[Congressional Record Volume 166, Number 117 (Thursday, June 25, 2020)]
[Senate]
[Page S3404]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1904. Ms. ERNST submitted an amendment intended to be proposed by 
her to the bill S. 4049, to authorize appropriations for fiscal year 
2021 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. DISCLOSURE OF PPP LOANS.

       (a) Short Title.--This section may be cited as the 
     ``Transparency Requirements Aimed at Congressional 
     Expenditures Act'' or the ``TRACE Act''.
       (b) Disclosure.--Section 7(a)(36) of the Small Business Act 
     (15 U.S.C. 636(a)(36)) is amended by adding at the end the 
     following:
       ``(T) Disclosure of receipt.--
       ``(i) Definitions.--In this subparagraph--

       ``(I) the term `applicable officer' means--

       ``(aa) the Secretary of the Senate, in the case of the Vice 
     President, a Senator, the spouse of a Senator, or an employee 
     of Congress whose compensation is disbursed by the Secretary 
     of the Senate; or
       ``(bb) the Clerk of the House of Representatives, in the 
     case of a Representative in Congress, a Delegate to Congress, 
     the Resident Commissioner from Puerto Rico, the spouse of a 
     Representative in Congress, a Delegate to Congress, or the 
     Resident Commissioner from Puerto Rico, or an employee of 
     Congress whose compensation is disbursed by the Chief 
     Administrator Officer of the House of Representatives;

       ``(II) the term `employee of Congress' means an employee of 
     the personal office of a Member of Congress, of a committee 
     of the Senate or the House of Representatives, or of a joint 
     committee of Congress; and
       ``(III) the term `Member of Congress' has the meaning given 
     that term in section 2106 of title 5, United States Code.

       ``(ii) Disclosure.--

       ``(I) In general.--If an eligible recipient owned or 
     controlled by a Member of Congress, spouse of a Member of 
     Congress, or employee of Congress receives a covered loan, 
     the Member of Congress, spouse of a Member of Congress, or 
     employee of Congress, respectively, shall submit to the 
     applicable officer a financial disclosure, which shall 
     include--

       ``(aa) the name and address of the principal place of 
     business for the eligible recipient receiving the covered 
     loan; and
       ``(bb) the amount of the covered loan.

       ``(II) Deadline.--A Member of Congress, spouse of a Member 
     of Congress, or employee of Congress shall submit a financial 
     disclosure required under subclause (I)--

       ``(aa) for a covered loan made on or after the date of 
     enactment of the TRACE Act, not later than 15 days after the 
     date on which the loan is made; and
       ``(bb) for a covered loan made before such date of 
     enactment, not later than 15 days after such date of 
     enactment.
       ``(iii) Availability.--Each applicable officer shall make 
     available on a publicly available website each financial 
     disclosure submitted to the applicable officer under clause 
     (ii).''.
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