STOCK Act 2.0
Bill: S.3612 | Sponsor: Sen. Gillibrand, Kirsten E. (D-NY)
Policy area: Congress

Summary:
STOCK Act 2.0
This bill expands restrictions on investment practices and requirements for financial disclosures that apply to specified high-level government officials.
In particular, the bill bars individual stock trading by (1) Members of Congress, (2) the President and Vice President, (3) Supreme Court Justices, (4) governors of the Federal Reserve Board, and (5) presidents and vice presidents of Federal Reserve banks.
Additionally, the bill requires financial disclosures to include loans, contracts, and other benefits (excluding salaries, compensation, or tax refunds) from the federal government. It also requires additional officials, namely judges and senior leaders of Federal Reserve banks, to make the disclosures.
Further, the bill directs supervising ethics agencies to make the disclosures publicly available in formats that are easily searchable, sortable, and downloadable.

To amend the Ethics in Government Act of 1978 and the STOCK Act to 
 require certain senior officials to report payments received from the 
 Federal Government, to improve the filing and disclosure of financial 
 disclosures by Members of Congress, congressional staff, very senior 
  employees, and others, and to ban stock trading for certain senior 
             Government officials, 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 ``STOCK Act 2.0''.

SEC. 2. REPORTING OF APPLICATIONS FOR, OR RECEIPT OF, PAYMENTS FROM 
              FEDERAL GOVERNMENT.

    (a) In General.--Section 101 of the Ethics in Government Act of 
1978 (5 U.S.C. App.) is amended by adding at the end the following:
    ``(j) Reporting of Applications for, or Receipt of, Payments From 
Federal Government.--
            ``(1) Definitions.--In this subsection:
                    ``(A) Covered payment.--
                            ``(i) In general.--The term `covered 
                        payment' means a payment of money or any other 
                        item of value made, or promised to be made, by 
                        the Federal Government.
                            ``(ii) Inclusions.--The term `covered 
                        payment' 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 
                                Secretary of the Treasury, in 
                                consultation with the Director of the 
                                Office of Government Ethics, may 
                                establish, by regulation.
                            ``(iii) Exclusions.--The term `covered 
                        payment' 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) Covered person.--The term `covered person' 
                means a person described in any of paragraphs (1) 
                through (10) of section 103(l).
            ``(2) 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, the spouse 
        of the covered person, or a dependent child of the covered 
        person (including any business owned and controlled by the 
        covered person or spouse or dependent child of 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.
            ``(3) Fine for failure to report.--Notwithstanding section 
        104(d), a covered person shall be assessed a fine, pursuant to 
        regulations issued by the applicable supervising ethics office, 
        of $500 in each case in which the covered person fails to file 
        a report required under this subsection.''.
    (b) Report Contents.--Section 102 of the Ethics in Government Act 
of 1978 (5 U.S.C. App.) is amended by adding at the end the following:
    ``(j) Payments From Federal Government.--Each report filed pursuant 
to subsection (j) of section 101 shall include--
            ``(1) an identification of each type of payment or item of 
        value applied for, or received, from the Federal Government;
            ``(2)(A) the name of each recipient of each payment or item 
        of value identified under paragraph (1); and
            ``(B) the relationship of each recipient named under 
        subparagraph (A) to the person filing the report;
            ``(3) a description of the date on which, as applicable--
                    ``(A) an application for a payment or other item of 
                value was submitted to the Federal Government; and
                    ``(B) the payment or item of value was received 
                from the Federal Government; and
            ``(4) a description of the amount of each applicable 
        payment or item of value.''.
    (c) Technical and Conforming Amendments.--
            (1) Section 101 of the Ethics in Government Act of 1978 (5 
        U.S.C. App.) is amended--
                    (A) in subsection (f)--
                            (i) in paragraph (9), by striking ``as 
                        defined under section 109(12)'';
                            (ii) in paragraph (10), by striking ``as 
                        defined under section 109(13)'';
                            (iii) in paragraph (11), by striking ``as 
                        defined under section 109(10)''; and
                            (iv) in paragraph (12), by striking ``as 
                        defined under section 109(8)'';
                    (B) in subsection (h)(1), by striking ``, and'' at 
                the end and inserting ``; and''; and
                    (C) in subsection (i)--
                            (i) in each of paragraphs (1) and (2), by 
                        striking the comma at the end of the paragraph 
                        and inserting a semicolon; and
                            (ii) in paragraph (3), by striking ``, 
                        and'' at the end and inserting ``; and''.
            (2) Section 102 of the Ethics in Government Act of 1978 (5 
        U.S.C. App.) is amended--
                    (A) in subsection (a)--
                            (i) in the matter preceding paragraph (1), 
                        by striking ``section 101(d) and (e)'' and 
                        inserting ``subsection (d) or (e) of section 
                        101'';
                            (ii) in paragraph (1)(B)--
                                    (I) in the matter preceding clause 
                                (i), by striking ``within:'' and 
                                inserting ``within--'';
                                    (II) in each of clauses (i) through 
                                (vii), by striking the comma at the end 
                                of the clause and inserting a 
                                semicolon; and
                                    (III) in clause (viii), by striking 
                                ``, or'' at the end and inserting ``; 
                                or''; and
                            (iii) in paragraph (3), in the first 
                        sentence, by striking ``spouse,,'' and 
                        inserting ``spouse,'';
                    (B) in subsection (d)(1)--
                            (i) in the matter preceding subparagraph 
                        (A), by striking ``are as follows:'' and 
                        inserting ``are--''; and
                            (ii) by indenting subparagraphs (G) through 
                        (J) appropriately; and
                    (C) in subsection (e)(1), by indenting subparagraph 
                (F) appropriately.
    (d) Effective Date.--The amendments made by this section shall 
apply to relevant applications submitted to, and payments made or 
promised to be made by, the Federal Government on or after the date 
that is 90 days after the date of enactment of this Act.

SEC. 3. INCLUSION OF FEDERAL RESERVE OFFICIALS AND JUDGES.

    (a) In General.--Notwithstanding any other provision of law, each 
provision of law described in subsection (b) shall apply to--
            (1) each president, vice president, and director of a 
        Federal Reserve bank; and
            (2) each judicial officer (as defined in section 109 of the 
        Ethics in Government Act of 1978 (5 U.S.C. App.)).
    (b) Description of Provisions of Law.--The provisions of law 
referred to in subsection (a) are--
            (1) title I of the Ethics in Government Act of 1978 (5 
        U.S.C. App.);
            (2) the STOCK Act (Public Law 112-105; 126 Stat. 291; 126 
        Stat. 1310; 127 Stat. 438; 132 Stat. 4167); and
            (3) subsections (h) and (i) of section 21A of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78u-1).
    (c) Supervising Ethics Office.--For purposes of this section and 
the provisions of law described in subsection (b), the supervising 
ethics office for a president, vice president, or director of a Federal 
Reserve bank shall be the Inspector General of the Board of Governors 
of the Federal Reserve System and the Bureau of Consumer Financial 
Protection.

SEC. 4. PENALTY FOR STOCK ACT NONCOMPLIANCE.

    (a) In General.--The STOCK Act (Public Law 112-105; 126 Stat. 291; 
126 Stat. 1310; 127 Stat. 438; 132 Stat. 4167) 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), an 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 individual 
fails to file a transaction report required under this Act.
    ``(b) Deposit in Treasury.--The fines paid under this section shall 
be deposited in the miscellaneous receipts of the Treasury.''.
    (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 2 of the STOCK Act (5 U.S.C. App. 101 
note)) (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. 5. BANNING CONFLICTED TRADES.

    (a) In General.--The Ethics in Government Act of 1978 (5 U.S.C. 
App.) is amended by inserting after title I the following:

                 ``TITLE II--BANNING CONFLICTED TRADES

``SEC. 201. DEFINITIONS.

    ``In this title:
            ``(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) any investment in--
                                    ``(I) a security;
                                    ``(II) a commodity;
                                    ``(III) a future; or
                                    ``(IV) cryptocurrency, such as a 
                                coin or token--
                                            ``(aa) received in 
                                        connection with an initial coin 
                                        offering; or
                                            ``(bb) issued or 
                                        distributed using distributed 
                                        ledger or blockchain 
                                        technology; and
                            ``(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.
                    ``(B) Exclusions.--The term `covered investment' 
                does not include--
                            ``(i) a widely held investment fund 
                        described in section 102(f)(8); or
                            ``(ii) a United States Treasury bill, note, 
                        or bond.
            ``(3) Covered person.--The term `covered person' means--
                    ``(A) a Member of Congress (as defined in section 
                109);
                    ``(B) the President;
                    ``(C) the Vice President;
                    ``(D) the Chief Justice of the United States;
                    ``(E) an Associate Justice of the Supreme Court;
                    ``(F) a member of the Board of Governors of the 
                Federal Reserve System; and
                    ``(G) a president or vice president of a Federal 
                Reserve bank.
            ``(4) Future.--The term `future' means a financial contract 
        obligating a buyer to purchase, or a seller to sell, an asset, 
        such as a physical commodity or a financial instrument, at a 
        predetermined future date and price.
            ``(5) 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)).
            ``(6) Supervising ethics office.--The term `supervising 
        ethics office', with respect to a covered person, has the 
        meaning given the term in section 109 with respect to that 
        covered person.

``SEC. 202. PROHIBITIONS.

    ``(a) Transactions.--Except as provided in sections 203 and 204, no 
covered person may--
            ``(1) purchase or sell any covered investment; or
            ``(2) enter into a transaction that creates a net short 
        position in any security.
    ``(b) Positions.--A covered person may not serve as an officer or 
member of any board of any for-profit association, corporation, or 
other entity.

``SEC. 203. EXCEPTIONS.

    ``(a) Investments Held Before Taking Office.--
            ``(1) In general.--A covered person may have control over 
        or knowledge of the management of any covered investment held 
        by the covered person as of the day before the date on which 
        the covered person assumes the applicable office or employment 
        as a covered person.
            ``(2) Prohibition on purchasing or selling.--A covered 
        person may not buy or sell any investment described in 
        paragraph (1), except in the case of--
                    ``(A) placing the investment in a qualified blind 
                trust described in section 204; or
                    ``(B) divesting the investment under subsection 
                (b).
    ``(b) Divestiture.--A covered person may sell a covered investment 
during the 180-day period beginning on the later of--
            ``(1) the date on which the covered person assumes office 
        or employment as a covered person; and
            ``(2) the date of enactment of the STOCK Act 2.0.

``SEC. 204. TRUSTS.

    ``(a) In General.--On a case-by-case basis, the applicable 
supervising ethics office may authorize a covered person to place any 
security holding of the covered person in a qualified blind trust 
approved by the supervising ethics office under section 102(f).
    ``(b) Blind Trust.--A qualified blind trust permitted under this 
section shall meet the applicable criteria described in section 
102(f)(4)(B), unless an alternative arrangement is approved by the 
applicable supervising ethics office.

``SEC. 205. ADMINISTRATION AND ENFORCEMENT.

    ``(a) Administration.--Each supervising ethics office may issue 
guidance relating to any matter covered by this title, including--
            ``(1) whether a covered person may hold an employee stock 
        option or other, similar instrument that has not vested before 
        the date on which the covered person assumes office or 
        employment as a covered person; and
            ``(2) the process and timeline for determining the date on 
        which a covered person shall no longer serve as an officer or 
        member of any board of any for-profit association, corporation, 
        or other entity.
    ``(b) Enforcement.--A covered person who knowingly fails to comply 
with this title shall be subject to a civil penalty of not less than 10 
percent of the value of the covered investment that was purchased or 
sold, or the security in which a net short position was created, in 
violation of this title, as applicable.''.
    (b) Conforming Amendments.--
            (1) Section 103(j)(1) of the Ethics in Government Act of 
        1978 (5 U.S.C. App.) is amended by striking ``Standards of 
        Official Conduct'' and inserting ``Ethics''.
            (2) Section 105(b)(3)(A) of the Ethics in Government Act of 
        1978 (5 U.S.C. App.) is amended by striking ``described in 
        section 109(8) or 109(10) of this Act'' and inserting ``who is 
        a judicial employee or judicial officer''.
            (3) Section 109 of the Ethics in Government Act of 1978 (5 
        U.S.C. App.) is amended--
                    (A) in the matter preceding paragraph (1), by 
                striking ``For the purposes of this title, the term--'' 
                and inserting ``In this title:'';
                    (B) in each of paragraphs (1) through (19)--
                            (i) by inserting ``The term'' after the 
                        paragraph designation; and
                            (ii) by inserting a paragraph heading, the 
                        text of which is comprised of the term defined 
                        in that paragraph;
                    (C) in each of paragraphs (2) through (17), by 
                striking the semicolon at the end of the paragraph and 
                inserting a period;
                    (D) in paragraph (1), by striking ``means'' and all 
                that follows through ``Official Conduct'' and inserting 
                the following: ``means, as applicable--
                    ``(A) the Select Committee on Ethics of the Senate; 
                and
                    ``(B) the Committee on Ethics'';
                    (E) by redesignating paragraphs (8) and (9) as 
                paragraphs (9) and (8), respectively, and moving the 
                paragraphs so as to appear in numerical order; and
                    (F) in paragraph (18)--
                            (i) in subparagraph (B), by striking 
                        ``Standards of Official Conduct'' and inserting 
                        ``Ethics''; and
                            (ii) in subparagraph (D), by striking ``; 
                        and'' at the end and inserting a period.
            (4) Section 111(2) of the Ethics in Government Act of 1978 
        (5 U.S.C. App.) is amended by striking ``Standards of Official 
        Conduct'' and inserting ``Ethics''.
            (5) Section 402 of the Ethics in Government Act of 1978 (5 
        U.S.C. App.) is amended--
                    (A) in subsection (b), by striking ``title II of'' 
                each place it appears; and
                    (B) in subsection (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).
            (6) Section 503(1)(A) of the Ethics in Government Act of 
        1978 (5 U.S.C. App.) is amended by striking ``Standards of 
        Official Conduct'' and inserting ``Ethics''.
            (7) 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 
        109(13) of the Ethics in Government Act of 1978 (5 U.S.C. 
        App.)'' and inserting ``officer or employee of the Congress (as 
        defined in section 109 of the Ethics in Government Act of 1978 
        (5 U.S.C. App.))''.
            (8) Section 2 of the STOCK Act (5 U.S.C. App. 101 note) is 
        amended--
                    (A) in paragraph (2)(B), by striking ``(11)'' each 
                place it appears;
                    (B) in paragraph (4), by striking ``(10)'' each 
                place it appears;
                    (C) in paragraph (5), by striking ``(8)'' each 
                place it appears; and
                    (D) in paragraph (6), by striking ``(18)'' each 
                place it appears.
            (9) 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 109(11) of the Ethics in Government Act of 
                1978 (5 U.S.C. App. 109(11))'' and inserting ``section 
                109 of the Ethics in Government Act of 1978 (5 U.S.C. 
                App.)''; and
                    (B) in subsection (h)(2)--
                            (i) in subparagraph (B), by striking 
                        ``section 109(8) of the Ethics in Government 
                        Act of 1978 (5 U.S.C. App. 109(8))'' and 
                        inserting ``section 109 of the Ethics in 
                        Government Act of 1978 (5 U.S.C. App.)''; and
                            (ii) in subparagraph (C), by striking 
                        ``under section 109(10) of the Ethics in 
                        Government Act of 1978 (5 U.S.C. App. 
                        109(10))'' and inserting ``in section 109 of 
                        the Ethics in Government Act of 1978 (5 U.S.C. 
                        App.)''.

SEC. 6. 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. App. 105 note) is amended--
            (1) in the matter preceding subparagraph (A), by inserting 
        ``, pursuant to title I of the Ethics in Government Act of 1978 
        (5 U.S.C. App.), through databases maintained on the official 
        websites of the House of Representatives and the Senate'' after 
        ``enable'';
            (2) in subparagraph (A), by striking ``reports received by 
        them pursuant to section 103(h)(1)(A) of title I of the Ethics 
        in Government Act of 1978'' and inserting ``each report 
        received under section 103(h)(1)(A) of that Act''; and
            (3) 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 
                                section 103(l) of that Act; and
                                    ``(III) notice of extension, 
                                amendment, or blind trust, with respect 
                                to a report described in subclause (I) 
                                or (II), pursuant to title I of that 
                                Act; 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) Very Senior Executive Branch Employees.--Section 11(b)(1) of 
the STOCK Act (5 U.S.C. App. 105 note) is amended--
            (1) in the matter preceding subparagraph (A), by inserting 
        ``, pursuant to title I of the Ethics in Government Act of 1978 
        (5 U.S.C. App.), through databases maintained on the official 
        website of the Office of Government Ethics'' 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--
                                            ``(aa) the President;
                                            ``(bb) the Vice President; 
                                        or
                                            ``(cc) an officer occupying 
                                        a position listed in section 
                                        5312 or 5313 of title 5, United 
                                        States Code, having been 
                                        nominated by the President and 
                                        confirmed by the Senate to that 
                                        position;
                                    ``(II) transaction disclosure 
                                report filed by an individual described 
                                in subclause (I) pursuant to section 
                                103(l) of the Ethics in Government Act 
                                of 1978 (5 U.S.C. App); and
                                    ``(III) notice of extension, 
                                amendment, or blind trust, with respect 
                                to a report described in subclause (I) 
                                or (II), pursuant to title I of that 
                                Act; 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).''.
    (c) Judicial Officers.--Section 9 of the STOCK Act (Public Law 112-
105; 126 Stat. 297) is amended by adding at the end the following:
    ``(c) Judicial Officers.--
            ``(1) In general.--Subject to paragraph (6), not later than 
        1 year after the date of enactment of this subsection, the 
        Administrative Office of the United States Courts shall develop 
        a system to enable, pursuant to title I of the Ethics in 
        Government Act of 1978 (5 U.S.C. App.), through a database 
        maintained on the official website of the Administrative Office 
        of the United States Courts--
                    ``(A) electronic filing of reports received from 
                judicial officers pursuant to that title; and
                    ``(B) public access--
                            ``(i) to each--
                                    ``(I) financial disclosure report 
                                filed by a judicial officer;
                                    ``(II) transaction disclosure 
                                report filed by a judicial officer 
                                pursuant to section 103(l) of the 
                                Ethics in Government Act of 1978 (5 
                                U.S.C. App); and
                                    ``(III) notice of extension, 
                                amendment, or blind trust, with respect 
                                to a report described in subclause (I) 
                                or (II), pursuant to that title; and
                            ``(ii) in a manner that--
                                    ``(I) allows the public to search, 
                                sort, and download data contained in a 
                                report described in 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).
            ``(2) Login.--For purposes of filings under paragraph 
        (1)(B), section 105(b)(2) of the Ethics in Government Act of 
        1978 (5 U.S.C. App.) shall not apply.
            ``(3) Public availability.--The electronic availability of 
        filings under paragraph (1)(B) on the official website of the 
        Administrative Office of the United States Courts shall be 
        deemed to meet the public availability requirement under 
        section 105(b)(1) of the Ethics in Government Act of 1978 (5 
        U.S.C. App.).
            ``(4) Filers covered.--Each judicial officer who is 
        required under the Ethics in Government Act of 1978 (5 U.S.C. 
        App.) to file a financial disclosure report with a supervising 
        ethics office shall be able to file that report electronically 
        using the applicable system developed under this subsection.
            ``(5) Extensions.--Each notice of an extension for a 
        financial disclosure covered by this subsection shall be made 
        available electronically under paragraph (1)(B), together with 
        any related disclosure.
            ``(6) Additional time.--The requirements of this subsection 
        may be implemented after the date described in paragraph (1) if 
        the Administrative Office of the United States Courts 
        identifies in writing to the relevant congressional committees 
        the additional time needed for that implementation.''.
    (d) Officers of Federal Reserve Banks.--Section 9 of the STOCK Act 
(Public Law 112-105; 126 Stat. 297) (as amended by subsection (c)) is 
amended by adding at the end the following:
    ``(d) Officers of Federal Reserve Banks.--
            ``(1) Definitions.--In this subsection:
                    ``(A) Covered person.--The term `covered person' 
                means--
                            ``(i) a president of a Federal Reserve 
                        bank;
                            ``(ii) a vice president of a Federal 
                        Reserve bank; and
                            ``(iii) a director of a Federal Reserve 
                        bank.
                    ``(B) Supervising ethics office.--The term 
                `supervising ethics office' means the Inspector General 
                of the Board of Governors of the Federal Reserve System 
                and the Bureau of Consumer Financial Protection.
            ``(2) Electronic filing and online public availability of 
        financial disclosure forms.--
                    ``(A) In general.--Subject to subparagraph (F), not 
                later than 1 year after the date of enactment of this 
                subsection, the supervising ethics office shall develop 
                a system to enable, pursuant to title I of the Ethics 
                in Government Act of 1978 (5 U.S.C. App.), through a 
                database maintained on the official website of the 
                supervising ethics office--
                            ``(i) electronic filing of reports received 
                        from covered persons pursuant to that title; 
                        and
                            ``(ii) public access--
                                    ``(I) to each--
                                            ``(aa) financial disclosure 
                                        report filed by a covered 
                                        person;
                                            ``(bb) transaction 
                                        disclosure report filed by a 
                                        covered person pursuant to 
                                        section 103(l) of the Ethics in 
                                        Government Act of 1978 (5 
                                        U.S.C. App); and
                                            ``(cc) notice of extension, 
                                        amendment, or blind trust, with 
                                        respect to a report described 
                                        in item (aa) or (bb), pursuant 
                                        to that title; and
                                    ``(II) in a manner that--
                                            ``(aa) allows the public to 
                                        search, sort, and download data 
                                        contained in a report described 
                                        in subclause (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;
                                            ``(bb) allows access 
                                        through an application 
                                        programming interface; and
                                            ``(cc) 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) Login.--For purposes of filings under 
                subparagraph (A)(ii), section 105(b)(2) of the Ethics 
                in Government Act of 1978 (5 U.S.C. App.) shall not 
                apply.
                    ``(C) Public availability.--The electronic 
                availability of filings under subparagraph (A)(ii) on 
                the official website of a supervising ethics office 
                shall be deemed to meet the public availability 
                requirement under section 105(b)(1) of the Ethics in 
                Government Act of 1978 (5 U.S.C. App.).
                    ``(D) Filers covered.--Each covered person who is 
                required under the Ethics in Government Act of 1978 (5 
                U.S.C. App.) to file a financial disclosure report with 
                a supervising ethics office shall be able to file that 
                report electronically using the applicable system 
                developed under this paragraph.
                    ``(E) Extensions.--Each notice of an extension for 
                a financial disclosure covered by this paragraph shall 
                be made available electronically under subparagraph 
                (A)(ii), together with any related disclosure.
                    ``(F) Additional time.--The requirements of this 
                paragraph may be implemented after the date described 
                in subparagraph (A) if a supervising ethics office 
                identifies in writing to the relevant congressional 
                committees the additional time needed for that 
                implementation.''.
    (e) Applicability.--The amendments made by this section shall apply 
on and after the date that is 18 months after the date of enactment of 
this Act.
                                 <all>