[Congressional Record Volume 169, Number 120 (Thursday, July 13, 2023)]
[Senate]
[Pages S2858-S2861]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 747. Mr. MERKLEY submitted an amendment intended to be proposed by
him to the bill S. 2226, to authorize appropriations for fiscal year
2024 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 end of subtitle G of title X, add the following:
SEC. 1083. ENDING TRADING AND HOLDINGS IN CONGRESSIONAL
STOCKS.
(a) Short Title.--This section may be cited as the ``Ending
Trading and Holdings In Congressional Stocks (ETHICS) Act''.
(b) Placement of Certain Assets of Members of Congress and
Their Spouses and Dependent Children in Qualified Blind
Trusts.--
(1) In general.--Chapter 131 of title 5, United States
Code, is amended by adding at the end the following:
``Subchapter IV--Certain Assets of Members of Congress and Their
Spouses and Dependent Children
``Sec. 13161. Definitions
``In this title:
``(1) Commodity.--The term `commodity' has the meaning
given the term in section 1a of the Commodity Exchange Act (7
U.S.C. 1a).
``(2) Covered investment.--
``(A) In general.--The term `covered investment' means--
``(i) an investment in--
``(I) a security;
``(II) a commodity; or
``(III) a future;
``(ii) 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; or
``(iii) any interest described in clause (i) or (ii) that
is held directly, or in which an individual has an indirect,
beneficial, or economic interest, through--
``(I) an investment fund or holding company;
``(II) a trust (other than a qualified blind trust);
``(III) an employee benefit plan; or
``(IV) a deferred compensation plan, including a carried
interest or other agreement tied to the performance of an
investment, other than a fixed cash payment.
``(B) Exclusions.--The term `covered investment' does not
include--
``(i) a diversified mutual fund (including any holdings of
such a fund);
``(ii) a diversified exchange-traded fund (including any
holdings of such a fund);
``(iii) a United States Treasury bill, note, or bond;
``(iv) compensation from the primary occupation of the
spouse of a Member of Congress, or any security that is
issued or paid by an operating business that is the primary
employer of such a spouse that is issued or paid to such a
spouse;
``(v) holding and acquiring any security that is issued or
paid as compensation from corporate board service by the
spouse of a Member of Congress, including the dividend
reinvestment in the same security received from the corporate
board service by the spouse of a Member of Congress;
``(vi) any covered investment that is traded by the spouse
of a Member of Congress in the course of performing the
primary occupation of such a spouse, provided the investment
is not owned by a covered person;
``(vii) any investment fund held in a Federal, State, or
local government employee retirement plan;
``(viii) a tax-free State or municipal bond;
``(ix) an interest in a small business concern, if the
supervising ethics office determines that the small business
concern does not present a conflict of interest, and, in the
case of an investment in a family farm or ranch that
qualifies as an interest in a small business concern, a
future or commodity directly related to the farming
activities and products of the farm or ranch;
``(x) holding investment-grade corporate bonds, provided
that the corporate bonds are held by an individual who is a
covered person on the date of enactment of the Ending Trading
and Holdings In Congressional Stocks (ETHICS) Act;
``(xi) any share of Settlement Common Stock issued under
section 7(g)(1)(A) of the Alaska Native Claims Settlement Act
(43 U.S.C. 1606(g)(1)(A)); or
``(xii) any share of Settlement Common Stock, as defined in
section 3 of the Alaska Native Claims Settlement Act (43
U.S.C. 1602).
``(3) Covered person.--The term `covered person' means--
``(A) a Member of Congress; and
``(B) a spouse or dependent child of a Member of Congress.
``(4) Custody.--The term `custody' has the meaning given
the term in section 275.206(4)-2(d) of title 17, Code of
Federal Regulations (as in effect on the date of enactment of
the Ending Trading and Holdings In Congressional Stocks
(ETHICS) Act or a successor regulation).
``(5) Dependent child.--The term `dependent child' means,
with respect to any Member of Congress any individual who
is--
``(A) under the age of 19; and
``(B) a dependent of the Member of Congress within the
meaning of section 152 of the Internal Revenue Code of 1986.
``(6) Diversified.--The term `diversified', with respect to
a fund, trust, or plan, means that the fund, trust, or plan
does not have a stated policy of concentrating its
investments in any industry, business, or single country
other than the United States.
``(7) Future.--The term `future' means--
``(A) a security future (as defined in section 3(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a))); and
``(B) any other contract for the sale of a commodity for
future delivery.
``(8) Illiquid investment.--The term `illiquid investment'
means an interest in a private fund, as defined in section
202(a)(29) of the Investment Advisers Act of 1940 (15 U.S.C.
80b-2).
``(9) Initial property.--The term `initial property' means
an asset or financial interest transferred to a qualified
blind trust by, or on behalf of, an interested party or a
relative of an interested party, regardless of whether the
asset or financial interest is transferred to the qualified
blind trust on or after the date of establishment of the
qualified blind trust.
[[Page S2859]]
``(10) Interested party.--The term `interested party' has
the meaning given the term in section 13104(f)(3)(E).
``(11) Member of congress; supervising ethics office.--The
terms `Member of Congress' and `supervising ethics office'
have the meaning given those terms in section 13101.
``(12) Qualified blind trust.--The term `qualified blind
trust' means a qualified blind trust (as defined in section
13104(f)(3)) that has been approved in writing by the
applicable supervising ethics office under section
13104(f)(3)(D).
``(13) Security.--The term `security' has the meaning given
the term in section 3(a) of the Securities Exchange Act of
1934 (15 U.S.C. 78c(a)).
``(14) Small business concern.--The term `small business
concern' has the meaning given the term under section 3 of
the Small Business Act (15 U.S.C. 632).
``Sec. 13162. Trading covered investments
``(a) Ban on Trading.--Except as provided in subsections
(b) and (c)--
``(1) effective on the date of enactment of the Ending
Trading and Holdings In Congressional Stocks (ETHICS) Act, a
Member of Congress shall not purchase any covered investment;
``(2) effective on the date that is 90 days after the date
of enactment of the Ending Trading and Holdings In
Congressional Stocks (ETHICS) Act, a Member of Congress shall
not sell any covered investment, except as provided in
section 13163(a)(2); and
``(3) on and after the effective date described in section
13163(k), a covered person that is a spouse or dependent
child of a Member of Congress shall not purchase any covered
investment or sell any covered investment, except as provided
in section 13163(a)(2).
``(b) Optional Divestment Window.--Notwithstanding
subsection (a)--
``(1) a Member of Congress who is sworn as a Member of
Congress on or before the date of enactment of the Ending
Trading and Holdings In Congressional Stocks (ETHICS) Act may
sell a covered investment within 90 days of the date of
enactment of such act, provided that the Member of Congress
may not sell any covered investment at any time outside of
that period while the Member of Congress serves the term for
which the Member of Congress was elected or is reelected or
appointed as a Member of Congress except as provided in
section 13163(a)(2); and
``(2) a Member of Congress who is sworn as a Member of
Congress after the date of enactment of the Ending Trading
and Holdings In Congressional Stocks (ETHICS) Act may sell a
covered investment within 90 days of commencing the term of
service as a Member of Congress, provided that the Member of
Congress may not sell any covered investment at any time
outside of that period while the Member of Congress serves
the term for which the Member of Congress was elected or is
reelected or appointed as a Member of Congress except as
provided in section 13163(a)(2).
``(c) Exception.--Notwithstanding subsection (a), a covered
person may divest a covered investment as directed by the
relevant supervising ethics office pursuant to this Act.
``(d) Joint Covered Investment.--Any covered investment
reported to the supervising ethics office as jointly owned by
a Member of Congress and the spouse of the Member of Congress
shall be deemed to be a covered investment of the Member of
Congress for purposes of this section.
``Sec. 13163. Addressing owned covered investments
``(a) Members of Congress.--
``(1) Certification.--Not later than 60 days after the
applicable effective date described in subsection (j), a
Member of Congress shall submit to the supervising ethics
office a certification, which the supervising ethics office
shall publish online that certifies that--
``(A) each covered investment owned by, or in the custody
of, the Member of Congress, or a spouse or dependent child of
the Member of Congress, will, by the applicable deadline
under paragraph (2), be--
``(i) divested, as described in paragraph (2)(B); or
``(ii) placed in a qualified blind trust, including through
the establishment of a qualified blind trust for that
purpose, if necessary, as described in paragraph (2)(A); and
``(B) no spouse or dependent child of the Member of
Congress owns, or has custody of, covered investments with a
cumulative amount equal to more than $10,000, in accordance
with paragraph (6).
``(2) Divestiture or placement in qualified blind trust.--
``(A) Requirement.--Subject to paragraphs (3) and (6) and
subsection (b)(2), not later than 120 days after the
applicable effective date described in subsection (j), a
Member of Congress shall divest, or place in a qualified
blind trust (including by establishing a qualified blind
trust for that purpose, if necessary), each covered
investment owned or in the custody of--
``(i) the Member of Congress; or
``(ii) a spouse or dependent child of the Member of
Congress.
``(B) Divestiture.--A covered person shall divest any
covered investment owned by or in the custody of the covered
person that is not placed in a qualified blind trust not
later than the date described in subparagraph (A), subject to
any extension granted under paragraph (3).
``(C) Qualified blind trusts.--
``(i) Mandatory sale of initial property in qualified blind
trust.--
``(I) In general.--Subject to clause (ii), if a covered
person places, or has placed before the applicable effective
date described in subsection (j), 1 or more covered
investments in a qualified blind trust, the trustee of the
qualified blind trust shall divest any such covered
investment not later than the date specified in subclause
(II).
``(II) Deadline.--The date specified in this subclause is--
``(aa) with respect to a covered investment placed in a
qualified blind trust before the applicable effective date
described in subsection (j), 120 days after such applicable
effective date; and
``(bb) with respect to a covered investment placed in a
qualified blind trust on or after the applicable effective
date described in subsection (j), 120 days after the date of
creation of the qualified blind trust, as dated by the
executed qualified blind trust agreement.
``(III) Notice of compliance.--
``(aa) In general.--Subject to item (bb), upon completion
of the divestiture of all initial property pursuant to
subclause (I)--
``(AA) the trustee of a qualified blind trust shall submit
to the supervising ethics office and each beneficiary of the
trust a written notice stating that all initial property of
the qualified blind trust has been divested; and
``(BB) the supervising ethics office shall publish the
notice described in subitem (AA) on the website of the
supervising ethics office.
``(bb) Contents.--Each notice described in item (aa)(AA)--
``(AA) shall only identify the initial property generally
by referring to the complete list of assets described in
section 13104(f)(5)(A)(ii); and
``(BB) may not contain any other information relating to
any holding of the qualified blind trust or the timing of any
divestiture.
``(ii) Extension of mandatory sale of initial property.--
``(I) Request.--A covered person may apply to the
supervising ethics office for an extension of the period
described in clause (i)(I) if the size or complexity of the
covered investments in the qualified blind trust warrant such
extension.
``(II) Duration.--An extension granted under subclause (I)
shall not exceed 90 days.
``(D) Illiquid investments.--
``(i) Sale.--Not later than 90 days after the date on which
a covered person is contractually permitted to sell an
illiquid investment, the covered person shall divest the
illiquid investment.
``(ii) Prohibition.--A covered person may not place an
illiquid investment in any qualified blind trust under
subparagraph (A).
``(E) Trustees.--A trustee of a qualified blind trust--
``(i) shall be required to be a financial institution, as
defined in section 1a of the Commodity Exchange Act (7 U.S.C.
1a); and
``(ii) except for a financial institution, may not be--
``(I) an attorney;
``(II) a certified public accountant;
``(III) a broker, as defined in section 3(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); or
``(IV) an investment advisor.
``(3) Extension of assets being placed in qualified blind
trusts.--If a covered person is unable to place a covered
investment in a qualified blind trust by the date described
in paragraph (2)(A), the applicable Member of Congress may
request, and the supervising ethics office may grant, 1 or
more reasonable extensions, subject to the conditions that--
``(A) the total period of time covered by all extensions
granted for the covered investment shall not exceed 150 days;
and
``(B) the period covered by a single extension shall be not
longer than 45 days.
``(4) Communications regarding existing qualified blind
trusts.--
``(A) In general.--Any direct or indirect communication
relating to a qualified blind trust in existence on the
applicable effective date described in subsection (j) between
a trustee of the qualified blind trust and an interested
party shall be permissible for purposes of this title if the
communication--
``(i)(I) is made--
``(aa) in writing; and
``(bb) not later than 60 days after that effective date;
``(II) is filed with the applicable supervising ethics
office by the person initiating the communication not less
than 5 days before the date of the communication;
``(III) relates to a direction or request to the trustee--
``(aa) to sell all initial property placed in the qualified
blind trust by any interested party; or
``(bb) to convert all of an asset in the qualified blind
trust into an investment other than a covered investment; and
``(ii) is otherwise permitted under section
13104(f)(3)(C)(vi).
``(5) Communications between covered persons and trustees
relating to all qualified blind trusts.--
``(A) Notification.--A trustee of a qualified blind trust
shall not notify a covered person if--
``(i) the value of the initial property of the qualified
blind trust is less than $1,000; or
``(ii) the trustee divests any property of the qualified
blind trust, other than the initial property required to be
divested pursuant to paragraph (2).
``(B) Communication.--
``(i) In general.--Any communication between a covered
person and the trustee of the relevant qualified blind
trust--
[[Page S2860]]
``(I) shall be in writing; and
``(II) submitted and approved in advance of the
communication by the supervising ethics office.
``(ii) Prohibition.--A communication described in clause
(i) may not include any information relating to the manner in
which funds of the qualified blind trust are invested,
including any information relating to--
``(I) any company in which the funds are invested; or
``(II) any sector in which the funds are invested.
``(6) Exception for dependents.--A covered person who is a
dependent child of a Member of Congress may have a legal
guardian hold or trade on behalf of the dependent child 1 or
more covered investments provided that the value of the
covered investments in total does not exceed $10,000.
``(b) Acquisitions During Service.--
``(1) In general.--Subject to paragraph (2), and any
applicable rules issued pursuant to subsection (h)(3),
effective beginning on the date of enactment of the Ending
Trading and Holdings In Congressional Stocks (ETHICS) Act, no
covered person may acquire any covered investment.
``(2) Inheritances.--
``(A) In general.--Subject to subparagraph (B), a covered
person who inherits a covered investment shall come into
compliance as required under subsection (a) by not later than
120 days after the date on which the covered investment is
inherited.
``(B) Extensions.--If a covered person is unable to meet
the requirements of subparagraph (A), the applicable Member
of Congress may request, and the supervising ethics office
may grant, 1 or more reasonable extensions, subject to the
conditions that--
``(i) the total period of time covered by all extensions
granted for the covered investment shall not exceed 150 days;
and
``(ii) the period covered by a single extension shall be
not longer than 45 days.
``(c) Family Trusts.--
``(1) In general.--A supervising ethics office may grant an
exemption for a family trust only if--
``(A) no covered person--
``(i) is a grantor of the family trust;
``(ii) contributed any asset to the family trust; or
``(iii) has any authority over a trustee of the family
trust, including the authority to appoint, replace, or direct
the actions of such a trustee; and
``(B) the grantor of the family trust is or was a family
member of the covered person.
``(2) Requests.--A covered person seeking an exemption
under paragraph (1) shall submit to the applicable
supervising ethics office a request for the exemption, in
writing, certifying that the conditions described in that
paragraph are met.
``(3) Publication.--A supervising ethics office shall
publish on the public website of the supervising ethics
office--
``(A) a copy of each request submitted under paragraph (2);
and
``(B) the written response of the supervising ethics office
to each request described in subparagraph (A).
``(d) Mingling of Assets.--A spouse or dependent child of a
Member of Congress may place a covered investment in a
qualified blind trust established by the Member of Congress
under subsection (a)(2)(A)(i).
``(e) Separation From Service and Cooling-Off Period
Required for Control.--During the period beginning on the
date on which an individual becomes a Member of Congress and
ending on the date that is 90 days after the date on which
the individual ceases to serve as a Member of Congress, the
Member of Congress, and any spouse or dependent child of the
Member of Congress, may not--
``(1) dissolve any qualified blind trust in which a covered
investment has been placed pursuant to subsection (a)(2); or
``(2) except as provided in this section, otherwise control
a covered investment, including purchasing new covered
investments.
``(f) Reporting Requirements.--
``(1) Supervising ethics offices.--Each supervising ethics
office shall make available on the public website of the
supervising ethics office--
``(A) a copy of--
``(i) each certification submitted to the supervising
ethics office under subsection (a)(1);
``(ii) each qualified blind trust agreement of each covered
person;
``(iii) each notice and other documentation submitted to
the supervising ethics office under this section; and
``(iv) each notice, ruling, and other documentation issued
or received by the supervising ethics office under subsection
(c);
``(B) a schedule of all assets placed in a qualified blind
trust by each covered person and interested party; and
``(C) a description of each extension granted, and each
civil penalty imposed, pursuant to this section.
``(2) Trustees.--Each trustee of a qualified blind trust
established by a covered person shall submit to the covered
person and the applicable supervising ethics office a written
notice in any case in which the trustee learns that an
interested party has obtained knowledge of any trust property
other than the initial property of the qualified blind trust.
``(3) Member of congress.--Each Member of Congress who is a
beneficiary of a qualified blind trust shall submit to the
applicable supervising ethics office--
``(A) a copy of the executed qualified blind trust
agreement by not later than 30 days after the date of
execution;
``(B) a list of each asset and each financial interest
transferred to the qualified blind trust by an interested
party by not later than 30 days after the date of the
transfer;
``(C) a copy of each notice submitted to the Member of
Congress under paragraph (2) by not later than 30 days after
the date of receipt;
``(D) a written notice that an interested party has
obtained knowledge of any holding of the qualified blind
trust by not later than the date that is 30 days after the
date on which the Member of Congress discovered that the
knowledge had been obtained; and
``(E) a written notice of dissolution of the qualified
blind trust by not later than 30 days after the date of
dissolution.
``(4) Federal benefits.--
``(A) Covered payment.--In this paragraph, the term
`covered payment'--
``(i) means a payment of money or any other item of value
made, or promised to be made, by the Federal Government;
``(ii) includes--
``(I) a loan agreement, contract, or grant made, or
promised to be made, by the Federal Government, including
such an agreement, contract, or grant relating to
agricultural activity; and
``(II) such other types of payment of money or items of
value as the supervising ethics office may establish, by
guidance; and
``(iii) does not include--
``(I) any salary or compensation for service performed as,
or reimbursement of personal outlay by, an officer or
employee of the Federal Government; or
``(II) any tax refund (including a refundable tax credit).
``(B) Reporting requirement.--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 (including
any business owned and controlled by 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.
``(g) Enforcement.--
``(1) Divestiture or placement in qualified blind trust.--
``(A) In general.--The applicable supervising ethics office
shall provide a written notice (including notice of the
potential for civil penalties under subparagraph (B)) to any
Member of Congress if the Member of Congress, or spouse or
dependent child of the Member of Congress--
``(i) fails to submit a certification under subsection
(a)(1) by the date on which the certification is required to
be submitted;
``(ii) fails to divest or place in a qualified blind trust
a covered investment owned by, or in the custody of the
covered person, in accordance with subsection (a)(2), subject
to any extension under subsection (a)(3); or
``(iii) acquires an interest in a covered investment in
violation of this section.
``(B) Civil penalties.--
``(i) In general.--In the event of continuing noncompliance
after issuance of the notice described in subparagraph (A),
the supervising ethics office shall impose a civil penalty,
in the amount described in clause (ii), on a Member of
Congress to whom a notice is provided under clause (i) or
(ii) of subparagraph (A)--
``(I) on the date that is 30 days after the date of
provision of the notice; and
``(II) during the period in which such noncompliance
continues, not less frequently than once every 30 days
thereafter.
``(ii) Amount.--The amount of each civil penalty imposed on
a Member of Congress pursuant to clause (i) shall be equal to
the greater of--
``(I) the monthly equivalent of the annual rate of pay
payable to the Member of Congress; and
``(II) an amount equal to 10 percent of the value of each
covered investment that was not divested or placed into a
qualified blind trust in violation of this section during the
period covered by the penalty.
``(2) Communications.--The Attorney General of the United
States shall file a civil action seeking to impose a civil
penalty on any covered person or trustee of a qualified blind
trust who violates subsection (a)(4), or otherwise discloses
the contents of a qualified blind trust to any unauthorized
individual, equal to the greater of--
``(A) $10,000 per each communication; or
``(B) 1 percent of the value of the qualified blind trust
on the date of the violation.
``(h) Duties of Supervising Ethics Offices.--Each
supervising ethics office in the legislative branch shall--
``(1) impose and collect civil penalties in accordance with
subsection (g);
``(2) establish such procedures and standard forms as the
supervising ethics office determines to be appropriate to
implement this section;
``(3) issue such rules and guidelines as the supervising
ethics office determines to be appropriate for the
implementation and application of this title; and
``(4) publish on a website all documents and communications
described in this subsection.
``(i) Rule of Construction.--Nothing in this section shall
be construed to prevent a covered person from owning or
trading--
``(1) a diversified mutual fund; or
``(2) a publicly traded, diversified exchange traded fund.
[[Page S2861]]
``(j) Effective Date.--This section shall apply to each
covered person beginning on the date on which the covered
person (or with respect to a covered person that is a spouse
or dependent child of a Member of Congress, the date on which
that Member of Congress) commences the first new term of
service as a Member of Congress on or after January 31,
2023.''.
(2) Clerical amendment.--The table of sections for chapter
131 of title 5, United States Code, is amended by adding at
the end the following:
``subchapter iv--certain assets of members of congress and their
spouses and dependent children
``13161. Definitions.
``13162. Trading covered investments
``13163. Addressing owned covered investments''.
(3) Technical and conforming amendments.--
(A) Title 5.--Title 5, United States Code, is amended--
(i) in section 13103(f)--
(I) in paragraph (9), by striking ``as defined in section
13101 of this title'';
(II) in paragraph (10), by striking ``as defined in section
13101 of this title'';
(III) in paragraph (11), by striking ``as defined in
section 13101 of this title''; and
(IV) in paragraph (12), by striking ``as defined in section
13101 of this title''; and
(ii) in section 13122(f)(2)(B)--
(I) by striking ``Subject to clause (iv) of this
subparagraph, before'' each place it appears and inserting
``Before''; and
(II) by striking clause (iv).
(B) Lobbying disclosure act of 1995.--Section 3(4)(D) of
the Lobbying Disclosure Act of 1995 (2 U.S.C. 1602(4)(D)) is
amended by striking ``legislative branch employee serving in
a position described under section 13101(13) of title 5,
United States Code'' and inserting ``officer or employee of
Congress (as defined in section 13101 of title 5, United
States Code)''.
(C) Securities exchange act of 1934.--Section 21A of the
Securities Exchange Act of 1934 (15 U.S.C. 78u-1) is
amended--
(i) in subsection (g)(2)(B)(ii), by striking ``section
13101(11)'' and inserting ``section 13101''; and
(ii) in subsection (h)(2)--
(I) in subparagraph (B), by striking ``in section
13101(9)'' and inserting ``under section 13101''; and
(II) in subparagraph (C), by striking ``section 13101(10)''
and inserting ``in section 13101''.
(c) Penalty for STOCK Act Noncompliance.--
(1) Fines for failure to report.--The STOCK Act (Public Law
112-105; 126 Stat. 291) is amended by adding at the end the
following:
``SEC. 20. FINES FOR FAILURE TO REPORT.
``(a) In General.--Notwithstanding any other provision of
law (including regulations), a reporting 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 reporting
individual fails to file a transaction report required under
this Act or an amendment made by this Act.
``(b) Deposit in Treasury.--The fines paid under this
section shall be deposited in the miscellaneous receipts of
the Treasury.''.
(2) Effective date.--The amendments made by paragraph (1)
shall take effect on the date on which the reporting
individual who is a Member of Congress commences the first
new term of service as a Member of Congress on or after
January 31, 2023.
(3) Rules, regulations, guidance, and documents.--Not later
than 1 year after the date of enactment of this Act, each
supervising ethics office (as defined in section 13101 of
title 5, United States Code) (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 subsection.
(d) Electronic Filing and Online Public Availability of
Financial Disclosure Forms.--
(1) Members of congress and congressional staff.--Section
8(b)(1) of the STOCK Act (5 U.S.C. 13107 note) is amended--
(A) in the matter preceding subparagraph (A), by inserting
``, pursuant to subchapter I of chapter 131 of part IV of
title 5, United States Code, through databases maintained on
the official websites of the House of Representatives and the
Senate'' after ``enable''; and
(B) by striking subparagraph (B) and the undesignated
matter following that subparagraph and inserting the
following:
``(B) public access--
``(i) to each--
``(I) financial disclosure report filed by a Member of
Congress or a candidate for Congress;
``(II) transaction disclosure report filed by a Member of
Congress or a candidate for Congress pursuant to subsection
(l) of that section; and
``(III) notice of extension, amendment, or blind trust,
with respect to a report described in subclause (I) or (II),
pursuant to subchapter I of chapter 131 of part IV of title
5, United States Code; and
``(ii) in a manner that--
``(I) 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;
``(II) allows access through an application programming
interface; and
``(III) is fully compliant with--
``(aa) section 508 of the Rehabilitation Act of 1973 (29
U.S.C. 794d); and
``(bb) the most recent Web Content Accessibility Guidelines
(or successor guidelines).''.
(2) Effective date.--The amendments made by this section
take effect on the date that is 18 months after the date of
enactment of this Act.
(d) Severability.--If any provision of this Act, an
amendment made by this Act, or the application of such
provision or amendment to any person or circumstance is held
to be unconstitutional, the remainder of this Act and of the
amendments made by this Act, and the application of the
remaining provisions of this Act and amendments to any person
or circumstance, shall not be affected.
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