PUBLIC LAW 112–105—APR. 4, 2012 126 STAT. 291 

Public Law 112–105 

112th Congress 

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. 

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 ‘‘Stop Trading on Congressional 

Knowledge Act of 2012’’ or the ‘‘STOCK Act’’. 

SEC. 2. DEFINITIONS. 

In this Act: 

(1) MEMBER OF CONGRESS.—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. 

(2) EMPLOYEE OF CONGRESS.—The term ‘‘employee of Congress’’ means— 

(A) 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 

(B) any other officer or employee of the legislative 

branch (as defined in section 109(11) of the Ethics in 

Government Act of 1978 (5 U.S.C. App. 109(11))). 

(3) EXECUTIVE BRANCH EMPLOYEE.—The term ‘‘executive 

branch employee’’— 

(A) has the meaning given the term ‘‘employee’’ under 

section 2105 of title 5, United States Code; and 

(B) includes— 

(i) the President; 

(ii) the Vice President; and 

(iii) an employee of the United States Postal 

Service or the Postal Regulatory Commission. 

(4) JUDICIAL OFFICER.—The term ‘‘judicial officer’’ has the 

meaning given that term under section 109(10) of the Ethics 

in Government Act of 1978 (U.S.C. App. 109(10)). 

(5) JUDICIAL EMPLOYEE.—The term ‘‘judicial employee’’ has 

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

in Government Act of 1978 (5 U.S.C. App. 109(8)). 

(6) SUPERVISING ETHICS OFFICE.—The term ‘‘supervising 

ethics office’’ has the meaning given that term in section 109(18) 

of the Ethics in Government Act of 1978 (5 U.S.C. App. 109(18)). 

5 USC app. 101 

note. 

Stop Trading on 

Congressional 

Knowledge Act 

of 2012. 

5 USC app. 101 

note. 

Apr. 4, 2012 

[S. 2038] 


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126 STAT. 292 PUBLIC LAW 112–105—APR. 4, 2012 

SEC. 3. PROHIBITION OF THE USE OF NONPUBLIC INFORMATION FOR 

PRIVATE PROFIT. 

The Select Committee on Ethics of the Senate and the Committee on Ethics of the House of Representatives shall issue 

interpretive guidance of the relevant rules of each chamber, 

including rules on conflicts of interest and gifts, clarifying that 

a Member of Congress and an employee of Congress may not 

use nonpublic information derived from such person’s position as 

a Member of Congress or employee of Congress or gained from 

the performance of such person’s official responsibilities as a means 

for making a private profit. 

SEC. 4. PROHIBITION OF INSIDER TRADING. 

(a) AFFIRMATION OF NONEXEMPTION.—Members of Congress and 

employees of Congress are not exempt from the insider trading 

prohibitions arising under the securities laws, including section 

10(b) of the Securities Exchange Act of 1934 and Rule 10b–5 thereunder. 

(b) DUTY.— 

(1) PURPOSE.—The purpose of the amendment made by 

this subsection is to affirm a duty arising from a relationship 

of trust and confidence owed by each Member of Congress 

and each employee of Congress. 

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

Act of 1934 (15 U.S.C. 78u–1) is amended by adding at the 

end the following: 

‘‘(g) DUTY OF MEMBERS AND EMPLOYEES OF CONGRESS.— 

‘‘(1) IN GENERAL.—Subject to the rule of construction under 

section 10 of the STOCK Act and solely for purposes of the 

insider trading prohibitions arising under this Act, including 

section 10(b) and Rule 10b–5 thereunder, each Member of Congress or employee of Congress owes a duty arising from a 

relationship of trust and confidence to the Congress, the United 

States Government, and the citizens of the United States with 

respect to material, nonpublic information derived from such 

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

Congress or gained from the performance of such person’s official responsibilities. 

‘‘(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 109(11) of the Ethics 

in Government Act of 1978 (5 U.S.C. App. 109(11))). 

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

shall be construed to impair or limit the construction of the 

existing antifraud provisions of the securities laws or the 

authority of the Commission under those provisions.’’. 

15 USC 78u–1 

note. 

15 USC 78j note. 

Guidance. 

5 USC app. 101 

note prec. 


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PUBLIC LAW 112–105—APR. 4, 2012 126 STAT. 293 

SEC. 5. CONFORMING CHANGES TO THE COMMODITY EXCHANGE ACT. 

Section 4c(a) of the Commodity Exchange Act (7 U.S.C. 6c(a)) 

is amended— 

(1) in paragraph (3), in the matter preceding subparagraph 

(A)— 

(A) by inserting ‘‘or any Member of Congress or 

employee of Congress (as such terms are defined under 

section 2 of the STOCK Act) or any judicial officer or 

judicial employee (as such terms are defined, respectively, 

under section 2 of the STOCK Act)’’ after ‘‘Federal Government’’ the first place it appears; 

(B) by inserting ‘‘Member, officer,’’ after ‘‘position of 

the’’; and 

(C) by inserting ‘‘or by Congress or by the judiciary’’ 

before ‘‘in a manner’’; and 

(2) in paragraph (4)— 

(A) in subparagraph (A), in the matter preceding clause 

(i)— 

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

employee of Congress or any judicial officer or judicial 

employee’’ after ‘‘Federal Government’’ the first place 

it appears; 

(ii) by inserting ‘‘Member, officer,’’ after ‘‘position 

of the’’; and 

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

judiciary’’ before ‘‘in a manner’’; 

(B) in subparagraph (B), in the matter preceding clause 

(i), by inserting ‘‘or any Member of Congress or employee 

of Congress or any judicial officer or judicial employee’’ 

after ‘‘Federal Government’’; and 

(C) in subparagraph (C)— 

(i) in the matter preceding clause (i), by inserting 

‘‘or by Congress or by the judiciary’’— 

(I) before ‘‘that may affect’’; and 

(II) before ‘‘in a manner’’; and 

(ii) in clause (iii), by inserting ‘‘to Congress, any 

Member of Congress, any employee of Congress, any 

judicial officer, or any judicial employee,’’ after ‘‘Federal 

Government,’’. 

SEC. 6. PROMPT REPORTING OF FINANCIAL TRANSACTIONS. 

(a) REPORTING REQUIREMENT.—Section 103 of the Ethics in 

Government Act of 1978 (5 U.S.C. App. 103) is amended by adding 

at the end the following subsection: 

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

transaction required to be reported under section 102(a)(5)(B), but 

in no case later than 45 days after such transaction, the following 

persons, if required to file a report under any subsection of section 

101, subject to any waivers and exclusions, shall file a report 

of the transaction: 

‘‘(1) The President. 

‘‘(2) The Vice President. 

‘‘(3) Each officer or employee in the executive branch, 

including a special Government employee as defined in section 

202 of title 18, United States Code, who occupies a position 

classified above GS–15 of the General Schedule or, in the 

case of positions not under the General Schedule, for which 


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126 STAT. 294 PUBLIC LAW 112–105—APR. 4, 2012 

the rate of basic pay is equal to or greater than 120 percent 

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

General Schedule; each member of a uniformed service whose 

pay grade is at or in excess of O–7 under section 201 of 

title 37, United States Code; and each officer or employee 

in any other position determined by the Director of the Office 

of Government Ethics to be of equal classification. 

‘‘(4) Each employee appointed pursuant to section 3105 

of title 5, United States Code. 

‘‘(5) Any employee not described in paragraph (3) who 

is in a position in the executive branch which is excepted 

from the competitive service by reason of being of a confidential 

or policymaking character, except that the Director of the Office 

of Government Ethics may, by regulation, exclude from the 

application of this paragraph any individual, or group of individuals, who are in such positions, but only in cases in which 

the Director determines such exclusion would not affect 

adversely the integrity of the Government or the public’s confidence in the integrity of the Government. 

‘‘(6) The Postmaster General, the Deputy Postmaster General, each Governor of the Board of Governors of the United 

States Postal Service and each officer or employee of the United 

States Postal Service or Postal Regulatory Commission who 

occupies a position for which the rate of basic pay is equal 

to or greater than 120 percent of the minimum rate of basic 

pay payable for GS–15 of the General Schedule. 

‘‘(7) The Director of the Office of Government Ethics and 

each designated agency ethics official. 

‘‘(8) Any civilian employee not described in paragraph (3), 

employed in the Executive Office of the President (other than 

a special government employee) who holds a commission of 

appointment from the President. 

‘‘(9) A Member of Congress, as defined under section 

109(12). 

‘‘(10) An officer or employee of the Congress, as defined 

under section 109(13).’’. 

(b) EFFECTIVE DATE.—The amendment made by subsection (a) 

shall apply to transactions occurring on or after the date that 

is 90 days after the date of enactment of this Act. 

SEC. 7. REPORT ON POLITICAL INTELLIGENCE ACTIVITIES. 

(a) REPORT.— 

(1) IN GENERAL.—Not later than 12 months after the date 

of enactment of this Act, the Comptroller General of the United 

States, in consultation with the Congressional Research Service, 

shall submit to the Committee on Homeland Security and 

Governmental Affairs of the Senate and the Committee on 

Oversight and Government Reform and the Committee on the 

Judiciary of the House of Representatives a report on the 

role of political intelligence in the financial markets. 

(2) CONTENTS.—The report required by this section shall 

include a discussion of— 

(A) what is known about the prevalence of the sale 

of political intelligence and the extent to which investors 

rely on such information; 

(B) what is known about the effect that the sale of 

political intelligence may have on the financial markets; 

Applicability. 

5 USC app. 103 

note. 


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PUBLIC LAW 112–105—APR. 4, 2012 126 STAT. 295 

(C) the extent to which information which is being 

sold would be considered nonpublic information; 

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

by the sale of political intelligence; 

(E) any benefits from imposing disclosure requirements 

on those who engage in political intelligence activities; 

and 

(F) any legal and practical issues that may be raised 

by the imposition of disclosure requirements on those who 

engage in political intelligence activities. 

(b) DEFINITION.—For purposes of this section, the term ‘‘political 

intelligence’’ shall mean information that is— 

(1) derived by a person from direct communications with 

an executive branch employee, a Member of Congress, or an 

employee of Congress; and 

(2) provided in exchange for financial compensation to a 

client who intends, and who is known to intend, to use the 

information to inform investment decisions. 

SEC. 8. PUBLIC FILING AND DISCLOSURE OF FINANCIAL DISCLOSURE 

FORMS OF MEMBERS OF CONGRESS AND CONGRESSIONAL 

STAFF. 

(a) PUBLIC, ONLINE DISCLOSURE OF FINANCIAL DISCLOSURE

FORMS OF MEMBERS OF CONGRESS AND CONGRESSIONAL STAFF.— 

(1) IN GENERAL.—Not later than August 31, 2012, or 90 

days after the date of enactment of this Act, whichever is 

later, the Secretary of the Senate and the Sergeant at Arms 

of the Senate, and the Clerk of the House of Representatives, 

shall ensure that financial disclosure forms filed by Members 

of Congress, candidates for Congress, and employees of Congress in calendar year 2012 and in subsequent years pursuant 

to title I of the Ethics in Government Act of 1978 are made 

available to the public on the respective official websites of 

the Senate and the House of Representatives not later than 

30 days after such forms are filed. 

(2) EXTENSIONS.—Notices of extension for financial disclosure shall be made available electronically under this subsection along with its related disclosure. 

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

disclosure required by section 103(l) of the Ethics in Government Act of 1978, as added by this Act, such disclosure shall 

be filed not later than the date required by that section. Notices 

of extension for transaction disclosure shall be made available 

electronically under this subsection along with its related disclosure. 

(4) EXPIRATION.—The requirements of this subsection shall 

expire upon implementation of the public disclosure system 

established under subsection (b). 

(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— 

Deadline. 

5 USC 105 note. 

Deadlines. 

Web posting. 

5 USC app. 105 

note. 


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(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. 

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

the data contained in the reports made available by this subsection. A login protocol with the name of the user shall be 

utilized by a person downloading data contained in the reports. 

For purposes of filings under this section, section 105(b)(2) 

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

(3) PUBLIC AVAILABILITY.—Pursuant to section 105(b)(1) of 

the Ethics in Government Act of 1978, electronic availability 

on the official websites of the Senate and the House of Representatives under this subsection shall be deemed to have 

met the public availability requirement. 

(4) FILERS COVERED.—Individuals required under the 

Ethics in Government Act of 1978 or the Senate Rules to 

file financial disclosure reports with the Secretary of the Senate 

or the Clerk of the House of Representatives shall file reports 

electronically using the systems developed by the Secretary 

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

Clerk of the House of Representatives. 

(5) EXTENSIONS.—Notices of extension for financial disclosure shall be made available electronically under this subsection along with its related disclosure. 

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

may be implemented after the date provided in paragraph 

(1) if the Secretary of the Senate or the Clerk of the House 

of Representatives identifies in writing to relevant congressional committees the additional time needed for such 

implementation. 

(c) RECORDKEEPING.—Section 105(d) of the Ethics in Government Act of 1978 (5 U.S.C. App. 105(d)) is amended to read as 

follows: 

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

supervising ethics office or to the Clerk of the House of Representatives or the Secretary of the Senate pursuant to this title shall 

be retained by such agency or office or by the Clerk of the House 

of Representatives or the Secretary of the Senate, as the case 

may be. 

‘‘(2) Such report shall be made available to the public— 

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

that is 6 years from the date the individual ceases to be 

a Member of Congress; and 

‘‘(B) in the case of all other reports filed pursuant to this 

title, for a period of 6 years after receipt of the report. 

Time periods. 


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PUBLIC LAW 112–105—APR. 4, 2012 126 STAT. 297 

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

(2), the report shall be destroyed unless needed in an ongoing 

investigation, except that in the case of an individual who filed 

the report pursuant to section 101(b) and was not subsequently 

confirmed by the Senate, or who filed the report pursuant to section 

101(c) and was not subsequently elected, such reports shall be 

destroyed 1 year after the individual either is no longer under 

consideration by the Senate or is no longer a candidate for nomination or election to the Office of President, Vice President, or as 

a Member of Congress, unless needed in an ongoing investigation 

or inquiry.’’. 

SEC. 9. OTHER FEDERAL OFFICIALS. 

(a) PROHIBITION OF THE USE OF NONPUBLIC INFORMATION FOR

PRIVATE PROFIT.— (1) EXECUTIVE BRANCH EMPLOYEES.—The Office of Government Ethics shall issue such interpretive guidance of the relevant Federal ethics statutes and regulations, including the 

Standards of Ethical Conduct for executive branch employees, 

related to use of nonpublic information, as necessary to clarify 

that no executive branch employee may use nonpublic information derived from such person’s position as an executive branch 

employee or gained from the performance of such person’s 

official responsibilities as a means for making a private profit. 

(2) JUDICIAL OFFICERS.—The Judicial Conference of the 

United States shall issue such interpretive guidance of the 

relevant ethics rules applicable to Federal judges, including 

the Code of Conduct for United States Judges, as necessary 

to clarify that no judicial officer may use nonpublic information 

derived from such person’s position as a judicial officer or 

gained from the performance of such person’s official responsibilities as a means for making a private profit. 

(3) JUDICIAL EMPLOYEES.—The Judicial Conference of the 

United States shall issue such interpretive guidance of the 

relevant ethics rules applicable to judicial employees as necessary to clarify that no judicial employee may use nonpublic 

information derived from such person’s position as a judicial 

employee or gained from the performance of such person’s 

official responsibilities as a means for making a private profit. 

(b) APPLICATION OF INSIDER TRADING LAWS.— 

(1) AFFIRMATION OF NON-EXEMPTION.—Executive branch 

employees, judicial officers, and judicial employees are not 

exempt from the insider trading prohibitions arising under 

the securities laws, including section 10(b) of the Securities 

Exchange Act of 1934 and Rule 10b–5 thereunder. 

(2) DUTY.— 

(A) PURPOSE.—The purpose of the amendment made 

by this paragraph is to affirm a duty arising from a relationship of trust and confidence owed by each executive 

branch employee, judicial officer, and judicial employee. 

(B) AMENDMENT.—Section 21A of the Securities 

Exchange Act of 1934 (15 U.S.C. 78u–1), as amended by 

this Act, is amended by adding at the end the following: 

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

‘‘(1) IN GENERAL.—Subject to the rule of construction under 

section 10 of the STOCK Act and solely for purposes of the 

insider trading prohibitions arising under this Act, including 

15 USC 78u–1 

note. 

15 USC 78j note. 

Guidance. 

5 USC app. 101 

note prec. 


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126 STAT. 298 PUBLIC LAW 112–105—APR. 4, 2012 

section 10(b), and Rule 10b–5 thereunder, each executive 

branch employee, each judicial officer, and each judicial 

employee owes a duty arising from a relationship of trust 

and confidence to the United States Government and the citizens of the United States with respect to material, nonpublic 

information derived from such person’s position as an executive 

branch employee, judicial officer, or judicial employee or gained 

from the performance of such person’s official responsibilities. 

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

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

‘‘(i) has the meaning given the term ‘employee’ 

under section 2105 of title 5, United States Code; 

‘‘(ii) includes— 

‘‘(I) the President; 

‘‘(II) the Vice President; and 

‘‘(III) an employee of the United States Postal 

Service or the Postal Regulatory Commission; 

‘‘(B) the term ‘judicial employee’ has the meaning given 

that term in section 109(8) of the Ethics in Government 

Act of 1978 (5 U.S.C. App. 109(8)); and 

‘‘(C) the term ‘judicial officer’ has the meaning given 

that term under section 109(10) of the Ethics in Government Act of 1978 (5 U.S.C. App. 109(10)). 

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

shall be construed to impair or limit the construction of the 

existing antifraud provisions of the securities laws or the 

authority of the Commission under those provisions.’’. 

SEC. 10. RULE OF CONSTRUCTION. 

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

the interpretive guidance to be issued pursuant to sections 3 and 

9 of this Act, shall be construed to— 

(1) impair or limit the construction of the antifraud provisions of the securities laws or the Commodity Exchange Act 

or the authority of the Securities and Exchange Commission 

or the Commodity Futures Trading Commission under those 

provisions; 

(2) be in derogation of the obligations, duties, and functions 

of a Member of Congress, an employee of Congress, an executive 

branch employee, a judicial officer, or a judicial employee, 

arising from such person’s official position; or 

(3) be in derogation of existing laws, regulations, or ethical 

obligations governing Members of Congress, employees of Congress, executive branch employees, judicial officers, or judicial 

employees. 

SEC. 11. EXECUTIVE BRANCH REPORTING. 

(a) EXECUTIVE BRANCH REPORTING.— 

(1) IN GENERAL.—Not later than August 31, 2012, or 90 

days after the date of enactment of this Act, whichever is 

later, the President shall ensure that financial disclosure forms 

filed pursuant to title I of the Ethics in Government Act of 

1978 (5 U.S.C. App. 101 et seq.), in calendar year 2012 and 

in subsequent years, by executive branch employees specified 

in section 101 of that Act are made available to the public 

on the official websites of the respective executive branch agencies not later than 30 days after such forms are filed. 

President. 

Public 

information. 

Web posting. 

5 USC app. 105 

note. 

5 USC app. 101 

note. 


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PUBLIC LAW 112–105—APR. 4, 2012 126 STAT. 299 

(2) EXTENSIONS.—Notices of extension for financial disclosure shall be made available electronically along with the 

related disclosure. 

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

disclosure required by section 103(l) of the Ethics in Government Act of 1978, as added by this Act, such disclosure shall 

be filed not later than the date required by that section. Notices 

of extension for transaction disclosure shall be made available 

electronically under this subsection along with its related disclosure. 

(4) EXPIRATION.—The requirements of this subsection shall 

expire upon implementation of the public disclosure system 

established under subsection (b). 

(b) ELECTRONIC FILING AND ONLINE PUBLIC AVAILABILITY OF

FINANCIAL DISCLOSURE FORMS OF CERTAIN EXECUTIVE BRANCH

EMPLOYEES.— (1) IN GENERAL.—Subject to paragraph (6), and not later 

than 18 months after the date of enactment of this Act, the 

President, acting through the Director of the Office of Government Ethics, shall develop systems to enable— 

(A) electronic filing of reports required by section 103 

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

103), other than subsection (h) of such section; and 

(B) public access to financial disclosure reports filed 

by executive branch employees required to file under section 101 of that Act (5 U.S.C. App. 101), as well as reports 

of a transaction disclosure required by section 103(l) of 

that Act, as added by this Act, notices of extensions, amendments, and blind trusts, pursuant to title I of that Act, 

through databases that— 

(i) are maintained on the official website of the 

Office of Government Ethics; and 

(ii) allow the public to search, sort, and download 

data contained in the reports. 

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

the data contained in the reports made available by this subsection. A login protocol with the name of the user shall be 

utilized by a person downloading data contained in the reports. 

For purposes of filings under this section, section 105(b)(2) 

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

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

(3) PUBLIC AVAILABILITY.—Pursuant to section 105(b)(1) of 

the Ethics in Government Act of 1978 (5 U.S.C. App. 105(b)(1)), 

electronic availability on the official website of the Office of 

Government Ethics under this subsection shall be deemed to 

have met the public availability requirement. 

(4) FILERS COVERED.—Executive branch employees required 

under title I of the Ethics in Government Act of 1978 to file 

financial disclosure reports shall file the reports electronically 

with their supervising ethics office. 

(5) EXTENSIONS.—Notices of extension for financial disclosure shall be made available electronically under this subsection along with its related disclosure. 

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

may be implemented after the date provided in paragraph 

(1) if the Director of the Office of Government Ethics, after 

consultation with the Clerk of the House of Representatives 

Deadline. 

President. 

Public 

information. 


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126 STAT. 300 PUBLIC LAW 112–105—APR. 4, 2012 

and Secretary of the Senate, identifies in writing to relevant 

congressional committees the additional time needed for such 

implementation. 

SEC. 12. PARTICIPATION IN INITIAL PUBLIC OFFERINGS. 

Section 21A of the Securities Exchange Act of 1934 (15 U.S.C. 

78u–1), as amended by this Act, is further amended by adding 

at the end the following: 

‘‘(i) PARTICIPATION IN INITIAL PUBLIC OFFERINGS.—An individual described in section 101(f) of the Ethics in Government 

Act of 1978 may not purchase securities that are the subject of 

an initial public offering (within the meaning given such term 

in section 12(f)(1)(G)(i)) in any manner other than is available 

to members of the public generally.’’. 

SEC. 13. REQUIRING MORTGAGE DISCLOSURE. 

(a) REQUIRING DISCLOSURE.—Section 102(a)(4)(A) of the Ethics 

in Government Act of 1978 (5 U.S.C. App. 102(a)(4)(A)) is amended 

by striking ‘‘spouse; and’’ and inserting the following: ‘‘spouse, 

except that this exception shall not apply to a reporting individual— 

‘‘(i) described in paragraph (1), (2), or (9) of section 

101(f); 

‘‘(ii) described in section 101(b) who has been nominated for appointment as an officer or employee in 

the executive branch described in subsection (f) of such 

section, other than— 

‘‘(I) an individual appointed to a position— 

‘‘(aa) as a Foreign Service Officer below 

the rank of ambassador; or 

‘‘(bb) in the uniformed services for which 

the pay grade prescribed by section 201 of 

title 37, United States Code is O–6 or below; 

or 

‘‘(II) a special government employee, as defined 

under section 202 of title 18, United States Code; 

or 

‘‘(iii) described in section 101(f) who is in a position 

in the executive branch the appointment to which is 

made by the President and requires advice and consent 

of the Senate, other than— 

‘‘(I) an individual appointed to a position— 

‘‘(aa) as a Foreign Service Officer below 

the rank of ambassador; or 

‘‘(bb) in the uniformed services for which 

the pay grade prescribed by section 201 of 

title 37, United States Code is O–6 or below; 

or 

‘‘(II) a special government employee, as defined 

under section 202 of title 18, United States Code; 

and’’. 

(b) EFFECTIVE DATE.—The amendment made by subsection (a) 

shall apply with respect to reports which are required to be filed 

under section 101 of the Ethics of Government Act of 1978 on 

or after the date of the enactment of this Act. 

SEC. 14. TRANSACTION REPORTING REQUIREMENTS. 

The transaction reporting requirements established by section 

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

5 USC app. 103 

note. 

Applicability. 

5 USC app. 102 

note. 


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6 of this Act, shall not be construed to apply to a widely held 

investment fund (whether such fund is a mutual fund, regulated 

investment company, pension or deferred compensation plan, or 

other investment fund), if— 

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

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

(2) the reporting individual neither exercises control over 

nor has the ability to exercise control over the financial 

interests held by the fund. 

SEC. 15. APPLICATION TO OTHER ELECTED OFFICIALS AND CRIMINAL 

OFFENSES. 

(a) APPLICATION TO OTHER ELECTED OFFICIALS.— (1) CIVIL SERVICE RETIREMENT SYSTEM.—Section 

8332(o)(2)(A) of title 5, United States Code, is amended— 

(A) in clause (i), by inserting ‘‘, the President, the 

Vice President, or an elected official of a State or local 

government’’ after ‘‘Member’’; and 

(B) in clause (ii), by inserting ‘‘, the President, the 

Vice President, or an elected official of a State or local 

government’’ after ‘‘Member’’. 

(2) FEDERAL EMPLOYEES RETIREMENT SYSTEM.—Section 

8411(l)(2) of title 5, United States Code, is amended— 

(A) in subparagraph (A), by inserting ‘‘, the President, 

the Vice President, or an elected official of a State or 

local government’’ after ‘‘Member’’; and 

(B) in subparagraph (B), by inserting ‘‘, the President, 

the Vice President, or an elected official of a State or 

local government’’ after ‘‘Member’’. 

(b) CRIMINAL OFFENSES.—Section 8332(o)(2) of title 5, United 

States Code, is amended— 

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

inserting the following: 

‘‘(iii) The offense— 

‘‘(I) is committed after the date of enactment of this 

subsection and— 

‘‘(aa) is described under subparagraph (B)(i), (iv), 

(xvi), (xix), (xxiii), (xxiv), or (xxvi); or 

‘‘(bb) is described under subparagraph (B)(xxix), 

(xxx), or (xxxi), but only with respect to an offense 

described under subparagraph (B)(i), (iv), (xvi), (xix), 

(xxiii), (xxiv), or (xxvi); or 

‘‘(II) is committed after the date of enactment of the 

STOCK Act and— 

‘‘(aa) is described under subparagraph (B)(ii), (iii), 

(v), (vi), (vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), 

(xvii), (xviii), (xx), (xxi), (xxii), (xxv), (xxvii), or (xxviii); 

or 

‘‘(bb) is described under subparagraph (B)(xxix), 

(xxx), or (xxxi), but only with respect to an offense 

described under subparagraph (B)(ii), (iii), (v), (vi), (vii), 

(viii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), (xvii), (xviii), 

(xx), (xxi), (xxii), (xxv), (xxvii), or (xxviii).’’; and 

(2) by striking subparagraph (B) and inserting the following: 

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

following, and only to the extent that the offense is a felony: 


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126 STAT. 302 PUBLIC LAW 112–105—APR. 4, 2012 

‘‘(i) An offense under section 201 of title 18 (relating to 

bribery of public officials and witnesses). 

‘‘(ii) An offense under section 203 of title 18 (relating to 

compensation to Member of Congress, officers, and others in 

matters affecting the Government). 

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

to practice in the United States Court of Federal Claims or 

the United States Court of Appeals for the Federal Circuit 

by Member of Congress). 

‘‘(iv) An offense under section 219 of title 18 (relating 

to officers and employees acting as agents of foreign principals). 

‘‘(v) An offense under section 286 of title 18 (relating to 

conspiracy to defraud the Government with respect to claims). 

‘‘(vi) An offense under section 287 of title 18 (relating 

to false, fictitious or fraudulent claims). 

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

to expenditures to influence voting). 

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

to promise of appointment by candidate). 

‘‘(ix) An offense under section 602 of title 18 (relating 

to solicitation of political contributions). 

‘‘(x) An offense under section 606 of title 18 (relating to 

intimidation to secure political contributions). 

‘‘(xi) An offense under section 607 of title 18 (relating 

to place of solicitation). 

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

to public money, property or records). 

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

to theft or bribery concerning programs receiving Federal 

funds). 

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

to statements or entries generally). 

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

to frauds and swindles, including as part of a scheme to deprive 

citizens of honest services thereby). 

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

to fraud by wire, radio, or television, including as part of 

a scheme to deprive citizens of honest services thereby). 

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

to influencing or injuring officer or juror). 

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

to obstruction of proceedings before departments, agencies, and 

committees). 

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

to tampering with a witness, victim, or an informant). 

‘‘(xx) An offense under section 1951 of title 18 (relating 

to interference with commerce by threats of violence). 

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

to interstate and foreign travel or transportation in aid of 

racketeering enterprises). 

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

to laundering of monetary instruments). 

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

to engaging in monetary transactions in property derived from 

specified unlawful activity). 

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

to racketeer influenced and corrupt organizations). 


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PUBLIC LAW 112–105—APR. 4, 2012 126 STAT. 303 

‘‘(xxv) An offense under section 7201 of the Internal Revenue Code of 1986 (relating to attempt to evade or defeat 

tax). 

‘‘(xxvi) An offense under section 104(a) of the Foreign Corrupt Practices Act of 1977 (relating to prohibited foreign trade 

practices by domestic concerns). 

‘‘(xxvii) An offense under section 10(b) of the Securities 

Exchange Act of 1934 (relating to fraud, manipulation, or 

insider trading of securities). 

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

Exchange Act (7 U.S.C. 6c(a)) (relating to fraud, manipulation, 

or insider trading of commodities). 

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

to conspiracy to commit offense or to defraud United States), 

to the extent of any conspiracy to commit an act which constitutes— 

‘‘(I) an offense under clause (i), (ii), (iii), (iv), (v), (vi), 

(vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), (xvi), (xvii), 

(xviii), (xix), (xx), (xxi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), 

(xxvii), or (xxviii); or 

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

to restrictions on former officers, employees, and elected 

officials of the executive and legislative branches). 

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

in falsely denying the commission of an act which constitutes— 

‘‘(I) an offense under clause (i), (ii), (iii), (iv), (v), (vi), 

(vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), (xvi), (xvii), 

(xviii), (xix), (xx), (xxi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), 

(xxvii), or (xxviii); or 

‘‘(II) an offense under clause (xxix), to the extent provided in such clause. 

‘‘(xxxi) Subornation of perjury committed under section 

1622 of title 18 in connection with the false denial or false 

testimony of another individual as specified in clause (xxx).’’. 

SEC. 16. LIMITATION ON BONUSES TO EXECUTIVES OF FANNIE MAE 

AND FREDDIE MAC. 

Notwithstanding any other provision in law, senior executives 

at the Federal National Mortgage Association and the Federal 

Home Loan Mortgage Corporation are prohibited from receiving 

bonuses during any period of conservatorship for those entities 

on or after the date of enactment of this Act. 

SEC. 17. POST-EMPLOYMENT NEGOTIATION RESTRICTIONS. 

(a) RESTRICTION EXTENDED TO EXECUTIVE AND JUDICIAL

BRANCHES.—Notwithstanding any other provision of law, an individual required to file a financial disclosure report under section 

101 of the Ethics in Government Act of 1978 (5 U.S.C. App. 101) 

may not directly negotiate or have any agreement of future employment or compensation unless such individual, within 3 business 

days after the commencement of such negotiation or agreement 

of future employment or compensation, files with the individual’s 

supervising ethics office a statement, signed by such individual, 

regarding such negotiations or agreement, including the name of 

the private entity or entities involved in such negotiations or agreement, and the date such negotiations or agreement commenced. 

(b) RECUSAL.—An individual filing a statement under subsection (a) shall recuse himself or herself whenever there is a 

Notification. 

Time period. 

5 USC app. 101 

note. 

Effective date. 

12 USC 4518a. 


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126 STAT. 304 PUBLIC LAW 112–105—APR. 4, 2012 

conflict of interest, or appearance of a conflict of interest, for such 

individual with respect to the subject matter of the statement, 

and shall notify the individual’s supervising ethics office of such 

recusal. An individual making such recusal shall, upon such recusal, 

submit to the supervising ethics office the statement under subsection (a) with respect to which the recusal was made. 

SEC. 18. WRONGFULLY INFLUENCING PRIVATE ENTITIES EMPLOYMENT DECISIONS BY LEGISLATIVE AND EXECUTIVE 

BRANCH OFFICERS AND EMPLOYEES. 

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

is amended— 

(1) in the heading of such section, by inserting after ‘‘Congress’’ the following: ‘‘or an officer or employee of the 

legislative or executive branch’’; 

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

(3) by striking ‘‘a Senator or Representative in, or a Delegate or Resident Commissioner to, the Congress or an employee 

of either House of Congress’’ and inserting ‘‘a covered government person’’; and 

(4) by adding at the end the following: 

‘‘(b) In this section, the term ‘covered government person’ 

means— 

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

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

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

United States Postal Service or the Postal Regulatory Commission, or any other executive branch employee (as such term 

is defined under section 2105 of title 5, United States Code).’’. 

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

11 of title 18, United States Code, is amended by 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.’’. 

SEC. 19. MISCELLANEOUS CONFORMING AMENDMENTS. 

(a) REPEAL OF TRANSMISSION OF COPIES OF MEMBER AND CANDIDATE REPORTS TO STATE ELECTION OFFICIALS UPON ADOPTION

OF NEW SYSTEMS.—Section 103(i) of the Ethics in Government 

Act of 1978 (5 U.S.C. App. 103(i)) is amended— 

(1) by striking ‘‘(i)’’ and inserting ‘‘(i)(1)’’; and 

(2) by adding at the end the following new paragraph: 

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

report filed under this title which is filed electronically and for 

which there is online public access, in accordance with the systems 

developed by the Secretary and Sergeant at Arms of the Senate 

and the Clerk of the House of Representatives under section 8(b) 

of the Stop Trading on Congressional Knowledge Act of 2012.’’. 

(b) PERIOD OF RETENTION OF FINANCIAL DISCLOSURE STATE- MENTS OF MEMBERS OF THE HOUSE.— 

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

and Open Government Act of 2007 (2 U.S.C. 104e(c)) is amended 

by striking the period at the end and inserting the following: 

‘‘, or, in the case of reports filed under section 103(h)(1) of 

the Ethics in Government Act of 1978, until the expiration 


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PUBLIC LAW 112–105—APR. 4, 2012 126 STAT. 305 

LEGISLATIVE HISTORY—S. 2038: 

CONGRESSIONAL RECORD, Vol. 158 (2012): 

Jan. 31, Feb. 1, 2, considered and passed Senate. 

Feb. 9, considered and passed House, amended. 

Mar. 20, 22, House considered and concurred in Senate amendment. 

DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2012): 

Apr. 4, Presidential remarks. 

Æ 

of the 6-year period which begins on the date the individual 

is no longer a Member of Congress.’’. 

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

(1) shall apply with respect to any report which is filed on 

or after the date on which the systems developed by the Secretary and Sergeant at Arms of the Senate and the Clerk 

of the House of Representatives under section 8(b) first take 

effect. 

Approved April 4, 2012. 

Applicability. 

2 USC 104e note. 


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