II 

116TH CONGRESS 

2D SESSION S. 5042 

To amend the Ethics in Government Act of 1978 to require high-ranking 

officers to provide adequate disclosure of debts. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 17, 2020 

Mr. WYDEN introduced the following bill; which was read twice and referred 

to the Committee on Homeland Security and Governmental Affairs 

A BILL 

To amend the Ethics in Government Act of 1978 to require 

high-ranking officers to provide adequate disclosure of debts. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Debt Disclosure for 

5 Officials in Government Act’’. 

6 SEC. 2. DISCLOSURE OF DEBTS OF HIGH-RANKING OFFI7 CERS. 

8 (a) IN GENERAL.—Section 102(a)(4) of the Ethics 

9 in Government Act of 1978 (5 U.S.C. App.) is amended 

10 to read as follows: 


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1 ‘‘(4)(A) Except as provided in subparagraphs 

2 (B) and (C)— 

3 ‘‘(i) for all individuals required to file a re4 port pursuant to subsection (d) or (e) of section 

5 101, the identity and category of value of the 

6 total liabilities owed to any creditor other than 

7 a spouse, or a parent, brother, sister, or child 

8 of the reporting individual or of the reporting 

9 individual’s spouse which exceed $50,000 at any 

10 time during the preceding calendar year; and 

11 ‘‘(ii) for an individual described in sub12 clause (I), (II), or (III) of subparagraph (B)(i), 

13 other than a Member of Congress— 

14 ‘‘(I) the identity and category of value 

15 of any payment made during the preceding 

16 calendar year of not less than $50,000 on 

17 a liability owed to any creditor other than 

18 a spouse, or a parent, brother, sister, or 

19 child of the reporting individual or of the 

20 reporting individual’s spouse, except a pay21 ment on a mortgage secured by real prop22 erty which is a personal residence of the 

23 reporting individual or the reporting indi24 vidual’s spouse; 


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1 ‘‘(II) the identity of the creditor, 

2 origination date, term, and rate of interest 

3 for a liability of not less than $50,000 

4 owed to any creditor other than a spouse, 

5 or a parent, brother, sister, or child of the 

6 reporting individual or of the reporting in7 dividual’s spouse and whether the liability 

8 superseded a preexisting liability; and 

9 ‘‘(III) for any entity whose stock is 

10 not publicly traded in which the individual 

11 or a spouse or child of the individual is a 

12 beneficial owner— 

13 ‘‘(aa)(AA) the identity and cat14 egory of value of any liability of the 

15 entity owed to any creditor other than 

16 a spouse, or a parent, brother, sister, 

17 or child of the reporting individual or 

18 of the reporting individual’s spouse 

19 which exceed $50,000 at any time 

20 during the preceding calendar year; 

21 ‘‘(BB) any payment made during 

22 the preceding calendar year of not less 

23 than $50,000 on a liability described 

24 in subitem (AA); and 


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1 ‘‘(CC) the identity of the cred2 itor, origination date, term, and rate 

3 of interest any liability described in 

4 item (AA); or 

5 ‘‘(bb) a certification that the in6 dividual does not have access to the 

7 information necessary to provide the 

8 information described in item (aa). 

9 ‘‘(B)(i) The liabilities reported under clause (i) 

10 of subparagraph (A) shall exclude any mortgage se11 cured by real property which is a personal residence 

12 of the reporting individual or his spouse, except that 

13 this exception shall not apply to a reporting indi14 vidual— 

15 ‘‘(I) described in paragraph (1), (2), or (9) 

16 of section 101(f); 

17 ‘‘(II) described in section 101(b) who has 

18 been nominated for appointment as an officer 

19 or employee in the executive branch described 

20 in subsection (f) of such section, other than— 

21 ‘‘(aa) an individual appointed to a po22 sition— 

23 ‘‘(AA) as a Foreign Service Offi24 cer below the rank of ambassador; or 


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1 ‘‘(BB) in the uniformed services 

2 for which the pay grade prescribed by 

3 section 201 of title 37, United States 

4 Code is O–6 or below; or 

5 ‘‘(bb) a special government employee, 

6 as defined under section 202 of title 18, 

7 United States Code; or 

8 ‘‘(III) described in section 101(f) who is in 

9 a position in the executive branch the appoint10 ment to which is made by the President and re11 quires advice and consent of the Senate, other 

12 than— 

13 ‘‘(aa) an individual appointed to a po14 sition— 

15 ‘‘(AA) as a Foreign Service Offi16 cer below the rank of ambassador; or 

17 ‘‘(BB) in the uniformed services 

18 for which the pay grade prescribed by 

19 section 201 of title 37, United States 

20 Code is O–6 or below; or 

21 ‘‘(bb) a special government employee, 

22 as defined under section 202 of title 18, 

23 United States Code. 

24 ‘‘(ii) The liabilities reported under sub25 paragraph (A) shall exclude any loan secured by 


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1 a personal motor vehicle, household furniture, 

2 or appliances, which loan does not exceed the 

3 purchase price of the item which secures it. 

4 ‘‘(C) With respect to revolving charge ac5 counts— 

6 ‘‘(i) for purposes of clause (i) of subpara7 graph (A), only those with an outstanding li8 ability which exceeds $10,000 as of the close of 

9 the preceding calendar year need be reported; 

10 and 

11 ‘‘(ii) for purposes of clause (ii) of subpara12 graph (A), only those with an outstanding li13 ability which exceeds $50,000 as of the close of 

14 the preceding calendar year need be reported.’’. 

15 (b) LIMITS ON PUBLIC DISCLOSURE.—Section 

16 103(d) of the Ethics in Government Act of 1978 (5 U.S.C. 

17 App.) is amended— 

18 (1) by inserting ‘‘(1)’’ before ‘‘Reports’’; and 

19 (2) by adding at the end the following: 

20 ‘‘(2) Upon request by a reporting individual required 

21 to provide information relating to liabilities under clause 

22 (ii) of section 102(a)(4)(A) other than the President, the 

23 Director of the Office of Government Ethics may exempt 


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1 liabilities reported under such clause from public disclo2 sure under paragraph (1) of this subsection.’’. 

Æ 


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