[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.
                                 ______