[Congressional Record Volume 170, Number 50 (Thursday, March 21, 2024)]
[Senate]
[Pages S2524-S2526]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1701. Mr. HAWLEY submitted an amendment intended to be proposed by 
him to the bill H.R. 2882, to reauthorize the Morris K. Udall and 
Stewart L. Udall Trust Fund, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

  DIVISION ___--BAN STOCK TRADING FOR GOVERNMENT OFFICIALS ACT OF 2024

     SECTION 1. SHORT TITLE.

       This division may be cited as the ``Ban Stock Trading for 
     Government Officials Act of 2024''.

  TITLE I--ELIMINATING EXECUTIVE BRANCH INSIDER CONFLICTS OF INTEREST

     SEC. 101. SHORT TITLE.

       This title may be cited as the ``Eliminating Executive 
     Branch Insider Conflicts of Interest Act''.

     SEC. 102. SENSE OF CONGRESS.

       It is the sense of Congress that executive branch officials 
     should not have a personal financial interest in the outcome 
     of Government policy decisions.

     SEC. 103. BANNING CONFLICTED INTERESTS IN THE EXECUTIVE 
                   BRANCH.

       (a) In General.--Chapter 131 of title 5, United States 
     Code, is amended by adding at the end the following:

 ``Subchapter IV--Banning Conflicted Interests in the Executive Branch

     ``Sec. 13151. Definitions

       ``In this subchapter:
       ``(1) Adjacent individual.--The term `adjacent individual' 
     means--
       ``(A) each officer or employee in the executive branch 
     holding a Senior Executive Service position, as defined under 
     section 3132(a)(2) of title 5;
       ``(B) each member of a uniformed service whose pay grade is 
     at or in excess of O-7 under section 201 of title 37;
       ``(C) 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
       ``(D) the spouse or dependent child of any individual 
     described in subparagraph (A), (B), or (C).
       ``(2) Covered financial interest.--
       ``(A) In general.--The term `covered financial interest' 
     means--
       ``(i) any investment in--

       ``(I) a security (as defined in section 3(a) of Securities 
     Exchange Act of 1934 (15 U.S.C. 78c(a)));
       ``(II) a security future (as defined in that section); or
       ``(III) a commodity (as defined in section 1a of the 
     Commodity Exchange Act (7 U.S.C. 1a)); or

       ``(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.
       ``(B) Exclusions.--The term `covered financial interest' 
     does not include--
       ``(i) a diversified mutual fund;
       ``(ii) a diversified exchange-traded fund;
       ``(iii) a United States Treasury bill, note, or bond;
       ``(iv) compensation from the primary occupation of a 
     covered individual or adjacent individual; or
       ``(v) any financial interest exempted under paragraph (1) 
     or (2) of section 208(b) of title 18.
       ``(3) Covered individual.--The term `covered individual' 
     means--
       ``(A) the President;
       ``(B) the Vice President; or
       ``(C) the spouse or dependent child of any individual 
     described in subparagraph (A) or (B).
       ``(4) Dependent child.--The term dependent child has the 
     meaning given the term in section 13101.

     ``Sec. 13152. Prohibition on certain transactions and 
       holdings involving covered financial interests

       ``(a) Prohibition.--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.
       ``(b) Exceptions.--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--
       ``(1) 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
       ``(2) 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.
       ``(c) Adjacent Individuals.--With respect to adjacent 
     individuals--
       ``(1) this section shall be supplementary in nature to 
     section 208 of title 18; and
       ``(2) nothing in this section shall be construed to limit 
     the application of section 208 of title 18.
       ``(d) Penalties.--
       ``(1) Disgorgement.--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.
       ``(2) Fines.--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--
       ``(A) 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
       ``(B) 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.

     ``Sec. 13153. Civil penalties

       ``(a) Civil Action.--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.
       ``(b) Civil Penalty.--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.''.
       (b) 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--banning conflicted interests in the executive branch

``13151. Definitions.
``13152. Prohibition on certain transactions and holdings involving 
              covered financial interests.
``13153. Civil penalties.''.

                        TITLE II--STOCK ACT 2.0

     SEC. 201. SHORT TITLE.

       This title may be cited as the ``STOCK Act 2.0''.

     SEC. 202. REPORTING OF APPLICATIONS FOR, OR RECEIPT OF, 
                   PAYMENTS FROM FEDERAL GOVERNMENT.

       (a) In General.--Section 13103 of title 5, United States 
     Code, is amended by adding at the end the following:
       ``(i) Reporting of Applications for, or Receipt of, 
     Payments From Federal Government.--
       ``(1) Definitions.--In this subsection:
       ``(A) Covered payment.--
       ``(i) In general.--The term `covered payment' means a 
     payment of money or any other item of value made, or promised 
     to be made, by the Federal Government.
       ``(ii) Inclusions.--The term `covered payment' includes--

       ``(I) a loan agreement, contract, or grant made, or 
     promised to be made, by the Federal Government; and
       ``(II) 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.

       ``(iii) Exclusions.--The term `covered payment' 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) Covered person.--The term `covered person' means a 
     person described in any of paragraphs (1) through (10) of 
     section 13105(l).
       ``(2) 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, 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.
       ``(3) Fine for failure to report.--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.''.
       (b) Report Contents.--Section 13104 of title 5, United 
     States Code, is amended by adding at the end the following:
       ``(j) Payments From Federal Government.--Each report filed 
     pursuant to subsection (i) of section 13103 shall include--
       ``(1) an identification of each type of payment or item of 
     value applied for, or received, from the Federal Government;
       ``(2)(A) the name of each recipient of each payment or item 
     of value identified under paragraph (1); and
       ``(B) the relationship of each recipient named under 
     subparagraph (A) to the person filing the report;
       ``(3) a description of the date on which, as applicable--

[[Page S2525]]

       ``(A) an application for a payment or other item of value 
     was submitted to the Federal Government; and
       ``(B) the payment or item of value was received from the 
     Federal Government; and
       ``(4) a description of the amount of each applicable 
     payment or item of value.''.
       (c) Technical and Conforming Amendments.--
       (1) Persons required to file.--Section 13103(f) of title 5, 
     United States Code, is amended--
       (A) in paragraph (9), by striking ``as defined in section 
     13101'';
       (B) in paragraph (10), by striking ``as defined in section 
     13101'';
       (C) in paragraph (11), by striking ``as defined in section 
     13101''; and
       (D) in paragraph (12), by striking ``as defined in section 
     13101''.
       (2) Contents of reports.--Section 13104(a) of title 5, 
     United States Code, is amended in the matter preceding 
     paragraph (1), by striking ``section 13103(d) and (e)'' and 
     inserting ``subsection (d) or (e) of section 13103''.
       (d) Effective Date.--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.

     SEC. 203. PENALTY FOR STOCK ACT NONCOMPLIANCE.

       (a) In General.--The STOCK Act (Public Law 112-105; 126 
     Stat. 291; 126 Stat. 1310; 127 Stat. 438; 132 Stat. 4167) 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), 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.
       ``(b) Deposit in Treasury.--The fines paid under this 
     section shall be deposited in the miscellaneous receipts of 
     the Treasury.''.
       (b) 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 2 of the 
     STOCK Act (5 U.S.C. 13101 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.

     SEC. 204. BANNING CONFLICTED INTERESTS IN CONGRESS.

       (a) In General.--
       (1) Banning conflicted trades.--Chapter 131 of title 5, 
     United States Code, as amended by section 103 of this 
     division, is amended by adding at the end the following:

         ``Subchapter V--Banning Conflicted Trades in Congress

     ``SEC. 13161. DEFINITIONS.

       ``In this subchapter:
       ``(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 financial interest.--
       ``(A) In general.--The term `covered financial interest' 
     means--
       ``(i) any investment in--

       ``(I) a security (as defined in section 3(a) of Securities 
     Exchange Act of 1934 (15 U.S.C. 78c(a)));
       ``(II) a security future (as defined in that section); or
       ``(III) a commodity (as defined in section 1a of the 
     Commodity Exchange Act (7 U.S.C. 1a)); or

       ``(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.
       ``(B) Exclusions.--The term `covered financial interest' 
     does not include--
       ``(i) a diversified mutual fund;
       ``(ii) a diversified exchange-traded fund;
       ``(iii) a United States Treasury bill, note, or bond;
       ``(iv) compensation from the primary occupation of a 
     covered individual; or
       ``(v) any financial interest exempted under paragraph (1) 
     or (2) of section 208(b) of title 18.
       ``(3) Covered individual.--The term `covered individual' 
     means--
       ``(A) a Member of Congress (as defined in section 13101); 
     or
       ``(B) a spouse or dependent child of a Member of Congress.
       ``(4) Dependent child.--The term dependent child has the 
     meaning given the term in section 13101.
       ``(5) Future.--The term `future' 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.
       ``(6) 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)).
       ``(7) Supervising ethics office.--The term `supervising 
     ethics office', with respect to a covered individual, has the 
     meaning given the term in section 13101 with respect to that 
     covered individual.

     ``SEC. 13162. PROHIBITIONS.

       ``(a) Transactions.--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--
       ``(1) hold, purchase, sell, or conduct any type of 
     transaction with respect to a covered financial interest; or
       ``(2) enter into a transaction that creates a net short 
     position in any security.
       ``(b) Positions.--A covered individual may not serve as an 
     officer or member of any board of any for-profit association, 
     corporation, or other entity.

     ``SEC. 13163. DIVESTITURE.

       ``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--
       ``(1) the date on which the covered individual assumes 
     office or employment as a covered individual; and
       ``(2) the date of enactment of this Act.

     ``SEC. 13164. ADMINISTRATION AND ENFORCEMENT.

       ``(a) Administration.--Each supervising ethics office may 
     issue guidance relating to any matter covered by this 
     subchapter, including--
       ``(1) 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
       ``(2) 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.
       ``(b) Enforcement.--A covered individual who knowingly 
     fails to comply with this subchapter--
       ``(1) 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
       ``(2) 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.''.
       (2) Clerical amendment.--The table of sections for chapter 
     131 of title 5, United States Code, as amended by section 103 
     of this division, is amended by adding at the end the 
     following:

          ``subchapter v--banning conflicted trades in congress

``13161. Definitions.
``13162. Prohibitions.
``13163. Divestiture.
``13164. Administration and enforcement.''.
       (b) Conforming Amendments.--
       (1) Authority and functions.--Section 13122(f)(2)(B) of 
     title 5, United States Code, is amended--
       (A) by striking ``Subject to clause (iv) of this 
     subparagraph, before'' each place it appears and inserting 
     ``Before''; and
       (B) by striking clause (iv).
       (2) 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)''.
       (3) STOCK act.--Section 2 of the STOCK Act (5 U.S.C. 13101 
     note) is amended--
       (A) in paragraph (2)(B), by striking ``(11)'';
       (B) in paragraph (4), by striking ``(10)'';
       (C) in paragraph (5), by striking ``(9)''; and
       (D) in paragraph (6), by striking ``(18)''.
       (4) Securities exchange act of 1934.--Section 21A of the 
     Securities Exchange Act of 1934 (15 U.S.C. 78u-1) is 
     amended--
       (A) in subsection (g)(2)(B)(ii), by striking ``(11)''; and
       (B) in subsection (h)(2)--
       (i) in subparagraph (B), by striking ``(9)''; and
       (ii) in subparagraph (C), by striking ``(10)''.

     SEC. 205. ELECTRONIC FILING AND ONLINE PUBLIC AVAILABILITY OF 
                   FINANCIAL DISCLOSURE FORMS.

       (a) Members of Congress and Congressional Staff.--Section 
     8(b)(1) of the STOCK Act (5 U.S.C. 13107 note) is amended--
       (1) in the matter preceding subparagraph (A), by inserting 
     ``, pursuant to subchapter I of chapter 131 of title 5, 
     United States Code, through databases maintained on the 
     official websites of the Senate and House of 
     Representatives'' after ``enable'';
       (2) in subparagraph (A), by striking ``reports received by 
     them pursuant to section 13105(h)(1)(A) of title 5, United 
     States Code, and'' and inserting ``each report received under 
     section 13105(h)(1)(A) of that subchapter; and''; and
       (3) 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 section 
     13105(l) of that subchapter; and
       ``(III) notice of extension or amendment with respect to a 
     report described in subclause (I) or (II), pursuant to that 
     subchapter; and

[[Page S2526]]

       ``(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).''.
       (b) Very Senior Executive Branch Employees.--Section 
     11(b)(1) of the STOCK Act (Public Law 112-105; 126 Stat. 299) 
     is amended--
       (1) in the matter preceding subparagraph (A), by inserting 
     ``, pursuant to subchapter I of chapter 131 of title 5, 
     United States Code, through databases maintained on the 
     official website of the Office of Government Ethics'' after 
     ``enable''; and
       (2) 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 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;
       ``(II) transaction disclosure report filed by an individual 
     described in subclause (I) pursuant to section 13105(l) of 
     title 5, United States Code; and
       ``(III) notice of extension or amendment with respect to a 
     report described in subclause (I) or (II), pursuant to 
     subchapter I of chapter 131 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).''.
       (c) Applicability.--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.
                                 ______