Ethics Reform Act
Bill: S.3550 | Sponsor: Sen. Sasse, Ben (R-NE)
Policy area: Congress

Summary:
Ethics Reform Act
This bill establishes a number of ethics requirements for members of Congress and the President and Vice President.
Specifically, the bill
The bill also prohibits contributions or donations by foreign nationals in connection with state or local ballot initiatives or referenda.

To prohibit Members of Congress from buying or selling individual 
 securities and lobbying for compensation after leaving Congress, and 
                          for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Ethics Reform Act''.

SEC. 2. PROHIBITION ON BUYING OR SELLING INDIVIDUAL SECURITIES.

    (a) In General.--No Member of Congress may buy or sell any 
individual security.
    (b) Widely Held Investment Funds.--Subsection (a) shall not apply 
to the buying or selling of any widely held investment fund described 
in section 102(f)(8) of the Ethics in Government Act of 1978 (5 U.S.C. 
App.).
    (c) Penalty.--Whoever violates this section shall be fined not more 
than $1,000,000, imprisoned for not more than 5 years, or both.

SEC. 3. LOBBYING FOR COMPENSATION BAN.

    (a) Purpose.--The purpose of this section is to prohibit Members of 
Congress from lobbying for compensation after leaving Congress.
    (b) Prohibition.--No individual serving as a Member of Congress on 
or after the date of enactment of this Act shall, upon the completion 
of the term of office of the Member of Congress, accept compensation 
for offering any advice or engaging in written or oral communication 
with regard to--
            (1) the formulation, modification, or adoption of Federal 
        legislation (including legislative proposals);
            (2) the formulation, modification, or adoption of a Federal 
        rule, regulation, Executive order, or any other program, 
        policy, or position of the United States Government;
            (3) the administration or execution of a Federal program or 
        policy (including the negotiation, award, or administration of 
        a Federal contract, grant, loan, permit, or license);
            (4) the nomination or confirmation of an individual for a 
        position subject to confirmation by the Senate; or
            (5) the representation of any party in a pending matter 
        involving the Federal Government before a Federal court or in a 
        Federal administrative proceeding.
    (c) Exception.--Subsection (b) shall not apply to full-time 
employment by or elected service in Federal, State, or local 
government, unless the activities described in that subsection 
constitute a primary responsibility of employment.
    (d) Penalty.--Whoever violates this section shall be fined the 
greater of not greater than $1,000,000 or the value of the compensation 
received by the individual, imprisoned for not more than 5 years, or 
both.

SEC. 4. PROHIBITION ON IMMEDIATE FAMILY MEMBERS OF CERTAIN COVERED 
              OFFICIALS SOLICITING OR OTHERWISE RAISING FUNDS FROM 
              CERTAIN FOREIGN ENTITIES.

    (a) Definitions.--In this section:
            (1) Close associate.--The term ``close associate'' means, 
        with respect to a senior foreign political figure, an 
        individual who is widely and publicly known to maintain a close 
        relationship with the senior foreign political figure, unless 
        it is established that such individual is a citizen of and 
        domiciled within the United States.
            (2) Covered foreign entity.--The term ``covered foreign 
        entity'' means--
                    (A) a government of a foreign country;
                    (B) a foreign political party; or
                    (C) any entity that is owned or controlled by a 
                government of a foreign country or a foreign political 
                party.
            (3) Covered official.--The term ``covered official'' 
        means--
                    (A) the President;
                    (B) the Vice President; and
                    (C) the head of a relevant agency or department.
            (4) Foreign political party; government of a foreign 
        country.--The terms ``foreign political party'' and 
        ``government of a foreign country'' have the meanings given 
        those terms in section 1 of the Foreign Agents Registration Act 
        of 1938, as amended (22 U.S.C. 611).
            (5) Immediate family member of a covered official.--The 
        term ``immediate family member of a covered official'' means, 
        with respect to a covered official, a sibling, spouse, or child 
        of the covered official.
            (6) Immediate family member of a senior foreign political 
        figure.--The term ``immediate family member of a senior foreign 
        political figure'' means, with respect to a senior foreign 
        political figure, a sibling, spouse, or child of the senior 
        foreign political figure, unless it is established that such 
        sibling, spouse, or child is a citizen of and domiciled within 
        the United States.
            (7) Relevant agency or department.--The term ``relevant 
        agency or department'' means--
                    (A) the Environmental Protection Agency; or
                    (B) an ``Executive department'', as defined in 
                section 101 of title 5, United States Code.
            (8) Senior foreign political figure.--The term ``senior 
        foreign political figure'' means--
                    (A) a senior official in any branch of the 
                government of a foreign country; or
                    (B) a senior official of a foreign political party.
    (b) Prohibition.--During the period in which an individual is 
serving as a covered official, the covered official or the immediate 
family member of the covered official may not solicit or otherwise 
raise funds for any purpose from any--
            (1) covered foreign entity;
            (2) senior foreign political figure;
            (3) immediate family member of a senior foreign political 
        figure;
            (4) close associate of a senior foreign political figure; 
        or
            (5) entity that is owned or controlled by an individual 
        described in paragraph (2), (3), or (4).
    (c) Penalties.--Whoever knowingly fails to comply with this section 
shall be fined not more than $1,000,000, imprisoned not more than 5 
years, or both.
    (d) Effective Date.--This section shall take effect on the date 
that is 30 days after the date of enactment of this Act.

SEC. 5. DISCLOSURE OF RETURNS AND RETURN INFORMATION OF CANDIDATES FOR 
              PRESIDENT AND VICE PRESIDENT OF THE UNITED STATES.

    (a) In General.--Subsection (k) of section 6103 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(16) Disclosure of returns and return information of 
        candidates for president and vice president of the united 
        states.--
                    ``(A) In general.--The Secretary shall disclose and 
                make publicly available returns and return information, 
                except as provided in subparagraphs (B) and (C), of any 
                candidate (as defined in section 9002(2)).
                    ``(B) Exceptions.--The information disclosed under 
                subparagraph (A) shall not include the social security 
                number of any individual, any financial account number, 
                the name of any individual under age 18, or any home 
                address of any individual (other than the city and 
                State in which such address is located).
                    ``(C) Scope.--Subparagraph (A) shall apply to any 
                return, and return information included on any return, 
                which is filed within the 10 taxable years preceding 
                the year in which the individual becomes a candidate 
                (as so defined).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to individuals becoming a candidate (within the meaning of section 
9002(2) of the Internal Revenue Code of 1986) after the date of 
enactment of this Act.

SEC. 6. PROHIBITION ON CONTRIBUTIONS AND DONATIONS BY FOREIGN NATIONALS 
              IN CONNECTION WITH BALLOT INITIATIVES AND REFERENDA.

    (a) In General.--Section 319(a)(1)(A) of the Federal Election 
Campaign Act of 1971 (52 U.S.C. 30121(a)(1)(A)) is amended by striking 
``election;'' and inserting ``election, including a State or local 
ballot initiative or referendum;''.
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to elections held in 2023 or any succeeding year.
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