Title: Debt Disclosure for Officials in Government Act
Policy area: Government Operations and Politics

Summary:
Debt Disclosure for Officials in Government Act
This bill requires the President, Vice President, and certain presidential appointees to disclose more detailed debt information, including with respect to the liabilities of private companies in which the individual or the individual's spouse or child is a beneficial owner.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 5042 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 5042

 To amend the Ethics in Government Act of 1978 to require high-ranking 
           officers to provide adequate disclosure of debts.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 17, 2020

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Ethics in Government Act of 1978 to require high-ranking 
           officers to provide adequate disclosure of debts.

    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 ``Debt Disclosure for Officials in 
Government Act''.

SEC. 2. DISCLOSURE OF DEBTS OF HIGH-RANKING OFFICERS.

    (a) In General.--Section 102(a)(4) of the Ethics in Government Act 
of 1978 (5 U.S.C. App.) is amended to read as follows:
            ``(4)(A) Except as provided in subparagraphs (B) and (C)--
                    ``(i) for all individuals required to file a report 
                pursuant to subsection (d) or (e) of section 101, the 
                identity and category of value of the total liabilities 
                owed to any creditor other than a spouse, or a parent, 
                brother, sister, or child of the reporting individual 
                or of the reporting individual's spouse which exceed 
                $50,000 at any time during the preceding calendar year; 
                and
                    ``(ii) for an individual described in subclause 
                (I), (II), or (III) of subparagraph (B)(i), other than 
                a Member of Congress--
                            ``(I) the identity and category of value of 
                        any payment made during the preceding calendar 
                        year of not less than $50,000 on a liability 
                        owed to any creditor other than a spouse, or a 
                        parent, brother, sister, or child of the 
                        reporting individual or of the reporting 
                        individual's spouse, except a payment on a 
                        mortgage secured by real property which is a 
                        personal residence of the reporting individual 
                        or the reporting individual's spouse;
                            ``(II) the identity of the creditor, 
                        origination date, term, and rate of interest 
                        for a liability of not less than $50,000 owed 
                        to any creditor other than a spouse, or a 
                        parent, brother, sister, or child of the 
                        reporting individual or of the reporting 
                        individual's spouse and whether the liability 
                        superseded a preexisting liability; and
                            ``(III) for any entity whose stock is not 
                        publicly traded in which the individual or a 
                        spouse or child of the individual is a 
                        beneficial owner--
                                    ``(aa)(AA) the identity and 
                                category of value of any liability of 
                                the entity owed to any creditor other 
                                than a spouse, or a parent, brother, 
                                sister, or child of the reporting 
                                individual or of the reporting 
                                individual's spouse which exceed 
                                $50,000 at any time during the 
                                preceding calendar year;
                                    ``(BB) any payment made during the 
                                preceding calendar year of not less 
                                than $50,000 on a liability described 
                                in subitem (AA); and
                                    ``(CC) the identity of the 
                                creditor, origination date, term, and 
                                rate of interest any liability 
                                described in item (AA); or
                                    ``(bb) a certification that the 
                                individual does not have access to the 
                                information necessary to provide the 
                                information described in item (aa).
            ``(B)(i) The liabilities reported under clause (i) of 
        subparagraph (A) shall exclude any mortgage secured by real 
        property which is a personal residence of the reporting 
        individual or his spouse, except that this exception shall not 
        apply to a reporting individual--
                    ``(I) described in paragraph (1), (2), or (9) of 
                section 101(f);
                    ``(II) described in section 101(b) who has been 
                nominated for appointment as an officer or employee in 
                the executive branch described in subsection (f) of 
                such section, other than--
                            ``(aa) an individual appointed to a 
                        position--
                                    ``(AA) as a Foreign Service Officer 
                                below the rank of ambassador; or
                                    ``(BB) in the uniformed services 
                                for which the pay grade prescribed by 
                                section 201 of title 37, United States 
                                Code is O-6 or below; or
                            ``(bb) a special government employee, as 
                        defined under section 202 of title 18, United 
                        States Code; or
                    ``(III) described in section 101(f) who is in a 
                position in the executive branch the appointment to 
                which is made by the President and requires advice and 
                consent of the Senate, other than--
                            ``(aa) an individual appointed to a 
                        position--
                                    ``(AA) as a Foreign Service Officer 
                                below the rank of ambassador; or
                                    ``(BB) in the uniformed services 
                                for which the pay grade prescribed by 
                                section 201 of title 37, United States 
                                Code is O-6 or below; or
                            ``(bb) a special government employee, as 
                        defined under section 202 of title 18, United 
                        States Code.
                    ``(ii) The liabilities reported under subparagraph 
                (A) shall exclude any loan secured by a personal motor 
                vehicle, household furniture, or appliances, which loan 
                does not exceed the purchase price of the item which 
                secures it.
            ``(C) With respect to revolving charge accounts--
                    ``(i) for purposes of clause (i) of subparagraph 
                (A), only those with an outstanding liability which 
                exceeds $10,000 as of the close of the preceding 
                calendar year need be reported; and
                    ``(ii) for purposes of clause (ii) of subparagraph 
                (A), only those with an outstanding liability which 
                exceeds $50,000 as of the close of the preceding 
                calendar year need be reported.''.
    (b) Limits on Public Disclosure.--Section 103(d) of the Ethics in 
Government Act of 1978 (5 U.S.C. App.) is amended--
            (1) by inserting ``(1)'' before ``Reports''; and
            (2) by adding at the end the following:
    ``(2) Upon request by a reporting individual required to provide 
information relating to liabilities under clause (ii) of section 
102(a)(4)(A) other than the President, the Director of the Office of 
Government Ethics may exempt liabilities reported under such clause 
from public disclosure under paragraph (1) of this subsection.''.
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