Ethics Reform Act

Bill: 117-s-3550
Sponsor: full_name: Sen. Sasse, Ben [R-NE]
Introduced: 2022-02-01
Policy area: Congress
Latest action: action_date: 2022-02-01
text: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Summaries:
action_date: 2022-02-01
action_desc: Introduced in Senate
text: <p><b>Ethics Reform Act</b></p> <p>This bill establishes a number of ethics requirements for members of Congress and the President and Vice President. </p> <p>Specifically, the bill</p> <ul type="disc"> <li>prohibits members of Congress from buying or selling individual securities other than widely held investment funds; </li> <li>prohibits former members of Congress from engaging in certain compensated lobbying activities; </li> <li>requires the Internal Revenue Service to disclose tax return information of candidates for President and Vice President; and</li> <li>prohibits the President, Vice President, Cabinet, and their immediate family members from raising funds from certain foreign entities.</li> </ul> <p>The bill also prohibits contributions or donations by foreign nationals in connection with state or local ballot initiatives or referenda.</p>

tv_txt: II 117th CONGRESS 2d Session S. 3550 IN THE SENATE OF THE UNITED STATES February 1, 2022 Mr. Sasse introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs A BILL To prohibit Members of Congress from buying or selling individual securities and lobbying for compensation after leaving Congress, and for other purposes.

1. Short title This Act may be cited as the Ethics Reform Act . 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. 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. 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. 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. 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.