I 
117TH CONGRESS 
2D SESSION 
H. R. 8990 
To amend the Ethics in Government Act of 1978 to restrict trading and 
ownership of covered investments by senior government officials, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 28, 2022 
Ms. LOFGREN introduced the following bill; which was referred to the Com-
mittee on Oversight and Reform, and in addition to the Committees on 
House Administration, the Judiciary, and Ways and Means, for a period 
to be subsequently determined by the Speaker, in each case for consider-
ation of such provisions as fall within the jurisdiction of the committee 
concerned 
A BILL 
To amend the Ethics in Government Act of 1978 to restrict 
trading and ownership of covered investments by senior 
government officials, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Combatting Financial 
Conflicts of Interest in Government Act’’. 
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SEC. 2. RESTRICTING TRADING AND OWNERSHIP OF COV-
ERED INVESTMENTS BY SENIOR GOVERN-
MENT OFFICIALS. 
(a) QUALIFIED BLIND TRUST AMENDMENTS.—Sec-
tion 102(f)(3) of the Ethics in Government Act of 1978 
(5 U.S.C. App 102(f)(3)) is amended— 
(1) in subparagraph (C)(iii), by striking 
‘‘promptly notify’’ and inserting ‘‘promptly provide a 
written notice to’’; and 
(2) by adding after subparagraph (F) the fol-
lowing new subparagraph: 
‘‘(G) Any asset described as a covered invest-
ment under title II that is placed in a trust after the 
date of enactment of the Combatting Financial Con-
flicts of Interest in Government Act shall be divested 
not later than 18 months after such asset was so 
placed. 
‘‘(H) 
Notwithstanding 
subparagraphs 
(A) 
through (G), a form of a trust approved by the Of-
fice of Government Ethics, Judicial Conference, 
House of Representatives, or Senate through rule 
making or by majority vote for its respective juris-
diction.’’. 
(b) TRADE AND OWNERSHIP RESTRICTIONS.—The 
Ethics in Government Act of 1978 (5 U.S.C. App.) is 
amended by inserting after title I the following: 
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‘‘(iii) an asset held in a qualified di-
versified trust; 
‘‘(iv) a diversified mutual fund (in-
cluding any holdings of such a fund); 
‘‘(v) a diversified exchange-traded 
fund (including any holdings of such a 
fund); 
‘‘(vi) a United States Treasury bill, 
note, or bond; 
‘‘(vii) a State or municipal govern-
ment bill, note, or bond; 
‘‘(viii) the Thrift Savings Plan (in-
cluding any holdings in such plan); 
‘‘(ix) any compensation received by 
the spouse or dependent child of a covered 
official from their primary employer; 
‘‘(x) any investment fund held in a 
Federal, State, or local government em-
ployee retirement plan; or 
‘‘(xi) an interest in a small business 
concern or family-owned business that does 
not present a conflict of interest. 
‘‘(3) COVERED
PERSON.—The term ‘covered 
person’ means— 
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‘‘(A) a Member of Congress as defined in 
section 109(12); 
‘‘(B) a spouse or dependent child of a 
Member of Congress; 
‘‘(C) each officer or employee of the legis-
lative branch (except any officer or employee of 
the Government Accountability Office) who, for 
at least 120 days, occupies a position for which 
the basic rate of pay is equal to or greater than 
120 percent of the minimum rate of basic pay 
payable for GS–15 of the General Schedule; 
‘‘(D) the President; 
‘‘(E) the Vice President; 
‘‘(F) a political appointee who was ap-
pointed to such position by the President, by 
and with the advice and consent of the Senate; 
‘‘(G) a judicial officer as defined in section 
109(10); 
‘‘(H) a member of the Board of Governors 
of the Federal Reserve System; and 
‘‘(I) a president or vice president of a Fed-
eral Reserve bank. 
‘‘(4) CRYPTOCURRENCY
OR
OTHER
DIGITAL 
ASSET.—The term ‘cryptocurrency or other digital 
asset’ means an asset that is issued or transferred 
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using distributed ledger or blockchain technology, in-
cluding: virtual currencies, coins and tokens, or any 
other digital asset specified by regulations of a filer’s 
supervising ethics office. 
‘‘(5) DEPENDENT CHILD.—The term ‘depend-
ent child’ means an individual described in section 
109(2). 
‘‘(6) INTERESTED
PARTY.—The term ‘inter-
ested party’ has the meaning given the term in sec-
tion 102(f)(3)(E). 
‘‘(7) FUTURE.—The term ‘future’ means a fi-
nancial contract obligating the buyer to purchase an 
asset or the seller to sell an asset, such as a physical 
commodity or a financial investment, at a predeter-
mined future date and price. 
‘‘(8) QUALIFIED
BLIND
TRUST.—The term 
‘qualified blind trust’ has the meaning given the 
term in section 102(f)(3). 
‘‘(9) QUALIFIED
DIVERSIFIED
TRUST.—The 
term ‘qualified diversified trust’ means a trust de-
scribed in section 102(f)(4)(B). 
‘‘(10) SECURITY.—The term ‘security’ has the 
meaning given the term in section 3(a) of the Secu-
rities Exchange Act of 1934 (15 U.S.C. 78c(a)). 
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‘‘(11) SMALL BUSINESS CONCERN.—The term 
‘small business concern’ has the meaning given that 
term under section 3 of the Small Business Act (15 
U.S.C. 632). 
‘‘(12) SUPERVISING ETHICS OFFICE.—The term 
‘supervising ethics office’ has the meaning given the 
term in section 109(18). 
‘‘SEC. 202. OWNERSHIP OF COVERED INVESTMENTS. 
‘‘(a) CONDUCT DURING FEDERAL SERVICE.—Except 
as described in paragraph (2) of subsection (b) or sub-
sections (c) through (h), no covered person may own or 
trade any covered investment. 
‘‘(b) COMPLIANCE.—To comply with the require-
ments under paragraph (1)— 
‘‘(1) a covered person shall not purchase any 
covered investment beginning 60 days after the date 
of enactment of the Combatting Financial Conflicts 
of Interest in Government Act or the date on which 
an individual becomes a covered person, whichever is 
later; and 
‘‘(2) a covered person shall divest of any cov-
ered investment within 180 days of the effective date 
established in subsection (k)(2) or the date on which 
an individual becomes a covered person, whichever is 
later— 
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‘‘(A) through gift or charitable donation of 
a covered investment; 
‘‘(B) by converting a covered investment to 
cash; or 
‘‘(C) by placing a covered investment in a 
qualified blind trust in accordance with sub-
section (c). 
‘‘(c) QUALIFIED BLIND TRUST.— 
‘‘(1) COVERED PERSONS AS OF DATE OF EN-
ACTMENT.—An individual who is a covered person 
as of the date of enactment of the Combatting Fi-
nancial Conflicts of Interest in Government Act may 
comply with subsection (b) by placing any covered 
investment owned by such person into a qualified 
blind trust not later than 180 days after the effec-
tive date established in subsection (k)(2). 
‘‘(2) COVERED PERSONS AFTER DATE OF EN-
ACTMENT.—An individual who becomes a covered 
person after the date of enactment of the Combat-
ting Financial Conflicts of Interest in Government 
Act may comply with subsection (b) by placing any 
covered investment owned by such person into a 
qualified blind trust not later than 180 days after 
the effective date established in subsection (k)(2) or 
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the date on which the individual becomes a covered 
person, whichever is later. 
‘‘(3) MINGLING OF ASSETS.—A spouse or de-
pendent child of a covered person may place a cov-
ered investment in a qualified blind trust established 
by a covered person. 
‘‘(d) PUBLIC NOTIFICATION.—Not later than 30 days 
after 
receiving 
any 
written 
notice 
under 
section 
102(f)(3)(C)(iii), the supervising ethics office shall make 
such notices publicly available in the manner provided 
under section 105(a). 
‘‘(e) EXCEPTION.—Subsection (a) shall not apply to 
an individual who ceases to be a covered person within 
180 days of the date of the enactment of the Combatting 
Financial Conflicts of Interest in Government Act. 
‘‘(f) COMPLEX FINANCIAL ARRANGEMENTS.— 
‘‘(1) TEMPORARY EXEMPTIONS.—A supervising 
ethics office may grant a temporary exemption to a 
covered person regarding their compliance with the 
requirements of subsection (a) for investments held 
in trusts or other complex financial arrangements in 
which— 
‘‘(A) the covered person entered into, or 
was made a beneficiary of or to, a complex fi-
nancial arrangement before the enactment of 
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the Combatting Financial Conflicts of Interest 
in Government Act; and 
‘‘(B) the covered person is contractually 
prohibited from— 
‘‘(i) having knowledge or control of 
the covered person’s investments; or 
‘‘(ii) withdrawing the investment in 
certain circumstances. 
‘‘(2) PUBLICATION.—A supervising ethics office 
shall make publicly available in the manner provided 
under section 105(a)— 
‘‘(A) any requests from a covered person 
for a temporary exemption within 30 days of 
receipt; and 
‘‘(B) any decision by the supervising ethics 
office on the temporary exemption request of a 
covered person within 30 days of issuing it. 
‘‘(g) 
ASSETS
ACQUIRED
IN
SPECIAL
CIR-
CUMSTANCES.— 
‘‘(1) DIVESTMENT.—Except as described in 
paragraph (2), in the event that a covered person 
acquires a covered investment after the date of en-
actment of Combatting Financial Conflicts of Inter-
est in Government Act other than by purchase (such 
as by marriage, inheritance, divorce settlement, or 
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other circumstance), the covered person shall have 
180 days of the effective date established in sub-
section (k)(2) to divest of such investment through 
any means provided under subsection (b)(2). 
‘‘(2) EXTENSION.—A supervising ethics office 
may grant a covered person an extension of time to 
comply with the deadline specified in paragraph (1) 
in accordance with subsection (h). 
‘‘(h) EXTENSIONS.—With respect to subsections (a) 
and (g), in response to a written request for an extension, 
a supervising ethics office may grant a covered person one 
or more extensions to comply with such subsections in the 
following manner: 
‘‘(1) An extension of up to 30 days may be 
granted but the total of all extensions for each cov-
ered person in a calendar year may not exceed 90 
days. 
‘‘(2) A copy of each extension granted by the 
supervising ethics office shall be made publicly avail-
able in the manner provided under section 105(a). 
‘‘(i) CERTIFICATES OF DIVESTITURE.— 
‘‘(1) APPLICATION OF CERTIFICATE OF DIVES-
TITURE PROGRAM.—For purposes of section 1043 of 
the Internal Revenue Code of 1986— 
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‘‘(A) this section shall be treated as a Fed-
eral conflict of interest statute; 
‘‘(B) except as provided in subparagraph 
(C), any covered person shall be treated as an 
eligible 
person 
described 
in 
section 
1043(b)(1)(A) of such Code; 
‘‘(C) any spouse or dependent described in 
section 201(3)(B) shall be treated as an eligible 
person described in section 1043(b)(1)(B) of 
such Code; and 
‘‘(D) in the case of a covered person de-
scribed in subparagraph (A), (B), or (C) of sec-
tion 
201(3), 
the 
requirement 
of 
section 
1043(b)(2)(B) of such Code shall be treated as 
satisfied with respect to any written determina-
tion if such determination is issued by the su-
pervising ethics office. 
‘‘(2) ISSUANCE OF CERTIFICATE OF DIVESTI-
TURE.— 
‘‘(A) IN GENERAL.—Each supervising eth-
ics office shall issue a certificate of divestiture 
to each covered person required to divest under 
this title. 
‘‘(B) ELIGIBILITY.—Such certificate shall 
include an identification of each specific prop-
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erty eligible for the application of the certificate 
of divestiture program as determined by the su-
pervising ethics office. 
‘‘(j) ASSETS UPON SEPARATION.—An individual who 
is a covered person under this section may not dissolve 
any qualified blind trust in which a covered investment 
has been placed pursuant to subsection (c), or otherwise 
control such an investment, until the date that is 180 days 
after the date such individual ceases to be a covered per-
son. 
‘‘(k) ADMINISTRATION AND ENFORCEMENT.— 
‘‘(1) IN GENERAL.—The provisions of this sec-
tion shall be administered by the supervising ethics 
office for each branch. 
‘‘(2) REGULATIONS.—Within 180 days of en-
actment of Combatting Financial Conflicts of Inter-
est in Government Act, the supervising ethics office 
for each branch shall issue regulations implementing 
the provisions of this section and specifying an effec-
tive date for the provisions of this section. 
‘‘(3) GUIDANCE.—The supervising ethics office 
for each branch is authorized to issue guidance on 
any matter contained in this section for its respec-
tive jurisdiction. 
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‘‘SEC. 203. PENALTIES FOR VIOLATIONS OF RESTRICTIONS 
ON TRADING AND OWNERSHIP OF COVERED 
INVESTMENTS. 
‘‘(a) PENALTIES.— 
‘‘(1) IN
GENERAL.—Any covered person who 
violates the restrictions on trading or ownership of 
covered investments in section 202 shall, at the di-
rection of the supervising ethics office, pay a fee of 
$1,000 after being notified by the supervising ethics 
office of such violation. 
‘‘(2) 
ASSESSMENT
OF
ADDITIONAL
PEN-
ALTIES.—If the violation that is the subject of a no-
tice under paragraph (1) continues for more than 30 
days after the date of the notice (including a viola-
tion resulting from a covered person who continues 
to own a covered investment in violation of section 
202) for each subsequent 30-day period after the 
date of the notice during which the violation is ongo-
ing, such person shall be assessed an additional fee 
equal to— 
‘‘(A) the amount in paragraph (1); plus 
‘‘(B) an amount equal to 10 percent of the 
value of the covered investment that is the sub-
ject of the violation at the beginning of the ad-
ditional 30-day period of a continuing violation. 
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‘‘(3) ANNUAL INDEXING OF PENALTY FOR IN-
FLATION.—By January 31 of the calendar year fol-
lowing the enactment of the Combatting Financial 
Conflicts of Interest in Government Act and in each 
year thereafter, the supervising ethics office shall 
adjust the amount of the penalty in paragraph (1) 
in the same manner that civil monetary penalties are 
annually adjusted for inflation pursuant to section 4 
of the Federal Civil Penalties Inflation Adjustment 
Act of 1990 (28 U.S.C. 2461 note). 
‘‘(4) TREATMENT OF FEES.— 
‘‘(A) DEPOSIT.—All such fees collected 
under this section shall be deposited in the mis-
cellaneous receipts of the Treasury. 
‘‘(B) DELEGATION
OF
AUTHORITY.—The 
authority under this section to direct the pay-
ment of a fee may be delegated by the super-
vising ethics office in the executive branch to 
other agencies in the executive branch. 
‘‘(b) WAIVER OR REDUCTION.— 
‘‘(1) IN GENERAL.—The supervising ethics of-
fice may waive or reduce the amount of a fee under 
subsection (a) in extraordinary circumstances in re-
sponse to a written request signed by the covered 
person to whom the fee would otherwise apply. 
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‘‘(2) PUBLICATION.—In the event the super-
vising ethics office grants a request for a fee waiver 
or reduction, the response of the supervising office 
shall be made public in the same manner as under 
section 105(a). 
‘‘(c) CIVIL PENALTIES.—The Attorney General may 
bring a civil action in any appropriate United States dis-
trict court in the same manner as authorized by section 
104(a)(1) against any individual who— 
‘‘(1) knowingly and willfully makes a trans-
action in a manner that is prohibited by section 202; 
or 
‘‘(2) knowingly and willfully holds a covered in-
vestment in a manner that is prohibited by section 
202. 
‘‘SEC. 204. ACCOUNTABILITY AND PUBLIC DISCLOSURE OF 
ENFORCEMENT MEASURES. 
‘‘(a) REFERRAL TO ATTORNEY GENERAL.—The head 
of each agency, each Secretary concerned, the Director of 
the Office of Government Ethics, each congressional ethics 
committee, or the Judicial Conference, shall refer to the 
Attorney General the name of any individual whom such 
official or committee has reasonable cause to believe has 
willfully violated the requirements under section 202. 
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‘‘(b) JUDICIAL OFFICERS.—Whenever the Judicial 
Conference refers a name to the Attorney General under 
this section, the Judicial Conference also shall notify the 
judicial council of the circuit in which the named indi-
vidual serves of the referral. 
‘‘(c) REPORT TO CONGRESS.— 
‘‘(1) IN GENERAL.—The Attorney General shall 
annually submit to Congress a report on the crimi-
nal and civil actions brought against any individual 
under titles I or II. 
‘‘(2) TIMING.—Such report shall be filed by 
January 31 of each year covering the prior calendar 
year. 
‘‘(d) REPORTS BY SUPERVISING ETHICS OFFICE.— 
‘‘(1) IN GENERAL.—Each supervising ethics of-
fice shall annually make a public report about com-
pliance by individuals within its jurisdiction with the 
requirements of titles I or II. 
‘‘(2) CONTENTS.—Such public report shall in-
clude the following information: 
‘‘(A) The overall compliance by such indi-
viduals. 
‘‘(B) The measures taken by the super-
vising ethics office to ensure compliance. 
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‘‘(C) The efforts taken to enforce such re-
quirements, including through the issuance of 
fees or other sanctions. 
‘‘(D) The rate of compliance with the en-
forcement measures described under subpara-
graph (C). 
‘‘(E) The issuance of waivers, reductions, 
temporary exemptions, and extensions for statu-
tory requirements, rules, or enforcement meas-
ures described under subparagraph (C). 
‘‘(3) TIMING.—Such public report shall be filed 
by January 31 of each year covering the prior cal-
endar year.’’. 
SEC. 3. REFORMS TO FINANCIAL DISCLOSURE REQUIRE-
MENTS. 
(a) 
UPDATED
INCOME
REPORTING
REQUIRE-
MENTS.—Section 102(a)(1)(B) of the Ethics in Govern-
ment Act of 1978 (5 U.S.C. App. 102(a)(1)(B)) is amend-
ed— 
(1) in clause (vii), by adding at the end ‘‘or’’; 
(2) in clause (viii), by striking ‘‘greater than 
$1,000,000’’ through ‘‘not more than $5,000,000, 
or’’ and inserting ‘‘greater than $1,000,000, in 
which case the filer shall provide an indication of the 
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value of such income rounded to the nearest one 
hundred thousand dollars.’’; and 
(3) by striking clause (ix). 
(b) INCREASED TRANSPARENCY FOR INTERESTS IN 
PROPERTY, LIABILITIES, TRANSACTIONS, AND QUALI-
FIED BLIND TRUSTS.—Section 102(d)(1) of the Ethics in 
Government Act of 1978 (5 U.S.C. App. 102(d)(1)) is 
amended— 
(1) in subparagraph (G), by adding at the end 
‘‘and’’; 
(2) by striking subparagraphs (H), (I), and (J); 
and 
(3) by inserting after subparagraph (G) the fol-
lowing subparagraph: 
‘‘(H) greater than $5,000,000, in which case 
the filer shall provide an indication of the value 
rounded to the nearest million dollars.’’. 
(c) 
ENDING
DISCLOSURE
LOOPHOLE.—Section 
102(e)(1) of the Ethics in Government Act of 1978 (5 
U.S.C. App. 102(e)(1)) is amended— 
(1) in the matter preceding subparagraph (A), 
by striking ‘‘Except as provided in the last sentence 
of this paragraph, each’’ and insert ‘‘Each’’; and 
(2) by striking subparagraph (F). 
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(d) SWIFTER DISCLOSURE
OF CERTAIN TRANS-
ACTIONS.—Section 103 of the Ethics in Government Act 
of 1978 (5 U.S.C. App. 103) is amended— 
(1) in subsection (l), by striking ‘‘Not later 
than’’ and inserting ‘‘Except as provided in sub-
section (m), not later than’’; and 
(2) by adding at the end the following sub-
section: 
‘‘(m) Not later than 14 days after receiving notifica-
tion of any transaction required to be reported under sec-
tion 102(a)(5)(B), where the value of the transaction is 
$15,000 or greater, but in no case later than 21 days after 
such transaction, the persons listed in subsection (l), if 
required to file a report under any subsection of section 
101, subject to any waivers and exclusions, shall file a re-
port of the transaction. In such case, the filer does not 
need to file an additional report of that transaction pursu-
ant to subsection (l).’’. 
(e) DISCLOSURE OF CRYPTOCURRENCY OR OTHER 
DIGITAL ASSETS.—Section 102(a) of the Ethics in Gov-
ernment Act of 1978 (5 U.S.C. App. 102(a)) is amend-
ed— 
(1) in paragraph (3), by inserting ‘‘For pur-
poses 
of 
this 
paragraph, 
‘property’ 
includes 
cryptocurrency or other digital assets that are issued 
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