[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2678 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 2678
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 18, 2023
Mr. Krishnamoorthi (for himself, Mr. Cloud, Ms. Ocasio-Cortez, and Mr.
Neguse) introduced the following bill; which was referred to the
Committee on House Administration, and in addition to the Committees on
Oversight and Accountability, and the Judiciary, for a period to be
subsequently determined by the Speaker, in each case for consideration
of such provisions as fall within the jurisdiction of the committee
concerned
_______________________________________________________________________
A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Ending Trading and Holdings in
Congressional Stocks (ETHICS) Act''.
SEC. 2. PLACEMENT OF CERTAIN ASSETS OF MEMBERS OF CONGRESS AND THEIR
SPOUSES AND DEPENDENT CHILDREN IN QUALIFIED BLIND TRUSTS.
(a) In General.--Chapter 131 of title 5, United States Code, is
amended by adding at the end the following:
``Subchapter IV--Certain Assets of Members of Congress and Their
Spouses and Dependent Children
``Sec. 13161. Definitions
``In this title:
``(1) Commodity.--The term `commodity' has the meaning
given the term in section 1a of the Commodity Exchange Act (7
U.S.C. 1a).
``(2) Covered investment.--
``(A) In general.--The term `covered investment'
means--
``(i) an investment in--
``(I) a security;
``(II) a commodity; or
``(III) a future;
``(ii) any economic interest comparable to
an interest described in clause (i) that is
acquired through synthetic means, such as the
use of a derivative, including an option,
warrant, or other, similar means; or
``(iii) any interest described in clause
(i) or (ii) that is held directly, or in which
an individual has an indirect, beneficial, or
economic interest, through--
``(I) an investment fund or holding
company;
``(II) a trust (other than a
qualified blind trust);
``(III) an employee benefit plan;
or
``(IV) a deferred compensation
plan, including a carried interest or
other agreement tied to the performance
of an investment, other than a fixed
cash payment.
``(B) Exclusions.--The term `covered investment'
does not include--
``(i) a diversified mutual fund (including
any holdings of such a fund);
``(ii) a diversified exchange-traded fund
(including any holdings of such a fund);
``(iii) a United States Treasury bill,
note, or bond;
``(iv) compensation from the primary
occupation of the spouse of a Member of
Congress, or any security that is issued or
paid by an operating business that is the
primary employer of such a spouse that is
issued or paid to such a spouse;
``(v) holding and acquiring any security
that is issued or paid as compensation from
corporate board service by the spouse of a
Member of Congress, including the dividend
reinvestment in the same security received from
the corporate board service by the spouse of a
Member of Congress;
``(vi) any covered investment that is
traded by the spouse of a Member of Congress in
the course of performing the primary occupation
of such a spouse, provided the investment is
not owned by a covered person;
``(vii) any investment fund held in a
Federal, State, or local government employee
retirement plan;
``(viii) a tax-free State or municipal
bond;
``(ix) an interest in a small business
concern, if the supervising ethics office
determines that the small business concern does
not present a conflict of interest, and, in the
case of an investment in a family farm or ranch
that qualifies as an interest in a small
business concern, a future or commodity
directly related to the farming activities and
products of the farm or ranch;
``(x) holding investment-grade corporate
bonds, provided that the corporate bonds are
held by an individual who is a covered person
on the date of enactment of the Ending Trading
and Holdings in Congressional Stocks (ETHICS)
Act;
``(xi) any share of Settlement Common Stock
issued under section 7(g)(1)(A) of the Alaska
Native Claims Settlement Act (43 U.S.C.
1606(g)(1)(A)); or
``(xii) any share of Settlement Common
Stock, as defined in section 3 of the Alaska
Native Claims Settlement Act (43 U.S.C. 1602).
``(3) Covered person.--The term `covered person' means--
``(A) a Member of Congress; and
``(B) a spouse or dependent child of a Member of
Congress.
``(4) Custody.--The term `custody' has the meaning given
the term in section 275.206(4)-2(d) of title 17, Code of
Federal Regulations (as in effect on the date of enactment of
the Ending Trading and Holdings in Congressional Stocks
(ETHICS) Act or a successor regulation).
``(5) Dependent child.--The term `dependent child' means,
with respect to any Member of Congress any individual who is--
``(A) under the age of 19; and
``(B) a dependent of the Member of Congress within
the meaning of section 152 of the Internal Revenue Code
of 1986.
``(6) Diversified.--The term `diversified', with respect to
a fund, trust, or plan, means that the fund, trust, or plan
does not have a stated policy of concentrating its investments
in any industry, business, or single country other than the
United States.
``(7) Future.--The term `future' means--
``(A) a security future (as defined in section 3(a)
of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a))); and
``(B) any other contract for the sale of a
commodity for future delivery.
``(8) Illiquid investment.--The term `illiquid investment'
means an interest in a private fund, as defined in section
202(a)(29) of the Investment Advisers Act of 1940 (15 U.S.C.
80b-2).
``(9) Initial property.--The term `initial property' means
an asset or financial interest transferred to a qualified blind
trust by, or on behalf of, an interested party or a relative of
an interested party, regardless of whether the asset or
financial interest is transferred to the qualified blind trust
on or after the date of establishment of the qualified blind
trust.
``(10) Interested party.--The term `interested party' has
the meaning given the term in section 102(f)(3)(E).
``(11) Member of congress; supervising ethics office.--The
terms `Member of Congress' and `supervising ethics office' have
the meaning given those terms in section 13101.
``(12) Qualified blind trust.--The term `qualified blind
trust' means a qualified blind trust (as defined in section
13104(f)(3)) that has been approved in writing by the
applicable supervising ethics office under section
13104(f)(3)(D).
``(13) Security.--The term `security' has the meaning given
the term in section 3(a) of the Securities Exchange Act of 1934
(15 U.S.C. 78c(a)).
``(14) Small business concern.--The term `small business
concern' has the meaning given the term under section 3 of the
Small Business Act (15 U.S.C. 632).
``Sec. 13162. Trading covered investments
``(a) Ban on Trading.--Except as provided in subsections (b) and
(c)--
``(1) effective on the date of enactment of the Ending
Trading and Holdings in Congressional Stocks (ETHICS) Act, a
Member of Congress shall not purchase any covered investment;
``(2) effective on the date that is 90 days after the date
of enactment of the Ending Trading and Holdings in
Congressional Stocks (ETHICS) Act, a Member shall of Congress
not sell any covered investment, except as provided in section
203(a)(2); and
``(3) on and after the effective date described in section
203(k), a covered person that is a spouse or dependent child of
a Member of Congress shall not purchase any covered investment
or sell any covered investment, except as provided in section
203(a)(2).
``(b) Optional Divestment Window.--Notwithstanding subsection (a)--
``(1) a Member of Congress who is sworn as a Member of
Congress on or before the date of enactment of the Ending
Trading and Holdings in Congressional Stocks (ETHICS) Act may
sell a covered investment within 90 days of the date of
enactment of such Act, provided that the Member of Congress may
not sell any covered investment at any time outside of that
period while the Member of Congress serves the term for which
the Member of Congress was elected or is reelected or appointed
as a Member of Congress except as provided in section
203(a)(2); and
``(2) a Member of Congress who is sworn as a Member of
Congress after the date of enactment of the Ending Trading and
Holdings in Congressional Stocks (ETHICS) Act may sell a
covered investment within 90 days of commencing the term of
service as a Member of Congress, provided that the Member of
Congress may not sell any covered investment at any time
outside of that period while the Member of Congress serves the
term for which the Member of Congress was elected or is
reelected or appointed as a Member of Congress except as
provided in section 203(a)(2).
``(c) Exception.--Notwithstanding subsection (a), a covered person
may divest a covered investment as directed by the relevant supervising
ethics office pursuant to this Act.
``(d) Joint Covered Investment.--Any covered investment reported to
the supervising ethics office as jointly owned by a Member of Congress
and the spouse of the Member of Congress shall be deemed to be a
covered investment of the Member of Congress for purposes of this
section.
``Sec. 13163. Addressing owned covered investments
``(a) Members of Congress.--
``(1) Certification.--Not later than 60 days after the
applicable effective date described in subsection (j), a Member
of Congress shall submit to the supervising ethics office a
certification, which the supervising ethics office shall
publish online that certifies that--
``(A) each covered investment owned by, or in the
custody of, the Member of Congress, or a spouse or
dependent child of the Member of Congress, will, by the
applicable deadline under paragraph (2), be--
``(i) divested, as described in paragraph
(2)(B); or
``(ii) placed in a qualified blind trust,
including through the establishment of a
qualified blind trust for that purpose, if
necessary, as described in paragraph (2)(A);
and
``(B) no spouse or dependent child of the Member of
Congress owns, or has custody of, covered investments
with a cumulative amount equal to more than $10,000, in
accordance with paragraph (6).
``(2) Divestiture or placement in qualified blind trust.--
``(A) Requirement.--Subject to paragraphs (3) and
(6) and subsection (b)(2), not later than 120 days
after the applicable effective date described in
subsection (j), a Member of Congress shall divest, or
place in a qualified blind trust (including by
establishing a qualified blind trust for that purpose,
if necessary), each covered investment owned or in the
custody of--
``(i) the Member of Congress; or
``(ii) a spouse or dependent child of the
Member of Congress.
``(B) Divestiture.--A covered person shall divest
any covered investment owned by or in the custody of
the covered person that is not placed in a qualified
blind trust not later than the date described in
subparagraph (A), subject to any extension granted
under paragraph (3).
``(C) Qualified blind trusts.--
``(i) Mandatory sale of initial property in
qualified blind trust.--
``(I) In general.--Subject to
clause (ii), if a covered person
places, or has placed before the
applicable effective date described in
subsection (j), 1 or more covered
investments in a qualified blind trust,
the trustee of the qualified blind
trust shall divest any such covered
investment not later than the date
specified in subclause (II).
``(II) Deadline.--The date
specified in this subclause is--
``(aa) with respect to a
covered investment placed in a
qualified blind trust before
the applicable effective date
described in subsection (j),
120 days after such applicable
effective date; and
``(bb) with respect to a
covered investment placed in a
qualified blind trust on or
after the applicable effective
date described in subsection
(j), 120 days after the date of
creation of the qualified blind
trust, as dated by the executed
qualified blind trust
agreement.
``(III) Notice of compliance.--
``(aa) In general.--Subject
to item (bb), upon completion
of the divestiture of all
initial property pursuant to
subclause (I)--
``(AA) the trustee
of a qualified blind
trust shall submit to
the supervising ethics
office and each
beneficiary of the
trust a written notice
stating that all
initial property of the
qualified blind trust
has been divested; and
``(BB) the
supervising ethics
office shall publish
the notice described in
subitem (AA) on the
website of the
supervising ethics
office.
``(bb) Contents.--Each
notice described in item
(aa)(AA)--
``(AA) shall only
identify the initial
property generally by
referring to the
complete list of assets
described in section
102(f)(5)(A)(ii) of the
Ethics in Government
Act (5 U.S.C. App.);
and
``(BB) may not
contain any other
information relating to
any holding of the
qualified blind trust
or the timing of any
divestiture.
``(ii) Extension of mandatory sale of
initial property.--
``(I) Request.--A covered person
may apply to the supervising ethics
office for an extension of the period
described in clause (i)(I) if the size
or complexity of the covered
investments in the qualified blind
trust warrant such extension.
``(II) Duration.--An extension
granted under subclause (I) shall not
exceed 90 days.
``(D) Illiquid investments.--
``(i) Sale.--Not later than 90 days after
the date on which a covered person is
contractually permitted to sell an illiquid
investment, the covered person shall divest the
illiquid investment.
``(ii) Prohibition.--A covered person may
not place an illiquid investment in any
qualified blind trust under subparagraph (A).
``(E) Trustees.--A trustee of a qualified blind
trust--
``(i) shall be required to be a financial
institution, as defined in section 1a of the
Commodity Exchange Act (7 U.S.C. 1a); and
``(ii) except for a financial institution,
may not be--
``(I) an attorney;
``(II) a certified public
accountant;
``(III) a broker, as defined in
section 3(a) of the Securities Exchange
Act of 1934 (15 U.S.C. 78c(a)); or
``(IV) an investment advisor.
``(3) Extension of assets being placed in qualified blind
trusts.--If a covered person is unable to place a covered
investment in a qualified blind trust by the date described in
paragraph (2)(A), the applicable Member of Congress may
request, and the supervising ethics office may grant, 1 or more
reasonable extensions, subject to the conditions that--
``(A) the total period of time covered by all
extensions granted for the covered investment shall not
exceed 150 days; and
``(B) the period covered by a single extension
shall be not longer than 45 days.
``(4) Communications regarding existing qualified blind
trusts.--
``(A) In general.--Any direct or indirect
communication relating to a qualified blind trust in
existence on the applicable effective date described in
subsection (j) between a trustee of the qualified blind
trust and an interested party shall be permissible for
purposes of this title if the communication--
``(i)(I) is made--
``(aa) in writing; and
``(bb) not later than 60 days after
that effective date;
``(II) is filed with the applicable
supervising ethics office by the person
initiating the communication not less than 5
days before the date of the communication;
``(III) relates to a direction or request
to the trustee--
``(aa) to sell all initial property
placed in the qualified blind trust by
any interested party; or
``(bb) to convert all of an asset
in the qualified blind trust into an
investment other than a covered
investment; and
``(ii) is otherwise permitted under section
102(f)(3)(C)(vi).
``(5) Communications between covered persons and trustees
relating to all qualified blind trusts.--
``(A) Notification.--A trustee of a qualified blind
trust shall not notify a covered person if--
``(i) the value of the initial property of
the qualified blind trust is less than $1,000;
or
``(ii) the trustee divests any property of
the qualified blind trust, other than the
initial property required to be divested
pursuant to paragraph (2).
``(B) Communication.--
``(i) In general.--Any communication
between a covered person and the trustee of the
relevant qualified blind trust--
``(I) shall be in writing; and
``(II) submitted and approved in
advance of the communication by the
supervising ethics office.
``(ii) Prohibition.--A communication
described in clause (i) may not include any
information relating to the manner in which
funds of the qualified blind trust are
invested, including any information relating
to--
``(I) any company in which the
funds are invested; or
``(II) any sector in which the
funds are invested.
``(6) Exception for dependents.--A covered person who is a
dependent child of a Member of Congress may have a legal
guardian hold or trade on behalf of the dependent child 1 or
more covered investments provided that the value of the covered
investments in total does not exceed $10,000.
``(b) Acquisitions During Service.--
``(1) In general.--Subject to paragraph (2), and any
applicable rules issued pursuant to subsection (h)(3),
effective beginning on the date of enactment of the Ending
Trading and Holdings in Congressional Stocks (ETHICS) Act, no
covered person may acquire any covered investment.
``(2) Inheritances.--
``(A) In general.--Subject to subparagraph (B), a
covered person who inherits a covered investment shall
come into compliance as required under subsection (a)
by not later than 120 days after the date on which the
covered investment is inherited.
``(B) Extensions.--If a covered person is unable to
meet the requirements of subparagraph (A), the
applicable Member of Congress may request, and the
supervising ethics office may grant, 1 or more
reasonable extensions, subject to the conditions that--
``(i) the total period of time covered by
all extensions granted for the covered
investment shall not exceed 150 days; and
``(ii) the period covered by a single
extension shall be not longer than 45 days.
``(c) Family Trusts.--
``(1) In general.--A supervising ethics office may grant an
exemption for a family trust only if--
``(A) no covered person--
``(i) is a grantor of the family trust;
``(ii) contributed any asset to the family
trust; or
``(iii) has any authority over a trustee of
the family trust, including the authority to
appoint, replace, or direct the actions of such
a trustee; and
``(B) the grantor of the family trust is or was a
family member of the covered person.
``(2) Requests.--A covered person seeking an exemption
under paragraph (1) shall submit to the applicable supervising
ethics office a request for the exemption, in writing,
certifying that the conditions described in that paragraph are
met.
``(3) Publication.--A supervising ethics office shall
publish on the public website of the supervising ethics
office--
``(A) a copy of each request submitted under
paragraph (2); and
``(B) the written response of the supervising
ethics office to each request described in subparagraph
(A).
``(d) Mingling of Assets.--A spouse or dependent child of a Member
of Congress may place a covered investment in a qualified blind trust
established by the Member of Congress under subsection (a)(1)(A)(ii).
``(e) Separation From Service and Cooling-Off Period Required for
Control.--During the period beginning on the date on which an
individual becomes a Member of Congress and ending on the date that is
90 days after the date on which the individual ceases to serve as a
Member of Congress, the Member of Congress, and any spouse or dependent
child of the Member of Congress, may not--
``(1) dissolve any qualified blind trust in which a covered
investment has been placed pursuant to subsection (a)(2); or
``(2) except as provided in this section, otherwise control
a covered investment, including purchasing new covered
investments.
``(f) Reporting Requirements.--
``(1) Supervising ethics offices.--Each supervising ethics
office shall make available on the public website of the
supervising ethics office--
``(A) a copy of--
``(i) each certification submitted to the
supervising ethics office under subsection
(a)(1);
``(ii) each qualified blind trust agreement
of each covered person;
``(iii) each notice and other documentation
submitted to the supervising ethics office
under this section; and
``(iv) each notice, ruling, and other
documentation issued or received by the
supervising ethics office under subsection (c);
``(B) a schedule of all assets placed in a
qualified blind trust by each covered person and
interested party; and
``(C) a description of each extension granted, and
each civil penalty imposed, pursuant to this section.
``(2) Trustees.--Each trustee of a qualified blind trust
established by a covered person shall submit to the covered
person and the applicable supervising ethics office a written
notice in any case in which the trustee learns that an
interested party has obtained knowledge of any trust property
other than the initial property of the qualified blind trust.
``(3) Member of congress.--Each Member of Congress who is a
beneficiary of a qualified blind trust shall submit to the
applicable supervising ethics office--
``(A) a copy of the executed qualified blind trust
agreement by not later than 30 days after the date of
execution;
``(B) a list of each asset and each financial
interest transferred to the qualified blind trust by an
interested party by not later than 30 days after the
date of the transfer;
``(C) a copy of each notice submitted to the Member
of Congress under paragraph (2) by not later than 30
days after the date of receipt;
``(D) a written notice that an interested party has
obtained knowledge of any holding of the qualified
blind trust by not later than the date that is 30 days
after the date on which the Member of Congress
discovered that the knowledge had been obtained; and
``(E) a written notice of dissolution of the
qualified blind trust by not later than 30 days after
the date of dissolution.
``(4) Federal benefits.--
``(A) Covered payment.--In this paragraph, the term
`covered payment'--
``(i) means a payment of money or any other
item of value made, or promised to be made, by
the Federal Government;
``(ii) includes--
``(I) a loan agreement, contract,
or grant made, or promised to be made,
by the Federal Government, including
such an agreement, contract, or grant
relating to agricultural activity; and
``(II) such other types of payment
of money or items of value as the
supervising ethics office, may
establish, by guidance; and
``(iii) does not include--
``(I) any salary or compensation
for service performed as, or
reimbursement of personal outlay by, an
officer or employee of the Federal
Government; or
``(II) any tax refund (including a
refundable tax credit).
``(B) Reporting requirement.--Not later than 30
days after the date of receipt of a notice of any
application for, or receipt of, a covered payment by a
covered person (including any business owned and
controlled by the covered person), but in no case later
than 45 days after the date on which the covered
payment is made or promised to be made, the covered
person shall submit to the applicable supervising
ethics office a report describing the covered payment.
``(g) Enforcement.--
``(1) Divestiture or placement in qualified blind trust.--
``(A) In general.--The applicable supervising
ethics office shall provide a written notice (including
notice of the potential for civil penalties under
subparagraph (B)) to any Member of Congress if the
Member of Congress, or spouse or dependent child of the
Member of Congress--
``(i) fails to submit a certification under
subsection (a)(1) by the date on which the
certification is required to be submitted;
``(ii) fails to divest or place in a
qualified blind trust a covered investment
owned by, or in the custody of the covered
person, in accordance with subsection (a)(2),
subject to any extension under subsection
(a)(3); or
``(iii) acquires an interest in a covered
investment in violation of this section.
``(B) Civil penalties.--
``(i) In general.--In the event of
continuing noncompliance after issuance of the
notice described in subparagraph (A), the
supervising ethics office shall impose a civil
penalty, in the amount described in clause
(ii), on a Member of Congress to whom a notice
is provided under clause (i) or (ii) of
subparagraph (A)--
``(I) on the date that is 30 days
after the date of provision of the
notice; and
``(II) during the period in which
such noncompliance continues, not less
frequently than once every 30 days
thereafter.
``(ii) Amount.--The amount of each civil
penalty imposed on a Member of Congress
pursuant to clause (i) shall be equal to the
greater of--
``(I) the monthly equivalent of the
annual rate of pay payable to the
Member of Congress; and
``(II) an amount equal to 10
percent of the value of each covered
investment that was not divested or
placed into a qualified blind trust in
violation of this section during the
period covered by the penalty.
``(2) Communications.--The Attorney General of the United
States shall file a civil action seeking to impose a civil
penalty on any covered person or trustee of a qualified blind
trust who violates subsection (a)(4), or otherwise discloses
the contents of a qualified blind trust to any unauthorized
individual, equal to the greater of--
``(A) $10,000 per each communication; or
``(B) 1 percent of the value of the qualified blind
trust on the date of the violation.
``(h) Duties of Supervising Ethics Offices.--Each supervising
ethics office in the legislative branch shall--
``(1) impose and collect civil penalties in accordance with
subsection (g);
``(2) establish such procedures and standard forms as the
supervising ethics office determines to be appropriate to
implement this section;
``(3) issue such rules and guidelines as the supervising
ethics office determines to be appropriate for the
implementation and application of this title; and
``(4) publish on a website all documents and communications
described in this subsection.
``(i) Rule of Construction.--Nothing in this section shall be
construed to prevent a covered person from owning or trading--
``(1) a diversified mutual fund; or
``(2) a publicly traded, diversified exchange traded fund.
``(j) Effective Date.--This section shall apply to each covered
person beginning on the date on which the covered person (or with
respect to a covered person that is a spouse or dependent child of a
Member of Congress, the date on which that Member of Congress)
commences the first new term of service as a Member of Congress on or
after January 31, 2023.''.
(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--certain assets of members of congress and their
spouses and dependent children
``13161. Definitions.
``13162. Trading covered investments.
``13163. Addressing owned covered investments.''.
(c) Technical and Conforming Amendments.--
(1) Title 5.--Title 5, United States Code, is amended--
(A) 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
(B) in section 13122(f)(2)(B)--
(i) by striking ``Subject to clause (iv) of
this subparagraph, before'' each place it
appears and inserting ``Before''; and
(ii) by striking clause (iv).
(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) 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
``section 13101(11)'' and inserting ``section 13101'';
and
(B) in subsection (h)(2)--
(i) in subparagraph (B), by striking ``in
section 13101(9)'' and inserting ``under
section 13101''; and
(ii) in subparagraph (C), by striking
``section 13101(10)'' and inserting ``in
section 13101''.
SEC. 3. PENALTY FOR STOCK ACT NONCOMPLIANCE.
(a) Fines for Failure To Report.--
(1) 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), 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 the Treasury.--The fines paid under this section
shall be deposited in the miscellaneous receipts of the Treasury.''.
(2) Effective date.--The amendments made by paragraph (1)
shall take effect on the date on which the reporting individual
who is a Member of Congress commences the first new term of
service as a Member of Congress on or after January 31, 2023.
(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. App. 101
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. 4. 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. App. 105 note) is amended--
(1) in the matter preceding subparagraph (A), by inserting
``, pursuant to subchapter I of chapter 131 of part IV of title
5, United States Code, through databases maintained on the
official websites of the House of Representatives and the
Senate'' after ``enable''; and
(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 a Member of Congress or a
candidate for Congress;
``(II) transaction disclosure
report filed by a Member of Congress or
a candidate for Congress pursuant to
subsection (l) of that section; and
``(III) notice of extension,
amendment, or blind trust, with respect
to a report described in subclause (I)
or (II), pursuant to subchapter I of
chapter 131 of part IV of title 5,
United States Code; and
``(ii) in a manner that--
``(I) allows the public to search,
sort, and download data contained in
the reports described in subclause (I)
or (II) of clause (i) by criteria
required to be reported, including by
filer name, asset, transaction type,
ticker symbol, notification date,
amount of transaction, and date of
transaction;
``(II) allows access through an
application programming interface; and
``(III) is fully compliant with--
``(aa) section 508 of the
Rehabilitation Act of 1973 (29
U.S.C. 794d); and
``(bb) the most recent Web
Content Accessibility
Guidelines (or successor
guidelines).''.
(b) Effective Date.--The amendments made by this section take
effect on the date that is 18 months after the date of enactment of
this Act.
SEC. 5. SEVERABILITY.
If any provision of this Act, an amendment made by this Act, or the
application of such provision or amendment to any person or
circumstance is held to be unconstitutional, the remainder of this Act
and of the amendments made by this Act, and the application of the
remaining provisions of this Act and amendments to any person or
circumstance, shall not be affected.
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