Title: TRACE Act
Policy area: Congress

Summary:
Transparency Requirements Aimed at Congressional Expenditures Act or the TRACE Act
This bill requires a Member of Congress, spouse of a Member, or employee of Congress to submit a financial disclosure if a business that they own or control receives a loan under the Paycheck Protection Program for small businesses affected by COVID-19 (i.e., coronavirus disease 2019). The disclosure must include the name and address of the recipient's place of business and the amount of the loan.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4027 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4027

To amend the Small Business Act to require Members of Congress, spouses 
 of Members of Congress, and employees of Congress who receive a loan 
under the paycheck protection program to submit a financial disclosure 
                                 form.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 22, 2020

   Ms. Ernst introduced the following bill; which was read twice and 
referred to the Committee on Homeland Security and Governmental Affairs

_______________________________________________________________________

                                 A BILL


 
To amend the Small Business Act to require Members of Congress, spouses 
 of Members of Congress, and employees of Congress who receive a loan 
under the paycheck protection program to submit a financial disclosure 
                                 form.

    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 ``Transparency Requirements Aimed at 
Congressional Expenditures Act'' or the ``TRACE Act''.

SEC. 2. DISCLOSURE OF PPP LOANS.

    (a) In General.--Section 7(a)(36) of the Small Business Act (15 
U.S.C. 636(a)(36)) is amended by adding at the end the following:
                    ``(T) Disclosure of receipt.--
                            ``(i) Definitions.--In this subparagraph--
                                    ``(I) the term `applicable officer' 
                                means--
                                            ``(aa) the Secretary of the 
                                        Senate, in the case of the Vice 
                                        President, a Senator, the 
                                        spouse of a Senator, or an 
                                        employee of Congress whose 
                                        compensation is disbursed by 
                                        the Secretary of the Senate; or
                                            ``(bb) the Clerk of the 
                                        House of Representatives, in 
                                        the case of a Representative in 
                                        Congress, a Delegate to 
                                        Congress, the Resident 
                                        Commissioner from Puerto Rico, 
                                        the spouse of a Representative 
                                        in Congress, a Delegate to 
                                        Congress, or the Resident 
                                        Commissioner from Puerto Rico, 
                                        or an employee of Congress 
                                        whose compensation is disbursed 
                                        by the Chief Administrator 
                                        Officer of the House of 
                                        Representatives;
                                    ``(II) the term `employee of 
                                Congress' means an employee of the 
                                personal office of a Member of 
                                Congress, of a committee of the Senate 
                                or the House of Representatives, or of 
                                a joint committee of Congress; and
                                    ``(III) the term `Member of 
                                Congress' has the meaning given that 
                                term in section 2106 of title 5, United 
                                States Code.
                            ``(ii) Disclosure.--
                                    ``(I) In general.--If an eligible 
                                recipient owned or controlled by a 
                                Member of Congress, spouse of a Member 
                                of Congress, or employee of Congress 
                                receives a covered loan, the Member of 
                                Congress, spouse of a Member of 
                                Congress, or employee of Congress, 
                                respectively, shall submit to the 
                                applicable officer a financial 
                                disclosure, which shall include--
                                            ``(aa) the name and address 
                                        of the principal place of 
                                        business for the eligible 
                                        recipient receiving the covered 
                                        loan; and
                                            ``(bb) the amount of the 
                                        covered loan.
                                    ``(II) Deadline.--A Member of 
                                Congress, spouse of a Member of 
                                Congress, or employee of Congress shall 
                                submit a financial disclosure required 
                                under subclause (I)--
                                            ``(aa) for a covered loan 
                                        made on or after the date of 
                                        enactment of the TRACE Act, not 
                                        later than 15 days after the 
                                        date on which the loan is made; 
                                        and
                                            ``(bb) for a covered loan 
                                        made before such date of 
                                        enactment, not later than 15 
                                        days after such date of 
                                        enactment.
                            ``(iii) Availability.--Each applicable 
                        officer shall make available on a publicly 
                        available website each financial disclosure 
                        submitted to the applicable officer under 
                        clause (ii).''.
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