II 

116TH CONGRESS 

2D SESSION S. 4027 

To amend the Small Business Act to require Members of Congress, spouses 

of Members of Congress, and employees of Congress who receive a 

loan under the paycheck protection program to submit a financial disclosure form. 

IN THE SENATE OF THE UNITED STATES 

JUNE 22, 2020 

Ms. ERNST introduced the following bill; which was read twice and referred 

to the Committee on Homeland Security and Governmental Affairs 

A BILL 

To amend the Small Business Act to require Members of 

Congress, spouses of Members of Congress, and employees of Congress who receive a loan under the paycheck 

protection program to submit a financial disclosure form. 

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 ‘‘Transparency Require5 ments Aimed at Congressional Expenditures Act’’ or the 

6 ‘‘TRACE Act’’. 


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1 SEC. 2. DISCLOSURE OF PPP LOANS. 

2 (a) IN GENERAL.—Section 7(a)(36) of the Small 

3 Business Act (15 U.S.C. 636(a)(36)) is amended by add4 ing at the end the following: 

5 ‘‘(T) DISCLOSURE OF RECEIPT.— 

6 ‘‘(i) DEFINITIONS.—In this subpara7 graph— 

8 ‘‘(I) the term ‘applicable officer’ 

9 means— 

10 ‘‘(aa) the Secretary of the 

11 Senate, in the case of the Vice 

12 President, a Senator, the spouse 

13 of a Senator, or an employee of 

14 Congress whose compensation is 

15 disbursed by the Secretary of the 

16 Senate; or 

17 ‘‘(bb) the Clerk of the 

18 House of Representatives, in the 

19 case of a Representative in Con20 gress, a Delegate to Congress, 

21 the Resident Commissioner from 

22 Puerto Rico, the spouse of a 

23 Representative in Congress, a 

24 Delegate to Congress, or the 

25 Resident Commissioner from 

26 Puerto Rico, or an employee of 


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1 Congress whose compensation is 

2 disbursed by the Chief Adminis3 trator Officer of the House of 

4 Representatives; 

5 ‘‘(II) the term ‘employee of Con6 gress’ means an employee of the per7 sonal office of a Member of Congress, 

8 of a committee of the Senate or the 

9 House of Representatives, or of a 

10 joint committee of Congress; and 

11 ‘‘(III) the term ‘Member of Con12 gress’ has the meaning given that 

13 term in section 2106 of title 5, United 

14 States Code. 

15 ‘‘(ii) DISCLOSURE.— 

16 ‘‘(I) IN GENERAL.—If an eligible 

17 recipient owned or controlled by a 

18 Member of Congress, spouse of a 

19 Member of Congress, or employee of 

20 Congress receives a covered loan, the 

21 Member of Congress, spouse of a 

22 Member of Congress, or employee of 

23 Congress, respectively, shall submit to 

24 the applicable officer a financial dis25 closure, which shall include— 


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1 ‘‘(aa) the name and address 

2 of the principal place of business 

3 for the eligible recipient receiving 

4 the covered loan; and 

5 ‘‘(bb) the amount of the cov6 ered loan. 

7 ‘‘(II) DEADLINE.—A Member of 

8 Congress, spouse of a Member of Con9 gress, or employee of Congress shall 

10 submit a financial disclosure required 

11 under subclause (I)— 

12 ‘‘(aa) for a covered loan 

13 made on or after the date of en14 actment of the TRACE Act, not 

15 later than 15 days after the date 

16 on which the loan is made; and 

17 ‘‘(bb) for a covered loan 

18 made before such date of enact19 ment, not later than 15 days 

20 after such date of enactment. 

21 ‘‘(iii) AVAILABILITY.—Each applicable 

22 officer shall make available on a publicly 

23 available website each financial disclosure 


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1 submitted to the applicable officer under 

2 clause (ii).’’. 

Æ 


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