[Congressional Record Volume 170, Number 126 (Thursday, August 1, 2024)]
[Senate]
[Pages S5823-S5826]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3229. Mr. MERKLEY (for himself, Mr. Peters, Mr. Ossoff, Ms. Rosen, 
Mr. Hawley, and Mr. Brown) submitted an amendment intended to be 
proposed by him to the bill S. 4638, to authorize appropriations for 
fiscal year 2025 for military activities of the Department of Defense, 
for military construction, and for defense activities of the Department 
of Energy, to prescribe military personnel strengths for such fiscal 
year, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. __. ENDING TRADING AND HOLDINGS IN CONGRESSIONAL STOCKS 
                   ACT.

       (a) Short Title.--This section may be cited as the ``Ending 
     Trading and Holdings In Congressional Stocks (ETHICS) Act''.
       (b) Divestment of Certain Assets of Members of Congress, 
     the President, the Vice President, and Their Spouses and 
     Dependent Children.--
       (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, the President, 
      the Vice President, and Their Spouses and Dependent Children

     ``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 investment.--
       ``(A) In general.--The term `covered investment' means--
       ``(i) an investment in--

       ``(I) a security;
       ``(II) a commodity;
       ``(III) a future; or
       ``(IV) a digital asset;

       ``(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;
       ``(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 covered person, 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 covered person, including the dividend 
     reinvestment in the same security received from the corporate 
     board service by the spouse of a covered person;
       ``(vi) any covered investment that is traded by the spouse 
     of a covered person in the course of performing the primary 
     occupation of such a spouse, provided the investment is not 
     owned by a covered person or the spouse or dependent child of 
     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;

[[Page S5824]]

       ``(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, or a spouse or dependent child of 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).
       ``(C) Rule of construction.--Nothing in this paragraph 
     shall be construed to imply that particular digital assets 
     are not securities, commodities, or other types of covered 
     investments.
       ``(3) Covered person.--The term `covered person' means--
       ``(A) a Member of Congress;
       ``(B) the President of the United States; or
       ``(C) the Vice President of the United States.
       ``(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 any successor regulation).
       ``(5) Dependent child.--The term `dependent child' means, 
     with respect to any covered person, any individual who is--
       ``(A) under 19 years of age; and
       ``(B) a dependent of the covered person within the meaning 
     of section 152 of the Internal Revenue Code of 1986.
       ``(6) Digital asset.--The term `digital asset' means any 
     digital representation of value that is recorded on a 
     cryptographically secured distributed ledger or any similar 
     technology.
       ``(7) 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 single industry, business, or single 
     country other than the United States.
       ``(8) 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.
       ``(9) Illiquid investment.--The term `illiquid investment' 
     means an interest in a private fund, as defined in section 
     202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-
     2(a)).
       ``(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 meanings given those terms in section 13101.
       ``(12) Qualified blind trust.--The term `qualified blind 
     trust' has the meaning given the term in section 13104(f)(3).
       ``(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 
     covered person 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 covered person shall not 
     sell any covered investment, except as provided in section 
     13163(a)(1); and
       ``(3) on and after the effective date described in section 
     13163(j), an individual who is a spouse or dependent child of 
     a covered person shall not purchase any covered investment or 
     sell any covered investment, except as provided in section 
     13163(a)(1).
       ``(b) Optional Divestment Window.--
       ``(1) Current members.--Notwithstanding subsection (a), a 
     covered person who is sworn into office 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.
       ``(2) New members.--Notwithstanding subsection (a), a 
     covered person who is sworn into office after the date of 
     enactment of the Ending Trading and Holdings In Congressional 
     Stocks (ETHICS) Act, but before the effective date under 
     section 13163(j), may sell a covered investment within 90 
     days of commencing a new non-consecutive term of service as a 
     Member of Congress, President, or Vice President.
       ``(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 covered person and the spouse of the covered person shall 
     be deemed to be a covered investment of the covered person 
     for purposes of this section.

     ``Sec. 13163. Addressing owned covered investments

       ``(a) Covered Persons.--
       ``(1) Divestiture.--
       ``(A) Requirements.--
       ``(i) Officials sworn in before the effective date.--
     Subject to paragraph (2) and the amendments made under 
     subsection (b), a covered person who is sworn into office on 
     or before the effective date described in subsection (j), not 
     later than 120 days after the effective date described in 
     subsection (j), subject to any extension granted under 
     subparagraph (C)(iii) of this paragraph, shall divest each 
     covered investment owned or in the custody of--

       ``(I) the covered person; or
       ``(II) a spouse or dependent child of the covered person.

       ``(ii) Officials sworn in after the effective date.--
     Subject to paragraph (2) and the amendments made under 
     subsection (b), a covered person who is sworn into office 
     after the effective date described in subsection (j), not 
     later than 120 days after commencing a new non-consecutive 
     term of service as a Member of Congress, President, or Vice 
     President, subject to any extension granted under 
     subparagraph (C)(iii) of this paragraph, shall divest each 
     covered investment owned or in the custody of--

       ``(I) the covered person; or
       ``(II) a spouse or dependent child of the covered person.

       ``(B) Illiquid investments.--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.
       ``(C) Qualified blind trusts.--
       ``(i) Prohibition on future qualified blind trusts.--Except 
     as provided in clause (iii), on and after the date that is 
     180 days after the effective date described in subsection 
     (j), no covered person, or the spouse or dependent child of 
     the covered person, may maintain a qualified blind trust.
       ``(ii) Mandatory sale of covered investments in existing 
     qualified blind trusts.--

       ``(I) In general.--The trustee of a qualified blind trust 
     holding covered investments shall, at a time elected by the 
     covered person, on behalf of a covered person, and in 
     accordance with clause (iv)--

       ``(aa) divest all covered investments held in the qualified 
     blind trust for the purposes of complying with the 
     divestiture requirements under this section, in accordance 
     with subparagraph (A); and
       ``(bb) dissolve the qualified blind trust in accordance 
     with this chapter and guidance from the supervising ethics 
     office.

       ``(II) Notice of compliance.--

       ``(aa) Notice of divestiture.--
       ``(AA) In general.--Upon the completion of divestiture of 
     all covered investments pursuant to subclause (I)(aa), the 
     trustee shall submit to the supervising ethics office and the 
     applicable covered person a written notice stating that the 
     trustee has completed divestiture of all covered investments 
     held in the qualified blind trust pursuant to subclause 
     (I)(aa).
       ``(BB) Publication.--The supervising ethics office shall 
     publish the notice required under subitem (AA) on the website 
     of the supervising ethics office.
       ``(bb) Notice of dissolution.--Upon the dissolution of a 
     qualified blind trust pursuant to subclause (I)(bb), the 
     trustee shall submit to the supervising ethics office and the 
     applicable covered person a written notice stating that the 
     trust has dissolved the qualified blind trust pursuant to 
     subclause (I)(bb) and shall include a list of the assets held 
     in the qualified blind trust on the date of the dissolution 
     of such trust and the category of value of each such asset.
       ``(iii) Extension of mandatory sale of covered 
     investments.--

       ``(I) Request.--Each covered person who maintains a 
     qualified blind trust established by the covered person, or a 
     spouse or dependent child of the covered person, in any case 
     in which the trustee of the qualified blind trust believes 
     the size or complexity of the covered investments in the 
     qualified blind trust warrant such extension may apply to the 
     supervising ethics office for an extension of the period 
     described in subparagraph (A).
       ``(II) Duration.--An extension granted under subclause (I) 
     shall not exceed 90 days.

       ``(iv) Communications.--A covered person may communicate 
     with and direct the trustee of their qualified blind trust 
     for the purposes of--

       ``(I) determining when divestment of covered investments in 
     the qualified blind trust should occur, pursuant to paragraph 
     1(A) of this subsection, clause (ii) of this subparagraph, or 
     section 13162(b), as applicable;
       ``(II) determining which permitted property covered 
     investments should be divested into; and
       ``(III) whether the trustee utilizes a certificate of 
     divestiture pursuant to section 1043(b) of the Internal 
     Revenue Code of 1986, as amended by subsection (b) of this 
     section.

       ``(2) Exception for dependents.--An individual who is a 
     dependent child of a covered person may have a legal guardian 
     hold or trade on behalf of the dependent child 1 or more 
     covered investments provided that the

[[Page S5825]]

     value of the covered investments in total does not exceed 
     $10,000.
       ``(b) Tax Treatment of Divestitures.--
       ``(1) In general.--Section 1043(b) of the Internal Revenue 
     Code of 1986 is amended--
       ``(A) in paragraph (1)(A), by inserting `or a covered 
     person (as defined in section 13161 of title 5, United States 
     Code),' after `of the Federal Government,';
       ``(B) in paragraph (2)(B)--
       ``(i) by striking `employees, or' and inserting 
     `employees,'; and
       ``(ii) by inserting `or the applicable supervising ethics 
     office (as defined in section 13101 of title 5, United States 
     Code), in the case of a covered person' after `judicial 
     officers,'; and
       ``(C) in paragraph (3), by striking `or any diversified 
     investment fund approved by regulations issued by the Office 
     of Government Ethics' and inserting `, any diversified 
     investment fund approved by regulations issued by the Office 
     of Government Ethics (in the case of any eligible person who 
     is not a covered person (as defined in section 13161 of title 
     5, United States Code)), or any diversified mutual fund or a 
     diversified exchange-traded fund described in clause (i) or 
     (ii) of section 13161(2)(B) of title 5, United States Code 
     (in the case of any eligible person who is a covered person 
     (as so defined)).'.
       ``(2) Effective date.--The amendments made by this 
     subsection shall apply to sales after the date of enactment 
     of the Ending Trading and Holdings In Congressional Stocks 
     (ETHICS) Act.
       ``(c) 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, or spouse or dependent child of a covered 
     person, may acquire any covered investment.
       ``(2) Inheritances.--
       ``(A) In general.--Subject to subparagraph (B), a covered 
     person, or a spouse or dependent child of 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, or a spouse or 
     dependent child of a covered person, is unable to meet the 
     requirements of subparagraph (A), the applicable covered 
     person 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.
       ``(d) Family Trusts.--
       ``(1) In general.--A supervising ethics office may grant an 
     exemption for a family trust only if--
       ``(A) no covered person, or spouse or dependent child of a 
     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, or the spouse or dependent 
     child 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).
       ``(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, 
     President, or Vice President and ending on the date that is 
     90 days after the date on which the individual ceases to 
     serve as a Member of Congress, President, or Vice President, 
     the covered person, and any spouse or dependent child of the 
     covered person, may not, 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 notification submitted to the supervising ethics 
     office in accordance with subsection (a)(1)(C)(ii)(II);
       ``(ii) each notice and other documentation submitted to the 
     supervising ethics office under this section; and
       ``(iii) each written response and other documentation 
     issued or received by the supervising ethics office under 
     subsection (d);
       ``(B) not later than 30 days after a qualified blind trust 
     maintained by a covered person is dissolved, a written notice 
     of the dissolution of the qualified blind trust; and
       ``(C) a description of each extension granted, and each 
     civil penalty imposed, pursuant to this section.
       ``(2) 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, or a 
     spouse or dependent child of a covered person, (including any 
     business owned and controlled by the covered person, spouse, 
     or dependent child), 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) In general.--The applicable supervising ethics office 
     shall provide a written notice (including notice of the 
     potential for civil penalties under paragraph (2)) to any 
     covered person if the covered person, or the spouse or 
     dependent child of the covered person, as applicable--
       ``(A) fails to divest a covered investment owned by, in the 
     custody of, or held in a qualified blind trust of, the 
     covered person or spouse or dependent child of a covered 
     person, in accordance with subsection (a)(1), subject to any 
     extension under subsection (a)(1)(C)(iii); or
       ``(B) acquires an interest in a covered investment in 
     violation of this section.
       ``(2) Civil penalties.--
       ``(A) In general.--In the event of continuing noncompliance 
     after issuance of the notice described in paragraph (1), the 
     supervising ethics office shall impose a civil penalty, in 
     the amount described in subparagraph (B), on a covered person 
     to whom a notice is provided under subparagraph (A) or (B) of 
     paragraph (1)--
       ``(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.
       ``(B) Amount.--The amount of each civil penalty imposed on 
     a covered person pursuant to subparagraph (A) shall be equal 
     to the greater of--
       ``(i) the monthly equivalent of the annual rate of pay 
     payable to the covered person; and
       ``(ii) an amount equal to 10 percent of the value of each 
     covered investment that was not divested in violation of this 
     section during the period covered by the penalty.
       ``(h) Duties of Supervising Ethics Offices.--Each 
     supervising ethics office 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, or a spouse or 
     dependent child of a covered person, from owning or trading--
       ``(1) a diversified mutual fund; or
       ``(2) a publicly traded, diversified exchange traded fund.
       ``(j) Effective Date.--Except as provided in subsection 
     (c)(1), this section shall apply on and after March 31, 
     2027.''.
       (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, the president, 
      the vice president, 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)--

[[Page S5826]]

       (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 ``section 13101''.

       (c) Penalty for STOCK Act Noncompliance.--
       (1) Fines for failure to report.--
       (A) In general.--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.''.
       (B) Effective date.--The amendment made by subparagraph (A) 
     shall apply on and after March 31, 2027.
       (2) Rules, regulations, guidance, and documents.--Not later 
     than 1 year after the date of enactment of this section, 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 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 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 subsection 
     shall take effect on the date that is 18 months after the 
     date of enactment of this section.
       (e) Severability.--If any provision of this section, an 
     amendment made by this section, or the application of such 
     provision or amendment to any person or circumstance is held 
     to be unconstitutional, the remainder of this section and of 
     the amendments made by this section, and the application of 
     the remaining provisions of this section and amendments to 
     any person or circumstance, shall not be affected.
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