Know Conflicts Act of 2017

To amend the Federal Funding Accountability and Transparency Act of 2006 to require full disclosure for entities receiving Federal funding. 1. Short title This Act may be cited as the Know Conflicts Act of 2017 2. Full disclosure of entities receiving Federal funding Section 2 of the Federal Funding Accountability and Transparency Act of 2006 ( 31 U.S.C. 6101 (1) in subsection (a)— (A) by redesignating— (i) paragraphs (6) through (8) as paragraphs (9) through (11), respectively; and (ii) paragraphs (1) through (4) as paragraphs (3) through (7), respectively; (B) by inserting before paragraph (2), as redesignated, the following: (1) Active financial conflict of interest The term active financial conflict of interest (2) Covered person The term covered person ; and (C) by inserting after paragraph (7), as redesignated the following: (8) Potential source of conflict The term potential source of conflict (A) (i) is not a financial interest described in section 102(f)(8) (ii) is included in a covered person’s financial disclosure report required to be filed under section 101 (iii) is otherwise identified by the Director of the Office of Government Ethics as a potential source of conflict. ; and (2) in subsection (b)(1)— (A) in subparagraph (F)(ii), by striking the period at the end and inserting a semicolon; (B) by redesignating subparagraph (G) as subparagraph (H); and (C) by inserting after subparagraph (F) the following: (G) information indicating whether a Federal award has resulted in the existence of one or more active financial conflicts of interest; and . 3. Report Not later than November 30 of each year, the Bureau of the Fiscal Service of the Department of the Treasury shall submit to Congress a report that includes a comprehensive accounting of all new or ongoing active conflicts of interest, as defined in section 2 of the Federal Funding Accountability and Transparency Act of 2006 ( 31 U.S.C. 6101

Summary: Know Conflicts Act of 2017 This bill amends the Federal Funding Accountability and Transparency Act of 2006 to define: &quot;active financial conflict of interest&quot; to mean any potential source of conflict that constitutes a financial interest in or liability owed to an entity reported as receiving a federal award under such Act; &quot;covered person&quot; to mean the President, Vice President, spouse of the President or Vice President, and a dependent child of the President or Vice President; and &quot;potential source of conflict&quot; to mean any financial interest or liability held by a covered person that is not a financial interest held by a widely held investment fund and that is included in a covered person's financial disclosure report required to be filed under such Act, or that is otherwise identified by the Office of Government Ethics as a potential source of conflict. The Office of Management and Budget must ensure that its publicly accessible website on federal awards includes information indicating whether an award has resulted in the existence of one or more active financial conflicts of interest. The Bureau of the Fiscal Service of the Department of the Treasury must annually submit to Congress a report that includes a comprehensive accounting of all new or ongoing active conflicts of interest.