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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1171 Reported in Senate (RS)]

<DOC>

                                                       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. Lujan, 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.

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

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Ending Trading and Holdings 
In Congressional Stocks (ETHICS) Act''.</DELETED>

<DELETED>SEC. 2. PLACEMENT OF CERTAIN ASSETS OF MEMBERS OF CONGRESS AND 
              THEIR SPOUSES AND DEPENDENT CHILDREN IN QUALIFIED BLIND 
              TRUSTS.</DELETED>

<DELETED>    (a) In General.--Chapter 131 of title 5, United States 
Code, is amended by adding at the end the following:</DELETED>

  <DELETED>``Subchapter IV--Certain Assets of Members of Congress and 
             Their Spouses and Dependent Children</DELETED>

<DELETED>``Sec. 13161. Definitions</DELETED>
<DELETED>    ``In this title:</DELETED>
        <DELETED>    ``(1) Commodity.--The term `commodity' has the 
        meaning given the term in section 1a of the Commodity Exchange 
        Act (7 U.S.C. 1a).</DELETED>
        <DELETED>    ``(2) Covered investment.--</DELETED>
                <DELETED>    ``(A) In general.--The term `covered 
                investment' means--</DELETED>
                        <DELETED>    ``(i) an investment in--</DELETED>
                                <DELETED>    ``(I) a 
                                security;</DELETED>
                                <DELETED>    ``(II) a commodity; 
                                or</DELETED>
                                <DELETED>    ``(III) a 
                                future;</DELETED>
                        <DELETED>    ``(ii) any economic interest 
                        comparable to an interest described in clause 
                        (i) that is acquired through synthetic means, 
                        such as the use of a derivative, including an 
                        option, warrant, or other, similar means; 
                        or</DELETED>
                        <DELETED>    ``(iii) any interest described in 
                        clause (i) or (ii) that is held directly, or in 
                        which an individual has an indirect, 
                        beneficial, or economic interest, through--
                        </DELETED>
                                <DELETED>    ``(I) an investment fund 
                                or holding company;</DELETED>
                                <DELETED>    ``(II) a trust (other than 
                                a qualified blind trust);</DELETED>
                                <DELETED>    ``(III) an employee 
                                benefit plan; or</DELETED>
                                <DELETED>    ``(IV) a deferred 
                                compensation plan, including a carried 
                                interest or other agreement tied to the 
                                performance of an investment, other 
                                than a fixed cash payment.</DELETED>
                <DELETED>    ``(B) Exclusions.--The term `covered 
                investment' does not include--</DELETED>
                        <DELETED>    ``(i) a diversified mutual fund 
                        (including any holdings of such a 
                        fund);</DELETED>
                        <DELETED>    ``(ii) a diversified exchange-
                        traded fund (including any holdings of such a 
                        fund);</DELETED>
                        <DELETED>    ``(iii) a United States Treasury 
                        bill, note, or bond;</DELETED>
                        <DELETED>    ``(iv) compensation from the 
                        primary occupation of the spouse of a Member of 
                        Congress, or any security that is issued or 
                        paid by an operating business that is the 
                        primary employer of such a spouse that is 
                        issued or paid to such a spouse;</DELETED>
                        <DELETED>    ``(v) holding and acquiring any 
                        security that is issued or paid as compensation 
                        from corporate board service by the spouse of a 
                        Member of Congress, including the dividend 
                        reinvestment in the same security received from 
                        the corporate board service by the spouse of a 
                        Member of Congress;</DELETED>
                        <DELETED>    ``(vi) any covered investment that 
                        is traded by the spouse of a Member of Congress 
                        in the course of performing the primary 
                        occupation of such a spouse, provided the 
                        investment is not owned by a covered 
                        person;</DELETED>
                        <DELETED>    ``(vii) any investment fund held 
                        in a Federal, State, or local government 
                        employee retirement plan;</DELETED>
                        <DELETED>    ``(viii) a tax-free State or 
                        municipal bond;</DELETED>
                        <DELETED>    ``(ix) an interest in a small 
                        business concern, if the supervising ethics 
                        office determines that the small business 
                        concern does not present a conflict of 
                        interest, and, in the case of an investment in 
                        a family farm or ranch that qualifies as an 
                        interest in a small business concern, a future 
                        or commodity directly related to the farming 
                        activities and products of the farm or 
                        ranch;</DELETED>
                        <DELETED>    ``(x) holding investment-grade 
                        corporate bonds, provided that the corporate 
                        bonds are held by an individual who is a 
                        covered person on the date of enactment of the 
                        Ending Trading and Holdings In Congressional 
                        Stocks (ETHICS) Act;</DELETED>
                        <DELETED>    ``(xi) any share of Settlement 
                        Common Stock issued under section 7(g)(1)(A) of 
                        the Alaska Native Claims Settlement Act (43 
                        U.S.C. 1606(g)(1)(A)); or</DELETED>
                        <DELETED>    ``(xii) any share of Settlement 
                        Common Stock, as defined in section 3 of the 
                        Alaska Native Claims Settlement Act (43 U.S.C. 
                        1602).</DELETED>
        <DELETED>    ``(3) Covered person.--The term `covered person' 
        means--</DELETED>
                <DELETED>    ``(A) a Member of Congress; and</DELETED>
                <DELETED>    ``(B) a spouse or dependent child of a 
                Member of Congress.</DELETED>
        <DELETED>    ``(4) Custody.--The term `custody' has the meaning 
        given the term in section 275.206(4)-2(d) of title 17, Code of 
        Federal Regulations (as in effect on the date of enactment of 
        the Ending Trading and Holdings In Congressional Stocks 
        (ETHICS) Act or a successor regulation).</DELETED>
        <DELETED>    ``(5) Dependent child.--The term `dependent child' 
        means, with respect to any Member of Congress any individual 
        who is--</DELETED>
                <DELETED>    ``(A) under the age of 19; and</DELETED>
                <DELETED>    ``(B) a dependent of the Member of 
                Congress within the meaning of section 152 of the 
                Internal Revenue Code of 1986.</DELETED>
        <DELETED>    ``(6) Diversified.--The term `diversified', with 
        respect to a fund, trust, or plan, means that the fund, trust, 
        or plan does not have a stated policy of concentrating its 
        investments in any industry, business, or single country other 
        than the United States.</DELETED>
        <DELETED>    ``(7) Future.--The term `future' means--</DELETED>
                <DELETED>    ``(A) a security future (as defined in 
                section 3(a) of the Securities Exchange Act of 1934 (15 
                U.S.C. 78c(a))); and</DELETED>
                <DELETED>    ``(B) any other contract for the sale of a 
                commodity for future delivery.</DELETED>
        <DELETED>    ``(8) Illiquid investment.--The term `illiquid 
        investment' means an interest in a private fund, as defined in 
        section 202(a)(29) of the Investment Advisers Act of 1940 (15 
        U.S.C. 80b-2).</DELETED>
        <DELETED>    ``(9) Initial property.--The term `initial 
        property' means an asset or financial interest transferred to a 
        qualified blind trust by, or on behalf of, an interested party 
        or a relative of an interested party, regardless of whether the 
        asset or financial interest is transferred to the qualified 
        blind trust on or after the date of establishment of the 
        qualified blind trust.</DELETED>
        <DELETED>    ``(10) Interested party.--The term `interested 
        party' has the meaning given the term in section 
        13104(f)(3)(E).</DELETED>
        <DELETED>    ``(11) Member of congress; supervising ethics 
        office.--The terms `Member of Congress' and `supervising ethics 
        office' have the meaning given those terms in section 
        13101.</DELETED>
        <DELETED>    ``(12) Qualified blind trust.--The term `qualified 
        blind trust' means a qualified blind trust (as defined in 
        section 13104(f)(3)) that has been approved in writing by the 
        applicable supervising ethics office under section 
        13104(f)(3)(D).</DELETED>
        <DELETED>    ``(13) Security.--The term `security' has the 
        meaning given the term in section 3(a) of the Securities 
        Exchange Act of 1934 (15 U.S.C. 78c(a)).</DELETED>
        <DELETED>    ``(14) Small business concern.--The term `small 
        business concern' has the meaning given the term under section 
        3 of the Small Business Act (15 U.S.C. 632).</DELETED>
<DELETED>``Sec. 13162. Trading covered investments</DELETED>
<DELETED>    ``(a) Ban on Trading.--Except as provided in subsections 
(b) and (c)--</DELETED>
        <DELETED>    ``(1) effective on the date of enactment of the 
        Ending Trading and Holdings In Congressional Stocks (ETHICS) 
        Act, a Member of Congress shall not purchase any covered 
        investment;</DELETED>
        <DELETED>    ``(2) effective on the date that is 90 days after 
        the date of enactment of the Ending Trading and Holdings In 
        Congressional Stocks (ETHICS) Act, a Member of Congress shall 
        not sell any covered investment, except as provided in section 
        13163(a)(2); and</DELETED>
        <DELETED>    ``(3) on and after the effective date described in 
        section 13163(k), a covered person that is a spouse or 
        dependent child of a Member of Congress shall not purchase any 
        covered investment or sell any covered investment, except as 
        provided in section 13163(a)(2).</DELETED>
<DELETED>    ``(b) Optional Divestment Window.--Notwithstanding 
subsection (a)--</DELETED>
        <DELETED>    ``(1) a Member of Congress who is sworn as a 
        Member of Congress on or before the date of enactment of the 
        Ending Trading and Holdings In Congressional Stocks (ETHICS) 
        Act may sell a covered investment within 90 days of the date of 
        enactment of such act, provided that the Member of Congress may 
        not sell any covered investment at any time outside of that 
        period while the Member of Congress serves the term for which 
        the Member of Congress was elected or is reelected or appointed 
        as a Member of Congress except as provided in section 
        13163(a)(2); and</DELETED>
        <DELETED>    ``(2) a Member of Congress who is sworn as a 
        Member of Congress after the date of enactment of the Ending 
        Trading and Holdings In Congressional Stocks (ETHICS) Act may 
        sell a covered investment within 90 days of commencing the term 
        of service as a Member of Congress, provided that the Member of 
        Congress may not sell any covered investment at any time 
        outside of that period while the Member of Congress serves the 
        term for which the Member of Congress was elected or is 
        reelected or appointed as a Member of Congress except as 
        provided in section 13163(a)(2).</DELETED>
<DELETED>    ``(c) Exception.--Notwithstanding subsection (a), a 
covered person may divest a covered investment as directed by the 
relevant supervising ethics office pursuant to this Act.</DELETED>
<DELETED>    ``(d) Joint Covered Investment.--Any covered investment 
reported to the supervising ethics office as jointly owned by a Member 
of Congress and the spouse of the Member of Congress shall be deemed to 
be a covered investment of the Member of Congress for purposes of this 
section.</DELETED>
<DELETED>``Sec. 13163. Addressing owned covered investments</DELETED>
<DELETED>    ``(a) Members of Congress.--</DELETED>
        <DELETED>    ``(1) Certification.--Not later than 60 days after 
        the applicable effective date described in subsection (j), a 
        Member of Congress shall submit to the supervising ethics 
        office a certification, which the supervising ethics office 
        shall publish online that certifies that--</DELETED>
                <DELETED>    ``(A) each covered investment owned by, or 
                in the custody of, the Member of Congress, or a spouse 
                or dependent child of the Member of Congress, will, by 
                the applicable deadline under paragraph (2), be--
                </DELETED>
                        <DELETED>    ``(i) divested, as described in 
                        paragraph (2)(B); or</DELETED>
                        <DELETED>    ``(ii) placed in a qualified blind 
                        trust, including through the establishment of a 
                        qualified blind trust for that purpose, if 
                        necessary, as described in paragraph (2)(A); 
                        and</DELETED>
                <DELETED>    ``(B) no spouse or dependent child of the 
                Member of Congress owns, or has custody of, covered 
                investments with a cumulative amount equal to more than 
                $10,000, in accordance with paragraph (6).</DELETED>
        <DELETED>    ``(2) Divestiture or placement in qualified blind 
        trust.--</DELETED>
                <DELETED>    ``(A) Requirement.--Subject to paragraphs 
                (3) and (6) and subsection (b)(2), not later than 120 
                days after the applicable effective date described in 
                subsection (j), a Member of Congress shall divest, or 
                place in a qualified blind trust (including by 
                establishing a qualified blind trust for that purpose, 
                if necessary), each covered investment owned or in the 
                custody of--</DELETED>
                        <DELETED>    ``(i) the Member of Congress; 
                        or</DELETED>
                        <DELETED>    ``(ii) a spouse or dependent child 
                        of the Member of Congress.</DELETED>
                <DELETED>    ``(B) Divestiture.--A covered person shall 
                divest any covered investment owned by or in the 
                custody of the covered person that is not placed in a 
                qualified blind trust not later than the date described 
                in subparagraph (A), subject to any extension granted 
                under paragraph (3).</DELETED>
                <DELETED>    ``(C) Qualified blind trusts.--</DELETED>
                        <DELETED>    ``(i) Mandatory sale of initial 
                        property in qualified blind trust.--</DELETED>
                                <DELETED>    ``(I) In general.--Subject 
                                to clause (ii), if a covered person 
                                places, or has placed before the 
                                applicable effective date described in 
                                subsection (j), 1 or more covered 
                                investments in a qualified blind trust, 
                                the trustee of the qualified blind 
                                trust shall divest any such covered 
                                investment not later than the date 
                                specified in subclause (II).</DELETED>
                                <DELETED>    ``(II) Deadline.--The date 
                                specified in this subclause is--
                                </DELETED>
                                        <DELETED>    ``(aa) with 
                                        respect to a covered investment 
                                        placed in a qualified blind 
                                        trust before the applicable 
                                        effective date described in 
                                        subsection (j), 120 days after 
                                        such applicable effective date; 
                                        and</DELETED>
                                        <DELETED>    ``(bb) with 
                                        respect to a covered investment 
                                        placed in a qualified blind 
                                        trust on or after the 
                                        applicable effective date 
                                        described in subsection (j), 
                                        120 days after the date of 
                                        creation of the qualified blind 
                                        trust, as dated by the executed 
                                        qualified blind trust 
                                        agreement.</DELETED>
                                <DELETED>    ``(III) Notice of 
                                compliance.--</DELETED>
                                        <DELETED>    ``(aa) In 
                                        general.--Subject to item (bb), 
                                        upon completion of the 
                                        divestiture of all initial 
                                        property pursuant to subclause 
                                        (I)--</DELETED>

                                                <DELETED>    ``(AA) the 
                                                trustee of a qualified 
                                                blind trust shall 
                                                submit to the 
                                                supervising ethics 
                                                office and each 
                                                beneficiary of the 
                                                trust a written notice 
                                                stating that all 
                                                initial property of the 
                                                qualified blind trust 
                                                has been divested; 
                                                and</DELETED>

                                                <DELETED>    ``(BB) the 
                                                supervising ethics 
                                                office shall publish 
                                                the notice described in 
                                                subitem (AA) on the 
                                                website of the 
                                                supervising ethics 
                                                office.</DELETED>

                                        <DELETED>    ``(bb) Contents.--
                                        Each notice described in item 
                                        (aa)(AA)--</DELETED>

                                                <DELETED>    ``(AA) 
                                                shall only identify the 
                                                initial property 
                                                generally by referring 
                                                to the complete list of 
                                                assets described in 
                                                section 
                                                13104(f)(5)(A)(ii); 
                                                and</DELETED>

                                                <DELETED>    ``(BB) may 
                                                not contain any other 
                                                information relating to 
                                                any holding of the 
                                                qualified blind trust 
                                                or the timing of any 
                                                divestiture.</DELETED>

                        <DELETED>    ``(ii) Extension of mandatory sale 
                        of initial property.--</DELETED>
                                <DELETED>    ``(I) Request.--A covered 
                                person may apply to the supervising 
                                ethics office for an extension of the 
                                period described in clause (i)(I) if 
                                the size or complexity of the covered 
                                investments in the qualified blind 
                                trust warrant such extension.</DELETED>
                                <DELETED>    ``(II) Duration.--An 
                                extension granted under subclause (I) 
                                shall not exceed 90 days.</DELETED>
                <DELETED>    ``(D) Illiquid investments.--</DELETED>
                        <DELETED>    ``(i) Sale.--Not later than 90 
                        days after the date on which a covered person 
                        is contractually permitted to sell an illiquid 
                        investment, the covered person shall divest the 
                        illiquid investment.</DELETED>
                        <DELETED>    ``(ii) Prohibition.--A covered 
                        person may not place an illiquid investment in 
                        any qualified blind trust under subparagraph 
                        (A).</DELETED>
                <DELETED>    ``(E) Trustees.--A trustee of a qualified 
                blind trust--</DELETED>
                        <DELETED>    ``(i) shall be required to be a 
                        financial institution, as defined in section 1a 
                        of the Commodity Exchange Act (7 U.S.C. 1a); 
                        and</DELETED>
                        <DELETED>    ``(ii) except for a financial 
                        institution, may not be--</DELETED>
                                <DELETED>    ``(I) an 
                                attorney;</DELETED>
                                <DELETED>    ``(II) a certified public 
                                accountant;</DELETED>
                                <DELETED>    ``(III) a broker, as 
                                defined in section 3(a) of the 
                                Securities Exchange Act of 1934 (15 
                                U.S.C. 78c(a)); or</DELETED>
                                <DELETED>    ``(IV) an investment 
                                advisor.</DELETED>
        <DELETED>    ``(3) Extension of assets being placed in 
        qualified blind trusts.--If a covered person is unable to place 
        a covered investment in a qualified blind trust by the date 
        described in paragraph (2)(A), the applicable Member of 
        Congress may request, and the supervising ethics office may 
        grant, 1 or more reasonable extensions, subject to the 
        conditions that--</DELETED>
                <DELETED>    ``(A) the total period of time covered by 
                all extensions granted for the covered investment shall 
                not exceed 150 days; and</DELETED>
                <DELETED>    ``(B) the period covered by a single 
                extension shall be not longer than 45 days.</DELETED>
        <DELETED>    ``(4) Communications regarding existing qualified 
        blind trusts.--</DELETED>
                <DELETED>    ``(A) In general.--Any direct or indirect 
                communication relating to a qualified blind trust in 
                existence on the applicable effective date described in 
                subsection (j) between a trustee of the qualified blind 
                trust and an interested party shall be permissible for 
                purposes of this title if the communication--</DELETED>
                        <DELETED>    ``(i)(I) is made--</DELETED>
                                <DELETED>    ``(aa) in writing; 
                                and</DELETED>
                                <DELETED>    ``(bb) not later than 60 
                                days after that effective 
                                date;</DELETED>
                        <DELETED>    ``(II) is filed with the 
                        applicable supervising ethics office by the 
                        person initiating the communication not less 
                        than 5 days before the date of the 
                        communication;</DELETED>
                        <DELETED>    ``(III) relates to a direction or 
                        request to the trustee--</DELETED>
                                <DELETED>    ``(aa) to sell all initial 
                                property placed in the qualified blind 
                                trust by any interested party; 
                                or</DELETED>
                                <DELETED>    ``(bb) to convert all of 
                                an asset in the qualified blind trust 
                                into an investment other than a covered 
                                investment; and</DELETED>
                        <DELETED>    ``(ii) is otherwise permitted 
                        under section 13104(f)(3)(C)(vi).</DELETED>
        <DELETED>    ``(5) Communications between covered persons and 
        trustees relating to all qualified blind trusts.--</DELETED>
                <DELETED>    ``(A) Notification.--A trustee of a 
                qualified blind trust shall not notify a covered person 
                if--</DELETED>
                        <DELETED>    ``(i) the value of the initial 
                        property of the qualified blind trust is less 
                        than $1,000; or</DELETED>
                        <DELETED>    ``(ii) the trustee divests any 
                        property of the qualified blind trust, other 
                        than the initial property required to be 
                        divested pursuant to paragraph (2).</DELETED>
                <DELETED>    ``(B) Communication.--</DELETED>
                        <DELETED>    ``(i) In general.--Any 
                        communication between a covered person and the 
                        trustee of the relevant qualified blind trust--
                        </DELETED>
                                <DELETED>    ``(I) shall be in writing; 
                                and</DELETED>
                                <DELETED>    ``(II) submitted and 
                                approved in advance of the 
                                communication by the supervising ethics 
                                office.</DELETED>
                        <DELETED>    ``(ii) Prohibition.--A 
                        communication described in clause (i) may not 
                        include any information relating to the manner 
                        in which funds of the qualified blind trust are 
                        invested, including any information relating 
                        to--</DELETED>
                                <DELETED>    ``(I) any company in which 
                                the funds are invested; or</DELETED>
                                <DELETED>    ``(II) any sector in which 
                                the funds are invested.</DELETED>
        <DELETED>    ``(6) Exception for dependents.--A covered person 
        who is a dependent child of a Member of Congress may have a 
        legal guardian hold or trade on behalf of the dependent child 1 
        or more covered investments provided that the value of the 
        covered investments in total does not exceed $10,000.</DELETED>
<DELETED>    ``(b) Acquisitions During Service.--</DELETED>
        <DELETED>    ``(1) In general.--Subject to paragraph (2), and 
        any applicable rules issued pursuant to subsection (h)(3), 
        effective beginning on the date of enactment of the Ending 
        Trading and Holdings In Congressional Stocks (ETHICS) Act, no 
        covered person may acquire any covered investment.</DELETED>
        <DELETED>    ``(2) Inheritances.--</DELETED>
                <DELETED>    ``(A) In general.--Subject to subparagraph 
                (B), a covered person who inherits a covered investment 
                shall come into compliance as required under subsection 
                (a) by not later than 120 days after the date on which 
                the covered investment is inherited.</DELETED>
                <DELETED>    ``(B) Extensions.--If a covered person is 
                unable to meet the requirements of subparagraph (A), 
                the applicable Member of Congress may request, and the 
                supervising ethics office may grant, 1 or more 
                reasonable extensions, subject to the conditions that--
                </DELETED>
                        <DELETED>    ``(i) the total period of time 
                        covered by all extensions granted for the 
                        covered investment shall not exceed 150 days; 
                        and</DELETED>
                        <DELETED>    ``(ii) the period covered by a 
                        single extension shall be not longer than 45 
                        days.</DELETED>
<DELETED>    ``(c) Family Trusts.--</DELETED>
        <DELETED>    ``(1) In general.--A supervising ethics office may 
        grant an exemption for a family trust only if--</DELETED>
                <DELETED>    ``(A) no covered person--</DELETED>
                        <DELETED>    ``(i) is a grantor of the family 
                        trust;</DELETED>
                        <DELETED>    ``(ii) contributed any asset to 
                        the family trust; or</DELETED>
                        <DELETED>    ``(iii) has any authority over a 
                        trustee of the family trust, including the 
                        authority to appoint, replace, or direct the 
                        actions of such a trustee; and</DELETED>
                <DELETED>    ``(B) the grantor of the family trust is 
                or was a family member of the covered person.</DELETED>
        <DELETED>    ``(2) Requests.--A covered person seeking an 
        exemption under paragraph (1) shall submit to the applicable 
        supervising ethics office a request for the exemption, in 
        writing, certifying that the conditions described in that 
        paragraph are met.</DELETED>
        <DELETED>    ``(3) Publication.--A supervising ethics office 
        shall publish on the public website of the supervising ethics 
        office--</DELETED>
                <DELETED>    ``(A) a copy of each request submitted 
                under paragraph (2); and</DELETED>
                <DELETED>    ``(B) the written response of the 
                supervising ethics office to each request described in 
                subparagraph (A).</DELETED>
<DELETED>    ``(d) Mingling of Assets.--A spouse or dependent child of 
a Member of Congress may place a covered investment in a qualified 
blind trust established by the Member of Congress under subsection 
(a)(2)(A)(i).</DELETED>
<DELETED>    ``(e) Separation From Service and Cooling-Off Period 
Required for Control.--During the period beginning on the date on which 
an individual becomes a Member of Congress and ending on the date that 
is 90 days after the date on which the individual ceases to serve as a 
Member of Congress, the Member of Congress, and any spouse or dependent 
child of the Member of Congress, may not--</DELETED>
        <DELETED>    ``(1) dissolve any qualified blind trust in which 
        a covered investment has been placed pursuant to subsection 
        (a)(2); or</DELETED>
        <DELETED>    ``(2) except as provided in this section, 
        otherwise control a covered investment, including purchasing 
        new covered investments.</DELETED>
<DELETED>    ``(f) Reporting Requirements.--</DELETED>
        <DELETED>    ``(1) Supervising ethics offices.--Each 
        supervising ethics office shall make available on the public 
        website of the supervising ethics office--</DELETED>
                <DELETED>    ``(A) a copy of--</DELETED>
                        <DELETED>    ``(i) each certification submitted 
                        to the supervising ethics office under 
                        subsection (a)(1);</DELETED>
                        <DELETED>    ``(ii) each qualified blind trust 
                        agreement of each covered person;</DELETED>
                        <DELETED>    ``(iii) each notice and other 
                        documentation submitted to the supervising 
                        ethics office under this section; and</DELETED>
                        <DELETED>    ``(iv) each notice, ruling, and 
                        other documentation issued or received by the 
                        supervising ethics office under subsection 
                        (c);</DELETED>
                <DELETED>    ``(B) a schedule of all assets placed in a 
                qualified blind trust by each covered person and 
                interested party; and</DELETED>
                <DELETED>    ``(C) a description of each extension 
                granted, and each civil penalty imposed, pursuant to 
                this section.</DELETED>
        <DELETED>    ``(2) Trustees.--Each trustee of a qualified blind 
        trust established by a covered person shall submit to the 
        covered person and the applicable supervising ethics office a 
        written notice in any case in which the trustee learns that an 
        interested party has obtained knowledge of any trust property 
        other than the initial property of the qualified blind 
        trust.</DELETED>
        <DELETED>    ``(3) Member of congress.--Each Member of Congress 
        who is a beneficiary of a qualified blind trust shall submit to 
        the applicable supervising ethics office--</DELETED>
                <DELETED>    ``(A) a copy of the executed qualified 
                blind trust agreement by not later than 30 days after 
                the date of execution;</DELETED>
                <DELETED>    ``(B) a list of each asset and each 
                financial interest transferred to the qualified blind 
                trust by an interested party by not later than 30 days 
                after the date of the transfer;</DELETED>
                <DELETED>    ``(C) a copy of each notice submitted to 
                the Member of Congress under paragraph (2) by not later 
                than 30 days after the date of receipt;</DELETED>
                <DELETED>    ``(D) a written notice that an interested 
                party has obtained knowledge of any holding of the 
                qualified blind trust by not later than the date that 
                is 30 days after the date on which the Member of 
                Congress discovered that the knowledge had been 
                obtained; and</DELETED>
                <DELETED>    ``(E) a written notice of dissolution of 
                the qualified blind trust by not later than 30 days 
                after the date of dissolution.</DELETED>
        <DELETED>    ``(4) Federal benefits.--</DELETED>
                <DELETED>    ``(A) Covered payment.--In this paragraph, 
                the term `covered payment'--</DELETED>
                        <DELETED>    ``(i) means a payment of money or 
                        any other item of value made, or promised to be 
                        made, by the Federal Government;</DELETED>
                        <DELETED>    ``(ii) includes--</DELETED>
                                <DELETED>    ``(I) a loan agreement, 
                                contract, or grant made, or promised to 
                                be made, by the Federal Government, 
                                including such an agreement, contract, 
                                or grant relating to agricultural 
                                activity; and</DELETED>
                                <DELETED>    ``(II) such other types of 
                                payment of money or items of value as 
                                the supervising ethics office may 
                                establish, by guidance; and</DELETED>
                        <DELETED>    ``(iii) does not include--
                        </DELETED>
                                <DELETED>    ``(I) any salary or 
                                compensation for service performed as, 
                                or reimbursement of personal outlay by, 
                                an officer or employee of the Federal 
                                Government; or</DELETED>
                                <DELETED>    ``(II) any tax refund 
                                (including a refundable tax 
                                credit).</DELETED>
                <DELETED>    ``(B) Reporting requirement.--Not later 
                than 30 days after the date of receipt of a notice of 
                any application for, or receipt of, a covered payment 
                by a covered person (including any business owned and 
                controlled by the covered person), but in no case later 
                than 45 days after the date on which the covered 
                payment is made or promised to be made, the covered 
                person shall submit to the applicable supervising 
                ethics office a report describing the covered 
                payment.</DELETED>
<DELETED>    ``(g) Enforcement.--</DELETED>
        <DELETED>    ``(1) Divestiture or placement in qualified blind 
        trust.--</DELETED>
                <DELETED>    ``(A) In general.--The applicable 
                supervising ethics office shall provide a written 
                notice (including notice of the potential for civil 
                penalties under subparagraph (B)) to any Member of 
                Congress if the Member of Congress, or spouse or 
                dependent child of the Member of Congress--</DELETED>
                        <DELETED>    ``(i) fails to submit a 
                        certification under subsection (a)(1) by the 
                        date on which the certification is required to 
                        be submitted;</DELETED>
                        <DELETED>    ``(ii) fails to divest or place in 
                        a qualified blind trust a covered investment 
                        owned by, or in the custody of the covered 
                        person, in accordance with subsection (a)(2), 
                        subject to any extension under subsection 
                        (a)(3); or</DELETED>
                        <DELETED>    ``(iii) acquires an interest in a 
                        covered investment in violation of this 
                        section.</DELETED>
                <DELETED>    ``(B) Civil penalties.--</DELETED>
                        <DELETED>    ``(i) In general.--In the event of 
                        continuing noncompliance after issuance of the 
                        notice described in subparagraph (A), the 
                        supervising ethics office shall impose a civil 
                        penalty, in the amount described in clause 
                        (ii), on a Member of Congress to whom a notice 
                        is provided under clause (i) or (ii) of 
                        subparagraph (A)--</DELETED>
                                <DELETED>    ``(I) on the date that is 
                                30 days after the date of provision of 
                                the notice; and</DELETED>
                                <DELETED>    ``(II) during the period 
                                in which such noncompliance continues, 
                                not less frequently than once every 30 
                                days thereafter.</DELETED>
                        <DELETED>    ``(ii) Amount.--The amount of each 
                        civil penalty imposed on a Member of Congress 
                        pursuant to clause (i) shall be equal to the 
                        greater of--</DELETED>
                                <DELETED>    ``(I) the monthly 
                                equivalent of the annual rate of pay 
                                payable to the Member of Congress; 
                                and</DELETED>
                                <DELETED>    ``(II) an amount equal to 
                                10 percent of the value of each covered 
                                investment that was not divested or 
                                placed into a qualified blind trust in 
                                violation of this section during the 
                                period covered by the 
                                penalty.</DELETED>
        <DELETED>    ``(2) Communications.--The Attorney General of the 
        United States shall file a civil action seeking to impose a 
        civil penalty on any covered person or trustee of a qualified 
        blind trust who violates subsection (a)(4), or otherwise 
        discloses the contents of a qualified blind trust to any 
        unauthorized individual, equal to the greater of--</DELETED>
                <DELETED>    ``(A) $10,000 per each communication; 
                or</DELETED>
                <DELETED>    ``(B) 1 percent of the value of the 
                qualified blind trust on the date of the 
                violation.</DELETED>
<DELETED>    ``(h) Duties of Supervising Ethics Offices.--Each 
supervising ethics office in the legislative branch shall--</DELETED>
        <DELETED>    ``(1) impose and collect civil penalties in 
        accordance with subsection (g);</DELETED>
        <DELETED>    ``(2) establish such procedures and standard forms 
        as the supervising ethics office determines to be appropriate 
        to implement this section;</DELETED>
        <DELETED>    ``(3) issue such rules and guidelines as the 
        supervising ethics office determines to be appropriate for the 
        implementation and application of this title; and</DELETED>
        <DELETED>    ``(4) publish on a website all documents and 
        communications described in this subsection.</DELETED>
<DELETED>    ``(i) Rule of Construction.--Nothing in this section shall 
be construed to prevent a covered person from owning or trading--
</DELETED>
        <DELETED>    ``(1) a diversified mutual fund; or</DELETED>
        <DELETED>    ``(2) a publicly traded, diversified exchange 
        traded fund.</DELETED>
<DELETED>    ``(j) Effective Date.--This section shall apply to each 
covered person beginning on the date on which the covered person (or 
with respect to a covered person that is a spouse or dependent child of 
a Member of Congress, the date on which that Member of Congress) 
commences the first new term of service as a Member of Congress on or 
after January 31, 2023.''.</DELETED>
<DELETED>    (b) Clerical Amendment.--The table of sections for chapter 
131 of title 5, United States Code, is amended by adding at the end the 
following:</DELETED>

 <DELETED> ``subchapter iv--certain assets of members of congress and 
                  their spouses and dependent children

<DELETED>``13161. Definitions.
<DELETED>``13162. Trading covered investments
<DELETED>``13163. Addressing owned covered investments''.
<DELETED>    (c) Technical and Conforming Amendments.--</DELETED>
        <DELETED>    (1) Title 5.--Title 5, United States Code, is 
        amended--</DELETED>
                <DELETED>    (A) in section 13103(f)--</DELETED>
                        <DELETED>    (i) in paragraph (9), by striking 
                        ``as defined in section 13101 of this 
                        title'';</DELETED>
                        <DELETED>    (ii) in paragraph (10), by 
                        striking ``as defined in section 13101 of this 
                        title'';</DELETED>
                        <DELETED>    (iii) in paragraph (11), by 
                        striking ``as defined in section 13101 of this 
                        title''; and</DELETED>
                        <DELETED>    (iv) in paragraph (12), by 
                        striking ``as defined in section 13101 of this 
                        title''; and</DELETED>
                <DELETED>    (B) in section 13122(f)(2)(B)--</DELETED>
                        <DELETED>    (i) by striking ``Subject to 
                        clause (iv) of this subparagraph, before'' each 
                        place it appears and inserting ``Before''; 
                        and</DELETED>
                        <DELETED>    (ii) by striking clause 
                        (iv).</DELETED>
        <DELETED>    (2) Lobbying disclosure act of 1995.--Section 
        3(4)(D) of the Lobbying Disclosure Act of 1995 (2 U.S.C. 
        1602(4)(D)) is amended by striking ``legislative branch 
        employee serving in a position described under section 
        13101(13) of title 5, United States Code'' and inserting 
        ``officer or employee of Congress (as defined in section 13101 
        of title 5, United States Code)''.</DELETED>
        <DELETED>    (3) Securities exchange act of 1934.--Section 21A 
        of the Securities Exchange Act of 1934 (15 U.S.C. 78u-1) is 
        amended--</DELETED>
                <DELETED>    (A) in subsection (g)(2)(B)(ii), by 
                striking ``section 13101(11)'' and inserting ``section 
                13101''; and</DELETED>
                <DELETED>    (B) in subsection (h)(2)--</DELETED>
                        <DELETED>    (i) in subparagraph (B), by 
                        striking ``in section 13101(9)'' and inserting 
                        ``under section 13101''; and</DELETED>
                        <DELETED>    (ii) in subparagraph (C), by 
                        striking ``section 13101(10)'' and inserting 
                        ``in section 13101''.</DELETED>

<DELETED>SEC. 3. PENALTY FOR STOCK ACT NONCOMPLIANCE.</DELETED>

<DELETED>    (a) Fines for Failure To Report.--</DELETED>
        <DELETED>    (1) In general.--The STOCK Act (Public Law 112-
        105; 126 Stat. 291) is amended by adding at the end the 
        following:</DELETED>

<DELETED>``SEC. 20. FINES FOR FAILURE TO REPORT.</DELETED>

<DELETED>    ``(a) In General.--Notwithstanding any other provision of 
law (including regulations), a reporting individual shall be assessed a 
fine, pursuant to regulations issued by the applicable supervising 
ethics office (including the Administrative Office of the United States 
Courts, as applicable), of $500 in each case in which the reporting 
individual fails to file a transaction report required under this Act 
or an amendment made by this Act.</DELETED>
<DELETED>    ``(b) Deposit in Treasury.--The fines paid under this 
section shall be deposited in the miscellaneous receipts of the 
Treasury.''.</DELETED>
        <DELETED>    (2) Effective date.--The amendments made by 
        paragraph (1) shall take effect on the date on which the 
        reporting individual who is a Member of Congress commences the 
        first new term of service as a Member of Congress on or after 
        January 31, 2023.</DELETED>
<DELETED>    (b) Rules, Regulations, Guidance, and Documents.--Not 
later than 1 year after the date of enactment of this Act, each 
supervising ethics office (as defined in section 13101 of title 5, 
United States Code) (including the Administrative Office of the United 
States Courts, as applicable) shall amend the rules, regulations, 
guidance, documents, papers, and other records of the supervising 
ethics office in accordance with the amendment made by this 
section.</DELETED>

<DELETED>SEC. 4. ELECTRONIC FILING AND ONLINE PUBLIC AVAILABILITY OF 
              FINANCIAL DISCLOSURE FORMS.</DELETED>

<DELETED>    (a) Members of Congress and Congressional Staff.--Section 
8(b)(1) of the STOCK Act (5 U.S.C. 13107 note) is amended--</DELETED>
        <DELETED>    (1) in the matter preceding subparagraph (A), by 
        inserting ``, pursuant to subchapter I of chapter 131 of part 
        IV of title 5, United States Code, through databases maintained 
        on the official websites of the House of Representatives and 
        the Senate'' after ``enable''; and</DELETED>
        <DELETED>    (2) by striking subparagraph (B) and the 
        undesignated matter following that subparagraph and inserting 
        the following:</DELETED>
                <DELETED>    ``(B) public access--</DELETED>
                        <DELETED>    ``(i) to each--</DELETED>
                                <DELETED>    ``(I) financial disclosure 
                                report filed by a Member of Congress or 
                                a candidate for Congress;</DELETED>
                                <DELETED>    ``(II) transaction 
                                disclosure report filed by a Member of 
                                Congress or a candidate for Congress 
                                pursuant to subsection (l) of that 
                                section; and</DELETED>
                                <DELETED>    ``(III) notice of 
                                extension, amendment, or blind trust, 
                                with respect to a report described in 
                                subclause (I) or (II), pursuant to 
                                subchapter I of chapter 131 of part IV 
                                of title 5, United States Code; 
                                and</DELETED>
                        <DELETED>    ``(ii) in a manner that--
                        </DELETED>
                                <DELETED>    ``(I) allows the public to 
                                search, sort, and download data 
                                contained in the reports described in 
                                subclause (I) or (II) of clause (i) by 
                                criteria required to be reported, 
                                including by filer name, asset, 
                                transaction type, ticker symbol, 
                                notification date, amount of 
                                transaction, and date of 
                                transaction;</DELETED>
                                <DELETED>    ``(II) allows access 
                                through an application programming 
                                interface; and</DELETED>
                                <DELETED>    ``(III) is fully compliant 
                                with--</DELETED>
                                        <DELETED>    ``(aa) section 508 
                                        of the Rehabilitation Act of 
                                        1973 (29 U.S.C. 794d); 
                                        and</DELETED>
                                        <DELETED>    ``(bb) the most 
                                        recent Web Content 
                                        Accessibility Guidelines (or 
                                        successor 
                                        guidelines).''.</DELETED>
<DELETED>    (b) Effective Date.--The amendments made by this section 
take effect on the date that is 18 months after the date of enactment 
of this Act.</DELETED>

<DELETED>SEC. 5. SEVERABILITY.</DELETED>

<DELETED>    If any provision of this Act, an amendment made by this 
Act, or the application of such provision or amendment to any person or 
circumstance is held to be unconstitutional, the remainder of this Act 
and of the amendments made by this Act, and the application of the 
remaining provisions of this Act and amendments to any person or 
circumstance, shall not be affected.</DELETED>

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Ending Trading and Holdings In 
Congressional Stocks (ETHICS) Act''.

SEC. 2. DIVESTMENT OF CERTAIN ASSETS OF MEMBERS OF CONGRESS, THE 
              PRESIDENT, THE VICE PRESIDENT, AND THEIR SPOUSES AND 
              DEPENDENT CHILDREN.

    (a) In General.--Chapter 131 of title 5, United States Code, is 
amended by 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

``Sec. 13161. Definitions
    ``In this subchapter:
            ``(1) Commodity.--The term `commodity' has the meaning 
        given the term in section 1a of the Commodity Exchange Act (7 
        U.S.C. 1a).
            ``(2) Covered investment.--
                    ``(A) In general.--The term `covered investment' 
                means--
                            ``(i) an investment in--
                                    ``(I) a security;
                                    ``(II) a commodity;
                                    ``(III) a future; or
                                    ``(IV) a digital asset;
                            ``(ii) any economic interest comparable to 
                        an interest described in clause (i) that is 
                        acquired through synthetic means, such as the 
                        use of a derivative, including an option, 
                        warrant, or other similar means; or
                            ``(iii) any interest described in clause 
                        (i) or (ii) that is held directly, or in which 
                        an individual has an indirect, beneficial, or 
                        economic interest, through--
                                    ``(I) an investment fund or holding 
                                company;
                                    ``(II) a trust;
                                    ``(III) an employee benefit plan; 
                                or
                                    ``(IV) a deferred compensation 
                                plan, including a carried interest or 
                                other agreement tied to the performance 
                                of an investment, other than a fixed 
                                cash payment.
                    ``(B) Exclusions.--The term `covered investment' 
                does not include--
                            ``(i) a diversified mutual fund (including 
                        any holdings of such a fund);
                            ``(ii) a diversified exchange-traded fund 
                        (including any holdings of such a fund);
                            ``(iii) a United States Treasury bill, 
                        note, or bond;
                            ``(iv) compensation from the primary 
                        occupation of the spouse of a covered person, 
                        or any security that is issued or paid by an 
                        operating business that is the primary employer 
                        of such a spouse that is issued or paid to such 
                        a spouse;
                            ``(v) holding and acquiring any security 
                        that is issued or paid as compensation from 
                        corporate board service by the spouse of a 
                        covered person, including the dividend 
                        reinvestment in the same security received from 
                        the corporate board service by the spouse of a 
                        covered person;
                            ``(vi) any covered investment that is 
                        traded by the spouse of a covered person in the 
                        course of performing the primary occupation of 
                        such a spouse, provided the investment is not 
                        owned by a covered person or the spouse or 
                        dependent child of a covered person;
                            ``(vii) any investment fund held in a 
                        Federal, State, or local government employee 
                        retirement plan;
                            ``(viii) a tax-free State or municipal 
                        bond;
                            ``(ix) an interest in a small business 
                        concern, if the supervising ethics office 
                        determines that the small business concern does 
                        not present a conflict of interest, and, in the 
                        case of an investment in a family farm or ranch 
                        that qualifies as an interest in a small 
                        business concern, a future or commodity 
                        directly related to the farming activities and 
                        products of the farm or ranch;
                            ``(x) holding investment-grade corporate 
                        bonds, provided that the corporate bonds are 
                        held by an individual who is a covered person, 
                        or a spouse or dependent child of a covered 
                        person, on the date of enactment of the Ending 
                        Trading and Holdings In Congressional Stocks 
                        (ETHICS) Act;
                            ``(xi) any share of Settlement Common Stock 
                        issued under section 7(g)(1)(A) of the Alaska 
                        Native Claims Settlement Act (43 U.S.C. 
                        1606(g)(1)(A)); or
                            ``(xii) any share of Settlement Common 
                        Stock, as defined in section 3 of the Alaska 
                        Native Claims Settlement Act (43 U.S.C. 1602).
                    ``(C) Rule of construction.--Nothing in this 
                paragraph shall be construed to imply that particular 
                digital assets are not securities, commodities, or 
                other types of covered investments.
            ``(3) Covered person.--The term `covered person' means--
                    ``(A) a Member of Congress;
                    ``(B) the President of the United States; or
                    ``(C) the Vice President of the United States.
            ``(4) Custody.--The term `custody' has the meaning given 
        the term in section 275.206(4)-2(d) of title 17, Code of 
        Federal Regulations, as in effect on the date of enactment of 
        the Ending Trading and Holdings In Congressional Stocks 
        (ETHICS) Act (or any successor regulation).
            ``(5) Dependent child.--The term `dependent child' means, 
        with respect to any covered person, any individual who is--
                    ``(A) under 19 years of age; and
                    ``(B) a dependent of the covered person within the 
                meaning of section 152 of the Internal Revenue Code of 
                1986.
            ``(6) Digital asset.--The term `digital asset' means any 
        digital representation of value that is recorded on a 
        cryptographically secured distributed ledger or any similar 
        technology.
            ``(7) Diversified.--The term `diversified', with respect to 
        a fund, trust, or plan, means that the fund, trust, or plan 
        does not have a stated policy of concentrating its investments 
        in any single industry, business, or single country other than 
        the United States.
            ``(8) Future.--The term `future' means--
                    ``(A) a security future (as defined in section 3(a) 
                of the Securities Exchange Act of 1934 (15 U.S.C. 
                78c(a))); and
                    ``(B) any other contract for the sale of a 
                commodity for future delivery.
            ``(9) Illiquid investment.--The term `illiquid investment' 
        means an interest in a private fund, as defined in section 
        202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-
        2(a)).
            ``(10) Interested party.--The term `interested party' has 
        the meaning given the term in section 13104(f)(3)(E).
            ``(11) Member of congress; supervising ethics office.--The 
        terms `Member of Congress' and `supervising ethics office' have 
        the meanings given those terms in section 13101.
            ``(12) Qualified blind trust.--The term `qualified blind 
        trust' has the meaning given the term in section 13104(f)(3).
            ``(13) Security.--The term `security' has the meaning given 
        the term in section 3(a) of the Securities Exchange Act of 1934 
        (15 U.S.C. 78c(a)).
            ``(14) Small business concern.--The term `small business 
        concern' has the meaning given the term under section 3 of the 
        Small Business Act (15 U.S.C. 632).
``Sec. 13162. Trading covered investments
    ``(a) Ban on Trading.--Except as provided in subsections (b) and 
(c)--
            ``(1) effective on the date of enactment of the Ending 
        Trading and Holdings In Congressional Stocks (ETHICS) Act, a 
        covered person shall not purchase any covered investment;
            ``(2) effective on the date that is 90 days after the date 
        of enactment of the Ending Trading and Holdings In 
        Congressional Stocks (ETHICS) Act, a covered person shall not 
        sell any covered investment, except as provided in section 
        13163(a)(1); and
            ``(3) on and after the effective date described in section 
        13163(j), an individual who is a spouse or dependent child of a 
        covered person shall not purchase any covered investment or 
        sell any covered investment, except as provided in section 
        13163(a)(1).
    ``(b) Optional Divestment Window.--
            ``(1) Current members.--Notwithstanding subsection (a), a 
        covered person who is sworn into office on or before the date 
        of enactment of the Ending Trading and Holdings In 
        Congressional Stocks (ETHICS) Act may sell a covered investment 
        within 90 days of the date of enactment of such Act.
            ``(2) New members.--Notwithstanding subsection (a), a 
        covered person who is sworn into office after the date of 
        enactment of the Ending Trading and Holdings In Congressional 
        Stocks (ETHICS) Act, but before the effective date under 
        section 13163(j), may sell a covered investment within 90 days 
        of commencing a new non-consecutive term of service as a Member 
        of Congress, President, or Vice President.
    ``(c) Exception.--Notwithstanding subsection (a), a covered person 
may divest a covered investment as directed by the relevant supervising 
ethics office pursuant to this Act.
    ``(d) Joint Covered Investment.--Any covered investment reported to 
the supervising ethics office as jointly owned by a covered person and 
the spouse of the covered person shall be deemed to be a covered 
investment of the covered person for purposes of this section.
``Sec. 13163. Addressing owned covered investments
    ``(a) Covered Persons.--
            ``(1) Divestiture.--
                    ``(A) Requirements.--
                            ``(i) Officials sworn in before the 
                        effective date.--Subject to paragraph (2) and 
                        the amendments made under subsection (b), a 
                        covered person who is sworn into office on or 
                        before the effective date described in 
                        subsection (j), not later than 120 days after 
                        the effective date described in subsection (j), 
                        subject to any extension granted under 
                        subparagraph (C)(iii) of this paragraph, shall 
                        divest each covered investment owned or in the 
                        custody of--
                                    ``(I) the covered person; or
                                    ``(II) a spouse or dependent child 
                                of the covered person.
                            ``(ii) Officials sworn in after the 
                        effective date.--Subject to paragraph (2) and 
                        the amendments made under subsection (b), a 
                        covered person who is sworn into office after 
                        the effective date described in subsection (j), 
                        not later than 120 days after commencing a new 
                        non-consecutive term of service as a Member of 
                        Congress, President, or Vice President, subject 
                        to any extension granted under subparagraph 
                        (C)(iii) of this paragraph, shall divest each 
                        covered investment owned or in the custody of--
                                    ``(I) the covered person; or
                                    ``(II) a spouse or dependent child 
                                of the covered person.
                    ``(B) Illiquid investments.--Not later than 90 days 
                after the date on which a covered person is 
                contractually permitted to sell an illiquid investment, 
                the covered person shall divest the illiquid 
                investment.
                    ``(C) Qualified blind trusts.--
                            ``(i) Prohibition on future qualified blind 
                        trusts.--Except as provided in clause (iii), on 
                        and after the date that is 180 days after the 
                        effective date described in subsection (j), no 
                        covered person, or the spouse or dependent 
                        child of the covered person, may maintain a 
                        qualified blind trust.
                            ``(ii) Mandatory sale of covered 
                        investments in existing qualified blind 
                        trusts.--
                                    ``(I) In general.--The trustee of a 
                                qualified blind trust holding covered 
                                investments shall, at a time elected by 
                                the covered person, on behalf of a 
                                covered person, and in accordance with 
                                clause (iv)--
                                            ``(aa) divest all covered 
                                        investments held in the 
                                        qualified blind trust for the 
                                        purposes of complying with the 
                                        divestiture requirements under 
                                        this section, in accordance 
                                        with subparagraph (A); and
                                            ``(bb) dissolve the 
                                        qualified blind trust in 
                                        accordance with this chapter 
                                        and guidance from the 
                                        supervising ethics office.
                                    ``(II) Notice of compliance.--
                                            ``(aa) Notice of 
                                        divestiture.--

                                                    ``(AA) In 
                                                general.--Upon the 
                                                completion of 
                                                divestiture of all 
                                                covered investments 
                                                pursuant to subclause 
                                                (I)(aa), the trustee 
                                                shall submit to the 
                                                supervising ethics 
                                                office and the 
                                                applicable covered 
                                                person a written notice 
                                                stating that the 
                                                trustee has completed 
                                                divestiture of all 
                                                covered investments 
                                                held in the qualified 
                                                blind trust pursuant to 
                                                subclause (I)(aa).

                                                    ``(BB) 
                                                Publication.--The 
                                                supervising ethics 
                                                office shall publish 
                                                the notice required 
                                                under subitem (AA) on 
                                                the website of the 
                                                supervising ethics 
                                                office.

                                            ``(bb) Notice of 
                                        dissolution.--Upon the 
                                        dissolution of a qualified 
                                        blind trust pursuant to 
                                        subclause (I)(bb), the trustee 
                                        shall submit to the supervising 
                                        ethics office and the 
                                        applicable covered person a 
                                        written notice stating that the 
                                        trust has dissolved the 
                                        qualified blind trust pursuant 
                                        to subclause (I)(bb) and shall 
                                        include a list of the assets 
                                        held in the qualified blind 
                                        trust on the date of the 
                                        dissolution of such trust and 
                                        the category of value of each 
                                        such asset.
                            ``(iii) Extension of mandatory sale of 
                        covered investments.--
                                    ``(I) Request.--Each covered person 
                                who maintains a qualified blind trust 
                                established by the covered person, or a 
                                spouse or dependent child of the 
                                covered person, in any case in which 
                                the trustee of the qualified blind 
                                trust believes the size or complexity 
                                of the covered investments in the 
                                qualified blind trust warrant such 
                                extension may apply to the supervising 
                                ethics office for an extension of the 
                                period described in subparagraph (A).
                                    ``(II) Duration.--An extension 
                                granted under subclause (I) shall not 
                                exceed 90 days.
                            ``(iv) Communications.--A covered person 
                        may communicate with and direct the trustee of 
                        their qualified blind trust for the purposes 
                        of--
                                    ``(I) determining when divestment 
                                of covered investments in the qualified 
                                blind trust should occur, pursuant to 
                                paragraph 1(A) of this subsection, 
                                clause (ii) of this subparagraph, or 
                                section 13162(b), as applicable;
                                    ``(II) determining which permitted 
                                property covered investments should be 
                                divested into; and
                                    ``(III) whether the trustee 
                                utilizes a certificate of divestiture 
                                pursuant to section 1043(b) of the 
                                Internal Revenue Code of 1986, as 
                                amended by subsection (b) of this 
                                section.
            ``(2) Exception for dependents.--An individual who is a 
        dependent child of a covered person may have a legal guardian 
        hold or trade on behalf of the dependent child 1 or more 
        covered investments provided that the value of the covered 
        investments in total does not exceed $10,000.
    ``(b) Tax Treatment of Divestitures.--
            ``(1) In general.--Section 1043(b) of the Internal Revenue 
        Code of 1986 is amended--
                    ``(A) in paragraph (1)(A), by inserting `or a 
                covered person (as defined in section 13161 of title 5, 
                United States Code),' after `of the Federal 
                Government,';
                    ``(B) in paragraph (2)(B)--
                            ``(i) by striking `employees, or' and 
                        inserting `employees,'; and
                            ``(ii) by inserting `or the applicable 
                        supervising ethics office (as defined in 
                        section 13101 of title 5, United States Code), 
                        in the case of a covered person' after 
                        `judicial officers,'; and
                    ``(C) in paragraph (3), by striking `or any 
                diversified investment fund approved by regulations 
                issued by the Office of Government Ethics' and 
                inserting `, any diversified investment fund approved 
                by regulations issued by the Office of Government 
                Ethics (in the case of any eligible person who is not a 
                covered person (as defined in section 13161 of title 5, 
                United States Code)), or any diversified mutual fund or 
                a diversified exchange-traded fund described in clause 
                (i) or (ii) of section 13161(2)(B) of title 5, United 
                States Code (in the case of any eligible person who is 
                a covered person (as so defined)).'.
            ``(2) Effective date.--The amendments made by this 
        subsection shall apply to sales after the date of enactment of 
        the Ending Trading and Holdings In Congressional Stocks 
        (ETHICS) Act.
    ``(c) Acquisitions During Service.--
            ``(1) In general.--Subject to paragraph (2), and any 
        applicable rules issued pursuant to subsection (h)(3), 
        effective beginning on the date of enactment of the Ending 
        Trading and Holdings In Congressional Stocks (ETHICS) Act, no 
        covered person, or spouse or dependent child of a covered 
        person, may acquire any covered investment.
            ``(2) Inheritances.--
                    ``(A) In general.--Subject to subparagraph (B), a 
                covered person, or a spouse or dependent child of a 
                covered person, who inherits a covered investment shall 
                come into compliance as required under subsection (a) 
                by not later than 120 days after the date on which the 
                covered investment is inherited.
                    ``(B) Extensions.--If a covered person, or a spouse 
                or dependent child of a covered person, is unable to 
                meet the requirements of subparagraph (A), the 
                applicable covered person may request, and the 
                supervising ethics office may grant, 1 or more 
                reasonable extensions, subject to the conditions that--
                            ``(i) the total period of time covered by 
                        all extensions granted for the covered 
                        investment shall not exceed 150 days; and
                            ``(ii) the period covered by a single 
                        extension shall be not longer than 45 days.
    ``(d) Family Trusts.--
            ``(1) In general.--A supervising ethics office may grant an 
        exemption for a family trust only if--
                    ``(A) no covered person, or spouse or dependent 
                child of a covered person--
                            ``(i) is a grantor of the family trust;
                            ``(ii) contributed any asset to the family 
                        trust; or
                            ``(iii) has any authority over a trustee of 
                        the family trust, including the authority to 
                        appoint, replace, or direct the actions of such 
                        a trustee; and
                    ``(B) the grantor of the family trust is or was a 
                family member of the covered person, or the spouse or 
                dependent child of the covered person.
            ``(2) Requests.--A covered person seeking an exemption 
        under paragraph (1) shall submit to the applicable supervising 
        ethics office a request for the exemption, in writing, 
        certifying that the conditions described in that paragraph are 
        met.
            ``(3) Publication.--A supervising ethics office shall 
        publish on the public website of the supervising ethics 
        office--
                    ``(A) a copy of each request submitted under 
                paragraph (2); and
                    ``(B) the written response of the supervising 
                ethics office to each request described in subparagraph 
                (A).
    ``(e) Separation From Service and Cooling-off Period Required for 
Control.--During the period beginning on the date on which an 
individual becomes a Member of Congress, President, or Vice President 
and ending on the date that is 90 days after the date on which the 
individual ceases to serve as a Member of Congress, President, or Vice 
President, the covered person, and any spouse or dependent child of the 
covered person, may not, except as provided in this section, otherwise 
control a covered investment, including purchasing new covered 
investments.
    ``(f) Reporting Requirements.--
            ``(1) Supervising ethics offices.--Each supervising ethics 
        office shall make available on the public website of the 
        supervising ethics office--
                    ``(A) a copy of--
                            ``(i) each notification submitted to the 
                        supervising ethics office in accordance with 
                        subsection (a)(1)(C)(ii)(II);
                            ``(ii) each notice and other documentation 
                        submitted to the supervising ethics office 
                        under this section; and
                            ``(iii) each written response and other 
                        documentation issued or received by the 
                        supervising ethics office under subsection (d);
                    ``(B) not later than 30 days after a qualified 
                blind trust maintained by a covered person is 
                dissolved, a written notice of the dissolution of the 
                qualified blind trust; and
                    ``(C) a description of each extension granted, and 
                each civil penalty imposed, pursuant to this section.
            ``(2) Federal benefits.--
                    ``(A) Covered payment.--In this paragraph, the term 
                `covered payment'--
                            ``(i) means a payment of money or any other 
                        item of value made, or promised to be made, by 
                        the Federal Government;
                            ``(ii) includes--
                                    ``(I) a loan agreement, contract, 
                                or grant made, or promised to be made, 
                                by the Federal Government, including 
                                such an agreement, contract, or grant 
                                relating to agricultural activity; and
                                    ``(II) such other types of payment 
                                of money or items of value as the 
                                supervising ethics office may 
                                establish, by guidance; and
                            ``(iii) does not include--
                                    ``(I) any salary or compensation 
                                for service performed as, or 
                                reimbursement of personal outlay by, an 
                                officer or employee of the Federal 
                                Government; or
                                    ``(II) any tax refund (including a 
                                refundable tax credit).
                    ``(B) Reporting requirement.--Not later than 30 
                days after the date of receipt of a notice of any 
                application for, or receipt of, a covered payment by a 
                covered person, or a spouse or dependent child of a 
                covered person, (including any business owned and 
                controlled by the covered person, spouse, or dependent 
                child), but in no case later than 45 days after the 
                date on which the covered payment is made or promised 
                to be made, the covered person shall submit to the 
                applicable supervising ethics office a report 
                describing the covered payment.
    ``(g) Enforcement.--
            ``(1) In general.--The applicable supervising ethics office 
        shall provide a written notice (including notice of the 
        potential for civil penalties under paragraph (2)) to any 
        covered person if the covered person, or the spouse or 
        dependent child of the covered person, as applicable--
                    ``(A) fails to divest a covered investment owned 
                by, in the custody of, or held in a qualified blind 
                trust of, the covered person or spouse or dependent 
                child of a covered person, in accordance with 
                subsection (a)(1), subject to any extension under 
                subsection (a)(1)(C)(iii); or
                    ``(B) acquires an interest in a covered investment 
                in violation of this section.
            ``(2) Civil penalties.--
                    ``(A) In general.--In the event of continuing 
                noncompliance after issuance of the notice described in 
                paragraph (1), the supervising ethics office shall 
                impose a civil penalty, in the amount described in 
                subparagraph (B), on a covered person to whom a notice 
                is provided under subparagraph (A) or (B) of paragraph 
                (1)--
                            ``(i) on the date that is 30 days after the 
                        date of provision of the notice; and
                            ``(ii) during the period in which such 
                        noncompliance continues, not less frequently 
                        than once every 30 days thereafter.
                    ``(B) Amount.--The amount of each civil penalty 
                imposed on a covered person pursuant to subparagraph 
                (A) shall be equal to the greater of--
                            ``(i) the monthly equivalent of the annual 
                        rate of pay payable to the covered person; and
                            ``(ii) an amount equal to 10 percent of the 
                        value of each covered investment that was not 
                        divested in violation of this section during 
                        the period covered by the penalty.
    ``(h) Duties of Supervising Ethics Offices.--Each supervising 
ethics office shall--
            ``(1) impose and collect civil penalties in accordance with 
        subsection (g);
            ``(2) establish such procedures and standard forms as the 
        supervising ethics office determines to be appropriate to 
        implement this section;
            ``(3) issue such rules and guidelines as the supervising 
        ethics office determines to be appropriate for the 
        implementation and application of this title; and
            ``(4) publish on a website all documents and communications 
        described in this subsection.
    ``(i) Rule of Construction.--Nothing in this section shall be 
construed to prevent a covered person, or a spouse or dependent child 
of a covered person, from owning or trading--
            ``(1) a diversified mutual fund; or
            ``(2) a publicly traded, diversified exchange traded fund.
    ``(j) Effective Date.--Except as provided in subsection (c)(1), 
this section shall apply on and after March 31, 2027.''.
    (b) Clerical Amendment.--The table of sections for chapter 131 of 
title 5, United States Code, is amended by 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''.
    (c) Technical and Conforming Amendments.--
            (1) Title 5.--Title 5, United States Code, is amended--
                    (A) in section 13103(f)--
                            (i) in paragraph (9), by striking ``as 
                        defined in section 13101 of this title'';
                            (ii) in paragraph (10), by striking ``as 
                        defined in section 13101 of this title'';
                            (iii) in paragraph (11), by striking ``as 
                        defined in section 13101 of this title''; and
                            (iv) in paragraph (12), by striking ``as 
                        defined in section 13101 of this title''; and
                    (B) in section 13122(f)(2)(B)--
                            (i) by striking ``Subject to clause (iv) of 
                        this subparagraph, before'' each place it 
                        appears and inserting ``Before''; and
                            (ii) by striking clause (iv).
            (2) Lobbying disclosure act of 1995.--Section 3(4)(D) of 
        the Lobbying Disclosure Act of 1995 (2 U.S.C. 1602(4)(D)) is 
        amended by striking ``legislative branch employee serving in a 
        position described under section 13101(13) of title 5, United 
        States Code'' and inserting ``officer or employee of Congress 
        (as defined in section 13101 of title 5, United States Code)''.
            (3) Securities exchange act of 1934.--Section 21A of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78u-1) is amended--
                    (A) in subsection (g)(2)(B)(ii), by striking 
                ``section 13101(11)'' and inserting ``section 13101''; 
                and
                    (B) in subsection (h)(2)--
                            (i) in subparagraph (B), by striking ``in 
                        section 13101(9)'' and inserting ``under 
                        section 13101''; and
                            (ii) in subparagraph (C), by striking 
                        ``section 13101(10)'' and inserting ``section 
                        13101''.

SEC. 3. PENALTY FOR STOCK ACT NONCOMPLIANCE.

    (a) Fines for Failure to Report.--
            (1) In general.--The STOCK Act (Public Law 112-105; 126 
        Stat. 291) is amended by adding at the end the following:

``SEC. 20. FINES FOR FAILURE TO REPORT.

    ``(a) In General.--Notwithstanding any other provision of law 
(including regulations), a reporting individual shall be assessed a 
fine, pursuant to regulations issued by the applicable supervising 
ethics office (including the Administrative Office of the United States 
Courts, as applicable), of $500 in each case in which the reporting 
individual fails to file a transaction report required under this Act 
or an amendment made by this Act.
    ``(b) Deposit in Treasury.--The fines paid under this section shall 
be deposited in the miscellaneous receipts of the Treasury.''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall apply on and after March 31, 2027.
    (b) Rules, Regulations, Guidance, and Documents.--Not later than 1 
year after the date of enactment of this Act, each supervising ethics 
office (as defined in section 13101 of title 5, United States Code) 
(including the Administrative Office of the United States Courts, as 
applicable) shall amend the rules, regulations, guidance, documents, 
papers, and other records of the supervising ethics office in 
accordance with the amendment made by this section.

SEC. 4. ELECTRONIC FILING AND ONLINE PUBLIC AVAILABILITY OF FINANCIAL 
              DISCLOSURE FORMS.

    (a) Members of Congress and Congressional Staff.--Section 8(b)(1) 
of the STOCK Act (5 U.S.C. 13107 note) is amended--
            (1) in the matter preceding subparagraph (A), by inserting 
        ``, pursuant to subchapter I of chapter 131 of title 5, United 
        States Code, through databases maintained on the official 
        websites of the House of Representatives and the Senate'' after 
        ``enable''; and
            (2) by striking subparagraph (B) and the undesignated 
        matter following that subparagraph and inserting the following:
                    ``(B) public access--
                            ``(i) to each--
                                    ``(I) financial disclosure report 
                                filed by a Member of Congress or a 
                                candidate for Congress;
                                    ``(II) transaction disclosure 
                                report filed by a Member of Congress or 
                                a candidate for Congress pursuant to 
                                subsection (l) of that section; and
                                    ``(III) notice of extension, 
                                amendment, or blind trust, with respect 
                                to a report described in subclause (I) 
                                or (II), pursuant to subchapter I of 
                                chapter 131 of title 5, United States 
                                Code; and
                            ``(ii) in a manner that--
                                    ``(I) allows the public to search, 
                                sort, and download data contained in 
                                the reports described in subclause (I) 
                                or (II) of clause (i) by criteria 
                                required to be reported, including by 
                                filer name, asset, transaction type, 
                                ticker symbol, notification date, 
                                amount of transaction, and date of 
                                transaction;
                                    ``(II) allows access through an 
                                application programming interface; and
                                    ``(III) is fully compliant with--
                                            ``(aa) section 508 of the 
                                        Rehabilitation Act of 1973 (29 
                                        U.S.C. 794d); and
                                            ``(bb) the most recent Web 
                                        Content Accessibility 
                                        Guidelines (or successor 
                                        guidelines).''.
    (b) Effective Date.--The amendments made by this section shall take 
effect on the date that is 18 months after the date of enactment of 
this Act.

SEC. 5. SEVERABILITY.

    If any provision of this Act, an amendment made by this Act, or the 
application of such provision or amendment to any person or 
circumstance is held to be unconstitutional, the remainder of this Act 
and of the amendments made by this Act, and the application of the 
remaining provisions of this Act and amendments to any person or 
circumstance, shall not be affected.
                                                       Calendar No. 729

118th CONGRESS

  2d Session

                                S. 1171

                          [Report No. 118-309]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

            December 19 (legislative day, December 16), 2024

                       Reported with an amendment
```