[Senate Report 118-309]
[From the U.S. Government Publishing Office]
Calendar No. 729
118th Congress} { Report
SENATE
2d Session } { 118-309
======================================================================
ENDING TRADING AND HOLDINGS IN
CONGRESSIONAL STOCKS (ETHICS) ACT
__________
R E P O R T
OF THE
COMMITTEE ON HOMELAND SECURITY AND
GOVERNMENTAL AFFAIRS
UNITED STATES SENATE
TO ACCOMPANY
S. 1171
TO AMEND CHAPTER 131 OF TITLE 5, UNITED STATES
CODE, TO PREVENT MEMBERS OF CONGRESS AND THEIR
SPOUSES AND DEPENDENT CHILDREN FROM TRADING
STOCKS AND OWNING STOCKS, AND FOR OTHER PURPOSES
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
December 19 (legislative day, December 16), 2024.--Ordered to be
printed
__________
U.S. GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2025
-----------------------------------------------------------------------------------
COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS
GARY C. PETERS, Michigan, Chairman
THOMAS R. CARPER, Delaware RAND PAUL, Kentucky
MAGGIE HASSAN, New Hampshire RON JOHNSON, Wisconsin
KYRSTEN SINEMA, Arizona JAMES LANKFORD, Oklahoma
JACKY ROSEN, Nevada MITT ROMNEY, Utah
JON OSSOFF, Georgia RICK SCOTT, Florida
RICHARD BLUMENTHAL, Connecticut JOSH HAWLEY, Missouri
ADAM SCHIFF, California ROGER MARSHALL, Kansas
David M. Weinberg, Staff Director
Alan S. Kahn, Chief Counsel
Lena C. Chang, Director of Governmental Affairs
Emily I. Manna, Professional Staff Member
William E. Henderson III, Minority Staff Director
Christina N. Salazar, Minority Chief Counsel
Andrew J. Hopkins, Minority Counsel
Laura W. Kilbride, Chief Clerk
Calendar No. 729
118th Congress} { Report
SENATE
2d Session } { 118-309
======================================================================
ENDING TRADING AND HOLDINGS IN
CONGRESSIONAL STOCKS (ETHICS) ACT
_______
December 19 (legislative day, December 16), 2024.--Ordered to be
printed
_______
Mr. Peters, from the Committee on Homeland Security and Governmental
Affairs, submitted the following
R E P O R T
[To accompany S. 1171]
[Including cost estimate of the Congressional Budget Office]
The Committee on Homeland Security and Governmental
Affairs, to which was referred the bill (S. 1171) to amend
chapter 131 of title 5, United States Code, to prevent Members
of Congress and their spouses and dependent children from
trading stocks and owning stocks, and for other purposes,
having considered the same, reports favorably thereon with an
amendment, in the nature of a substitute, and recommends that
the bill, as amended, do pass.
CONTENTS
Page
I. Purpose and Summary..............................................1
II. Background and Need for the Legislation..........................2
III. Legislative History..............................................4
IV. Section-by-Section Analysis of the Bill, as Reported.............5
V. Evaluation of Regulatory Impact..................................8
VI. Congressional Budget Office Cost Estimate........................8
VII. Changes in Existing Law Made by the Bill, as Reported............9
I. Purpose and Summary
S. 1171, the Ending Trading and Holdings In Congressional
Stocks (ETHICS) Act, would ban all federally elected officials,
and their respective spouses and dependent children, from
buying, selling, and holding securities, commodities, and other
types of similar investments. Specifically, the legislation
bars Members of Congress, the President, and the Vice President
(VP) from buying covered investments any time after the day of
enactment and from selling covered investments as of 90 days
after enactment. Covered investments include securities,
commodities, futures, options, trusts, and other comparable
holdings. Beginning on the effective date March 31, 2027,
Members of Congress, the President, the VP, and their spouses
and dependent children, would be given 120 days to divest all
covered investments. The bill prohibits covered persons or
their spouses or dependent children from utilizing a qualified
blind trust (QBT) and requires the dissolution of any existing
blind trusts. The legislation also includes enhanced
transparency requirements and increases penalties for
violations under the STOCK Act.
II. Background and Need for the Legislation
During the course of their official duties, Members of
Congress, the President, and the VP may come into possession of
information that is sensitive, non-public, or classified and
that may have the potential to impact financial markets,
including their own personal investments. In 2012, to address
concerns that Members of Congress and their staffs were not
subject to prohibitions on ``insider trading,'' or fraudulently
trading on non-public information, Congress passed the Stop
Trading on Congressional Knowledge Act of 2012 (STOCK Act).
This law clarifies that a variety of security and commodity
statutes that prohibit fraud and deception in connection with
the sale of securities--commonly referred to as insider
trading--do apply to Congress.\1\ The STOCK Act also increased
the frequency of reporting financial transactions for Members
and their staffs, to no later than 45 days after a transaction
of more than $1,000 in covered investments, to provide greater
transparency about their financial arrangements.\2\
---------------------------------------------------------------------------
\1\Pub. L. No. 112-105 (2012). See also S. Rept. 112-244.
\2\Id.
---------------------------------------------------------------------------
While current law, as clarified by the STOCK Act, already
precludes Members of Congress from trading stocks on non-public
information obtained through the course of their duties, the
public supports a full ban on trading stocks.\3\
---------------------------------------------------------------------------
\3\University of Maryland Program for Public Consultation, Stock
Trades by Members of Congress and Other Federal Officials (Jun. 2023)
(https://publicconsultation.org/wp-content/uploads/2023/07/
StockTradesSlides_0723.pdf).
---------------------------------------------------------------------------
The Ending Trading and Holdings In Congressional Stocks
(ETHICS) Act would prevent bad actors from being able to take
advantage of their positions for personal financial gain and
eliminate the appearance of potential conflicts of interest, by
prohibiting federally elected officials from purchasing,
selling, or holding stocks and other similar investments. The
bill utilizes a tiered implementation timeline with phased
prohibition and divestment requirements. Specifically, the bill
immediately prohibits Members of Congress, the President, and
the VP (hereafter ``covered persons'') from purchasing any
covered investments, while allowing covered persons to sell any
covered investments in the 90-day window after enactment if
they choose. Their respective spouses and dependent children
are permitted to continue trading covered investments until the
relevant covered person's effective date. The effective date
for covered persons sworn in before the enactment of the bill
is March 31, 2027. The effective date for covered persons
assuming office after the date of enactment is 120 days after
they assume office. The bill requires that each covered person
must fully divest all covered investments no later than 120
days after their effective date.
The bill defines ``covered investments'' as securities,
commodities, futures, options, trusts, digital assets, and
other comparable holdings that are held by the individual,
including through an investment fund or holding company, a
trust (exemptions exist for certain family trusts), an employee
compensation plan, or a deferred compensation plan. The
legislation also specifies that digital assets are covered
investments. Under the bill, covered investments do not include
U.S. Treasury bonds and tax-free state and municipal bonds,
diversified funds, compensation from the primary occupation of
a spouse or board service by a spouse, interest in a small
business that doesn't present a conflict of interest, or a
government retirement plan. Under the bill, covered persons
will also be allowed toholdcorporate bonds (but not trade
them), and exemptions can be granted for family trusts that
meet certain conditions.
For clarity, if an asset is considered a security, as
defined by section 3(a) of the Securities Exchange Act of 1934
(15 U.S.C. 78c(a)), it would be a covered investment. In the
case of more complicated investments, such as privately held
assets, the Supreme Court established a test for whether a
particular investment constitutes an ``investment contract''
and is thereby considered a security in SEC v W.J. Howey.\4\
Under the Howey test, an instrument qualifies as an investment
contract if it involves (1) an investment of money, (2) in a
common enterprise, (3) with a reasonable expectation of profit,
and (4) to be derived from the effort or labor of others. The
final step in the test--whether the effort is completed by
others--is typically the most crucial in determining whether
the contract is a security. Given the diverse array of
investment opportunities and asset types, a case-specific
inquiry and analysis will likely be necessary for certain types
of assets to determine if they are covered.
---------------------------------------------------------------------------
\4\See, SEC v W.J. Howey, 328 U.S. 293 (1946).
---------------------------------------------------------------------------
The ETHICS Act also provides the opportunity to obtain a
certificate of divestiture to defer the initial tax liability,
provided that covered persons divest their covered investments
and reinvest into diversified holdings. The bill also prohibits
the use of qualified blind trusts (QBTs) and requires all QBTs
currently held by covered persons and their spouses and
dependent children to divest their covered investments and be
dissolved. In addition, the legislation establishes robust
enforcement mechanisms to ensure compliance. Penalties for
violations of the divestment requirements will be either the
monthly salary of the covered official or 10% of the value of
each covered asset in violation of the law, whichever is
greater. The legislation increases penalties for failing to
report transactions under the STOCK Act, from $200 to $500. The
bill also builds upon the disclosure requirements of the STOCK
Act by requiring that each financial disclosure report or
transaction disclosure report filed by a Member of Congress or
candidate for Congress, as well as each notice of extension,
amendment, or actions regarding a blind trust, be publicly
available on the relevant ethics office website. Additionally,
the bill establishes a 90-day cooling-off period after leaving
government service, during which neither the covered person nor
their spouse or dependent child will be permitted to control or
purchase covered investments.
III. Legislative History
Senator Jeff Merkley (D-OR) introduced the Ending Trading
and Holdings In Congressional Stocks (ETHICS) Act on April 17,
2023, with original cosponsors Senators Sherrod Brown (D-OH),
Kirsten Gillibrand (D-NY), Angus King (I-ME), Bernard Sanders
(I-VT), Debbie Stabenow (D-MI), Jeanne Shaheen (D-NH), Tammy
Duckworth (D-IL), Robert Casey (D-PA), Peter Welch (D-VT), Ben
Ray Lujan (D-NM), John Fetterman (D-PA), Mazie Hirono (D-HI),
Catherine Cortez Masto (D-NV), Tammy Baldwin (D-WI), Chris Van
Hollen (D-MD), Benjamin Cardin (D-MD), Jon Tester (D-MT),
Martin Heinrich (D-NM), Tim Kaine (D-VA), and Richard
Blumenthal (D-CT). The bill was referred to the Committee on
Homeland Security and Governmental Affairs. Senator Brian
Schatz joined as an additional cosponsor on May 2, 2023; and
Senator Jacky Rosen (D-NV) joined as an additional cosponsor on
May 23, 2024.
The Committee considered S. 1171 at a business meeting on
July 24, 2024. At the business meeting, Senators Peters,
Hawley, Ossoff, and Rosen offered a substitute amendment, as
well as a modification to that amendment. The Peters-Hawley-
Ossoff-Rosen substitute amendment, as modified, adds the
President and the VP to the list of covered persons and changed
the effective date from the start of a member's next term to
instead apply uniformly to all covered persons beginning in
March 2027. The substitute amendment, as modified, also
prohibits covered persons from placing covered investments in a
QBT, removes language from the bill regarding the
implementation and enforceability of QBTs, and requires the
dissolution of any covered person's existing QBTs and the
divestment of their covered investments starting in 2027. The
substitute amendment, as modified, also permits covered persons
to utilize a certificate of divestiture to defer any tax
liability when complying with the divestment requirements.
Additionally, the substitute amendment, as modified ensures
that all types of digital assets are covered investments and
provides a rule of construction to clarify that this
categorization does not imply that digital assets are not
otherwise securities, commodities, or other types of covered
investments.
The Committee adopted the modification to the Peters-
Hawley-Ossoff-Rosen substitute amendment, and the Peters-
Hawley-Ossoff-Rosen substitute amendment, as modified, by
unanimous consent, with Senators Peters, Hassan, Sinema, Rosen,
Ossoff, Butler, Paul, Johnson, Lankford, Romney, Scott, Hawley,
and Marshall present.
Senator Romney offered an amendment to the bill and a
modification to that amendment. The Romney amendment, as
modified, would have exempted the bill from applying to
securities or assets that were held by a Member of Congress,
President, or VP prior to them assuming office, but would have
banned acquisition and trading of any new assets once an
official took office. The Committee adopted the modification to
the Romney amendment by unanimous consent, with Senators
Peters, Hassan, Rosen, Ossoff, Butler, Paul, Johnson, Lankford,
Romney, Scott, Hawley, and Marshall present. The Committee did
not adopt the Romney amendment, as modified, by a roll call
vote of 6 yeas to 9 nays, with Senators Paul, Johnson,
Lankford, Romney, Scott, and Marshall voting in the
affirmative, and Senators Peters, Hassan, Rosen, Ossoff,
Butler, and Hawley voting in the negative. Senators Carper,
Sinema, and Blumenthal voted nay by proxy, for the record only.
The bill, as amended by the Peters-Hawley-Ossoff-Rosen
substitute amendment, as modified, was ordered reported
favorably by roll call vote of 8 yeas to 4 nays, with Senators
Peters, Hassan, Rosen, Ossoff, Butler, Scott, Hawley, and
Marshall voting in the affirmative, and Senators Paul, Johnson,
Lankford, and Romney voting in the negative. Senators Carper,
Sinema, and Blumenthal voted yea by proxy, for the record only.
Consistent with Committee Rule 3(G), the Committee reports
the bill with a technical amendment by mutual agreement of the
Chairman and Ranking Member.
IV. Section-by-Section Analysis of the Bill, as Reported
Section 1. Short title
This section establishes the short title of the bill as the
``Ending Trading and Holdings In Congressional Stocks (ETHICS)
Act.''
Section 2. Divestment of certain assets of Members of Congress, the
President, the Vice President, and their spouses and dependent
children
Subsection (a) adds a new subchapter IV to chapter 131 of
title 5, United States Code, entitled ``Certain Assets of
Members of Congress, the President, the Vice President, And
Their Spouses And Dependent Children.'' The new subchapter
includes the following sections:
Section 13161. Definitions
This section provides definitions for the following terms:
``commodity,'' ``covered investment,'' ``covered person,''
``custody,'' ``dependent child,'' ``digital asset,''
``diversified,'' ``future,'' ``illiquid investment,''
``interested party,'' ``Member of Congress,'' ``supervising
ethics office,'' ``qualified blind trust,'' ``security,'' and
``small business concern.''
Section 13162. Trading covered investments
Subsection (a) prohibits covered persons from purchasing
covered investments effective on the date of enactment,
prohibits covered persons from selling a covered investment 90
days after the date of enactment, and prohibits a covered
person's spouse or dependent child from purchasing or selling
any covered investment after March 31, 2027.
Subsection (b) provides an optional divestment window where
a covered person may sell any covered investment within 90 days
of enactment of the ETHICS Act.
Subsection (c) provides that a covered person may divest a
covered investment as directed by their ethics office,
notwithstanding subsection (a).
Subsection (d) provides that any covered investment owned
jointly by a covered person and their spouse shall be treated
as if it is owned by the covered person.
Section 13163. Addressing owned covered investments
Subsection (a) requires covered persons to divest each
covered investment owned by themselves and their spouse or
dependent child 120 days after the effective date (March 31,
2027) or in the case of individuals who assume office after
that date, 120 days after commencing a new non-consecutive
term. This section also requires a covered person to divest an
illiquid investment no later than 90 days after they are
contractually permitted to sell such investment. This section
also prohibits a covered person or their spouse or dependent
child from maintaining a qualified blind trust (QBT) 180 days
after the effective date. Additionally, this section requires
the trustee of existing QBTs to comply with the divestment
requirements of the Act and then dissolve any QBT. This section
also requires the trustee to provide notice of divestment of
covered investments and dissolution of the QBT to the
supervising ethics office, and allows a covered person to
request an extension in the case where the trustee believes the
size or complexity warrants an extension. This section also
permits a covered person to communicate with and direct their
trustee to determine when to divest covered investments, which
property to divest into, and whether to utilize a certificate
of divestiture. This section also permits a legal guardian to
hold or trade covered investments on behalf of a dependent
child, provided that the investments' value does not exceed
$10,000.
Subsection (b) permits a covered person to utilize
certificates of divestiture to defer taxes on holdings that are
divested into a diversified mutual fund or a diversified
exchange traded fund pursuant to this Act and applies to all
applicable sales after the enactment of the Act.
Subsection (c) prohibits a covered person, their spouse or
dependent child from acquiring any covered investment. This
subsection also requires that if a covered person or their
spouse or dependent child inherits a covered investment, they
must divest it within 120 of the inheritance, and permits the
supervising ethics office to grant limited extensions.
Subsection (d) permits a supervising ethics office to grant
an exemption to a covered person for a family trust provided
that (1) neither the covered person, spouse or dependent child
is a grantor of the family trust, contributed any asset to the
family trust, or has any authority over a trustee of the family
trust, (2) they submit the exemption request in writing, and
(3) the ethics office publishes the request and their written
response on their website.
Subsection (e) establishes a cooling-off period where a
covered person, and any spouse or dependent child, may not
control a covered investment for 90 days following the covered
person's departure from government service.
Subsection (f) requires each supervising ethics office to
publish on their website a copy of each notice of divestiture
of assets within a QBT, each notice and other documentation
submitted under this section, and each response issued or
received by the ethics office regarding family trusts, as well
as a written notice of dissolution for each QBT dissolved and a
description of each extension granted and each civil penalty
imposed under this section. This section also requires a
covered person to submit a notice to the applicable supervising
ethics office for the application for or receipt of covered
payments. This section defines a ``covered payment'' as a loan
agreement, contract, or grant made, or promised to be made, by
the federal government, or other type of payment of money (as
determined by the supervising ethics office), but does not
include any salary or tax refund.
Subsection (g) requires the supervising ethics office to
notify a covered person if they fail to divest a covered
investment owned by them or their spouse or dependent child, or
when they acquire an interest in a covered investment in
violation of this section. This section requires the
supervising ethics office to fine a covered person who received
a notice and remains out of compliance 30 days after the notice
was provided, with a fine equal to their monthly rate of pay or
10% of the value of the covered investment that was not
divested, whichever is greater.
Subsection (h) provides that each supervising ethics office
shall impose and collect civil penalties in accordance with
subsection (g), establish procedures and standard forms, issue
rules and guidelines, and publish on a website all documents
and communication described in this section.
Subsection (i) provides a rule of construction that nothing
in this section shall prevent a covered person or their spouse
or dependent child from owning or trading a diversified mutual
fund, or a publicly traded diversified exchange traded fund.
Subsection (j) provides an applicable effective date of
March 31, 2027, for this section.
Subsection (b) makes a clerical amendment to the table of
section for chapter 131 of title 5, United States Code.
Subsection (c) makes technical and conforming amendments to
sections 13103 and 13122 of title 5 United States Code, the
Lobbying Disclosure Act of 1995 (2 U.S.C. 1602(4)(D)), and the
Securities Exchange Act of 1934 (15 U.S.C. 78u-1).
Section 3. Penalty for Stock Act noncompliance
This section amends the STOCK Act to assess a $500 fine for
each time a reporting individual fails to file a transaction
report. It applies these amendments effective March 31, 2027,
and provides that the fines be deposited into the U.S.
Treasury. It also permits each supervising ethics office to
amend the rules, regulations, guidance, documents, papers, and
other records of the supervising ethics office in accordance
with the amendment made by this section.
Section 4. Electronic filing and online public availability of
financial disclosure forms
This section requires that each financial disclosure report
or transaction disclosure report filed by a Member of Congress
or candidate for Congress, and each notice of extension,
amendment, or blind trust with respect to a report described in
subclause (I) or (II) of subchapter 1 of chapter 131 of title 5
U.S.C., be publicly available on an accessible website that
permits the data to be searched, sorted, or downloaded.
Section 5. Severability
This section provides a severability clause so that if any
provision, amendment, or application of a provision or
amendment is held to be unconstitutional, the remainder of the
Act shall not be affected.
V. Evaluation of Regulatory Impact
Pursuant to the requirements of paragraph 11(b) of rule
XXVI of the Standing Rules of the Senate, the Committee has
considered the regulatory impact of this bill and determined
that the bill will have no regulatory impact within the meaning
of the rules. The Committee agrees with the Congressional
Budget Office's statement that the bill contains no
intergovernmental or private-sector mandates as defined in the
Unfunded Mandates Reform Act (UMRA) and would impose no costs
on state, local, or tribal governments.
VI. Congressional Budget Office Cost Estimate
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
S. 1171 would prohibit Members of Congress, the President,
the Vice President and their spouses and dependent children
from owning or trading certain financial assets. The sale of
assets that have appreciated in value would typically trigger
tax liability on those capital gains. However, the tax code
allows those required to divest property in order to avoid a
conflict of interest or the appearance of a conflict to obtain
a certificate of divestiture, which allows them to reinvest the
proceeds of a required sale into certain approved assets (such
as U.S. Treasuries or diversified mutual funds) and to defer
the taxable realization of the capital gains until those assets
are sold in the future.
The Congressional Budget Act of 1974, as amended,
stipulates that revenue estimates provided by the staff of the
Joint Committee on Taxation (JCT) will be the official
estimates for all tax legislation considered by the Congress.
As such, CBO incorporates those estimates into its cost
estimates of the effects of legislation.
For this estimate, CBO and JCT assume that the bill will be
enacted near the beginning of fiscal year 2025.
JCT estimates that enacting S. 1171 would reduce revenues
by $3 million over the 2024-2034 period.
S. 1171 also would create new civil monetary penalties for
violations of the new rules created by the bill. Thus, enacting
the bill could increase collections of civil penalties, which
are treated as revenues in the budget. However, CBO estimates
that any increase would be insignificant over the 2024-2034
period because the penalty amounts are relatively small, and we
expect few violations of the bill's new prohibitions.
CBO estimates that implementing S. 1171 would increase
administrative costs governmentwide by less than $500,000 over
the 2024-2029 period; any related spending would be subject to
the availability of appropriated funds.
The costs of the legislation, detailed in Table 1, fall
within budget function 800 (general government).
TABLE 1.--ESTIMATED BUDGETARY EFFECTS OF S. 1171
--------------------------------------------------------------------------------------------------------------------------------------------------------
By fiscal year, millions of dollars--
-------------------------------------------------------------------------------------------------------------
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2024-2029 2024-2034
--------------------------------------------------------------------------------------------------------------------------------------------------------
DECREASES (-) IN REVENUES
Estimated Revenues........................ 0 * * * * * * * * * * -1 -3
--------------------------------------------------------------------------------------------------------------------------------------------------------
Components may not sum to totals because of rounding; * = between -$500,00 and zero.
CBO also estimates that implementing S. 1171 would increase governmentwide administrative costs by less than $500,000 over the 2024-2029 period; any
related spending would be subject to the availability of appropriated funds.
The CBO staff contact for this estimate is Matthew
Pickford. The estimate was reviewed by H. Samuel Papenfuss,
Deputy Director of Budget Analysis and John McClelland,
Director of Tax Analysis.
Phillip L. Swagel,
Director, Congressional Budget Office.
VII. Changes in Existing Law Made by the Bill, as Reported
In compliance with paragraph 12 of rule XXVI of the
Standing Rules of the Senate, changes in existing law made by
the bill, as reported, are shown as follows (existing law
proposed to be omitted is enclosed in brackets, new matter is
printed in italic, and existing law in which no change is
proposed is shown in roman):
UNITED STATES CODE
* * * * * * *
* * * * * * *
TITLE 2--THE CONGRESS
* * * * * * *
CHAPTER 26--DISCLOSURE OF LOBBYING ACTIVITIES
* * * * * * *
SEC. 1602. DEFINITIONS.
(1) * * *
(2) * * *
(3) * * *
(4) Covered legislative branch official
The term ``covered legislative branch official''
means--
(A) a Member of Congress;
(B) an elected officer of either House of
Congress;
(C) any employee of, or any other individual
functioning in the capacity of an employee of--
(i) a Member of Congress;
(ii) a committee of either House of
Congress;
(iii) the leadership staff of the
House of Representatives or the
leadership staff of the Senate;
(iv) a Joint committee of Congress;
and
(v) a working group or caucus
organized to provide legislative
services or other assistance to Members
of Congress; and
(D) any other [legislative branch employee
serving in a position described under section
13101(13) of title 5] officer or employee of
Congress (as defined in section 13101 of title
5, United States Code).
* * * * * * *
TITLE 5--GOVERNMENT ORGANIZATION AND EMPLOYEES
* * * * * * *
PART IV--ETHICS REQUIREMENTS
* * * * * * *
CHAPTER 131--ETHICS IN GOVERNMENT
* * * * * * *
Subchapter I--Financial Disclosure Requirements of Federal Personnel
* * * * * * *
SEC. 13103. PERSONS REQUIRED TO FILE.
(a) * * *
(b) * * *
(c) * * *
(d) * * *
(e) * * *
(f) Individuals Required To File
(1) * * *
(2) * * *
(3) * * *
(4) * * *
(5) * * *
(6) * * *
(7) * * *
(8) * * *
(9) a Member of Congress [as defined in section 13101
of this title];
(10) an officer or employee of the Congress [as
defined in section 13101 of this title];
(11) a judicial officer [as defined in section 13101
of this title]; and
(12) a judicial employee [as defined in section 13101
of this title].
* * * * * * *
Subchapter II--Office of Government Ethics
SEC. 13122. AUTHORITY AND FUNCTIONS.
(a) * * *
(b) * * *
(c) * * *
(d) * * *
(e) * * *
(f) Corrective Actions.--
(1) * * *
(2) Individual officers and employees
(A) * * *
(B) Investigations and findings concerning
possible violations.--
(i) Authority of director.--In order
to carry out the Director's duties and
responsibilities under subparagraph
(A)(iii) or (iv) with respect to
individual officers and employees, the
Director may conduct investigations and
make findings concerning possible
violations of any rule, regulation, or
Executive order relating to conflicts
of interest or standards of conduct
applicable to officers and employees of
the executive branch.
(ii) Notification of alleged
violation and opportunity to comment.--
(I) Notification before a
finding is made.--[Subject to
clause (iv) of this
subparagraph, before] any
finding is made under
subparagraphs (A)(iii) or (iv),
the officer or employee
involved shall be afforded
notification of the alleged
violation, and an opportunity
to comment, either orally or in
writing, on the alleged
violation.
(II) Procedures.--The
Director shall, in accordance
with section 553 of this title,
establish procedures for such
notification and comment.
(iii) Hearing.--[Subject to clause
(iv) of this subparagraph, before] any
action is ordered under subparagraph
(A)(iii), the officer or employee
involved shall be afforded an
opportunity for a hearing, if requested
by such officer or employee, except
that any such hearing shall be
conducted on the record.
[(iv) Exception.--The procedures
described in clauses (ii) and (iii) of
this subparagraph do not apply to
findings or orders for action made to
obtain compliance with the financial
disclosure requirements in subchapter
I. For those findings and orders, the
procedures insection 13108 of this
titleshall apply.]
* * * * * * *
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
* * * * * * *
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;
(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 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.
* * * * * * *
TITLE 15--COMMERCE AND TRADE
* * * * * * *
CHAPTER 2B--SECURITIES EXCHANGES
* * * * * * *
SEC. 78U--1. CIVIL PENALTIES FOR INSIDER TRADING.
(a) * * *
(b) * * *
(c) * * *
(d) * * *
(e) * * *
(f) * * *
(g) Duty of Members and Employees of Congress
(1) * * *
(2) Definitions
In this subsection--
(A) the term ``Member of Congress'' means a
member of the Senate or House of
Representatives, a Delegate to the House of
Representatives, and the Resident Commissioner
from Puerto Rico; and
(B) the term ``employee of Congress'' means--
(i) any individual (other than a
Member of Congress), whose compensation
is disbursed by the Secretary of the
Senate or the Chief Administrative
Officer of the House of
Representatives; and
(ii) any other officer or employee of
the legislative branch (as defined in
[section 13101(11)] section 13101 of
title 5).
(h) Duty of Other Federal Officials
(1) * * *
(2) Definitions
In this subsection--
(A) * * *
(B) the term ``judicial employee'' has the
meaning given that term in [section 13101(9)]
section 13101 of title 5; and
(C) the term ``judicial officer'' has the
meaning given that term undersection
[13101(10)] section 13101 of title 5.
* * * * * * *
STOP TRADING ON CONGRESSIONAL KNOWLEDGE ACT OF 2012 (STOCK ACT)
* * * * * * *
SEC. 1. * * *
SEC. 2. * * *
SEC. 3. * * *
SEC. 4. * * *
SEC. 5. * * *
SEC. 6. * * *
SEC. 7. * * *
SEC. 8. PUBLIC FILING AND DISCLOSURE OF FINANCIAL DISCLOSURE FORMS OF
MEMBERS OF CONGRESS AND CONGRESSIONAL STAFF.
(a) * * *
(b) Electronic Filing and Online Public Availability of
Financial Disclosure Forms of Members of Congress, Officers of
the House and Senate, and Congressional Staff.--
(1) In General.--Subject to paragraph (6) and not
later than 18 months after the date of enactment of
this Act, the Secretary of the Senate and the Sergeant
at Arms of the Senate and the Clerk of the House of
Representatives shall develop systems to enable,
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--
(A) electronic filing of reports received by
them pursuant to section 103(h)(1)(A) of title
I of the Ethics in Government Act of 1978; and
[(B) public access to financial disclosure
reports filed by Members of Congress,
candidates for Congress, and employees of
Congress, as well as reports of a transaction
disclosure required by section 103(l) of the
Ethics in Government Act of 1978, as added by
this Act, notices of extensions, amendments,
and blind trusts, pursuant to title I of the
Ethics in Government Act of 1978, through
databases that--
[(i) are maintained on the official
websites of the House of
Representatives and the Senate; and
[(ii) allow the public to search,
sort, and download data contained in
the reports.]
(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
SEC. 9. * * *
SEC. 10. * * *
SEC. 11. * * *
SEC. 12. * * *
SEC. 13. * * *
SEC. 14. * * *
SEC. 15. * * *
SEC. 16. * * *
SEC. 17. * * *
SEC. 18. * * *
SEC. 19. * * *
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.
[all]