II 

Calendar No. 729 

118TH CONGRESS 

2D SESSION S. 1171 

[Report No. 118–309] 

To amend chapter 131 of title 5, United States Code, to prevent Members 

of Congress and their spouses and dependent children from trading 

stocks and owning stocks, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

APRIL 17, 2023 

Mr. MERKLEY (for himself, Mr. BROWN, Mrs. GILLIBRAND, Mr. KING, Mr. 

SANDERS, Ms. STABENOW, Mrs. SHAHEEN, Ms. DUCKWORTH, Mr. 

CASEY, Mr. WELCH, Mr. LUJA ́N, Mr. FETTERMAN, Ms. HIRONO, Ms. 

CORTEZ MASTO, Ms. BALDWIN, Mr. VAN HOLLEN, Mr. CARDIN, Mr. 

TESTER, Mr. HEINRICH, Mr. KAINE, Mr. BLUMENTHAL, Mr. SCHATZ, 

Ms. ROSEN, and Ms. WARREN) introduced the following bill; which was 

read twice and referred to the Committee on Homeland Security and 

Governmental Affairs 

DECEMBER 19 (legislative day, DECEMBER 16), 2024 

Reported by Mr. PETERS, with an amendment 

[Strike out all after the enacting clause and insert the part printed in italic] 

A BILL 

To amend chapter 131 of title 5, United States Code, to 

prevent Members of Congress and their spouses and 

dependent children from trading stocks and owning 

stocks, and for other purposes. 


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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 ‘‘Ending Trading and 

5 Holdings In Congressional Stocks (ETHICS) Act’’. 

6 SEC. 2. PLACEMENT OF CERTAIN ASSETS OF MEMBERS OF 

7 CONGRESS AND THEIR SPOUSES AND DE8 PENDENT CHILDREN IN QUALIFIED BLIND 

9 TRUSTS. 

10 (a) IN GENERAL.—Chapter 131 of title 5, United 

11 States Code, is amended by adding at the end the fol12 lowing: 

13 ‘‘Subchapter IV—Certain Assets of Members 

14 of Congress and Their Spouses and De15 pendent Children 

16 ‘‘§ 13161. Definitions 

17 ‘‘In this title: 

18 ‘‘(1) COMMODITY.—The term ‘commodity’ has 

19 the meaning given the term in section 1a of the 

20 Commodity Exchange Act (7 U.S.C. 1a). 

21 ‘‘(2) COVERED INVESTMENT.— 

22 ‘‘(A) IN GENERAL.—The term ‘covered in23 vestment’ means— 

24 ‘‘(i) an investment in— 

25 ‘‘(I) a security; 


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1 ‘‘(II) a commodity; or 

2 ‘‘(III) a future; 

3 ‘‘(ii) any economic interest com4 parable to an interest described in clause 

5 (i) that is acquired through synthetic 

6 means, such as the use of a derivative, in7 cluding an option, warrant, or other, simi8 lar means; or 

9 ‘‘(iii) any interest described in clause 

10 (i) or (ii) that is held directly, or in which 

11 an individual has an indirect, beneficial, or 

12 economic interest, through— 

13 ‘‘(I) an investment fund or hold14 ing company; 

15 ‘‘(II) a trust (other than a quali16 fied blind trust); 

17 ‘‘(III) an employee benefit plan; 

18 or 

19 ‘‘(IV) a deferred compensation 

20 plan, including a carried interest or 

21 other agreement tied to the perform22 ance of an investment, other than a 

23 fixed cash payment. 

24 ‘‘(B) EXCLUSIONS.—The term ‘covered in25 vestment’ does not include— 


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1 ‘‘(i) a diversified mutual fund (includ2 ing any holdings of such a fund); 

3 ‘‘(ii) a diversified exchange-traded 

4 fund (including any holdings of such a 

5 fund); 

6 ‘‘(iii) a United States Treasury bill, 

7 note, or bond; 

8 ‘‘(iv) compensation from the primary 

9 occupation of the spouse of a Member of 

10 Congress, or any security that is issued or 

11 paid by an operating business that is the 

12 primary employer of such a spouse that is 

13 issued or paid to such a spouse; 

14 ‘‘(v) holding and acquiring any secu15 rity that is issued or paid as compensation 

16 from corporate board service by the spouse 

17 of a Member of Congress, including the 

18 dividend reinvestment in the same security 

19 received from the corporate board service 

20 by the spouse of a Member of Congress; 

21 ‘‘(vi) any covered investment that is 

22 traded by the spouse of a Member of Con23 gress in the course of performing the pri24 mary occupation of such a spouse, proVerDate Sep 11 2014 08:00 Dec 20, 2024 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6401 E:\BILLS\S1171.RS S1171

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1 vided the investment is not owned by a 

2 covered person; 

3 ‘‘(vii) any investment fund held in a 

4 Federal, State, or local government em5 ployee retirement plan; 

6 ‘‘(viii) a tax-free State or municipal 

7 bond; 

8 ‘‘(ix) an interest in a small business 

9 concern, if the supervising ethics office de10 termines that the small business concern 

11 does not present a conflict of interest, and, 

12 in the case of an investment in a family 

13 farm or ranch that qualifies as an interest 

14 in a small business concern, a future or 

15 commodity directly related to the farming 

16 activities and products of the farm or 

17 ranch; 

18 ‘‘(x) holding investment-grade cor19 porate bonds, provided that the corporate 

20 bonds are held by an individual who is a 

21 covered person on the date of enactment of 

22 the Ending Trading and Holdings In Con23 gressional Stocks (ETHICS) Act; 

24 ‘‘(xi) any share of Settlement Com25 mon Stock issued under section 7(g)(1)(A) 


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1 of the Alaska Native Claims Settlement 

2 Act (43 U.S.C. 1606(g)(1)(A)); or 

3 ‘‘(xii) any share of Settlement Com4 mon Stock, as defined in section 3 of the 

5 Alaska Native Claims Settlement Act (43 

6 U.S.C. 1602). 

7 ‘‘(3) COVERED PERSON.—The term ‘covered 

8 person’ means— 

9 ‘‘(A) a Member of Congress; and 

10 ‘‘(B) a spouse or dependent child of a 

11 Member of Congress. 

12 ‘‘(4) CUSTODY.—The term ‘custody’ has the 

13 meaning given the term in section 275.206(4)–2(d) 

14 of title 17, Code of Federal Regulations (as in effect 

15 on the date of enactment of the Ending Trading and 

16 Holdings In Congressional Stocks (ETHICS) Act or 

17 a successor regulation). 

18 ‘‘(5) DEPENDENT CHILD.—The term ‘depend19 ent child’ means, with respect to any Member of 

20 Congress any individual who is— 

21 ‘‘(A) under the age of 19; and 

22 ‘‘(B) a dependent of the Member of Con23 gress within the meaning of section 152 of the 

24 Internal Revenue Code of 1986. 


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1 ‘‘(6) DIVERSIFIED.—The term ‘diversified’, 

2 with respect to a fund, trust, or plan, means that 

3 the fund, trust, or plan does not have a stated policy 

4 of concentrating its investments in any industry, 

5 business, or single country other than the United 

6 States. 

7 ‘‘(7) FUTURE.—The term ‘future’ means— 

8 ‘‘(A) a security future (as defined in sec9 tion 3(a) of the Securities Exchange Act of 

10 1934 (15 U.S.C. 78c(a))); and 

11 ‘‘(B) any other contract for the sale of a 

12 commodity for future delivery. 

13 ‘‘(8) ILLIQUID INVESTMENT.—The term ‘il14 liquid investment’ means an interest in a private 

15 fund, as defined in section 202(a)(29) of the Invest16 ment Advisers Act of 1940 (15 U.S.C. 80b–2). 

17 ‘‘(9) INITIAL PROPERTY.—The term ‘initial 

18 property’ means an asset or financial interest trans19 ferred to a qualified blind trust by, or on behalf of, 

20 an interested party or a relative of an interested 

21 party, regardless of whether the asset or financial 

22 interest is transferred to the qualified blind trust on 

23 or after the date of establishment of the qualified 

24 blind trust. 


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1 ‘‘(10) INTERESTED PARTY.—The term ‘inter2 ested party’ has the meaning given the term in sec3 tion 13104(f)(3)(E). 

4 ‘‘(11) MEMBER OF CONGRESS; SUPERVISING

5 ETHICS OFFICE.—The terms ‘Member of Congress’ 

6 and ‘supervising ethics office’ have the meaning 

7 given those terms in section 13101. 

8 ‘‘(12) QUALIFIED BLIND TRUST.—The term 

9 ‘qualified blind trust’ means a qualified blind trust 

10 (as defined in section 13104(f)(3)) that has been ap11 proved in writing by the applicable supervising ethics 

12 office under section 13104(f)(3)(D). 

13 ‘‘(13) SECURITY.—The term ‘security’ has the 

14 meaning given the term in section 3(a) of the Secu15 rities Exchange Act of 1934 (15 U.S.C. 78c(a)). 

16 ‘‘(14) SMALL BUSINESS CONCERN.—The term 

17 ‘small business concern’ has the meaning given the 

18 term under section 3 of the Small Business Act (15 

19 U.S.C. 632). 

20 ‘‘§ 13162. Trading covered investments 

21 ‘‘(a) BAN ON TRADING.—Except as provided in sub22 sections (b) and (c)— 

23 ‘‘(1) effective on the date of enactment of the 

24 Ending Trading and Holdings In Congressional 


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1 Stocks (ETHICS) Act, a Member of Congress shall 

2 not purchase any covered investment; 

3 ‘‘(2) effective on the date that is 90 days after 

4 the date of enactment of the Ending Trading and 

5 Holdings In Congressional Stocks (ETHICS) Act, a 

6 Member of Congress shall not sell any covered in7 vestment, except as provided in section 13163(a)(2); 

8 and 

9 ‘‘(3) on and after the effective date described in 

10 section 13163(k), a covered person that is a spouse 

11 or dependent child of a Member of Congress shall 

12 not purchase any covered investment or sell any cov13 ered investment, except as provided in section 

14 13163(a)(2). 

15 ‘‘(b) OPTIONAL DIVESTMENT WINDOW.—Notwith16 standing subsection (a)— 

17 ‘‘(1) a Member of Congress who is sworn as a 

18 Member of Congress on or before the date of enact19 ment of the Ending Trading and Holdings In Con20 gressional Stocks (ETHICS) Act may sell a covered 

21 investment within 90 days of the date of enactment 

22 of such act, provided that the Member of Congress 

23 may not sell any covered investment at any time out24 side of that period while the Member of Congress 

25 serves the term for which the Member of Congress 


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1 was elected or is reelected or appointed as a Member 

2 of Congress except as provided in section 

3 13163(a)(2); and 

4 ‘‘(2) a Member of Congress who is sworn as a 

5 Member of Congress after the date of enactment of 

6 the Ending Trading and Holdings In Congressional 

7 Stocks (ETHICS) Act may sell a covered investment 

8 within 90 days of commencing the term of service as 

9 a Member of Congress, provided that the Member of 

10 Congress may not sell any covered investment at any 

11 time outside of that period while the Member of 

12 Congress serves the term for which the Member of 

13 Congress was elected or is reelected or appointed as 

14 a Member of Congress except as provided in section 

15 13163(a)(2). 

16 ‘‘(c) EXCEPTION.—Notwithstanding subsection (a), a 

17 covered person may divest a covered investment as di18 rected by the relevant supervising ethics office pursuant 

19 to this Act. 

20 ‘‘(d) JOINT COVERED INVESTMENT.—Any covered 

21 investment reported to the supervising ethics office as 

22 jointly owned by a Member of Congress and the spouse 

23 of the Member of Congress shall be deemed to be a covered 

24 investment of the Member of Congress for purposes of this 

25 section. 


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1 ‘‘§ 13163. Addressing owned covered investments 

2 ‘‘(a) MEMBERS OF CONGRESS.— 

3 ‘‘(1) CERTIFICATION.—Not later than 60 days 

4 after the applicable effective date described in sub5 section (j), a Member of Congress shall submit to 

6 the supervising ethics office a certification, which 

7 the supervising ethics office shall publish online that 

8 certifies that— 

9 ‘‘(A) each covered investment owned by, or 

10 in the custody of, the Member of Congress, or 

11 a spouse or dependent child of the Member of 

12 Congress, will, by the applicable deadline under 

13 paragraph (2), be— 

14 ‘‘(i) divested, as described in para15 graph (2)(B); or 

16 ‘‘(ii) placed in a qualified blind trust, 

17 including through the establishment of a 

18 qualified blind trust for that purpose, if 

19 necessary, as described in paragraph 

20 (2)(A); and 

21 ‘‘(B) no spouse or dependent child of the 

22 Member of Congress owns, or has custody of, 

23 covered investments with a cumulative amount 

24 equal to more than $10,000, in accordance with 

25 paragraph (6). 


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1 ‘‘(2) DIVESTITURE OR PLACEMENT IN QUALI2 FIED BLIND TRUST.— 

3 ‘‘(A) REQUIREMENT.—Subject to para4 graphs (3) and (6) and subsection (b)(2), not 

5 later than 120 days after the applicable effec6 tive date described in subsection (j), a Member 

7 of Congress shall divest, or place in a qualified 

8 blind trust (including by establishing a qualified 

9 blind trust for that purpose, if necessary), each 

10 covered investment owned or in the custody 

11 of— 

12 ‘‘(i) the Member of Congress; or 

13 ‘‘(ii) a spouse or dependent child of 

14 the Member of Congress. 

15 ‘‘(B) DIVESTITURE.—A covered person 

16 shall divest any covered investment owned by or 

17 in the custody of the covered person that is not 

18 placed in a qualified blind trust not later than 

19 the date described in subparagraph (A), subject 

20 to any extension granted under paragraph (3). 

21 ‘‘(C) QUALIFIED BLIND TRUSTS.— 

22 ‘‘(i) MANDATORY SALE OF INITIAL

23 PROPERTY IN QUALIFIED BLIND TRUST.— 

24 ‘‘(I) IN GENERAL.—Subject to 

25 clause (ii), if a covered person places, 


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1 or has placed before the applicable ef2 fective date described in subsection 

3 (j), 1 or more covered investments in 

4 a qualified blind trust, the trustee of 

5 the qualified blind trust shall divest 

6 any such covered investment not later 

7 than the date specified in subclause 

8 (II). 

9 ‘‘(II) DEADLINE.—The date 

10 specified in this subclause is— 

11 ‘‘(aa) with respect to a cov12 ered investment placed in a quali13 fied blind trust before the appli14 cable effective date described in 

15 subsection (j), 120 days after 

16 such applicable effective date; 

17 and 

18 ‘‘(bb) with respect to a cov19 ered investment placed in a quali20 fied blind trust on or after the 

21 applicable effective date described 

22 in subsection (j), 120 days after 

23 the date of creation of the quali24 fied blind trust, as dated by the 


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1 executed qualified blind trust 

2 agreement. 

3 ‘‘(III) NOTICE OF COMPLI4 ANCE.— 

5 ‘‘(aa) IN GENERAL.—Sub6 ject to item (bb), upon comple7 tion of the divestiture of all ini8 tial property pursuant to sub9 clause (I)— 

10 ‘‘(AA) the trustee of a 

11 qualified blind trust shall 

12 submit to the supervising 

13 ethics office and each bene14 ficiary of the trust a written 

15 notice stating that all initial 

16 property of the qualified 

17 blind trust has been di18 vested; and 

19 ‘‘(BB) the supervising 

20 ethics office shall publish the 

21 notice described in subitem 

22 (AA) on the website of the 

23 supervising ethics office. 


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1 ‘‘(bb) CONTENTS.—Each 

2 notice described in item 

3 (aa)(AA)— 

4 ‘‘(AA) shall only iden5 tify the initial property gen6 erally by referring to the 

7 complete list of assets de8 scribed in section 

9 13104(f)(5)(A)(ii); and 

10 ‘‘(BB) may not contain 

11 any other information relat12 ing to any holding of the 

13 qualified blind trust or the 

14 timing of any divestiture. 

15 ‘‘(ii) EXTENSION OF MANDATORY

16 SALE OF INITIAL PROPERTY.— 

17 ‘‘(I) REQUEST.—A covered per18 son may apply to the supervising eth19 ics office for an extension of the pe20 riod described in clause (i)(I) if the 

21 size or complexity of the covered in22 vestments in the qualified blind trust 

23 warrant such extension. 


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1 ‘‘(II) DURATION.—An extension 

2 granted under subclause (I) shall not 

3 exceed 90 days. 

4 ‘‘(D) ILLIQUID INVESTMENTS.— 

5 ‘‘(i) SALE.—Not later than 90 days 

6 after the date on which a covered person is 

7 contractually permitted to sell an illiquid 

8 investment, the covered person shall divest 

9 the illiquid investment. 

10 ‘‘(ii) PROHIBITION.—A covered person 

11 may not place an illiquid investment in any 

12 qualified blind trust under subparagraph 

13 (A). 

14 ‘‘(E) TRUSTEES.—A trustee of a qualified 

15 blind trust— 

16 ‘‘(i) shall be required to be a financial 

17 institution, as defined in section 1a of the 

18 Commodity Exchange Act (7 U.S.C. 1a); 

19 and 

20 ‘‘(ii) except for a financial institution, 

21 may not be— 

22 ‘‘(I) an attorney; 

23 ‘‘(II) a certified public account24 ant; 


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1 ‘‘(III) a broker, as defined in sec2 tion 3(a) of the Securities Exchange 

3 Act of 1934 (15 U.S.C. 78c(a)); or 

4 ‘‘(IV) an investment advisor. 

5 ‘‘(3) EXTENSION OF ASSETS BEING PLACED IN

6 QUALIFIED BLIND TRUSTS.—If a covered person is 

7 unable to place a covered investment in a qualified 

8 blind trust by the date described in paragraph 

9 (2)(A), the applicable Member of Congress may re10 quest, and the supervising ethics office may grant, 

11 1 or more reasonable extensions, subject to the con12 ditions that— 

13 ‘‘(A) the total period of time covered by all 

14 extensions granted for the covered investment 

15 shall not exceed 150 days; and 

16 ‘‘(B) the period covered by a single exten17 sion shall be not longer than 45 days. 

18 ‘‘(4) COMMUNICATIONS REGARDING EXISTING

19 QUALIFIED BLIND TRUSTS.— 

20 ‘‘(A) IN GENERAL.—Any direct or indirect 

21 communication relating to a qualified blind 

22 trust in existence on the applicable effective 

23 date described in subsection (j) between a trust24 ee of the qualified blind trust and an interested 


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1 party shall be permissible for purposes of this 

2 title if the communication— 

3 ‘‘(i)(I) is made— 

4 ‘‘(aa) in writing; and 

5 ‘‘(bb) not later than 60 days 

6 after that effective date; 

7 ‘‘(II) is filed with the applicable su8 pervising ethics office by the person initi9 ating the communication not less than 5 

10 days before the date of the communication; 

11 ‘‘(III) relates to a direction or request 

12 to the trustee— 

13 ‘‘(aa) to sell all initial property 

14 placed in the qualified blind trust by 

15 any interested party; or 

16 ‘‘(bb) to convert all of an asset in 

17 the qualified blind trust into an in18 vestment other than a covered invest19 ment; and 

20 ‘‘(ii) is otherwise permitted under sec21 tion 13104(f)(3)(C)(vi). 

22 ‘‘(5) COMMUNICATIONS BETWEEN COVERED

23 PERSONS AND TRUSTEES RELATING TO ALL QUALI24 FIED BLIND TRUSTS.— 


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1 ‘‘(A) NOTIFICATION.—A trustee of a quali2 fied blind trust shall not notify a covered person 

3 if— 

4 ‘‘(i) the value of the initial property of 

5 the qualified blind trust is less than 

6 $1,000; or 

7 ‘‘(ii) the trustee divests any property 

8 of the qualified blind trust, other than the 

9 initial property required to be divested pur10 suant to paragraph (2). 

11 ‘‘(B) COMMUNICATION.— 

12 ‘‘(i) IN GENERAL.—Any communica13 tion between a covered person and the 

14 trustee of the relevant qualified blind 

15 trust— 

16 ‘‘(I) shall be in writing; and 

17 ‘‘(II) submitted and approved in 

18 advance of the communication by the 

19 supervising ethics office. 

20 ‘‘(ii) PROHIBITION.—A communica21 tion described in clause (i) may not include 

22 any information relating to the manner in 

23 which funds of the qualified blind trust are 

24 invested, including any information relat25 ing to— 


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1 ‘‘(I) any company in which the 

2 funds are invested; or 

3 ‘‘(II) any sector in which the 

4 funds are invested. 

5 ‘‘(6) EXCEPTION FOR DEPENDENTS.—A cov6 ered person who is a dependent child of a Member 

7 of Congress may have a legal guardian hold or trade 

8 on behalf of the dependent child 1 or more covered 

9 investments provided that the value of the covered 

10 investments in total does not exceed $10,000. 

11 ‘‘(b) ACQUISITIONS DURING SERVICE.— 

12 ‘‘(1) IN GENERAL.—Subject to paragraph (2), 

13 and any applicable rules issued pursuant to sub14 section (h)(3), effective beginning on the date of en15 actment of the Ending Trading and Holdings In 

16 Congressional Stocks (ETHICS) Act, no covered 

17 person may acquire any covered investment. 

18 ‘‘(2) INHERITANCES.— 

19 ‘‘(A) IN GENERAL.—Subject to subpara20 graph (B), a covered person who inherits a cov21 ered investment shall come into compliance as 

22 required under subsection (a) by not later than 

23 120 days after the date on which the covered 

24 investment is inherited. 


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1 ‘‘(B) EXTENSIONS.—If a covered person is 

2 unable to meet the requirements of subpara3 graph (A), the applicable Member of Congress 

4 may request, and the supervising ethics office 

5 may grant, 1 or more reasonable extensions, 

6 subject to the conditions that— 

7 ‘‘(i) the total period of time covered 

8 by all extensions granted for the covered 

9 investment shall not exceed 150 days; and 

10 ‘‘(ii) the period covered by a single ex11 tension shall be not longer than 45 days. 

12 ‘‘(c) FAMILY TRUSTS.— 

13 ‘‘(1) IN GENERAL.—A supervising ethics office 

14 may grant an exemption for a family trust only if— 

15 ‘‘(A) no covered person— 

16 ‘‘(i) is a grantor of the family trust; 

17 ‘‘(ii) contributed any asset to the fam18 ily trust; or 

19 ‘‘(iii) has any authority over a trustee 

20 of the family trust, including the authority 

21 to appoint, replace, or direct the actions of 

22 such a trustee; and 

23 ‘‘(B) the grantor of the family trust is or 

24 was a family member of the covered person. 


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1 ‘‘(2) REQUESTS.—A covered person seeking an 

2 exemption under paragraph (1) shall submit to the 

3 applicable supervising ethics office a request for the 

4 exemption, in writing, certifying that the conditions 

5 described in that paragraph are met. 

6 ‘‘(3) PUBLICATION.—A supervising ethics office 

7 shall publish on the public website of the supervising 

8 ethics office— 

9 ‘‘(A) a copy of each request submitted 

10 under paragraph (2); and 

11 ‘‘(B) the written response of the super12 vising ethics office to each request described in 

13 subparagraph (A). 

14 ‘‘(d) MINGLING OF ASSETS.—A spouse or dependent 

15 child of a Member of Congress may place a covered invest16 ment in a qualified blind trust established by the Member 

17 of Congress under subsection (a)(2)(A)(i). 

18 ‘‘(e) SEPARATION FROM SERVICE AND COOLING-OFF

19 PERIOD REQUIRED FOR CONTROL.—During the period 

20 beginning on the date on which an individual becomes a 

21 Member of Congress and ending on the date that is 90 

22 days after the date on which the individual ceases to serve 

23 as a Member of Congress, the Member of Congress, and 

24 any spouse or dependent child of the Member of Congress, 

25 may not— 


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1 ‘‘(1) dissolve any qualified blind trust in which 

2 a covered investment has been placed pursuant to 

3 subsection (a)(2); or 

4 ‘‘(2) except as provided in this section, other5 wise control a covered investment, including pur6 chasing new covered investments. 

7 ‘‘(f) REPORTING REQUIREMENTS.— 

8 ‘‘(1) SUPERVISING ETHICS OFFICES.—Each su9 pervising ethics office shall make available on the 

10 public website of the supervising ethics office— 

11 ‘‘(A) a copy of— 

12 ‘‘(i) each certification submitted to 

13 the supervising ethics office under sub14 section (a)(1); 

15 ‘‘(ii) each qualified blind trust agree16 ment of each covered person; 

17 ‘‘(iii) each notice and other docu18 mentation submitted to the supervising 

19 ethics office under this section; and 

20 ‘‘(iv) each notice, ruling, and other 

21 documentation issued or received by the 

22 supervising ethics office under subsection 

23 (c); 


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1 ‘‘(B) a schedule of all assets placed in a 

2 qualified blind trust by each covered person and 

3 interested party; and 

4 ‘‘(C) a description of each extension grant5 ed, and each civil penalty imposed, pursuant to 

6 this section. 

7 ‘‘(2) TRUSTEES.—Each trustee of a qualified 

8 blind trust established by a covered person shall sub9 mit to the covered person and the applicable super10 vising ethics office a written notice in any case in 

11 which the trustee learns that an interested party has 

12 obtained knowledge of any trust property other than 

13 the initial property of the qualified blind trust. 

14 ‘‘(3) MEMBER OF CONGRESS.—Each Member of 

15 Congress who is a beneficiary of a qualified blind 

16 trust shall submit to the applicable supervising eth17 ics office— 

18 ‘‘(A) a copy of the executed qualified blind 

19 trust agreement by not later than 30 days after 

20 the date of execution; 

21 ‘‘(B) a list of each asset and each financial 

22 interest transferred to the qualified blind trust 

23 by an interested party by not later than 30 

24 days after the date of the transfer; 


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1 ‘‘(C) a copy of each notice submitted to the 

2 Member of Congress under paragraph (2) by 

3 not later than 30 days after the date of receipt; 

4 ‘‘(D) a written notice that an interested 

5 party has obtained knowledge of any holding of 

6 the qualified blind trust by not later than the 

7 date that is 30 days after the date on which the 

8 Member of Congress discovered that the knowl9 edge had been obtained; and 

10 ‘‘(E) a written notice of dissolution of the 

11 qualified blind trust by not later than 30 days 

12 after the date of dissolution. 

13 ‘‘(4) FEDERAL BENEFITS.— 

14 ‘‘(A) COVERED PAYMENT.—In this para15 graph, the term ‘covered payment’— 

16 ‘‘(i) means a payment of money or 

17 any other item of value made, or promised 

18 to be made, by the Federal Government; 

19 ‘‘(ii) includes— 

20 ‘‘(I) a loan agreement, contract, 

21 or grant made, or promised to be 

22 made, by the Federal Government, in23 cluding such an agreement, contract, 

24 or grant relating to agricultural activ25 ity; and 


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•S 1171 RS

1 ‘‘(II) such other types of pay2 ment of money or items of value as 

3 the supervising ethics office may es4 tablish, by guidance; and 

5 ‘‘(iii) does not include— 

6 ‘‘(I) any salary or compensation 

7 for service performed as, or reim8 bursement of personal outlay by, an 

9 officer or employee of the Federal 

10 Government; or 

11 ‘‘(II) any tax refund (including a 

12 refundable tax credit). 

13 ‘‘(B) REPORTING REQUIREMENT.—Not 

14 later than 30 days after the date of receipt of 

15 a notice of any application for, or receipt of, a 

16 covered payment by a covered person (including 

17 any business owned and controlled by the cov18 ered person), but in no case later than 45 days 

19 after the date on which the covered payment is 

20 made or promised to be made, the covered per21 son shall submit to the applicable supervising 

22 ethics office a report describing the covered 

23 payment. 

24 ‘‘(g) ENFORCEMENT.— 


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•S 1171 RS

1 ‘‘(1) DIVESTITURE OR PLACEMENT IN QUALI2 FIED BLIND TRUST.— 

3 ‘‘(A) IN GENERAL.—The applicable super4 vising ethics office shall provide a written notice 

5 (including notice of the potential for civil pen6 alties under subparagraph (B)) to any Member 

7 of Congress if the Member of Congress, or 

8 spouse or dependent child of the Member of 

9 Congress— 

10 ‘‘(i) fails to submit a certification 

11 under subsection (a)(1) by the date on 

12 which the certification is required to be 

13 submitted; 

14 ‘‘(ii) fails to divest or place in a quali15 fied blind trust a covered investment 

16 owned by, or in the custody of the covered 

17 person, in accordance with subsection 

18 (a)(2), subject to any extension under sub19 section (a)(3); or 

20 ‘‘(iii) acquires an interest in a covered 

21 investment in violation of this section. 

22 ‘‘(B) CIVIL PENALTIES.— 

23 ‘‘(i) IN GENERAL.—In the event of 

24 continuing noncompliance after issuance of 

25 the notice described in subparagraph (A), 


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•S 1171 RS

1 the supervising ethics office shall impose a 

2 civil penalty, in the amount described in 

3 clause (ii), on a Member of Congress to 

4 whom a notice is provided under clause (i) 

5 or (ii) of subparagraph (A)— 

6 ‘‘(I) on the date that is 30 days 

7 after the date of provision of the no8 tice; and 

9 ‘‘(II) during the period in which 

10 such noncompliance continues, not 

11 less frequently than once every 30 

12 days thereafter. 

13 ‘‘(ii) AMOUNT.—The amount of each 

14 civil penalty imposed on a Member of Con15 gress pursuant to clause (i) shall be equal 

16 to the greater of— 

17 ‘‘(I) the monthly equivalent of 

18 the annual rate of pay payable to the 

19 Member of Congress; and 

20 ‘‘(II) an amount equal to 10 per21 cent of the value of each covered in22 vestment that was not divested or 

23 placed into a qualified blind trust in 

24 violation of this section during the pe25 riod covered by the penalty. 


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•S 1171 RS

1 ‘‘(2) COMMUNICATIONS.—The Attorney General 

2 of the United States shall file a civil action seeking 

3 to impose a civil penalty on any covered person or 

4 trustee of a qualified blind trust who violates sub5 section (a)(4), or otherwise discloses the contents of 

6 a qualified blind trust to any unauthorized indi7 vidual, equal to the greater of— 

8 ‘‘(A) $10,000 per each communication; or 

9 ‘‘(B) 1 percent of the value of the qualified 

10 blind trust on the date of the violation. 

11 ‘‘(h) DUTIES OF SUPERVISING ETHICS OFFICES.— 

12 Each supervising ethics office in the legislative branch 

13 shall— 

14 ‘‘(1) impose and collect civil penalties in accord15 ance with subsection (g); 

16 ‘‘(2) establish such procedures and standard 

17 forms as the supervising ethics office determines to 

18 be appropriate to implement this section; 

19 ‘‘(3) issue such rules and guidelines as the su20 pervising ethics office determines to be appropriate 

21 for the implementation and application of this title; 

22 and 

23 ‘‘(4) publish on a website all documents and 

24 communications described in this subsection. 


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•S 1171 RS

1 ‘‘(i) RULE OF CONSTRUCTION.—Nothing in this sec2 tion shall be construed to prevent a covered person from 

3 owning or trading— 

4 ‘‘(1) a diversified mutual fund; or 

5 ‘‘(2) a publicly traded, diversified exchange 

6 traded fund. 

7 ‘‘(j) EFFECTIVE DATE.—This section shall apply to 

8 each covered person beginning on the date on which the 

9 covered person (or with respect to a covered person that 

10 is a spouse or dependent child of a Member of Congress, 

11 the date on which that Member of Congress) commences 

12 the first new term of service as a Member of Congress 

13 on or after January 31, 2023.’’. 

14 (b) CLERICAL AMENDMENT.—The table of sections 

15 for chapter 131 of title 5, United States Code, is amended 

16 by adding at the end the following: 

‘‘SUBCHAPTER IV—CERTAIN ASSETS OF MEMBERS OF CONGRESS AND THEIR

SPOUSES AND DEPENDENT CHILDREN

‘‘13161. Definitions. 

‘‘13162. Trading covered investments 

‘‘13163. Addressing owned covered investments’’. 

17 (c) TECHNICAL AND CONFORMING AMENDMENTS.— 

18 (1) TITLE 5.—Title 5, United States Code, is 

19 amended— 

20 (A) in section 13103(f)— 

21 (i) in paragraph (9), by striking ‘‘as 

22 defined in section 13101 of this title’’; 


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•S 1171 RS

1 (ii) in paragraph (10), by striking ‘‘as 

2 defined in section 13101 of this title’’; 

3 (iii) in paragraph (11), by striking 

4 ‘‘as defined in section 13101 of this title’’; 

5 and 

6 (iv) in paragraph (12), by striking ‘‘as 

7 defined in section 13101 of this title’’; and 

8 (B) in section 13122(f)(2)(B)— 

9 (i) by striking ‘‘Subject to clause (iv) 

10 of this subparagraph, before’’ each place it 

11 appears and inserting ‘‘Before’’; and 

12 (ii) by striking clause (iv). 

13 (2) LOBBYING DISCLOSURE ACT OF 1995.—Sec14 tion 3(4)(D) of the Lobbying Disclosure Act of 1995 

15 (2 U.S.C. 1602(4)(D)) is amended by striking ‘‘leg16 islative branch employee serving in a position de17 scribed under section 13101(13) of title 5, United 

18 States Code’’ and inserting ‘‘officer or employee of 

19 Congress (as defined in section 13101 of title 5, 

20 United States Code)’’. 

21 (3) SECURITIES EXCHANGE ACT OF 1934.—Sec22 tion 21A of the Securities Exchange Act of 1934 (15 

23 U.S.C. 78u–1) is amended— 


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•S 1171 RS

1 (A) in subsection (g)(2)(B)(ii), by striking 

2 ‘‘section 13101(11)’’ and inserting ‘‘section 

3 13101’’; and 

4 (B) in subsection (h)(2)— 

5 (i) in subparagraph (B), by striking 

6 ‘‘in section 13101(9)’’ and inserting 

7 ‘‘under section 13101’’; and 

8 (ii) in subparagraph (C), by striking 

9 ‘‘section 13101(10)’’ and inserting ‘‘in sec10 tion 13101’’. 

11 SEC. 3. PENALTY FOR STOCK ACT NONCOMPLIANCE. 

12 (a) FINES FOR FAILURE TO REPORT.— 

13 (1) IN GENERAL.—The STOCK Act (Public 

14 Law 112–105; 126 Stat. 291) is amended by adding 

15 at the end the following: 

16 ‘‘SEC. 20. FINES FOR FAILURE TO REPORT. 

17 ‘‘(a) IN GENERAL.—Notwithstanding any other pro18 vision of law (including regulations), a reporting individual 

19 shall be assessed a fine, pursuant to regulations issued by 

20 the applicable supervising ethics office (including the Ad21 ministrative Office of the United States Courts, as appli22 cable), of $500 in each case in which the reporting indi23 vidual fails to file a transaction report required under this 

24 Act or an amendment made by this Act. 


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•S 1171 RS

1 ‘‘(b) DEPOSIT IN TREASURY.—The fines paid under 

2 this section shall be deposited in the miscellaneous receipts 

3 of the Treasury.’’. 

4 (2) EFFECTIVE DATE.—The amendments made 

5 by paragraph (1) shall take effect on the date on 

6 which the reporting individual who is a Member of 

7 Congress commences the first new term of service as 

8 a Member of Congress on or after January 31, 

9 2023. 

10 (b) RULES, REGULATIONS, GUIDANCE, AND DOCU11 MENTS.—Not later than 1 year after the date of enact12 ment of this Act, each supervising ethics office (as defined 

13 in section 13101 of title 5, United States Code) (including 

14 the Administrative Office of the United States Courts, as 

15 applicable) shall amend the rules, regulations, guidance, 

16 documents, papers, and other records of the supervising 

17 ethics office in accordance with the amendment made by 

18 this section. 

19 SEC. 4. ELECTRONIC FILING AND ONLINE PUBLIC AVAIL20 ABILITY OF FINANCIAL DISCLOSURE FORMS. 

21 (a) MEMBERS OF CONGRESS AND CONGRESSIONAL

22 STAFF.—Section 8(b)(1) of the STOCK Act (5 U.S.C. 

23 13107 note) is amended— 

24 (1) in the matter preceding subparagraph (A), 

25 by inserting ‘‘, pursuant to subchapter I of chapter 


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•S 1171 RS

1 131 of part IV of title 5, United States Code, 

2 through databases maintained on the official 

3 websites of the House of Representatives and the 

4 Senate’’ after ‘‘enable’’; and 

5 (2) by striking subparagraph (B) and the un6 designated matter following that subparagraph and 

7 inserting the following: 

8 ‘‘(B) public access— 

9 ‘‘(i) to each— 

10 ‘‘(I) financial disclosure report 

11 filed by a Member of Congress or a 

12 candidate for Congress; 

13 ‘‘(II) transaction disclosure re14 port filed by a Member of Congress or 

15 a candidate for Congress pursuant to 

16 subsection (l) of that section; and 

17 ‘‘(III) notice of extension, amend18 ment, or blind trust, with respect to a 

19 report described in subclause (I) or 

20 (II), pursuant to subchapter I of 

21 chapter 131 of part IV of title 5, 

22 United States Code; and 

23 ‘‘(ii) in a manner that— 

24 ‘‘(I) allows the public to search, 

25 sort, and download data contained in 


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•S 1171 RS

1 the reports described in subclause (I) 

2 or (II) of clause (i) by criteria re3 quired to be reported, including by 

4 filer name, asset, transaction type, 

5 ticker symbol, notification date, 

6 amount of transaction, and date of 

7 transaction; 

8 ‘‘(II) allows access through an 

9 application programming interface; 

10 and 

11 ‘‘(III) is fully compliant with— 

12 ‘‘(aa) section 508 of the Re13 habilitation Act of 1973 (29 

14 U.S.C. 794d); and 

15 ‘‘(bb) the most recent Web 

16 Content Accessibility Guidelines 

17 (or successor guidelines).’’. 

18 (b) EFFECTIVE DATE.—The amendments made by 

19 this section take effect on the date that is 18 months after 

20 the date of enactment of this Act. 

21 SEC. 5. SEVERABILITY. 

22 If any provision of this Act, an amendment made by 

23 this Act, or the application of such provision or amend24 ment to any person or circumstance is held to be unconsti25 tutional, the remainder of this Act and of the amendments 


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•S 1171 RS

1 made by this Act, and the application of the remaining 

2 provisions of this Act and amendments to any person or 

3 circumstance, shall not be affected. 

4 SECTION 1. SHORT TITLE. 

5 This Act may be cited as the ‘‘Ending Trading and 

6 Holdings In Congressional Stocks (ETHICS) Act’’. 

7 SEC. 2. DIVESTMENT OF CERTAIN ASSETS OF MEMBERS OF 

8 CONGRESS, THE PRESIDENT, THE VICE 

9 PRESIDENT, AND THEIR SPOUSES AND DE10 PENDENT CHILDREN. 

11 (a) IN GENERAL.—Chapter 131 of title 5, United 

12 States Code, is amended by adding at the end the following: 

13 ‘‘Subchapter IV—Certain Assets of Members of 

14 Congress, the President, the Vice Presi15 dent, and Their Spouses and Dependent 

16 Children 

17 ‘‘§ 13161. Definitions 

18 ‘‘In this subchapter: 

19 ‘‘(1) COMMODITY.—The term ‘commodity’ has 

20 the meaning given the term in section 1a of the Com21 modity Exchange Act (7 U.S.C. 1a). 

22 ‘‘(2) COVERED INVESTMENT.— 

23 ‘‘(A) IN GENERAL.—The term ‘covered in24 vestment’ means— 

25 ‘‘(i) an investment in— 


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•S 1171 RS

1 ‘‘(I) a security; 

2 ‘‘(II) a commodity; 

3 ‘‘(III) a future; or 

4 ‘‘(IV) a digital asset; 

5 ‘‘(ii) any economic interest comparable 

6 to an interest described in clause (i) that is 

7 acquired through synthetic means, such as 

8 the use of a derivative, including an option, 

9 warrant, or other similar means; or 

10 ‘‘(iii) any interest described in clause 

11 (i) or (ii) that is held directly, or in which 

12 an individual has an indirect, beneficial, or 

13 economic interest, through— 

14 ‘‘(I) an investment fund or hold15 ing company; 

16 ‘‘(II) a trust; 

17 ‘‘(III) an employee benefit plan; 

18 or 

19 ‘‘(IV) a deferred compensation 

20 plan, including a carried interest or 

21 other agreement tied to the perform22 ance of an investment, other than a 

23 fixed cash payment. 

24 ‘‘(B) EXCLUSIONS.—The term ‘covered in25 vestment’ does not include— 


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•S 1171 RS

1 ‘‘(i) a diversified mutual fund (includ2 ing any holdings of such a fund); 

3 ‘‘(ii) a diversified exchange-traded 

4 fund (including any holdings of such a 

5 fund); 

6 ‘‘(iii) a United States Treasury bill, 

7 note, or bond; 

8 ‘‘(iv) compensation from the primary 

9 occupation of the spouse of a covered person, 

10 or any security that is issued or paid by an 

11 operating business that is the primary em12 ployer of such a spouse that is issued or 

13 paid to such a spouse; 

14 ‘‘(v) holding and acquiring any secu15 rity that is issued or paid as compensation 

16 from corporate board service by the spouse 

17 of a covered person, including the dividend 

18 reinvestment in the same security received 

19 from the corporate board service by the 

20 spouse of a covered person; 

21 ‘‘(vi) any covered investment that is 

22 traded by the spouse of a covered person in 

23 the course of performing the primary occu24 pation of such a spouse, provided the invest25 ment is not owned by a covered person or 


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•S 1171 RS

1 the spouse or dependent child of a covered 

2 person; 

3 ‘‘(vii) any investment fund held in a 

4 Federal, State, or local government em5 ployee retirement plan; 

6 ‘‘(viii) a tax-free State or municipal 

7 bond; 

8 ‘‘(ix) an interest in a small business 

9 concern, if the supervising ethics office de10 termines that the small business concern 

11 does not present a conflict of interest, and, 

12 in the case of an investment in a family 

13 farm or ranch that qualifies as an interest 

14 in a small business concern, a future or 

15 commodity directly related to the farming 

16 activities and products of the farm or 

17 ranch; 

18 ‘‘(x) holding investment-grade cor19 porate bonds, provided that the corporate 

20 bonds are held by an individual who is a 

21 covered person, or a spouse or dependent 

22 child of a covered person, on the date of en23 actment of the Ending Trading and Hold24 ings In Congressional Stocks (ETHICS) 

25 Act; 


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•S 1171 RS

1 ‘‘(xi) any share of Settlement Common 

2 Stock issued under section 7(g)(1)(A) of the 

3 Alaska Native Claims Settlement Act (43 

4 U.S.C. 1606(g)(1)(A)); or 

5 ‘‘(xii) any share of Settlement Com6 mon Stock, as defined in section 3 of the 

7 Alaska Native Claims Settlement Act (43 

8 U.S.C. 1602). 

9 ‘‘(C) RULE OF CONSTRUCTION.—Nothing in 

10 this paragraph shall be construed to imply that 

11 particular digital assets are not securities, com12 modities, or other types of covered investments. 

13 ‘‘(3) COVERED PERSON.—The term ‘covered per14 son’ means— 

15 ‘‘(A) a Member of Congress; 

16 ‘‘(B) the President of the United States; or 

17 ‘‘(C) the Vice President of the United 

18 States. 

19 ‘‘(4) CUSTODY.—The term ‘custody’ has the 

20 meaning given the term in section 275.206(4)–2(d) of 

21 title 17, Code of Federal Regulations, as in effect on 

22 the date of enactment of the Ending Trading and 

23 Holdings In Congressional Stocks (ETHICS) Act (or 

24 any successor regulation). 


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•S 1171 RS

1 ‘‘(5) DEPENDENT CHILD.—The term ‘dependent 

2 child’ means, with respect to any covered person, any 

3 individual who is— 

4 ‘‘(A) under 19 years of age; and 

5 ‘‘(B) a dependent of the covered person 

6 within the meaning of section 152 of the Internal 

7 Revenue Code of 1986. 

8 ‘‘(6) DIGITAL ASSET.—The term ‘digital asset’ 

9 means any digital representation of value that is re10 corded on a cryptographically secured distributed 

11 ledger or any similar technology. 

12 ‘‘(7) DIVERSIFIED.—The term ‘diversified’, with 

13 respect to a fund, trust, or plan, means that the fund, 

14 trust, or plan does not have a stated policy of concen15 trating its investments in any single industry, busi16 ness, or single country other than the United States. 

17 ‘‘(8) FUTURE.—The term ‘future’ means— 

18 ‘‘(A) a security future (as defined in section 

19 3(a) of the Securities Exchange Act of 1934 (15 

20 U.S.C. 78c(a))); and 

21 ‘‘(B) any other contract for the sale of a 

22 commodity for future delivery. 

23 ‘‘(9) ILLIQUID INVESTMENT.—The term ‘illiquid 

24 investment’ means an interest in a private fund, as 


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•S 1171 RS

1 defined in section 202(a) of the Investment Advisers 

2 Act of 1940 (15 U.S.C. 80b–2(a)). 

3 ‘‘(10) INTERESTED PARTY.—The term ‘interested 

4 party’ has the meaning given the term in section 

5 13104(f)(3)(E). 

6 ‘‘(11) MEMBER OF CONGRESS; SUPERVISING

7 ETHICS OFFICE.—The terms ‘Member of Congress’ 

8 and ‘supervising ethics office’ have the meanings 

9 given those terms in section 13101. 

10 ‘‘(12) QUALIFIED BLIND TRUST.—The term 

11 ‘qualified blind trust’ has the meaning given the term 

12 in section 13104(f)(3). 

13 ‘‘(13) SECURITY.—The term ‘security’ has the 

14 meaning given the term in section 3(a) of the Securi15 ties Exchange Act of 1934 (15 U.S.C. 78c(a)). 

16 ‘‘(14) SMALL BUSINESS CONCERN.—The term 

17 ‘small business concern’ has the meaning given the 

18 term under section 3 of the Small Business Act (15 

19 U.S.C. 632). 

20 ‘‘§ 13162. Trading covered investments 

21 ‘‘(a) BAN ON TRADING.—Except as provided in sub22 sections (b) and (c)— 

23 ‘‘(1) effective on the date of enactment of the 

24 Ending Trading and Holdings In Congressional 


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•S 1171 RS

1 Stocks (ETHICS) Act, a covered person shall not pur2 chase any covered investment; 

3 ‘‘(2) effective on the date that is 90 days after the 

4 date of enactment of the Ending Trading and Hold5 ings In Congressional Stocks (ETHICS) Act, a cov6 ered person shall not sell any covered investment, ex7 cept as provided in section 13163(a)(1); and 

8 ‘‘(3) on and after the effective date described in 

9 section 13163(j), an individual who is a spouse or de10 pendent child of a covered person shall not purchase 

11 any covered investment or sell any covered invest12 ment, except as provided in section 13163(a)(1). 

13 ‘‘(b) OPTIONAL DIVESTMENT WINDOW.— 

14 ‘‘(1) CURRENT MEMBERS.—Notwithstanding sub15 section (a), a covered person who is sworn into office 

16 on or before the date of enactment of the Ending 

17 Trading and Holdings In Congressional Stocks 

18 (ETHICS) Act may sell a covered investment within 

19 90 days of the date of enactment of such Act. 

20 ‘‘(2) NEW MEMBERS.—Notwithstanding sub21 section (a), a covered person who is sworn into office 

22 after the date of enactment of the Ending Trading 

23 and Holdings In Congressional Stocks (ETHICS) 

24 Act, but before the effective date under section 

25 13163(j), may sell a covered investment within 90 


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•S 1171 RS

1 days of commencing a new non-consecutive term of 

2 service as a Member of Congress, President, or Vice 

3 President. 

4 ‘‘(c) EXCEPTION.—Notwithstanding subsection (a), a 

5 covered person may divest a covered investment as directed 

6 by the relevant supervising ethics office pursuant to this 

7 Act. 

8 ‘‘(d) JOINT COVERED INVESTMENT.—Any covered in9 vestment reported to the supervising ethics office as jointly 

10 owned by a covered person and the spouse of the covered 

11 person shall be deemed to be a covered investment of the 

12 covered person for purposes of this section. 

13 ‘‘§ 13163. Addressing owned covered investments 

14 ‘‘(a) COVERED PERSONS.— 

15 ‘‘(1) DIVESTITURE.— 

16 ‘‘(A) REQUIREMENTS.— 

17 ‘‘(i) OFFICIALS SWORN IN BEFORE THE

18 EFFECTIVE DATE.—Subject to paragraph 

19 (2) and the amendments made under sub20 section (b), a covered person who is sworn 

21 into office on or before the effective date de22 scribed in subsection (j), not later than 120 

23 days after the effective date described in 

24 subsection (j), subject to any extension 

25 granted under subparagraph (C)(iii) of this 


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•S 1171 RS

1 paragraph, shall divest each covered invest2 ment owned or in the custody of— 

3 ‘‘(I) the covered person; or 

4 ‘‘(II) a spouse or dependent child 

5 of the covered person. 

6 ‘‘(ii) OFFICIALS SWORN IN AFTER THE

7 EFFECTIVE DATE.—Subject to paragraph 

8 (2) and the amendments made under sub9 section (b), a covered person who is sworn 

10 into office after the effective date described 

11 in subsection (j), not later than 120 days 

12 after commencing a new non-consecutive 

13 term of service as a Member of Congress, 

14 President, or Vice President, subject to any 

15 extension granted under subparagraph 

16 (C)(iii) of this paragraph, shall divest each 

17 covered investment owned or in the custody 

18 of— 

19 ‘‘(I) the covered person; or 

20 ‘‘(II) a spouse or dependent child 

21 of the covered person. 

22 ‘‘(B) ILLIQUID INVESTMENTS.—Not later 

23 than 90 days after the date on which a covered 

24 person is contractually permitted to sell an ilVerDate Sep 11 2014 08:00 Dec 20, 2024 Jkt 059200 PO 00000 Frm 00045 Fmt 6652 Sfmt 6203 E:\BILLS\S1171.RS S1171

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•S 1171 RS

1 liquid investment, the covered person shall divest 

2 the illiquid investment. 

3 ‘‘(C) QUALIFIED BLIND TRUSTS.— 

4 ‘‘(i) PROHIBITION ON FUTURE QUALI5 FIED BLIND TRUSTS.—Except as provided 

6 in clause (iii), on and after the date that is 

7 180 days after the effective date described in 

8 subsection (j), no covered person, or the 

9 spouse or dependent child of the covered per10 son, may maintain a qualified blind trust. 

11 ‘‘(ii) MANDATORY SALE OF COVERED

12 INVESTMENTS IN EXISTING QUALIFIED

13 BLIND TRUSTS.— 

14 ‘‘(I) IN GENERAL.—The trustee of 

15 a qualified blind trust holding covered 

16 investments shall, at a time elected by 

17 the covered person, on behalf of a cov18 ered person, and in accordance with 

19 clause (iv)— 

20 ‘‘(aa) divest all covered in21 vestments held in the qualified 

22 blind trust for the purposes of 

23 complying with the divestiture re24 quirements under this section, in 


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•S 1171 RS

1 accordance with subparagraph 

2 (A); and 

3 ‘‘(bb) dissolve the qualified 

4 blind trust in accordance with 

5 this chapter and guidance from 

6 the supervising ethics office. 

7 ‘‘(II) NOTICE OF COMPLIANCE.— 

8 ‘‘(aa) NOTICE OF DIVESTI9 TURE.— 

10 ‘‘(AA) IN GENERAL.— 

11 Upon the completion of di12 vestiture of all covered invest13 ments pursuant to subclause 

14 (I)(aa), the trustee shall sub15 mit to the supervising ethics 

16 office and the applicable cov17 ered person a written notice 

18 stating that the trustee has 

19 completed divestiture of all 

20 covered investments held in 

21 the qualified blind trust pur22 suant to subclause (I)(aa). 

23 ‘‘(BB) PUBLICATION.— 

24 The supervising ethics office 

25 shall publish the notice reVerDate Sep 11 2014 08:00 Dec 20, 2024 Jkt 059200 PO 00000 Frm 00047 Fmt 6652 Sfmt 6203 E:\BILLS\S1171.RS S1171

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•S 1171 RS

1 quired under subitem (AA) 

2 on the website of the super3 vising ethics office. 

4 ‘‘(bb) NOTICE OF DISSOLU5 TION.—Upon the dissolution of a 

6 qualified blind trust pursuant to 

7 subclause (I)(bb), the trustee shall 

8 submit to the supervising ethics 

9 office and the applicable covered 

10 person a written notice stating 

11 that the trust has dissolved the 

12 qualified blind trust pursuant to 

13 subclause (I)(bb) and shall include 

14 a list of the assets held in the 

15 qualified blind trust on the date of 

16 the dissolution of such trust and 

17 the category of value of each such 

18 asset. 

19 ‘‘(iii) EXTENSION OF MANDATORY SALE

20 OF COVERED INVESTMENTS.— 

21 ‘‘(I) REQUEST.—Each covered 

22 person who maintains a qualified 

23 blind trust established by the covered 

24 person, or a spouse or dependent child 

25 of the covered person, in any case in 


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•S 1171 RS

1 which the trustee of the qualified blind 

2 trust believes the size or complexity of 

3 the covered investments in the qualified 

4 blind trust warrant such extension 

5 may apply to the supervising ethics of6 fice for an extension of the period de7 scribed in subparagraph (A). 

8 ‘‘(II) DURATION.—An extension 

9 granted under subclause (I) shall not 

10 exceed 90 days. 

11 ‘‘(iv) COMMUNICATIONS.—A covered 

12 person may communicate with and direct 

13 the trustee of their qualified blind trust for 

14 the purposes of— 

15 ‘‘(I) determining when divestment 

16 of covered investments in the qualified 

17 blind trust should occur, pursuant to 

18 paragraph 1(A) of this subsection, 

19 clause (ii) of this subparagraph, or sec20 tion 13162(b), as applicable; 

21 ‘‘(II) determining which per22 mitted property covered investments 

23 should be divested into; and 

24 ‘‘(III) whether the trustee utilizes 

25 a certificate of divestiture pursuant to 


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1 section 1043(b) of the Internal Revenue 

2 Code of 1986, as amended by sub3 section (b) of this section. 

4 ‘‘(2) EXCEPTION FOR DEPENDENTS.—An indi5 vidual who is a dependent child of a covered person 

6 may have a legal guardian hold or trade on behalf of 

7 the dependent child 1 or more covered investments 

8 provided that the value of the covered investments in 

9 total does not exceed $10,000. 

10 ‘‘(b) TAX TREATMENT OF DIVESTITURES.— 

11 ‘‘(1) IN GENERAL.—Section 1043(b) of the Inter12 nal Revenue Code of 1986 is amended— 

13 ‘‘(A) in paragraph (1)(A), by inserting ‘or 

14 a covered person (as defined in section 13161 of 

15 title 5, United States Code),’ after ‘of the Federal 

16 Government,’; 

17 ‘‘(B) in paragraph (2)(B)— 

18 ‘‘(i) by striking ‘employees, or’ and in19 serting ‘employees,’; and 

20 ‘‘(ii) by inserting ‘or the applicable su21 pervising ethics office (as defined in section 

22 13101 of title 5, United States Code), in the 

23 case of a covered person’ after ‘judicial offi24 cers,’; and 


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1 ‘‘(C) in paragraph (3), by striking ‘or any 

2 diversified investment fund approved by regula3 tions issued by the Office of Government Ethics’ 

4 and inserting ‘, any diversified investment fund 

5 approved by regulations issued by the Office of 

6 Government Ethics (in the case of any eligible 

7 person who is not a covered person (as defined 

8 in section 13161 of title 5, United States Code)), 

9 or any diversified mutual fund or a diversified 

10 exchange-traded fund described in clause (i) or 

11 (ii) of section 13161(2)(B) of title 5, United 

12 States Code (in the case of any eligible person 

13 who is a covered person (as so defined)).’. 

14 ‘‘(2) EFFECTIVE DATE.—The amendments made 

15 by this subsection shall apply to sales after the date 

16 of enactment of the Ending Trading and Holdings In 

17 Congressional Stocks (ETHICS) Act. 

18 ‘‘(c) ACQUISITIONS DURING SERVICE.— 

19 ‘‘(1) IN GENERAL.—Subject to paragraph (2), 

20 and any applicable rules issued pursuant to sub21 section (h)(3), effective beginning on the date of enact22 ment of the Ending Trading and Holdings In Con23 gressional Stocks (ETHICS) Act, no covered person, 

24 or spouse or dependent child of a covered person, may 

25 acquire any covered investment. 


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1 ‘‘(2) INHERITANCES.— 

2 ‘‘(A) IN GENERAL.—Subject to subpara3 graph (B), a covered person, or a spouse or de4 pendent child of a covered person, who inherits 

5 a covered investment shall come into compliance 

6 as required under subsection (a) by not later 

7 than 120 days after the date on which the cov8 ered investment is inherited. 

9 ‘‘(B) EXTENSIONS.—If a covered person, or 

10 a spouse or dependent child of a covered person, 

11 is unable to meet the requirements of subpara12 graph (A), the applicable covered person may re13 quest, and the supervising ethics office may 

14 grant, 1 or more reasonable extensions, subject to 

15 the conditions that— 

16 ‘‘(i) the total period of time covered by 

17 all extensions granted for the covered invest18 ment shall not exceed 150 days; and 

19 ‘‘(ii) the period covered by a single ex20 tension shall be not longer than 45 days. 

21 ‘‘(d) FAMILY TRUSTS.— 

22 ‘‘(1) IN GENERAL.—A supervising ethics office 

23 may grant an exemption for a family trust only if— 

24 ‘‘(A) no covered person, or spouse or de25 pendent child of a covered person— 


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1 ‘‘(i) is a grantor of the family trust; 

2 ‘‘(ii) contributed any asset to the fam3 ily trust; or 

4 ‘‘(iii) has any authority over a trustee 

5 of the family trust, including the authority 

6 to appoint, replace, or direct the actions of 

7 such a trustee; and 

8 ‘‘(B) the grantor of the family trust is or 

9 was a family member of the covered person, or 

10 the spouse or dependent child of the covered per11 son. 

12 ‘‘(2) REQUESTS.—A covered person seeking an 

13 exemption under paragraph (1) shall submit to the 

14 applicable supervising ethics office a request for the 

15 exemption, in writing, certifying that the conditions 

16 described in that paragraph are met. 

17 ‘‘(3) PUBLICATION.—A supervising ethics office 

18 shall publish on the public website of the supervising 

19 ethics office— 

20 ‘‘(A) a copy of each request submitted under 

21 paragraph (2); and 

22 ‘‘(B) the written response of the supervising 

23 ethics office to each request described in subpara24 graph (A). 


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1 ‘‘(e) SEPARATION FROM SERVICE AND COOLING-OFF

2 PERIOD REQUIRED FOR CONTROL.—During the period be3 ginning on the date on which an individual becomes a 

4 Member of Congress, President, or Vice President and end5 ing on the date that is 90 days after the date on which 

6 the individual ceases to serve as a Member of Congress, 

7 President, or Vice President, the covered person, and any 

8 spouse or dependent child of the covered person, may not, 

9 except as provided in this section, otherwise control a cov10 ered investment, including purchasing new covered invest11 ments. 

12 ‘‘(f) REPORTING REQUIREMENTS.— 

13 ‘‘(1) SUPERVISING ETHICS OFFICES.—Each su14 pervising ethics office shall make available on the 

15 public website of the supervising ethics office— 

16 ‘‘(A) a copy of— 

17 ‘‘(i) each notification submitted to the 

18 supervising ethics office in accordance with 

19 subsection (a)(1)(C)(ii)(II); 

20 ‘‘(ii) each notice and other documenta21 tion submitted to the supervising ethics of22 fice under this section; and 

23 ‘‘(iii) each written response and other 

24 documentation issued or received by the su25 pervising ethics office under subsection (d); 


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1 ‘‘(B) not later than 30 days after a quali2 fied blind trust maintained by a covered person 

3 is dissolved, a written notice of the dissolution of 

4 the qualified blind trust; and 

5 ‘‘(C) a description of each extension grant6 ed, and each civil penalty imposed, pursuant to 

7 this section. 

8 ‘‘(2) FEDERAL BENEFITS.— 

9 ‘‘(A) COVERED PAYMENT.—In this para10 graph, the term ‘covered payment’— 

11 ‘‘(i) means a payment of money or any 

12 other item of value made, or promised to be 

13 made, by the Federal Government; 

14 ‘‘(ii) includes— 

15 ‘‘(I) a loan agreement, contract, 

16 or grant made, or promised to be 

17 made, by the Federal Government, in18 cluding such an agreement, contract, 

19 or grant relating to agricultural activ20 ity; and 

21 ‘‘(II) such other types of payment 

22 of money or items of value as the su23 pervising ethics office may establish, by 

24 guidance; and 

25 ‘‘(iii) does not include— 


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1 ‘‘(I) any salary or compensation 

2 for service performed as, or reimburse3 ment of personal outlay by, an officer 

4 or employee of the Federal Govern5 ment; or 

6 ‘‘(II) any tax refund (including a 

7 refundable tax credit). 

8 ‘‘(B) REPORTING REQUIREMENT.—Not later 

9 than 30 days after the date of receipt of a notice 

10 of any application for, or receipt of, a covered 

11 payment by a covered person, or a spouse or de12 pendent child of a covered person, (including 

13 any business owned and controlled by the covered 

14 person, spouse, or dependent child), but in no 

15 case later than 45 days after the date on which 

16 the covered payment is made or promised to be 

17 made, the covered person shall submit to the ap18 plicable supervising ethics office a report describ19 ing the covered payment. 

20 ‘‘(g) ENFORCEMENT.— 

21 ‘‘(1) IN GENERAL.—The applicable supervising 

22 ethics office shall provide a written notice (including 

23 notice of the potential for civil penalties under para24 graph (2)) to any covered person if the covered perVerDate Sep 11 2014 08:00 Dec 20, 2024 Jkt 059200 PO 00000 Frm 00056 Fmt 6652 Sfmt 6203 E:\BILLS\S1171.RS S1171

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1 son, or the spouse or dependent child of the covered 

2 person, as applicable— 

3 ‘‘(A) fails to divest a covered investment 

4 owned by, in the custody of, or held in a quali5 fied blind trust of, the covered person or spouse 

6 or dependent child of a covered person, in ac7 cordance with subsection (a)(1), subject to any 

8 extension under subsection (a)(1)(C)(iii); or 

9 ‘‘(B) acquires an interest in a covered in10 vestment in violation of this section. 

11 ‘‘(2) CIVIL PENALTIES.— 

12 ‘‘(A) IN GENERAL.—In the event of con13 tinuing noncompliance after issuance of the no14 tice described in paragraph (1), the supervising 

15 ethics office shall impose a civil penalty, in the 

16 amount described in subparagraph (B), on a 

17 covered person to whom a notice is provided 

18 under subparagraph (A) or (B) of paragraph 

19 (1)— 

20 ‘‘(i) on the date that is 30 days after 

21 the date of provision of the notice; and 

22 ‘‘(ii) during the period in which such 

23 noncompliance continues, not less frequently 

24 than once every 30 days thereafter. 


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1 ‘‘(B) AMOUNT.—The amount of each civil 

2 penalty imposed on a covered person pursuant to 

3 subparagraph (A) shall be equal to the greater 

4 of— 

5 ‘‘(i) the monthly equivalent of the an6 nual rate of pay payable to the covered per7 son; and 

8 ‘‘(ii) an amount equal to 10 percent of 

9 the value of each covered investment that 

10 was not divested in violation of this section 

11 during the period covered by the penalty. 

12 ‘‘(h) DUTIES OF SUPERVISING ETHICS OFFICES.— 

13 Each supervising ethics office shall— 

14 ‘‘(1) impose and collect civil penalties in accord15 ance with subsection (g); 

16 ‘‘(2) establish such procedures and standard 

17 forms as the supervising ethics office determines to be 

18 appropriate to implement this section; 

19 ‘‘(3) issue such rules and guidelines as the super20 vising ethics office determines to be appropriate for 

21 the implementation and application of this title; and 

22 ‘‘(4) publish on a website all documents and 

23 communications described in this subsection. 

24 ‘‘(i) RULE OF CONSTRUCTION.—Nothing in this sec25 tion shall be construed to prevent a covered person, or a 


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1 spouse or dependent child of a covered person, from owning 

2 or trading— 

3 ‘‘(1) a diversified mutual fund; or 

4 ‘‘(2) a publicly traded, diversified exchange trad5 ed fund. 

6 ‘‘(j) EFFECTIVE DATE.—Except as provided in sub7 section (c)(1), this section shall apply on and after March 

8 31, 2027.’’. 

9 (b) CLERICAL AMENDMENT.—The table of sections for 

10 chapter 131 of title 5, United States Code, is amended by 

11 adding at the end the following: 

‘‘SUBCHAPTER IV—CERTAIN ASSETS OF MEMBERS OF CONGRESS, THE PRESIDENT, THE VICE PRESIDENT, AND THEIR SPOUSES AND DEPENDENT CHILDREN

‘‘13161. Definitions. 

‘‘13162. Trading covered investments 

‘‘13163. Addressing owned covered investments’’. 

12 (c) TECHNICAL AND CONFORMING AMENDMENTS.— 

13 (1) TITLE 5.—Title 5, United States Code, is 

14 amended— 

15 (A) in section 13103(f)— 

16 (i) in paragraph (9), by striking ‘‘as 

17 defined in section 13101 of this title’’; 

18 (ii) in paragraph (10), by striking ‘‘as 

19 defined in section 13101 of this title’’; 

20 (iii) in paragraph (11), by striking 

21 ‘‘as defined in section 13101 of this title’’; 

22 and 


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1 (iv) in paragraph (12), by striking ‘‘as 

2 defined in section 13101 of this title’’; and 

3 (B) in section 13122(f)(2)(B)— 

4 (i) by striking ‘‘Subject to clause (iv) 

5 of this subparagraph, before’’ each place it 

6 appears and inserting ‘‘Before’’; and 

7 (ii) by striking clause (iv). 

8 (2) LOBBYING DISCLOSURE ACT OF 1995.—Sec9 tion 3(4)(D) of the Lobbying Disclosure Act of 1995 

10 (2 U.S.C. 1602(4)(D)) is amended by striking ‘‘legis11 lative branch employee serving in a position described 

12 under section 13101(13) of title 5, United States 

13 Code’’ and inserting ‘‘officer or employee of Congress 

14 (as defined in section 13101 of title 5, United States 

15 Code)’’. 

16 (3) SECURITIES EXCHANGE ACT OF 1934.—Sec17 tion 21A of the Securities Exchange Act of 1934 (15 

18 U.S.C. 78u–1) is amended— 

19 (A) in subsection (g)(2)(B)(ii), by striking 

20 ‘‘section 13101(11)’’ and inserting ‘‘section 

21 13101’’; and 

22 (B) in subsection (h)(2)— 

23 (i) in subparagraph (B), by striking 

24 ‘‘in section 13101(9)’’ and inserting ‘‘under 

25 section 13101’’; and 


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1 (ii) in subparagraph (C), by striking 

2 ‘‘section 13101(10)’’ and inserting ‘‘section 

3 13101’’. 

4 SEC. 3. PENALTY FOR STOCK ACT NONCOMPLIANCE. 

5 (a) FINES FOR FAILURE TO REPORT.— 

6 (1) IN GENERAL.—The STOCK Act (Public Law 

7 112–105; 126 Stat. 291) is amended by adding at the 

8 end the following: 

9 ‘‘SEC. 20. FINES FOR FAILURE TO REPORT. 

10 ‘‘(a) IN GENERAL.—Notwithstanding any other provi11 sion of law (including regulations), a reporting individual 

12 shall be assessed a fine, pursuant to regulations issued by 

13 the applicable supervising ethics office (including the Ad14 ministrative Office of the United States Courts, as applica15 ble), of $500 in each case in which the reporting individual 

16 fails to file a transaction report required under this Act 

17 or an amendment made by this Act. 

18 ‘‘(b) DEPOSIT IN TREASURY.—The fines paid under 

19 this section shall be deposited in the miscellaneous receipts 

20 of the Treasury.’’. 

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

22 paragraph (1) shall apply on and after March 31, 

23 2027. 

24 (b) RULES, REGULATIONS, GUIDANCE, AND DOCU25 MENTS.—Not later than 1 year after the date of enactment 


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1 of this Act, each supervising ethics office (as defined in sec2 tion 13101 of title 5, United States Code) (including the 

3 Administrative Office of the United States Courts, as appli4 cable) shall amend the rules, regulations, guidance, docu5 ments, papers, and other records of the supervising ethics 

6 office in accordance with the amendment made by this sec7 tion. 

8 SEC. 4. ELECTRONIC FILING AND ONLINE PUBLIC AVAIL9 ABILITY OF FINANCIAL DISCLOSURE FORMS. 

10 (a) MEMBERS OF CONGRESS AND CONGRESSIONAL

11 STAFF.—Section 8(b)(1) of the STOCK Act (5 U.S.C. 13107 

12 note) is amended— 

13 (1) in the matter preceding subparagraph (A), 

14 by inserting ‘‘, pursuant to subchapter I of chapter 

15 131 of title 5, United States Code, through databases 

16 maintained on the official websites of the House of 

17 Representatives and the Senate’’ after ‘‘enable’’; and 

18 (2) by striking subparagraph (B) and the undes19 ignated matter following that subparagraph and in20 serting the following: 

21 ‘‘(B) public access— 

22 ‘‘(i) to each— 

23 ‘‘(I) financial disclosure report 

24 filed by a Member of Congress or a 

25 candidate for Congress; 


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1 ‘‘(II) transaction disclosure report 

2 filed by a Member of Congress or a 

3 candidate for Congress pursuant to 

4 subsection (l) of that section; and 

5 ‘‘(III) notice of extension, amend6 ment, or blind trust, with respect to a 

7 report described in subclause (I) or 

8 (II), pursuant to subchapter I of chap9 ter 131 of title 5, United States Code; 

10 and 

11 ‘‘(ii) in a manner that— 

12 ‘‘(I) allows the public to search, 

13 sort, and download data contained in 

14 the reports described in subclause (I) 

15 or (II) of clause (i) by criteria required 

16 to be reported, including by filer name, 

17 asset, transaction type, ticker symbol, 

18 notification date, amount of trans19 action, and date of transaction; 

20 ‘‘(II) allows access through an ap21 plication programming interface; and 

22 ‘‘(III) is fully compliant with— 

23 ‘‘(aa) section 508 of the Re24 habilitation Act of 1973 (29 

25 U.S.C. 794d); and 


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1 ‘‘(bb) the most recent Web 

2 Content Accessibility Guidelines 

3 (or successor guidelines).’’. 

4 (b) EFFECTIVE DATE.—The amendments made by this 

5 section shall take effect on the date that is 18 months after 

6 the date of enactment of this Act. 

7 SEC. 5. SEVERABILITY. 

8 If any provision of this Act, an amendment made by 

9 this Act, or the application of such provision or amendment 

10 to any person or circumstance is held to be unconstitu11 tional, the remainder of this Act and of the amendments 

12 made by this Act, and the application of the remaining pro13 visions of this Act and amendments to any person or cir14 cumstance, shall not be affected. 


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Calendar No. 729 

118TH CONGRESS 

2D SESSION S. 1171 

[Report No. 118–309] 

A BILL 

To amend chapter 131 of title 5, United States 

D

poses. stocks and owning stocks, and for other purspouses and dependent children from trading Code, to prevent Members of Congress and their 

ECEMBER 19 (legislative day, DECEMBER 16), 2024 

Reported with an amendment 


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