress or a candidate for Congress; </text></subclause><subclause id="idD59388D0868743C9A769AE45A6C83E53"><enum>(II)</enum><text>transaction disclosure report filed by a Member of Congress or a candidate for Congress pursuant to section 13105(l) of that subchapter; and</text></subclause><subclause id="id2f302997fd844f4ea5b256ceed5e9d13"><enum>(III)</enum><text>notice of extension or amendment with respect to a report described in subclause (I) or (II), pursuant to that subchapter; and</text></subclause></clause><clause id="id2A67E817E085401286BCA1C1E1155C52"><enum>(ii)</enum><text>in a manner that—</text><subclause id="id85d350378442432aac6b84f7773c7596"><enum>(I)</enum><text>allows the public to search, sort, and download data contained in the reports described in subclause (I) or (II) of clause (i) by criteria required to be reported, including by filer name, asset, transaction type, ticker symbol, notification date, amount of transaction, and date of transaction;</text></subclause><subclause id="ided90beb2c695410cba6ac936d3279ee8"><enum>(II)</enum><text>allows access through an application programming interface; and</text></subclause><subclause id="ida1635aa3c3c740329a1825d31bad350b"><enum>(III)</enum><text>is fully compliant with—</text><item id="id42653BFBFAA3481492EF03A2E3B6586C"><enum>(aa)</enum><text>section 508 of the Rehabilitation Act of 1973 (<external-xref legal-doc="usc" parsable-cite="usc/29/794d">29 U.S.C. 794d</external-xref>); and</text></item><item id="id91E6590B48394B0698FF9873B025F5B2"><enum>(bb)</enum><text>the most recent Web Content Accessibility Guidelines (or successor guidelines).</text></item></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="id496F1AF37CED473491579F82D90046B9"><enum>(b)</enum><header>Very senior executive branch employees</header><text>Section 11(b)(1) of the STOCK Act (<external-xref legal-doc="public-law" parsable-cite="pl/112/105">Public Law 112–105</external-xref>; 126 Stat. 299) is amended—</text><paragraph id="idC08103CAB9424E54A0CD4C222A7085AB"><enum>(1)</enum><text>in the matter preceding subparagraph (A), by inserting <quote>, pursuant to subchapter I of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/131">chapter 131</external-xref> of title 5, United States Code, through databases maintained on the official website of the Office of Government Ethics</quote> after <quote>enable</quote>; and</text></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idEAFF74608FCD4896BACA181DEB41AA82"><enum>(2)</enum><text>by striking subparagraph (B) and the undesignated matter following that subparagraph and inserting the following: </text><quoted-block style="OLC" display-inline="no-display-inline" id="id1CE3A8B48BC54DE5ABBE053F2064904D"><subparagraph id="id537F6ADAC1754339A10F8E76B2762DAD"><enum>(B)</enum><text>public access— </text><clause id="id75779CA82F96482C9AA05F18BBAF2251"><enum>(i)</enum><text>to each—</text><subclause id="id24ECCA5A510F4F4686FB4DBF8801636C"><enum>(I)</enum><text>financial disclosure report filed by an officer occupying a position listed in section 5312 or 5313 of title 5, United States Code, having been nominated by the President and confirmed by the Senate to that position;</text></subclause><subclause id="idD0C4E3AB002644189423938C5A5E00A9"><enum>(II)</enum><text>transaction disclosure report filed by an individual described in subclause (I) pursuant to section 13105(l) of title 5, United States Code; and</text></subclause><subclause id="id1E6B1CAA9DAA4B10B53CFCF180EF3F00"><enum>(III)</enum><text>notice of extension or amendment with respect to a report described in subclause (I) or (II), pursuant to subchapter I of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/131">chapter 131</external-xref> of title 5, United States Code; and </text></subclause></clause><clause id="id47D7732E5EC24938A8973ACA4CD1CA57"><enum>(ii)</enum><text>in a manner that—</text><subclause id="idE433BEB86C004170B4C6A638E379FFB5"><enum>(I)</enum><text>allows the public to search, sort, and download data contained in the reports described in subclause (I) or (II) of clause (i) by criteria required to be reported, including by filer name, asset, transaction type, ticker symbol, notification date, amount of transaction, and date of transaction;</text></subclause><subclause id="idE008767417774F50950D3C55F12B8843"><enum>(II)</enum><text>allows access through an application programming interface; and</text></subclause><subclause id="idC5F84E61C5B64ADF88E75E69AE36E632"><enum>(III)</enum><text>is fully compliant with—</text><item id="id22B08482400747038F2A3F2C57AC6BC5"><enum>(aa)</enum><text>section 508 of the Rehabilitation Act of 1973 (<external-xref legal-doc="usc" parsable-cite="usc/29/794d">29 U.S.C. 794d</external-xref>); and</text></item><item id="id7A12D0D3AB684095A560C1D711206E44"><enum>(bb)</enum><text>the most recent Web Content Accessibility Guidelines (or successor guidelines).</text></item></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="id28FE52120C3E49C6A9E1A707A8F8821A" commented="no" display-inline="no-display-inline"><enum>(c)</enum><header>Applicability</header><text>The amendments made by this section shall apply on and after the date that is 18 months after the date of enactment of this Act. </text></subsection></section>