In the House of Representatives, U. S., 

February 9, 2012. 

Resolved, That the bill from the Senate (S. 2038) entitled ‘‘An Act to prohibit Members of Congress and employees 

of Congress from using nonpublic information derived from 

their official positions for personal benefit, and for other purposes.’’, do pass with the following 

AMENDMENT: 

Strike out all after the enacting clause and insert: 

1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Stop Trading on Con3 gressional Knowledge Act of 2012’’ or the ‘‘STOCK Act’’. 

4 SEC. 2. DEFINITIONS. 

5 In this Act: 

6 (1) MEMBER OF CONGRESS.—The term ‘‘Member 

7 of Congress’’ means a member of the Senate or House 

8 of Representatives, a Delegate to the House of Rep9 resentatives, and the Resident Commissioner from 

10 Puerto Rico. 

11 (2) EMPLOYEE OF CONGRESS.—The term ‘‘em12 ployee of Congress’’ means— 

13 (A) any individual (other than a Member of 

14 Congress), whose compensation is disbursed by 
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1 the Secretary of the Senate or the Chief Adminis2 trative Officer of the House of Representatives; 

3 and 

4 (B) any other officer or employee of the leg5 islative branch (as defined in section 109(11) of 

6 the Ethics in Government Act of 1978 (5 U.S.C. 

7 App. 109(11))). 

8 (3) EXECUTIVE BRANCH EMPLOYEE.—The term 

9 ‘‘executive branch employee’’— 

10 (A) has the meaning given the term ‘‘em11 ployee’’ under section 2105 of title 5, United 

12 States Code; and 

13 (B) includes— 

14 (i) the President; 

15 (ii) the Vice President; and 

16 (iii) an employee of the United States 

17 Postal Service or the Postal Regulatory 

18 Commission. 

19 (4) JUDICIAL OFFICER.—The term ‘‘judicial offi20 cer’’ has the meaning given that term under section 

21 109(10) of the Ethics in Government Act of 1978 

22 (U.S.C. App. 109(10)) . 

23 (5) JUDICIAL EMPLOYEE.—The term ‘‘judicial 

24 employee’’ has the meaning given that term in section 
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1 109(8) of the Ethics in Government Act of 1978 (5 

2 U.S.C. App. 109(8)). 

3 (6) SUPERVISING ETHICS OFFICE.—The term 

4 ‘‘supervising ethics office’’ has the meaning given that 

5 term in section 109(18) of the Ethics in Government 

6 Act of 1978 (5 U.S.C. App. 109(18)). 

7 SEC. 3. PROHIBITION OF THE USE OF NONPUBLIC INFOR8 MATION FOR PRIVATE PROFIT. 

9 The Select Committee on Ethics of the Senate and the 

10 Committee on Ethics of the House of Representatives shall 

11 issue interpretive guidance of the relevant rules of each 

12 chamber, including rules on conflicts of interest and gifts, 

13 clarifying that a Member of Congress and an employee of 

14 Congress may not use nonpublic information derived from 

15 such person’s position as a Member of Congress or employee 

16 of Congress or gained from the performance of such person’s 

17 official responsibilities as a means for making a private 

18 profit. 

19 SEC. 4. PROHIBITION OF INSIDER TRADING. 

20 (a) AFFIRMATION OF NONEXEMPTION.—Members of 

21 Congress and employees of Congress are not exempt from 

22 the insider trading prohibitions arising under the securities 

23 laws, including section 10(b) of the Securities Exchange Act 

24 of 1934 and Rule 10b–5 thereunder. 

25 (b) DUTY.— 
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1 (1) PURPOSE.—The purpose of the amendment 

2 made by this subsection is to affirm a duty arising 

3 from a relationship of trust and confidence owed by 

4 each Member of Congress and each employee of Con5 gress. 

6 (2) AMENDMENT.—Section 21A of the Securities 

7 Exchange Act of 1934 (15 U.S.C. 78u–1) is amended 

8 by adding at the end the following: 

9 ‘‘(g) DUTY OF MEMBERS AND EMPLOYEES OF CON10 GRESS.— 

11 ‘‘(1) IN GENERAL.—Subject to the rule of con12 struction under section 10 of the STOCK Act and 

13 solely for purposes of the insider trading prohibitions 

14 arising under this Act, including section 10(b) and 

15 Rule 10b–5 thereunder, each Member of Congress or 

16 employee of Congress owes a duty arising from a rela17 tionship of trust and confidence to the Congress, the 

18 United States Government, and the citizens of the 

19 United States with respect to material, nonpublic in20 formation derived from such person’s position as a 

21 Member of Congress or employee of Congress or 

22 gained from the performance of such person’s official 

23 responsibilities. 

24 ‘‘(2) DEFINITIONS.—In this subsection— 
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1 ‘‘(A) the term ‘Member of Congress’ means 

2 a member of the Senate or House of Representa3 tives, a Delegate to the House of Representatives, 

4 and the Resident Commissioner from Puerto 

5 Rico; and 

6 ‘‘(B) the term ‘employee of Congress’ 

7 means— 

8 ‘‘(i) any individual (other than a 

9 Member of Congress), whose compensation is 

10 disbursed by the Secretary of the Senate or 

11 the Chief Administrative Officer of the 

12 House of Representatives; and 

13 ‘‘(ii) any other officer or employee of 

14 the legislative branch (as defined in section 

15 109(11) of the Ethics in Government Act of 

16 1978 (5 U.S.C. App. 109(11))). 

17 ‘‘(3) RULE OF CONSTRUCTION.—Nothing in this 

18 subsection shall be construed to impair or limit the 

19 construction of the existing antifraud provisions of 

20 the securities laws or the authority of the Commission 

21 under those provisions.’’. 

22 SEC. 5. CONFORMING CHANGES TO THE COMMODITY EX23 CHANGE ACT. 

24 Section 4c(a) of the Commodity Exchange Act (7 

25 U.S.C. 6c(a)) is amended— 
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1 (1) in paragraph (3), in the matter preceding 

2 subparagraph (A)— 

3 (A) by inserting ‘‘or any Member of Con4 gress or employee of Congress (as such terms are 

5 defined under section 2 of the STOCK Act) or 

6 any judicial officer or judicial employee (as such 

7 terms are defined, respectively, under section 2 of 

8 the STOCK Act)’’ after ‘‘Federal Government’’ 

9 the first place it appears; 

10 (B) by inserting ‘‘Member, officer,’’ after 

11 ‘‘position of the’’; and 

12 (C) by inserting ‘‘or by Congress or by the 

13 judiciary’’ before ‘‘in a manner’’; and 

14 (2) in paragraph (4)— 

15 (A) in subparagraph (A), in the matter pre16 ceding clause (i)— 

17 (i) by inserting ‘‘or any Member of 

18 Congress or employee of Congress or any ju19 dicial officer or judicial employee’’ after 

20 ‘‘Federal Government’’ the first place it ap21 pears; 

22 (ii) by inserting ‘‘Member, officer,’’ 

23 after ‘‘position of the’’; and 

24 (iii) by inserting ‘‘or by Congress or by 

25 the judiciary’’ before ‘‘in a manner’’; 
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1 (B) in subparagraph (B), in the matter pre2 ceding clause (i), by inserting ‘‘or any Member 

3 of Congress or employee of Congress or any judi4 cial officer or judicial employee’’ after ‘‘Federal 

5 Government’’; and 

6 (C) in subparagraph (C)— 

7 (i) in the matter preceding clause (i), 

8 by inserting ‘‘or by Congress or by the judi9 ciary’’— 

10 (I) before ‘‘that may affect’’; and 

11 (II) before ‘‘in a manner’’; and 

12 (ii) in clause (iii), by inserting ‘‘to 

13 Congress, any Member of Congress, any em14 ployee of Congress, any judicial officer, or 

15 any judicial employee,’’ after ‘‘Federal Gov16 ernment,’’. 

17 SEC. 6. PROMPT REPORTING OF FINANCIAL TRANS18 ACTIONS. 

19 (a) REPORTING REQUIREMENT.—Section 103 of the 

20 Ethics in Government Act of 1978 (5 U.S.C. App. 103) is 

21 amended by adding at the end the following subsection: 

22 ‘‘(l) Not later than 30 days after receiving notification 

23 of any transaction required to be reported under section 

24 102(a)(5)(B), but in no case later than 45 days after such 

25 transaction, the following persons, if required to file a re-
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1 port under any subsection of section 101, subject to any 

2 waivers and exclusions, shall file a report of the transaction: 

3 ‘‘(1) The President. 

4 ‘‘(2) The Vice President. 

5 ‘‘(3) Each officer or employee in the executive 

6 branch, including a special Government employee as 

7 defined in section 202 of title 18, United States Code, 

8 who occupies a position classified above GS–15 of the 

9 General Schedule or, in the case of positions not 

10 under the General Schedule, for which the rate of 

11 basic pay is equal to or greater than 120 percent of 

12 the minimum rate of basic pay payable for GS–15 of 

13 the General Schedule; each member of a uniformed 

14 service whose pay grade is at or in excess of O–7 

15 under section 201 of title 37, United States Code; and 

16 each officer or employee in any other position deter17 mined by the Director of the Office of Government 

18 Ethics to be of equal classification. 

19 ‘‘(4) Each employee appointed pursuant to sec20 tion 3105 of title 5, United States Code. 

21 ‘‘(5) Any employee not described in paragraph 

22 (3) who is in a position in the executive branch which 

23 is excepted from the competitive service by reason of 

24 being of a confidential or policymaking character, ex25 cept that the Director of the Office of Government 
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1 Ethics may, by regulation, exclude from the applica2 tion of this paragraph any individual, or group of 

3 individuals, who are in such positions, but only in 

4 cases in which the Director determines such exclusion 

5 would not affect adversely the integrity of the Govern6 ment or the public’s confidence in the integrity of the 

7 Government. 

8 ‘‘(6) The Postmaster General, the Deputy Post9 master General, each Governor of the Board of Gov10 ernors of the United States Postal Service and each 

11 officer or employee of the United States Postal Service 

12 or Postal Regulatory Commission who occupies a po13 sition for which the rate of basic pay is equal to or 

14 greater than 120 percent of the minimum rate of 

15 basic pay payable for GS–15 of the General Schedule. 

16 ‘‘(7) The Director of the Office of Government 

17 Ethics and each designated agency ethics official. 

18 ‘‘(8) Any civilian employee not described in 

19 paragraph (3), employed in the Executive Office of 

20 the President (other than a special government em21 ployee) who holds a commission of appointment from 

22 the President. 

23 ‘‘(9) A Member of Congress, as defined under sec24 tion 109(12). 
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1 ‘‘(10) An officer or employee of the Congress, as 

2 defined under section 109(13).’’. 

3 (b) EFFECTIVE DATE.—The amendment made by sub4 section (a) shall apply to transactions occurring on or after 

5 the date that is 90 days after the date of enactment of this 

6 Act. 

7 SEC. 7. REPORT ON POLITICAL INTELLIGENCE ACTIVITIES. 

8 (a) REPORT.— 

9 (1) IN GENERAL.—Not later than 12 months 

10 after the date of enactment of this Act, the Comp11 troller General of the United States, in consultation 

12 with the Congressional Research Service, shall submit 

13 to the Committee on Homeland Security and Govern14 mental Affairs of the Senate and the Committee on 

15 Oversight and Government Reform and the Com16 mittee on the Judiciary of the House of Representa17 tives a report on the role of political intelligence in 

18 the financial markets. 

19 (2) CONTENTS.—The report required by this sec20 tion shall include a discussion of— 

21 (A) what is known about the prevalence of 

22 the sale of political intelligence and the extent to 

23 which investors rely on such information; 
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1 (B) what is known about the effect that the 

2 sale of political intelligence may have on the fi3 nancial markets; 

4 (C) the extent to which information which 

5 is being sold would be considered nonpublic in6 formation; 

7 (D) the legal and ethical issues that may be 

8 raised by the sale of political intelligence; 

9 (E) any benefits from imposing disclosure 

10 requirements on those who engage in political in11 telligence activities; and 

12 (F) any legal and practical issues that may 

13 be raised by the imposition of disclosure require14 ments on those who engage in political intel15 ligence activities. 

16 (b) DEFINITION.—For purposes of this section, the 

17 term ‘‘political intelligence’’ shall mean information that 

18 is— 

19 (1) derived by a person from direct communica20 tions with an executive branch employee, a Member of 

21 Congress, or an employee of Congress; and 

22 (2) provided in exchange for financial compensa23 tion to a client who intends, and who is known to in24 tend, to use the information to inform investment de25 cisions. 
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1 SEC. 8. PUBLIC FILING AND DISCLOSURE OF FINANCIAL 

2 DISCLOSURE FORMS OF MEMBERS OF CON3 GRESS AND CONGRESSIONAL STAFF. 

4 (a) PUBLIC, ONLINE DISCLOSURE OF FINANCIAL DIS5 CLOSURE FORMS OF MEMBERS OF CONGRESS AND CON6 GRESSIONAL STAFF.— 

7 (1) IN GENERAL.—Not later than August 31, 

8 2012, or 90 days after the date of enactment of this 

9 Act, whichever is later, the Secretary of the Senate 

10 and the Sergeant at Arms of the Senate, and the 

11 Clerk of the House of Representatives, shall ensure 

12 that financial disclosure forms filed by Members of 

13 Congress, candidates for Congress, and employees of 

14 Congress in calendar year 2012 and in subsequent 

15 years pursuant to title I of the Ethics in Government 

16 Act of 1978 are made available to the public on the 

17 respective official websites of the Senate and the 

18 House of Representatives not later than 30 days after 

19 such forms are filed. 

20 (2) EXTENSIONS.—Notices of extension for finan21 cial disclosure shall be made available electronically 

22 under this subsection along with its related disclosure. 

23 (3) REPORTING TRANSACTIONS.—In the case of a 

24 transaction disclosure required by section 103(l) of 

25 the Ethics in Government Act of 1978, as added by 

26 this Act, such disclosure shall be filed not later than 
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1 the date required by that section. Notices of extension 

2 for transaction disclosure shall be made available elec3 tronically under this subsection along with its related 

4 disclosure. 

5 (4) EXPIRATION.—The requirements of this sub6 section shall expire upon implementation of the pub7 lic disclosure system established under subsection (b). 

8 (b) ELECTRONIC FILING AND ONLINE PUBLIC AVAIL9 ABILITY OF FINANCIAL DISCLOSURE FORMS OF MEMBERS

10 OF CONGRESS, OFFICERS OF THE HOUSE AND SENATE, 

11 AND CONGRESSIONAL STAFF.— 

12 (1) IN GENERAL.—Subject to paragraph (6) and 

13 not later than 18 months after the date of enactment 

14 of this Act, the Secretary of the Senate and the Ser15 geant at Arms of the Senate and the Clerk of the 

16 House of Representatives shall develop systems to en17 able— 

18 (A) electronic filing of reports received by 

19 them pursuant to section 103(h)(1)(A) of title I 

20 of the Ethics in Government Act of 1978; and 

21 (B) public access to financial disclosure re22 ports filed by Members of Congress, candidates 

23 for Congress, and employees of Congress, as well 

24 as reports of a transaction disclosure required by 

25 section 103(l) of the Ethics in Government Act of 
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1 1978, as added by this Act, notices of extensions, 

2 amendments, and blind trusts, pursuant to title 

3 I of the Ethics in Government Act of 1978, 

4 through databases that— 

5 (i) are maintained on the official 

6 websites of the House of Representatives and 

7 the Senate; and 

8 (ii) allow the public to search, sort, 

9 and download data contained in the re10 ports. 

11 (2) LOGIN.—No login shall be required to search 

12 or sort the data contained in the reports made avail13 able by this subsection. A login protocol with the 

14 name of the user shall be utilized by a person 

15 downloading data contained in the reports. For pur16 poses of filings under this section, section 105(b)(2) of 

17 the Ethics in Government Act of 1978 does not apply. 

18 (3) PUBLIC AVAILABILITY.—Pursuant to section 

19 105(b)(1) of the Ethics in Government Act of 1978, 

20 electronic availability on the official websites of the 

21 Senate and the House of Representatives under this 

22 subsection shall be deemed to have met the public 

23 availability requirement. 

24 (4) FILERS COVERED.—Individuals required 

25 under the Ethics in Government Act of 1978 or the 
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1 Senate Rules to file financial disclosure reports with 

2 the Secretary of the Senate or the Clerk of the House 

3 of Representatives shall file reports electronically 

4 using the systems developed by the Secretary of the 

5 Senate, the Sergeant at Arms of the Senate, and the 

6 Clerk of the House of Representatives. 

7 (5) EXTENSIONS.—Notices of extension for finan8 cial disclosure shall be made available electronically 

9 under this subsection along with its related disclosure. 

10 (6) ADDITIONAL TIME.—The requirements of this 

11 subsection may be implemented after the date pro12 vided in paragraph (1) if the Secretary of the Senate 

13 or the Clerk of the House of Representatives identifies 

14 in writing to relevant congressional committees the 

15 additional time needed for such implementation. 

16 (c) RECORDKEEPING.—Section 105(d) of the Ethics in 

17 Government Act of 1978 (5 U.S.C. App. 105(d)) is amended 

18 to read as follows: 

19 ‘‘(d)(1) Any report filed with or transmitted to an 

20 agency or supervising ethics office or to the Clerk of the 

21 House of Representatives or the Secretary of the Senate pur22 suant to this title shall be retained by such agency or office 

23 or by the Clerk of the House of Representatives or the Sec24 retary of the Senate, as the case may be. 
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1 ‘‘(2) Such report shall be made available to the pub2 lic— 

3 ‘‘(A) in the case of a Member of Congress until 

4 a date that is 6 years from the date the individual 

5 ceases to be a Member of Congress; and 

6 ‘‘(B) in the case of all other reports filed pursu7 ant to this title, for a period of 6 years after receipt 

8 of the report. 

9 ‘‘(3) After the relevant time period identified under 

10 paragraph (2), the report shall be destroyed unless needed 

11 in an ongoing investigation, except that in the case of an 

12 individual who filed the report pursuant to section 101(b) 

13 and was not subsequently confirmed by the Senate, or who 

14 filed the report pursuant to section 101(c) and was not sub15 sequently elected, such reports shall be destroyed 1 year after 

16 the individual either is no longer under consideration by 

17 the Senate or is no longer a candidate for nomination or 

18 election to the Office of President, Vice President, or as a 

19 Member of Congress, unless needed in an ongoing investiga20 tion or inquiry.’’. 

21 SEC. 9. OTHER FEDERAL OFFICIALS. 

22 (a) PROHIBITION OF THE USE OF NONPUBLIC INFOR23 MATION FOR PRIVATE PROFIT.— 

24 (1) EXECUTIVE BRANCH EMPLOYEES.—The Of25 fice of Government Ethics shall issue such interpretive 
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1 guidance of the relevant Federal ethics statutes and 

2 regulations, including the Standards of Ethical Con3 duct for executive branch employees, related to use of 

4 nonpublic information, as necessary to clarify that no 

5 executive branch employee may use nonpublic infor6 mation derived from such person’s position as an ex7 ecutive branch employee or gained from the perform8 ance of such person’s official responsibilities as a 

9 means for making a private profit. 

10 (2) JUDICIAL OFFICERS.—The Judicial Con11 ference of the United States shall issue such interpre12 tive guidance of the relevant ethics rules applicable to 

13 Federal judges, including the Code of Conduct for 

14 United States Judges, as necessary to clarify that no 

15 judicial officer may use nonpublic information de16 rived from such person’s position as a judicial officer 

17 or gained from the performance of such person’s offi18 cial responsibilities as a means for making a private 

19 profit. 

20 (3) JUDICIAL EMPLOYEES.—The Judicial Con21 ference of the United States shall issue such interpre22 tive guidance of the relevant ethics rules applicable to 

23 judicial employees as necessary to clarify that no ju24 dicial employee may use nonpublic information de25 rived from such person’s position as a judicial em-
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1 ployee or gained from the performance of such per2 son’s official responsibilities as a means for making 

3 a private profit. 

4 (b) APPLICATION OF INSIDER TRADING LAWS.— 

5 (1) AFFIRMATION OF NON-EXEMPTION.—Execu6 tive branch employees, judicial officers, and judicial 

7 employees are not exempt from the insider trading 

8 prohibitions arising under the securities laws, includ9 ing section 10(b) of the Securities Exchange Act of 

10 1934 and Rule 10b–5 thereunder. 

11 (2) DUTY.— 

12 (A) PURPOSE.—The purpose of the amend13 ment made by this paragraph is to affirm a 

14 duty arising from a relationship of trust and 

15 confidence owed by each executive branch em16 ployee, judicial officer, and judicial employee. 

17 (B) AMENDMENT.—Section 21A of the Secu18 rities Exchange Act of 1934 (15 U.S.C. 78u–1), 

19 as amended by this Act, is amended by adding 

20 at the end the following: 

21 ‘‘(h) DUTY OF OTHER FEDERAL OFFICIALS.— 

22 ‘‘(1) IN GENERAL.—Subject to the rule of con23 struction under section 10 of the STOCK Act and 

24 solely for purposes of the insider trading prohibitions 

25 arising under this Act, including section 10(b), and 
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1 Rule 10b–5 thereunder, each executive branch em2 ployee, each judicial officer, and each judicial em3 ployee owes a duty arising from a relationship of 

4 trust and confidence to the United States Government 

5 and the citizens of the United States with respect to 

6 material, nonpublic information derived from such 

7 person’s position as an executive branch employee, ju8 dicial officer, or judicial employee or gained from the 

9 performance of such person’s official responsibilities. 

10 ‘‘(2) DEFINITIONS.—In this subsection— 

11 ‘‘(A) the term ‘executive branch employee’— 

12 ‘‘(i) has the meaning given the term 

13 ‘employee’ under section 2105 of title 5, 

14 United States Code; 

15 ‘‘(ii) includes— 

16 ‘‘(I) the President; 

17 ‘‘(II) the Vice President; and 

18 ‘‘(III) an employee of the United 

19 States Postal Service or the Postal 

20 Regulatory Commission; 

21 ‘‘(B) the term ‘judicial employee’ has the 

22 meaning given that term in section 109(8) of the 

23 Ethics in Government Act of 1978 (5 U.S.C. 

24 App. 109(8)); and 
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1 ‘‘(C) the term ‘judicial officer’ has the 

2 meaning given that term under section 109(10) 

3 of the Ethics in Government Act of 1978 (5 

4 U.S.C. App. 109(10)). 

5 ‘‘(3) RULE OF CONSTRUCTION.—Nothing in this 

6 subsection shall be construed to impair or limit the 

7 construction of the existing antifraud provisions of 

8 the securities laws or the authority of the Commission 

9 under those provisions.’’. 

10 SEC. 10. RULE OF CONSTRUCTION. 

11 Nothing in this Act, the amendments made by this Act, 

12 or the interpretive guidance to be issued pursuant to sec13 tions 3 and 9 of this Act, shall be construed to— 

14 (1) impair or limit the construction of the anti15 fraud provisions of the securities laws or the Com16 modity Exchange Act or the authority of the Securi17 ties and Exchange Commission or the Commodity Fu18 tures Trading Commission under those provisions; 

19 (2) be in derogation of the obligations, duties, 

20 and functions of a Member of Congress, an employee 

21 of Congress, an executive branch employee, a judicial 

22 officer, or a judicial employee, arising from such per23 son’s official position; or 

24 (3) be in derogation of existing laws, regulations, 

25 or ethical obligations governing Members of Congress, 
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1 employees of Congress, executive branch employees, ju2 dicial officers, or judicial employees. 

3 SEC. 11. EXECUTIVE BRANCH REPORTING. 

4 (a) EXECUTIVE BRANCH REPORTING.— 

5 (1) IN GENERAL.—Not later than August 31, 

6 2012, or 90 days after the date of enactment of this 

7 Act, whichever is later, the President shall ensure that 

8 financial disclosure forms filed pursuant to title I of 

9 the Ethics in Government Act of 1978 (5 U.S.C. App. 

10 101 et seq.), in calendar year 2012 and in subsequent 

11 years, by executive branch employees specified in sec12 tion 101 of that Act are made available to the public 

13 on the official websites of the respective executive 

14 branch agencies not later than 30 days after such 

15 forms are filed. 

16 (2) EXTENSIONS.—Notices of extension for finan17 cial disclosure shall be made available electronically 

18 along with the related disclosure. 

19 (3) REPORTING TRANSACTIONS.—In the case of a 

20 transaction disclosure required by section 103(l) of 

21 the Ethics in Government Act of 1978, as added by 

22 this Act, such disclosure shall be filed not later than 

23 the date required by that section. Notices of extension 

24 for transaction disclosure shall be made available elec-
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1 tronically under this subsection along with its related 

2 disclosure. 

3 (4) EXPIRATION.—The requirements of this sub4 section shall expire upon implementation of the pub5 lic disclosure system established under subsection (b). 

6 (b) ELECTRONIC FILING AND ONLINE PUBLIC AVAIL7 ABILITY OF FINANCIAL DISCLOSURE FORMS OF CERTAIN

8 EXECUTIVE BRANCH EMPLOYEES.— 

9 (1) IN GENERAL.—Subject to paragraph (6), and 

10 not later than 18 months after the date of enactment 

11 of this Act, the President, acting through the Director 

12 of the Office of Government Ethics, shall develop sys13 tems to enable— 

14 (A) electronic filing of reports required by 

15 section 103 of the Ethics in Government Act of 

16 1978 (5 U.S.C. App. 103), other than subsection 

17 (h) of such section; and 

18 (B) public access to financial disclosure re19 ports filed by executive branch employees re20 quired to file under section 101 of that Act (5 

21 U.S.C. App. 101), as well as reports of a trans22 action disclosure required by section 103(l) of 

23 that Act, as added by this Act, notices of exten24 sions, amendments, and blind trusts, pursuant to 

25 title I of that Act, through databases that— 
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1 (i) are maintained on the official 

2 website of the Office of Government Ethics; 

3 and 

4 (ii) allow the public to search, sort, 

5 and download data contained in the re6 ports. 

7 (2) LOGIN.—No login shall be required to search 

8 or sort the data contained in the reports made avail9 able by this subsection. A login protocol with the 

10 name of the user shall be utilized by a person 

11 downloading data contained in the reports. For pur12 poses of filings under this section, section 105(b)(2) of 

13 the Ethics in Government Act of 1978 (5 U.S.C. App. 

14 105(b)(2)) does not apply. 

15 (3) PUBLIC AVAILABILITY.—Pursuant to section 

16 105(b)(1) of the Ethics in Government Act of 1978 (5 

17 U.S.C. App. 105(b)(1)), electronic availability on the 

18 official website of the Office of Government Ethics 

19 under this subsection shall be deemed to have met the 

20 public availability requirement. 

21 (4) FILERS COVERED.—Executive branch em22 ployees required under title I of the Ethics in Govern23 ment Act of 1978 to file financial disclosure reports 

24 shall file the reports electronically with their super25 vising ethics office. 
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1 (5) EXTENSIONS.—Notices of extension for finan2 cial disclosure shall be made available electronically 

3 under this subsection along with its related disclosure. 

4 (6) ADDITIONAL TIME.—The requirements of this 

5 subsection may be implemented after the date pro6 vided in paragraph (1) if the Director of the Office 

7 of Government Ethics, after consultation with the 

8 Clerk of the House of Representatives and Secretary 

9 of the Senate, identifies in writing to relevant con10 gressional committees the additional time needed for 

11 such implementation. 

12 SEC. 12. PARTICIPATION IN INITIAL PUBLIC OFFERINGS. 

13 Section 21A of the Securities Exchange Act of 1934 

14 (15 U.S.C. 78u–1), as amended by this Act, is further 

15 amended by adding at the end the following: 

16 ‘‘(i) PARTICIPATION IN INITIAL PUBLIC OFFERINGS.— 

17 An individual described in section 101(f) of the Ethics in 

18 Government Act of 1978 may not purchase securities that 

19 are the subject of an initial public offering (within the 

20 meaning given such term in section 12(f)(1)(G)(i)) in any 

21 manner other than is available to members of the public 

22 generally.’’. 

23 SEC. 13. REQUIRING MORTGAGE DISCLOSURE. 

24 (a) REQUIRING DISCLOSURE.—Section 102(a)(4)(A) 

25 of the Ethics in Government Act of 1978 (5 U.S.C. App. 
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1 102(a)(4)(A)) is amended by striking ‘‘spouse; and’’ and 

2 inserting the following: ‘‘spouse, except that this exception 

3 shall not apply to a reporting individual— 

4 ‘‘(i) described in paragraph (1), (2), or 

5 (9) of section 101(f); 

6 ‘‘(ii) described in section 101(b) who 

7 has been nominated for appointment as an 

8 officer or employee in the executive branch 

9 described in subsection (f) of such section, 

10 other than— 

11 ‘‘(I) an individual appointed to a 

12 position— 

13 ‘‘(aa) as a Foreign Service 

14 Officer below the rank of ambas15 sador; or 

16 ‘‘(bb) in the uniformed serv17 ices for which the pay grade pre18 scribed by section 201 of title 37, 

19 United States Code is O–6 or 

20 below; or 

21 ‘‘(II) a special government em22 ployee, as defined under section 202 of 

23 title 18, United States Code; or 

24 ‘‘(iii) described in section 101(f) who is 

25 in a position in the executive branch the 
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1 appointment to which is made by the Presi2 dent and requires advice and consent of the 

3 Senate, other than— 

4 ‘‘(I) an individual appointed to a 

5 position— 

6 ‘‘(aa) as a Foreign Service 

7 Officer below the rank of ambas8 sador; or 

9 ‘‘(bb) in the uniformed serv10 ices for which the pay grade pre11 scribed by section 201 of title 37, 

12 United States Code is O–6 or 

13 below; or 

14 ‘‘(II) a special government em15 ployee, as defined under section 202 of 

16 title 18, United States Code; and’’. 

17 (b) EFFECTIVE DATE.—The amendment made by sub18 section (a) shall apply with respect to reports which are 

19 required to be filed under section 101 of the Ethics of Gov20 ernment Act of 1978 on or after the date of the enactment 

21 of this Act. 

22 SEC. 14. TRANSACTION REPORTING REQUIREMENTS. 

23 The transaction reporting requirements established by 

24 section 103(l) of the Ethics in Government Act of 1978, as 

25 added by section 6 of this Act, shall not be construed to 
27 

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1 apply to a widely held investment fund (whether such fund 

2 is a mutual fund, regulated investment company, pension 

3 or deferred compensation plan, or other investment fund), 

4 if— 

5 (1)(A) the fund is publicly traded; or 

6 (B) the assets of the fund are widely diversified; 

7 and 

8 (2) the reporting individual neither exercises 

9 control over nor has the ability to exercise control 

10 over the financial interests held by the fund. 

11 SEC. 15. APPLICATION TO OTHER ELECTED OFFICIALS AND 

12 CRIMINAL OFFENSES. 

13 (a) APPLICATION TO OTHER ELECTED OFFICIALS.— 

14 (1) CIVIL SERVICE RETIREMENT SYSTEM.—Sec15 tion 8332(o)(2)(A) of title 5, United States Code, is 

16 amended— 

17 (A) in clause (i), by inserting ‘‘, the Presi18 dent, the Vice President, or an elected official of 

19 a State or local government’’ after ‘‘Member’’; 

20 and 

21 (B) in clause (ii), by inserting ‘‘, the Presi22 dent, the Vice President, or an elected official of 

23 a State or local government’’ after ‘‘Member’’. 
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1 (2) FEDERAL EMPLOYEES RETIREMENT SYS2 TEM.—Section 8411(l)(2) of title 5, United States 

3 Code, is amended— 

4 (A) in subparagraph (A), by inserting ‘‘, 

5 the President, the Vice President, or an elected 

6 official of a State or local government’’ after 

7 ‘‘Member’’; and 

8 (B) in subparagraph (B), by inserting ‘‘, 

9 the President, the Vice President, or an elected 

10 official of a State or local government’’ after 

11 ‘‘Member’’. 

12 (b) CRIMINAL OFFENSES.—Section 8332(o)(2) of title 

13 5, United States Code, is amended— 

14 (1) in subparagraph (A), by striking clause (iii) 

15 and inserting the following: 

16 ‘‘(iii) The offense— 

17 ‘‘(I) is committed after the date of enact18 ment of this subsection and— 

19 ‘‘(aa) is described under subparagraph 

20 (B)(i), (iv), (xvi), (xix), (xxiii), (xxiv), or 

21 (xxvi); or 

22 ‘‘(bb) is described under subparagraph 

23 (B)(xxix), (xxx), or (xxxi), but only with re24 spect to an offense described under subpara-
29 

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1 graph (B)(i), (iv), (xvi), (xix), (xxiii), 

2 (xxiv), or (xxvi); or 

3 ‘‘(II) is committed after the date of enact4 ment of the STOCK Act and— 

5 ‘‘(aa) is described under subparagraph 

6 (B)(ii), (iii), (v), (vi), (vii), (viii), (ix), (x), 

7 (xi), (xii), (xiii), (xiv), (xv), (xvii), (xviii), 

8 (xx), (xxi), (xxii), (xxv), (xxvii), or (xxviii); 

9 or 

10 ‘‘(bb) is described under subparagraph 

11 (B)(xxix), (xxx), or (xxxi), but only with re12 spect to an offense described under subpara13 graph (B)(ii), (iii), (v), (vi), (vii), (viii), 

14 (ix), (x), (xi), (xii), (xiii), (xiv), (xv), (xvii), 

15 (xviii), (xx), (xxi), (xxii), (xxv), (xxvii), or 

16 (xxviii).’’; and 

17 (2) by striking subparagraph (B) and inserting 

18 the following: 

19 ‘‘(B) An offense described in this subparagraph is only 

20 the following, and only to the extent that the offense is a 

21 felony: 

22 ‘‘(i) An offense under section 201 of title 18 (re23 lating to bribery of public officials and witnesses). 
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1 ‘‘(ii) An offense under section 203 of title 18 (re2 lating to compensation to Member of Congress, offi3 cers, and others in matters affecting the Government). 

4 ‘‘(iii) An offense under section 204 of title 18 

5 (relating to practice in the United States Court of 

6 Federal Claims or the United States Court of Appeals 

7 for the Federal Circuit by Member of Congress). 

8 ‘‘(iv) An offense under section 219 of title 18 (re9 lating to officers and employees acting as agents of 

10 foreign principals). 

11 ‘‘(v) An offense under section 286 of title 18 (re12 lating to conspiracy to defraud the Government with 

13 respect to claims). 

14 ‘‘(vi) An offense under section 287 of title 18 (re15 lating to false, fictitious or fraudulent claims). 

16 ‘‘(vii) An offense under section 597 of title 18 

17 (relating to expenditures to influence voting). 

18 ‘‘(viii) An offense under section 599 of title 18 

19 (relating to promise of appointment by candidate). 

20 ‘‘(ix) An offense under section 602 of title 18 (re21 lating to solicitation of political contributions). 

22 ‘‘(x) An offense under section 606 of title 18 (re23 lating to intimidation to secure political contribu24 tions). 
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1 ‘‘(xi) An offense under section 607 of title 18 (re2 lating to place of solicitation). 

3 ‘‘(xii) An offense under section 641 of title 18 

4 (relating to public money, property or records). 

5 ‘‘(xiii) An offense under section 666 of title 18 

6 (relating to theft or bribery concerning programs re7 ceiving Federal funds). 

8 ‘‘(xiv) An offense under section 1001 of title 18 

9 (relating to statements or entries generally). 

10 ‘‘(xv) An offense under section 1341 of title 18 

11 (relating to frauds and swindles, including as part of 

12 a scheme to deprive citizens of honest services there13 by). 

14 ‘‘(xvi) An offense under section 1343 of title 18 

15 (relating to fraud by wire, radio, or television, in16 cluding as part of a scheme to deprive citizens of hon17 est services thereby). 

18 ‘‘(xvii) An offense under section 1503 of title 18 

19 (relating to influencing or injuring officer or juror). 

20 ‘‘(xviii) An offense under section 1505 of title 18 

21 (relating to obstruction of proceedings before depart22 ments, agencies, and committees). 

23 ‘‘(xix) An offense under section 1512 of title 18 

24 (relating to tampering with a witness, victim, or an 

25 informant). 
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1 ‘‘(xx) An offense under section 1951 of title 18 

2 (relating to interference with commerce by threats of 

3 violence). 

4 ‘‘(xxi) An offense under section 1952 of title 18 

5 (relating to interstate and foreign travel or transpor6 tation in aid of racketeering enterprises). 

7 ‘‘(xxii) An offense under section 1956 of title 18 

8 (relating to laundering of monetary instruments). 

9 ‘‘(xxiii) An offense under section 1957 of title 18 

10 (relating to engaging in monetary transactions in 

11 property derived from specified unlawful activity). 

12 ‘‘(xxiv) An offense under chapter 96 of title 18 

13 (relating to racketeer influenced and corrupt organi14 zations). 

15 ‘‘(xxv) An offense under section 7201 of the In16 ternal Revenue Code of 1986 (relating to attempt to 

17 evade or defeat tax). 

18 ‘‘(xxvi) An offense under section 104(a) of the 

19 Foreign Corrupt Practices Act of 1977 (relating to 

20 prohibited foreign trade practices by domestic con21 cerns). 

22 ‘‘(xxvii) An offense under section 10(b) of the Se23 curities Exchange Act of 1934 (relating to fraud, ma24 nipulation, or insider trading of securities). 
33 

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1 ‘‘(xxviii) An offense under section 4c(a) of the 

2 Commodity Exchange Act (7 U.S.C. 6c(a)) (relating 

3 to fraud, manipulation, or insider trading of com4 modities). 

5 ‘‘(xxix) An offense under section 371 of title 18 

6 (relating to conspiracy to commit offense or to de7 fraud United States), to the extent of any conspiracy 

8 to commit an act which constitutes— 

9 ‘‘(I) an offense under clause (i), (ii), (iii), 

10 (iv), (v), (vi), (vii), (viii), (ix), (x), (xi), (xii), 

11 (xiii), (xiv), (xv), (xvi), (xvii), (xviii), (xix), 

12 (xx), (xxi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), 

13 (xxvii), or (xxviii); or 

14 ‘‘(II) an offense under section 207 of title 18 

15 (relating to restrictions on former officers, em16 ployees, and elected officials of the executive and 

17 legislative branches). 

18 ‘‘(xxx) Perjury committed under section 1621 of 

19 title 18 in falsely denying the commission of an act 

20 which constitutes— 

21 ‘‘(I) an offense under clause (i), (ii), (iii), 

22 (iv), (v), (vi), (vii), (viii), (ix), (x), (xi), (xii), 

23 (xiii), (xiv), (xv), (xvi), (xvii), (xviii), (xix), 

24 (xx), (xxi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), 

25 (xxvii), or (xxviii); or 
34 

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1 ‘‘(II) an offense under clause (xxix), to the 

2 extent provided in such clause. 

3 ‘‘(xxxi) Subornation of perjury committed under 

4 section 1622 of title 18 in connection with the false 

5 denial or false testimony of another individual as 

6 specified in clause (xxx).’’. 

7 SEC. 16. LIMITATION ON BONUSES TO EXECUTIVES OF 

8 FANNIE MAE AND FREDDIE MAC. 

9 Notwithstanding any other provision in law, senior ex10 ecutives at the Federal National Mortgage Association and 

11 the Federal Home Loan Mortgage Corporation are prohib12 ited from receiving bonuses during any period of con13 servatorship for those entities on or after the date of enact14 ment of this Act. 

15 SEC. 17. POST-EMPLOYMENT NEGOTIATION RESTRICTIONS. 

16 (a) RESTRICTION EXTENDED TO EXECUTIVE AND JU17 DICIAL BRANCHES.—Notwithstanding any other provision 

18 of law, an individual required to file a financial disclosure 

19 report under section 101 of the Ethics in Government Act 

20 of 1978 (5 U.S.C. App. 101) may not directly negotiate or 

21 have any agreement of future employment or compensation 

22 unless such individual, within 3 business days after the 

23 commencement of such negotiation or agreement of future 

24 employment or compensation, files with the individual’s su25 pervising ethics office a statement, signed by such indi-
35 

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1 vidual, regarding such negotiations or agreement, including 

2 the name of the private entity or entities involved in such 

3 negotiations or agreement, and the date such negotiations 

4 or agreement commenced. 

5 (b) RECUSAL.—An individual filing a statement 

6 under subsection (a) shall recuse himself or herself whenever 

7 there is a conflict of interest, or appearance of a conflict 

8 of interest, for such individual with respect to the subject 

9 matter of the statement, and shall notify the individual’s 

10 supervising ethics office of such recusal. An individual mak11 ing such recusal shall, upon such recusal, submit to the su12 pervising ethics office the statement under subsection (a) 

13 with respect to which the recusal was made. 

14 SEC. 18. WRONGFULLY INFLUENCING PRIVATE ENTITIES 

15 EMPLOYMENT DECISIONS BY LEGISLATIVE 

16 AND EXECUTIVE BRANCH OFFICERS AND EM17 PLOYEES. 

18 (a) IN GENERAL.—Section 227 of title 18, United 

19 States Code, is amended— 

20 (1) in the heading of such section, by inserting 

21 after ‘‘Congress’’ the following: ‘‘or an officer 

22 or employee of the legislative or executive 

23 branch’’; 

24 (2) by striking ‘‘Whoever’’ and inserting ‘‘(a) 

25 Whoever’’; 
36 

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1 (3) by striking ‘‘a Senator or Representative in, 

2 or a Delegate or Resident Commissioner to, the Con3 gress or an employee of either House of Congress’’ and 

4 inserting ‘‘a covered government person’’; and 

5 (4) by adding at the end the following: 

6 ‘‘(b) In this section, the term ‘covered government per7 son’ means— 

8 ‘‘(1) a Senator or Representative in, or a Dele9 gate or Resident Commissioner to, the Congress; 

10 ‘‘(2) an employee of either House of Congress; or 

11 ‘‘(3) the President, Vice President, an employee 

12 of the United States Postal Service or the Postal Reg13 ulatory Commission, or any other executive branch 

14 employee (as such term is defined under section 2105 

15 of title 5, United States Code).’’. 

16 (b) CLERICAL AMENDMENT.—The table of contents for 

17 chapter 11 of title 18, United States Code, is amended by 

18 amending the item relating to section 227 to read as follows: 

‘‘227. Wrongfully influencing a private entity’s employment decisions by a Member of Congress or an officer or employee of the legislative or executive branch.’’. 

19 SEC. 19. MISCELLANEOUS CONFORMING AMENDMENTS. 

20 (a) REPEAL OF TRANSMISSION OF COPIES OF MEMBER

21 AND CANDIDATE REPORTS TO STATE ELECTION OFFICIALS

22 UPON ADOPTION OF NEW SYSTEMS.—Section 103(i) of the 

23 Ethics in Government Act of 1978 (5 U.S.C. App. 103(i)) 

24 is amended— 
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1 (1) by striking ‘‘(i)’’ and inserting ‘‘(i)(1)’’; and 

2 (2) by adding at the end the following new para3 graph: 

4 ‘‘(2) The requirements of paragraph (1) do not apply 

5 to any report filed under this title which is filed electroni6 cally and for which there is online public access, in accord7 ance with the systems developed by the Secretary and Ser8 geant at Arms of the Senate and the Clerk of the House 

9 of Representatives under section 8(b) of the Stop Trading 

10 on Congressional Knowledge Act of 2012.’’. 

11 (b) PERIOD OF RETENTION OF FINANCIAL DISCLO12 SURE STATEMENTS OF MEMBERS OF THE HOUSE.— 

13 (1) IN GENERAL.—Section 304(c) of the Honest 

14 Leadership and Open Government Act of 2007 (2 

15 U.S.C. 104e(c)) is amended by striking the period at 

16 the end and inserting the following: ‘‘, or, in the case 

17 of reports filed under section 103(h)(1) of the Ethics 

18 in Government Act of 1978, until the expiration of 

19 the 6-year period which begins on the date the indi20 vidual is no longer a Member of Congress.’’. 

21 (2) EFFECTIVE DATE.—The amendment made by 

22 paragraph (1) shall apply with respect to any report 

23 which is filed on or after the date on which the sys24 tems developed by the Secretary and Sergeant at 
38 

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1 Arms of the Senate and the Clerk of the House of 

2 Representatives under section 8(b) first take effect. 

Attest: 

Clerk. 

112TH CONGRESS 

2D SESSION S. 2038 

AMENDMENT