STOCK Act
PL 112-105 (S.2038), enacted 04/04/2012

126 STAT. 291 
PUBLIC LAW 112–105—APR. 4, 2012 
Public Law 112–105 
112th Congress 
An Act 
To prohibit Members of Congress and employees of Congress from using nonpublic 
information derived from their official positions for personal benefit, 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 ‘‘Stop Trading on Congressional 
Knowledge Act of 2012’’ or the ‘‘STOCK Act’’. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) MEMBER OF CONGRESS.—The term ‘‘Member of Con-
gress’’ means a member of the Senate or House of Representa-
tives, a Delegate to the House of Representatives, and the 
Resident Commissioner from Puerto Rico. 
(2) EMPLOYEE OF CONGRESS.—The term ‘‘employee of Con-
gress’’ means— 
(A) any individual (other than a Member of Congress), 
whose compensation is disbursed by the Secretary of the 
Senate or the Chief Administrative Officer of the House 
of Representatives; and 
(B) any other officer or employee of the legislative 
branch (as defined in section 109(11) of the Ethics in 
Government Act of 1978 (5 U.S.C. App. 109(11))). 
(3) EXECUTIVE BRANCH EMPLOYEE.—The term ‘‘executive 
branch employee’’— 
(A) has the meaning given the term ‘‘employee’’ under 
section 2105 of title 5, United States Code; and 
(B) includes— 
(i) the President; 
(ii) the Vice President; and 
(iii) an employee of the United States Postal 
Service or the Postal Regulatory Commission. 
(4) JUDICIAL OFFICER.—The term ‘‘judicial officer’’ has the 
meaning given that term under section 109(10) of the Ethics 
in Government Act of 1978 (U.S.C. App. 109(10)). 
(5) JUDICIAL EMPLOYEE.—The term ‘‘judicial employee’’ has 
the meaning given that term in section 109(8) of the Ethics 
in Government Act of 1978 (5 U.S.C. App. 109(8)). 
(6) SUPERVISING
ETHICS
OFFICE.—The term ‘‘supervising 
ethics office’’ has the meaning given that term in section 109(18) 
of the Ethics in Government Act of 1978 (5 U.S.C. App. 109(18)). 
5 USC app. 101 
note. 
Stop Trading on 
Congressional 
Knowledge Act 
of 2012. 
5 USC app. 101 
note. 
Apr. 4, 2012 
[S. 2038] 
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126 STAT. 292 
PUBLIC LAW 112–105—APR. 4, 2012 
SEC. 3. PROHIBITION OF THE USE OF NONPUBLIC INFORMATION FOR 
PRIVATE PROFIT. 
The Select Committee on Ethics of the Senate and the Com-
mittee on Ethics of the House of Representatives shall issue 
interpretive guidance of the relevant rules of each chamber, 
including rules on conflicts of interest and gifts, clarifying that 
a Member of Congress and an employee of Congress may not 
use nonpublic information derived from such person’s position as 
a Member of Congress or employee of Congress or gained from 
the performance of such person’s official responsibilities as a means 
for making a private profit. 
SEC. 4. PROHIBITION OF INSIDER TRADING. 
(a) AFFIRMATION OF NONEXEMPTION.—Members of Congress and 
employees of Congress are not exempt from the insider trading 
prohibitions arising under the securities laws, including section 
10(b) of the Securities Exchange Act of 1934 and Rule 10b–5 there-
under. 
(b) DUTY.— 
(1) PURPOSE.—The purpose of the amendment made by 
this subsection is to affirm a duty arising from a relationship 
of trust and confidence owed by each Member of Congress 
and each employee of Congress. 
(2) AMENDMENT.—Section 21A of the Securities Exchange 
Act of 1934 (15 U.S.C. 78u–1) is amended by adding at the 
end the following: 
‘‘(g) DUTY OF MEMBERS AND EMPLOYEES OF CONGRESS.— 
‘‘(1) IN GENERAL.—Subject to the rule of construction under 
section 10 of the STOCK Act and solely for purposes of the 
insider trading prohibitions arising under this Act, including 
section 10(b) and Rule 10b–5 thereunder, each Member of Con-
gress or employee of Congress owes a duty arising from a 
relationship of trust and confidence to the Congress, the United 
States Government, and the citizens of the United States with 
respect to material, nonpublic information derived from such 
person’s position as a Member of Congress or employee of 
Congress or gained from the performance of such person’s offi-
cial responsibilities. 
‘‘(2) DEFINITIONS.—In this subsection— 
‘‘(A) the term ‘Member of Congress’ means a member 
of the Senate or House of Representatives, a Delegate 
to the House of Representatives, and the Resident Commis-
sioner from Puerto Rico; and 
‘‘(B) the term ‘employee of Congress’ means— 
‘‘(i) any individual (other than a Member of Con-
gress), whose compensation is disbursed by the Sec-
retary of the Senate or the Chief Administrative Officer 
of the House of Representatives; and 
‘‘(ii) any other officer or employee of the legislative 
branch (as defined in section 109(11) of the Ethics 
in Government Act of 1978 (5 U.S.C. App. 109(11))). 
‘‘(3) RULE OF CONSTRUCTION.—Nothing in this subsection 
shall be construed to impair or limit the construction of the 
existing antifraud provisions of the securities laws or the 
authority of the Commission under those provisions.’’. 
15 USC 78u–1 
note. 
15 USC 78j note. 
Guidance. 
5 USC app. 101 
note prec. 
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126 STAT. 293 
PUBLIC LAW 112–105—APR. 4, 2012 
SEC. 5. CONFORMING CHANGES TO THE COMMODITY EXCHANGE ACT. 
Section 4c(a) of the Commodity Exchange Act (7 U.S.C. 6c(a)) 
is amended— 
(1) in paragraph (3), in the matter preceding subparagraph 
(A)— 
(A) by inserting ‘‘or any Member of Congress or 
employee of Congress (as such terms are defined under 
section 2 of the STOCK Act) or any judicial officer or 
judicial employee (as such terms are defined, respectively, 
under section 2 of the STOCK Act)’’ after ‘‘Federal Govern-
ment’’ the first place it appears; 
(B) by inserting ‘‘Member, officer,’’ after ‘‘position of 
the’’; and 
(C) by inserting ‘‘or by Congress or by the judiciary’’ 
before ‘‘in a manner’’; and 
(2) in paragraph (4)— 
(A) in subparagraph (A), in the matter preceding clause 
(i)— 
(i) by inserting ‘‘or any Member of Congress or 
employee of Congress or any judicial officer or judicial 
employee’’ after ‘‘Federal Government’’ the first place 
it appears; 
(ii) by inserting ‘‘Member, officer,’’ after ‘‘position 
of the’’; and 
(iii) by inserting ‘‘or by Congress or by the 
judiciary’’ before ‘‘in a manner’’; 
(B) in subparagraph (B), in the matter preceding clause 
(i), by inserting ‘‘or any Member of Congress or employee 
of Congress or any judicial officer or judicial employee’’ 
after ‘‘Federal Government’’; and 
(C) in subparagraph (C)— 
(i) in the matter preceding clause (i), by inserting 
‘‘or by Congress or by the judiciary’’— 
(I) before ‘‘that may affect’’; and 
(II) before ‘‘in a manner’’; and 
(ii) in clause (iii), by inserting ‘‘to Congress, any 
Member of Congress, any employee of Congress, any 
judicial officer, or any judicial employee,’’ after ‘‘Federal 
Government,’’. 
SEC. 6. PROMPT REPORTING OF FINANCIAL TRANSACTIONS. 
(a) REPORTING REQUIREMENT.—Section 103 of the Ethics in 
Government Act of 1978 (5 U.S.C. App. 103) is amended by adding 
at the end the following subsection: 
‘‘(l) Not later than 30 days after receiving notification of any 
transaction required to be reported under section 102(a)(5)(B), but 
in no case later than 45 days after such transaction, the following 
persons, if required to file a report under any subsection of section 
101, subject to any waivers and exclusions, shall file a report 
of the transaction: 
‘‘(1) The President. 
‘‘(2) The Vice President. 
‘‘(3) Each officer or employee in the executive branch, 
including a special Government employee as defined in section 
202 of title 18, United States Code, who occupies a position 
classified above GS–15 of the General Schedule or, in the 
case of positions not under the General Schedule, for which 
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126 STAT. 294 
PUBLIC LAW 112–105—APR. 4, 2012 
the rate of basic pay is equal to or greater than 120 percent 
of the minimum rate of basic pay payable for GS–15 of the 
General Schedule; each member of a uniformed service whose 
pay grade is at or in excess of O–7 under section 201 of 
title 37, United States Code; and each officer or employee 
in any other position determined by the Director of the Office 
of Government Ethics to be of equal classification. 
‘‘(4) Each employee appointed pursuant to section 3105 
of title 5, United States Code. 
‘‘(5) Any employee not described in paragraph (3) who 
is in a position in the executive branch which is excepted 
from the competitive service by reason of being of a confidential 
or policymaking character, except that the Director of the Office 
of Government Ethics may, by regulation, exclude from the 
application of this paragraph any individual, or group of individ-
uals, who are in such positions, but only in cases in which 
the Director determines such exclusion would not affect 
adversely the integrity of the Government or the public’s con-
fidence in the integrity of the Government. 
‘‘(6) The Postmaster General, the Deputy Postmaster Gen-
eral, each Governor of the Board of Governors of the United 
States Postal Service and each officer or employee of the United 
States Postal Service or Postal Regulatory Commission who 
occupies a position for which the rate of basic pay is equal 
to or greater than 120 percent of the minimum rate of basic 
pay payable for GS–15 of the General Schedule. 
‘‘(7) The Director of the Office of Government Ethics and 
each designated agency ethics official. 
‘‘(8) Any civilian employee not described in paragraph (3), 
employed in the Executive Office of the President (other than 
a special government employee) who holds a commission of 
appointment from the President. 
‘‘(9) A Member of Congress, as defined under section 
109(12). 
‘‘(10) An officer or employee of the Congress, as defined 
under section 109(13).’’. 
(b) EFFECTIVE DATE.—The amendment made by subsection (a) 
shall apply to transactions occurring on or after the date that 
is 90 days after the date of enactment of this Act. 
SEC. 7. REPORT ON POLITICAL INTELLIGENCE ACTIVITIES. 
(a) REPORT.— 
(1) IN GENERAL.—Not later than 12 months after the date 
of enactment of this Act, the Comptroller General of the United 
States, in consultation with the Congressional Research Service, 
shall submit to the Committee on Homeland Security and 
Governmental Affairs of the Senate and the Committee on 
Oversight and Government Reform and the Committee on the 
Judiciary of the House of Representatives a report on the 
role of political intelligence in the financial markets. 
(2) CONTENTS.—The report required by this section shall 
include a discussion of— 
(A) what is known about the prevalence of the sale 
of political intelligence and the extent to which investors 
rely on such information; 
(B) what is known about the effect that the sale of 
political intelligence may have on the financial markets; 
Applicability. 
5 USC app. 103 
note. 
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126 STAT. 295 
PUBLIC LAW 112–105—APR. 4, 2012 
(C) the extent to which information which is being 
sold would be considered nonpublic information; 
(D) the legal and ethical issues that may be raised 
by the sale of political intelligence; 
(E) any benefits from imposing disclosure requirements 
on those who engage in political intelligence activities; 
and 
(F) any legal and practical issues that may be raised 
by the imposition of disclosure requirements on those who 
engage in political intelligence activities. 
(b) DEFINITION.—For purposes of this section, the term ‘‘political 
intelligence’’ shall mean information that is— 
(1) derived by a person from direct communications with 
an executive branch employee, a Member of Congress, or an 
employee of Congress; and 
(2) provided in exchange for financial compensation to a 
client who intends, and who is known to intend, to use the 
information to inform investment decisions. 
SEC. 8. PUBLIC FILING AND DISCLOSURE OF FINANCIAL DISCLOSURE 
FORMS OF MEMBERS OF CONGRESS AND CONGRESSIONAL 
STAFF. 
(a) PUBLIC, ONLINE DISCLOSURE
OF FINANCIAL DISCLOSURE 
FORMS OF MEMBERS OF CONGRESS AND CONGRESSIONAL STAFF.— 
(1) IN GENERAL.—Not later than August 31, 2012, or 90 
days after the date of enactment of this Act, whichever is 
later, the Secretary of the Senate and the Sergeant at Arms 
of the Senate, and the Clerk of the House of Representatives, 
shall ensure that financial disclosure forms filed by Members 
of Congress, candidates for Congress, and employees of Con-
gress in calendar year 2012 and in subsequent years pursuant 
to title I of the Ethics in Government Act of 1978 are made 
available to the public on the respective official websites of 
the Senate and the House of Representatives not later than 
30 days after such forms are filed. 
(2) EXTENSIONS.—Notices of extension for financial disclo-
sure shall be made available electronically under this sub-
section along with its related disclosure. 
(3) REPORTING TRANSACTIONS.—In the case of a transaction 
disclosure required by section 103(l) of the Ethics in Govern-
ment Act of 1978, as added by this Act, such disclosure shall 
be filed not later than the date required by that section. Notices 
of extension for transaction disclosure shall be made available 
electronically under this subsection along with its related disclo-
sure. 
(4) EXPIRATION.—The requirements of this subsection shall 
expire upon implementation of the public disclosure system 
established under subsection (b). 
(b) ELECTRONIC FILING AND ONLINE PUBLIC AVAILABILITY OF 
FINANCIAL DISCLOSURE FORMS OF MEMBERS OF CONGRESS, OFFI-
CERS OF THE HOUSE AND SENATE, AND CONGRESSIONAL STAFF.— 
(1) IN GENERAL.—Subject to paragraph (6) and not later 
than 18 months after the date of enactment of this Act, the 
Secretary of the Senate and the Sergeant at Arms of the Senate 
and the Clerk of the House of Representatives shall develop 
systems to enable— 
Deadline. 
5 USC 105 note. 
Deadlines. 
Web posting. 
5 USC app. 105 
note. 
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126 STAT. 296 
PUBLIC LAW 112–105—APR. 4, 2012 
(A) electronic filing of reports received by them pursu-
ant to section 103(h)(1)(A) of title I of the Ethics in Govern-
ment Act of 1978; and 
(B) public access to financial disclosure reports filed 
by Members of Congress, candidates for Congress, and 
employees of Congress, as well as reports of a transaction 
disclosure required by section 103(l) of the Ethics in 
Government Act of 1978, as added by this Act, notices 
of extensions, amendments, and blind trusts, pursuant to 
title I of the Ethics in Government Act of 1978, through 
databases that— 
(i) are maintained on the official websites of the 
House of Representatives and the Senate; and 
(ii) allow the public to search, sort, and download 
data contained in the reports. 
(2) LOGIN.—No login shall be required to search or sort 
the data contained in the reports made available by this sub-
section. A login protocol with the name of the user shall be 
utilized by a person downloading data contained in the reports. 
For purposes of filings under this section, section 105(b)(2) 
of the Ethics in Government Act of 1978 does not apply. 
(3) PUBLIC AVAILABILITY.—Pursuant to section 105(b)(1) of 
the Ethics in Government Act of 1978, electronic availability 
on the official websites of the Senate and the House of Rep-
resentatives under this subsection shall be deemed to have 
met the public availability requirement. 
(4) FILERS
COVERED.—Individuals required under the 
Ethics in Government Act of 1978 or the Senate Rules to 
file financial disclosure reports with the Secretary of the Senate 
or the Clerk of the House of Representatives shall file reports 
electronically using the systems developed by the Secretary 
of the Senate, the Sergeant at Arms of the Senate, and the 
Clerk of the House of Representatives. 
(5) EXTENSIONS.—Notices of extension for financial disclo-
sure shall be made available electronically under this sub-
section along with its related disclosure. 
(6) ADDITIONAL TIME.—The requirements of this subsection 
may be implemented after the date provided in paragraph 
(1) if the Secretary of the Senate or the Clerk of the House 
of Representatives identifies in writing to relevant congres-
sional committees the additional time needed for such 
implementation. 
(c) RECORDKEEPING.—Section 105(d) of the Ethics in Govern-
ment Act of 1978 (5 U.S.C. App. 105(d)) is amended to read as 
follows: 
‘‘(d)(1) Any report filed with or transmitted to an agency or 
supervising ethics office or to the Clerk of the House of Representa-
tives or the Secretary of the Senate pursuant to this title shall 
be retained by such agency or office or by the Clerk of the House 
of Representatives or the Secretary of the Senate, as the case 
may be. 
‘‘(2) Such report shall be made available to the public— 
‘‘(A) in the case of a Member of Congress until a date 
that is 6 years from the date the individual ceases to be 
a Member of Congress; and 
‘‘(B) in the case of all other reports filed pursuant to this 
title, for a period of 6 years after receipt of the report. 
Time periods. 
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126 STAT. 297 
PUBLIC LAW 112–105—APR. 4, 2012 
‘‘(3) After the relevant time period identified under paragraph 
(2), the report shall be destroyed unless needed in an ongoing 
investigation, except that in the case of an individual who filed 
the report pursuant to section 101(b) and was not subsequently 
confirmed by the Senate, or who filed the report pursuant to section 
101(c) and was not subsequently elected, such reports shall be 
destroyed 1 year after the individual either is no longer under 
consideration by the Senate or is no longer a candidate for nomina-
tion or election to the Office of President, Vice President, or as 
a Member of Congress, unless needed in an ongoing investigation 
or inquiry.’’. 
SEC. 9. OTHER FEDERAL OFFICIALS. 
(a) PROHIBITION OF THE USE OF NONPUBLIC INFORMATION FOR 
PRIVATE PROFIT.— 
(1) EXECUTIVE BRANCH EMPLOYEES.—The Office of Govern-
ment Ethics shall issue such interpretive guidance of the rel-
evant Federal ethics statutes and regulations, including the 
Standards of Ethical Conduct for executive branch employees, 
related to use of nonpublic information, as necessary to clarify 
that no executive branch employee may use nonpublic informa-
tion derived from such person’s position as an executive branch 
employee or gained from the performance of such person’s 
official responsibilities as a means for making a private profit. 
(2) JUDICIAL
OFFICERS.—The Judicial Conference of the 
United States shall issue such interpretive guidance of the 
relevant ethics rules applicable to Federal judges, including 
the Code of Conduct for United States Judges, as necessary 
to clarify that no judicial officer may use nonpublic information 
derived from such person’s position as a judicial officer or 
gained from the performance of such person’s official respon-
sibilities as a means for making a private profit. 
(3) JUDICIAL EMPLOYEES.—The Judicial Conference of the 
United States shall issue such interpretive guidance of the 
relevant ethics rules applicable to judicial employees as nec-
essary to clarify that no judicial employee may use nonpublic 
information derived from such person’s position as a judicial 
employee or gained from the performance of such person’s 
official responsibilities as a means for making a private profit. 
(b) APPLICATION OF INSIDER TRADING LAWS.— 
(1) AFFIRMATION
OF
NON-EXEMPTION.—Executive branch 
employees, judicial officers, and judicial employees are not 
exempt from the insider trading prohibitions arising under 
the securities laws, including section 10(b) of the Securities 
Exchange Act of 1934 and Rule 10b–5 thereunder. 
(2) DUTY.— 
(A) PURPOSE.—The purpose of the amendment made 
by this paragraph is to affirm a duty arising from a rela-
tionship of trust and confidence owed by each executive 
branch employee, judicial officer, and judicial employee. 
(B) AMENDMENT.—Section 21A of the Securities 
Exchange Act of 1934 (15 U.S.C. 78u–1), as amended by 
this Act, is amended by adding at the end the following: 
‘‘(h) DUTY OF OTHER FEDERAL OFFICIALS.— 
‘‘(1) IN GENERAL.—Subject to the rule of construction under 
section 10 of the STOCK Act and solely for purposes of the 
insider trading prohibitions arising under this Act, including 
15 USC 78u–1 
note. 
15 USC 78j note. 
Guidance. 
5 USC app. 101 
note prec. 
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126 STAT. 298 
PUBLIC LAW 112–105—APR. 4, 2012 
section 10(b), and Rule 10b–5 thereunder, each executive 
branch employee, each judicial officer, and each judicial 
employee owes a duty arising from a relationship of trust 
and confidence to the United States Government and the citi-
zens of the United States with respect to material, nonpublic 
information derived from such person’s position as an executive 
branch employee, judicial officer, or judicial employee or gained 
from the performance of such person’s official responsibilities. 
‘‘(2) DEFINITIONS.—In this subsection— 
‘‘(A) the term ‘executive branch employee’— 
‘‘(i) has the meaning given the term ‘employee’ 
under section 2105 of title 5, United States Code; 
‘‘(ii) includes— 
‘‘(I) the President; 
‘‘(II) the Vice President; and 
‘‘(III) an employee of the United States Postal 
Service or the Postal Regulatory Commission; 
‘‘(B) the term ‘judicial employee’ has the meaning given 
that term in section 109(8) of the Ethics in Government 
Act of 1978 (5 U.S.C. App. 109(8)); and 
‘‘(C) the term ‘judicial officer’ has the meaning given 
that term under section 109(10) of the Ethics in Govern-
ment Act of 1978 (5 U.S.C. App. 109(10)). 
‘‘(3) RULE OF CONSTRUCTION.—Nothing in this subsection 
shall be construed to impair or limit the construction of the 
existing antifraud provisions of the securities laws or the 
authority of the Commission under those provisions.’’. 
SEC. 10. RULE OF CONSTRUCTION. 
Nothing in this Act, the amendments made by this Act, or 
the interpretive guidance to be issued pursuant to sections 3 and 
9 of this Act, shall be construed to— 
(1) impair or limit the construction of the antifraud provi-
sions of the securities laws or the Commodity Exchange Act 
or the authority of the Securities and Exchange Commission 
or the Commodity Futures Trading Commission under those 
provisions; 
(2) be in derogation of the obligations, duties, and functions 
of a Member of Congress, an employee of Congress, an executive 
branch employee, a judicial officer, or a judicial employee, 
arising from such person’s official position; or 
(3) be in derogation of existing laws, regulations, or ethical 
obligations governing Members of Congress, employees of Con-
gress, executive branch employees, judicial officers, or judicial 
employees. 
SEC. 11. EXECUTIVE BRANCH REPORTING. 
(a) EXECUTIVE BRANCH REPORTING.— 
(1) IN GENERAL.—Not later than August 31, 2012, or 90 
days after the date of enactment of this Act, whichever is 
later, the President shall ensure that financial disclosure forms 
filed pursuant to title I of the Ethics in Government Act of 
1978 (5 U.S.C. App. 101 et seq.), in calendar year 2012 and 
in subsequent years, by executive branch employees specified 
in section 101 of that Act are made available to the public 
on the official websites of the respective executive branch agen-
cies not later than 30 days after such forms are filed. 
President. 
Public 
information. 
Web posting. 
5 USC app. 105 
note. 
5 USC app. 101 
note. 
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126 STAT. 299 
PUBLIC LAW 112–105—APR. 4, 2012 
(2) EXTENSIONS.—Notices of extension for financial disclo-
sure shall be made available electronically along with the 
related disclosure. 
(3) REPORTING TRANSACTIONS.—In the case of a transaction 
disclosure required by section 103(l) of the Ethics in Govern-
ment Act of 1978, as added by this Act, such disclosure shall 
be filed not later than the date required by that section. Notices 
of extension for transaction disclosure shall be made available 
electronically under this subsection along with its related disclo-
sure. 
(4) EXPIRATION.—The requirements of this subsection shall 
expire upon implementation of the public disclosure system 
established under subsection (b). 
(b) ELECTRONIC FILING AND ONLINE PUBLIC AVAILABILITY OF 
FINANCIAL DISCLOSURE FORMS
OF CERTAIN EXECUTIVE BRANCH 
EMPLOYEES.— 
(1) IN GENERAL.—Subject to paragraph (6), and not later 
than 18 months after the date of enactment of this Act, the 
President, acting through the Director of the Office of Govern-
ment Ethics, shall develop systems to enable— 
(A) electronic filing of reports required by section 103 
of the Ethics in Government Act of 1978 (5 U.S.C. App. 
103), other than subsection (h) of such section; and 
(B) public access to financial disclosure reports filed 
by executive branch employees required to file under sec-
tion 101 of that Act (5 U.S.C. App. 101), as well as reports 
of a transaction disclosure required by section 103(l) of 
that Act, as added by this Act, notices of extensions, amend-
ments, and blind trusts, pursuant to title I of that Act, 
through databases that— 
(i) are maintained on the official website of the 
Office of Government Ethics; and 
(ii) allow the public to search, sort, and download 
data contained in the reports. 
(2) LOGIN.—No login shall be required to search or sort 
the data contained in the reports made available by this sub-
section. A login protocol with the name of the user shall be 
utilized by a person downloading data contained in the reports. 
For purposes of filings under this section, section 105(b)(2) 
of the Ethics in Government Act of 1978 (5 U.S.C. App. 
105(b)(2)) does not apply. 
(3) PUBLIC AVAILABILITY.—Pursuant to section 105(b)(1) of 
the Ethics in Government Act of 1978 (5 U.S.C. App. 105(b)(1)), 
electronic availability on the official website of the Office of 
Government Ethics under this subsection shall be deemed to 
have met the public availability requirement. 
(4) FILERS COVERED.—Executive branch employees required 
under title I of the Ethics in Government Act of 1978 to file 
financial disclosure reports shall file the reports electronically 
with their supervising ethics office. 
(5) EXTENSIONS.—Notices of extension for financial disclo-
sure shall be made available electronically under this sub-
section along with its related disclosure. 
(6) ADDITIONAL TIME.—The requirements of this subsection 
may be implemented after the date provided in paragraph 
(1) if the Director of the Office of Government Ethics, after 
consultation with the Clerk of the House of Representatives 
Deadline. 
President. 
Public 
information. 
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126 STAT. 300 
PUBLIC LAW 112–105—APR. 4, 2012 
and Secretary of the Senate, identifies in writing to relevant 
congressional committees the additional time needed for such 
implementation. 
SEC. 12. PARTICIPATION IN INITIAL PUBLIC OFFERINGS. 
Section 21A of the Securities Exchange Act of 1934 (15 U.S.C. 
78u–1), as amended by this Act, is further amended by adding 
at the end the following: 
‘‘(i) PARTICIPATION
IN INITIAL PUBLIC OFFERINGS.—An indi-
vidual described in section 101(f) of the Ethics in Government 
Act of 1978 may not purchase securities that are the subject of 
an initial public offering (within the meaning given such term 
in section 12(f)(1)(G)(i)) in any manner other than is available 
to members of the public generally.’’. 
SEC. 13. REQUIRING MORTGAGE DISCLOSURE. 
(a) REQUIRING DISCLOSURE.—Section 102(a)(4)(A) of the Ethics 
in Government Act of 1978 (5 U.S.C. App. 102(a)(4)(A)) is amended 
by striking ‘‘spouse; and’’ and inserting the following: ‘‘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 nomi-
nated for appointment as an officer or employee in 
the executive branch described in subsection (f) of such 
section, other than— 
‘‘(I) 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 
‘‘(II) 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— 
‘‘(I) 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 
‘‘(II) a special government employee, as defined 
under section 202 of title 18, United States Code; 
and’’. 
(b) EFFECTIVE DATE.—The amendment made by subsection (a) 
shall apply with respect to reports which are required to be filed 
under section 101 of the Ethics of Government Act of 1978 on 
or after the date of the enactment of this Act. 
SEC. 14. TRANSACTION REPORTING REQUIREMENTS. 
The transaction reporting requirements established by section 
103(l) of the Ethics in Government Act of 1978, as added by section 
5 USC app. 103 
note. 
Applicability. 
5 USC app. 102 
note. 
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126 STAT. 301 
PUBLIC LAW 112–105—APR. 4, 2012 
6 of this Act, shall not be construed to apply to a widely held 
investment fund (whether such fund is a mutual fund, regulated 
investment company, pension or deferred compensation plan, or 
other investment fund), if— 
(1)(A) the fund is publicly traded; or 
(B) the assets of the fund are widely diversified; and 
(2) the reporting individual neither exercises control over 
nor has the ability to exercise control over the financial 
interests held by the fund. 
SEC. 15. APPLICATION TO OTHER ELECTED OFFICIALS AND CRIMINAL 
OFFENSES. 
(a) APPLICATION TO OTHER ELECTED OFFICIALS.— 
(1) 
CIVIL
SERVICE
RETIREMENT
SYSTEM.—Section 
8332(o)(2)(A) of title 5, United States Code, is amended— 
(A) in clause (i), by inserting ‘‘, the President, the 
Vice President, or an elected official of a State or local 
government’’ after ‘‘Member’’; and 
(B) in clause (ii), by inserting ‘‘, the President, the 
Vice President, or an elected official of a State or local 
government’’ after ‘‘Member’’. 
(2) FEDERAL
EMPLOYEES
RETIREMENT
SYSTEM.—Section 
8411(l)(2) of title 5, United States Code, is amended— 
(A) in subparagraph (A), by inserting ‘‘, the President, 
the Vice President, or an elected official of a State or 
local government’’ after ‘‘Member’’; and 
(B) in subparagraph (B), by inserting ‘‘, the President, 
the Vice President, or an elected official of a State or 
local government’’ after ‘‘Member’’. 
(b) CRIMINAL OFFENSES.—Section 8332(o)(2) of title 5, United 
States Code, is amended— 
(1) in subparagraph (A), by striking clause (iii) and 
inserting the following: 
‘‘(iii) The offense— 
‘‘(I) is committed after the date of enactment of this 
subsection and— 
‘‘(aa) is described under subparagraph (B)(i), (iv), 
(xvi), (xix), (xxiii), (xxiv), or (xxvi); or 
‘‘(bb) is described under subparagraph (B)(xxix), 
(xxx), or (xxxi), but only with respect to an offense 
described under subparagraph (B)(i), (iv), (xvi), (xix), 
(xxiii), (xxiv), or (xxvi); or 
‘‘(II) is committed after the date of enactment of the 
STOCK Act and— 
‘‘(aa) is described under subparagraph (B)(ii), (iii), 
(v), (vi), (vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), 
(xvii), (xviii), (xx), (xxi), (xxii), (xxv), (xxvii), or (xxviii); 
or 
‘‘(bb) is described under subparagraph (B)(xxix), 
(xxx), or (xxxi), but only with respect to an offense 
described under subparagraph (B)(ii), (iii), (v), (vi), (vii), 
(viii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), (xvii), (xviii), 
(xx), (xxi), (xxii), (xxv), (xxvii), or (xxviii).’’; and 
(2) by striking subparagraph (B) and inserting the fol-
lowing: 
‘‘(B) An offense described in this subparagraph is only the 
following, and only to the extent that the offense is a felony: 
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126 STAT. 302 
PUBLIC LAW 112–105—APR. 4, 2012 
‘‘(i) An offense under section 201 of title 18 (relating to 
bribery of public officials and witnesses). 
‘‘(ii) An offense under section 203 of title 18 (relating to 
compensation to Member of Congress, officers, and others in 
matters affecting the Government). 
‘‘(iii) An offense under section 204 of title 18 (relating 
to practice in the United States Court of Federal Claims or 
the United States Court of Appeals for the Federal Circuit 
by Member of Congress). 
‘‘(iv) An offense under section 219 of title 18 (relating 
to officers and employees acting as agents of foreign principals). 
‘‘(v) An offense under section 286 of title 18 (relating to 
conspiracy to defraud the Government with respect to claims). 
‘‘(vi) An offense under section 287 of title 18 (relating 
to false, fictitious or fraudulent claims). 
‘‘(vii) An offense under section 597 of title 18 (relating 
to expenditures to influence voting). 
‘‘(viii) An offense under section 599 of title 18 (relating 
to promise of appointment by candidate). 
‘‘(ix) An offense under section 602 of title 18 (relating 
to solicitation of political contributions). 
‘‘(x) An offense under section 606 of title 18 (relating to 
intimidation to secure political contributions). 
‘‘(xi) An offense under section 607 of title 18 (relating 
to place of solicitation). 
‘‘(xii) An offense under section 641 of title 18 (relating 
to public money, property or records). 
‘‘(xiii) An offense under section 666 of title 18 (relating 
to theft or bribery concerning programs receiving Federal 
funds). 
‘‘(xiv) An offense under section 1001 of title 18 (relating 
to statements or entries generally). 
‘‘(xv) An offense under section 1341 of title 18 (relating 
to frauds and swindles, including as part of a scheme to deprive 
citizens of honest services thereby). 
‘‘(xvi) An offense under section 1343 of title 18 (relating 
to fraud by wire, radio, or television, including as part of 
a scheme to deprive citizens of honest services thereby). 
‘‘(xvii) An offense under section 1503 of title 18 (relating 
to influencing or injuring officer or juror). 
‘‘(xviii) An offense under section 1505 of title 18 (relating 
to obstruction of proceedings before departments, agencies, and 
committees). 
‘‘(xix) An offense under section 1512 of title 18 (relating 
to tampering with a witness, victim, or an informant). 
‘‘(xx) An offense under section 1951 of title 18 (relating 
to interference with commerce by threats of violence). 
‘‘(xxi) An offense under section 1952 of title 18 (relating 
to interstate and foreign travel or transportation in aid of 
racketeering enterprises). 
‘‘(xxii) An offense under section 1956 of title 18 (relating 
to laundering of monetary instruments). 
‘‘(xxiii) An offense under section 1957 of title 18 (relating 
to engaging in monetary transactions in property derived from 
specified unlawful activity). 
‘‘(xxiv) An offense under chapter 96 of title 18 (relating 
to racketeer influenced and corrupt organizations). 
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126 STAT. 303 
PUBLIC LAW 112–105—APR. 4, 2012 
‘‘(xxv) An offense under section 7201 of the Internal Rev-
enue Code of 1986 (relating to attempt to evade or defeat 
tax). 
‘‘(xxvi) An offense under section 104(a) of the Foreign Cor-
rupt Practices Act of 1977 (relating to prohibited foreign trade 
practices by domestic concerns). 
‘‘(xxvii) An offense under section 10(b) of the Securities 
Exchange Act of 1934 (relating to fraud, manipulation, or 
insider trading of securities). 
‘‘(xxviii) An offense under section 4c(a) of the Commodity 
Exchange Act (7 U.S.C. 6c(a)) (relating to fraud, manipulation, 
or insider trading of commodities). 
‘‘(xxix) An offense under section 371 of title 18 (relating 
to conspiracy to commit offense or to defraud United States), 
to the extent of any conspiracy to commit an act which con-
stitutes— 
‘‘(I) an offense under clause (i), (ii), (iii), (iv), (v), (vi), 
(vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), (xvi), (xvii), 
(xviii), (xix), (xx), (xxi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), 
(xxvii), or (xxviii); or 
‘‘(II) an offense under section 207 of title 18 (relating 
to restrictions on former officers, employees, and elected 
officials of the executive and legislative branches). 
‘‘(xxx) Perjury committed under section 1621 of title 18 
in falsely denying the commission of an act which constitutes— 
‘‘(I) an offense under clause (i), (ii), (iii), (iv), (v), (vi), 
(vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), (xvi), (xvii), 
(xviii), (xix), (xx), (xxi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), 
(xxvii), or (xxviii); or 
‘‘(II) an offense under clause (xxix), to the extent pro-
vided in such clause. 
‘‘(xxxi) Subornation of perjury committed under section 
1622 of title 18 in connection with the false denial or false 
testimony of another individual as specified in clause (xxx).’’. 
SEC. 16. LIMITATION ON BONUSES TO EXECUTIVES OF FANNIE MAE 
AND FREDDIE MAC. 
Notwithstanding any other provision in law, senior executives 
at the Federal National Mortgage Association and the Federal 
Home Loan Mortgage Corporation are prohibited from receiving 
bonuses during any period of conservatorship for those entities 
on or after the date of enactment of this Act. 
SEC. 17. POST-EMPLOYMENT NEGOTIATION RESTRICTIONS. 
(a) RESTRICTION
EXTENDED
TO
EXECUTIVE
AND
JUDICIAL 
BRANCHES.—Notwithstanding any other provision of law, an indi-
vidual required to file a financial disclosure report under section 
101 of the Ethics in Government Act of 1978 (5 U.S.C. App. 101) 
may not directly negotiate or have any agreement of future employ-
ment or compensation unless such individual, within 3 business 
days after the commencement of such negotiation or agreement 
of future employment or compensation, files with the individual’s 
supervising ethics office a statement, signed by such individual, 
regarding such negotiations or agreement, including the name of 
the private entity or entities involved in such negotiations or agree-
ment, and the date such negotiations or agreement commenced. 
(b) RECUSAL.—An individual filing a statement under sub-
section (a) shall recuse himself or herself whenever there is a 
Notification. 
Time period. 
5 USC app. 101 
note. 
Effective date. 
12 USC 4518a. 
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126 STAT. 304 
PUBLIC LAW 112–105—APR. 4, 2012 
conflict of interest, or appearance of a conflict of interest, for such 
individual with respect to the subject matter of the statement, 
and shall notify the individual’s supervising ethics office of such 
recusal. An individual making such recusal shall, upon such recusal, 
submit to the supervising ethics office the statement under sub-
section (a) with respect to which the recusal was made. 
SEC. 18. WRONGFULLY INFLUENCING PRIVATE ENTITIES EMPLOY-
MENT 
DECISIONS 
BY 
LEGISLATIVE 
AND 
EXECUTIVE 
BRANCH OFFICERS AND EMPLOYEES. 
(a) IN GENERAL.—Section 227 of title 18, United States Code, 
is amended— 
(1) in the heading of such section, by inserting after ‘‘Con-
gress’’ the following: ‘‘or an officer or employee of the 
legislative or executive branch’’; 
(2) by striking ‘‘Whoever’’ and inserting ‘‘(a) Whoever’’; 
(3) by striking ‘‘a Senator or Representative in, or a Dele-
gate or Resident Commissioner to, the Congress or an employee 
of either House of Congress’’ and inserting ‘‘a covered govern-
ment person’’; and 
(4) by adding at the end the following: 
‘‘(b) In this section, the term ‘covered government person’ 
means— 
‘‘(1) a Senator or Representative in, or a Delegate or Resi-
dent Commissioner to, the Congress; 
‘‘(2) an employee of either House of Congress; or 
‘‘(3) the President, Vice President, an employee of the 
United States Postal Service or the Postal Regulatory Commis-
sion, or any other executive branch employee (as such term 
is defined under section 2105 of title 5, United States Code).’’. 
(b) CLERICAL AMENDMENT.—The table of contents for chapter 
11 of title 18, United States Code, is amended by amending the 
item relating to section 227 to read as follows: 
‘‘227. Wrongfully influencing a private entity’s employment decisions by a Member 
of Congress or an officer or employee of the legislative or executive 
branch.’’. 
SEC. 19. MISCELLANEOUS CONFORMING AMENDMENTS. 
(a) REPEAL OF TRANSMISSION OF COPIES OF MEMBER AND CAN-
DIDATE REPORTS TO STATE ELECTION OFFICIALS UPON ADOPTION 
OF NEW SYSTEMS.—Section 103(i) of the Ethics in Government 
Act of 1978 (5 U.S.C. App. 103(i)) is amended— 
(1) by striking ‘‘(i)’’ and inserting ‘‘(i)(1)’’; and 
(2) by adding at the end the following new paragraph: 
‘‘(2) The requirements of paragraph (1) do not apply to any 
report filed under this title which is filed electronically and for 
which there is online public access, in accordance with the systems 
developed by the Secretary and Sergeant at Arms of the Senate 
and the Clerk of the House of Representatives under section 8(b) 
of the Stop Trading on Congressional Knowledge Act of 2012.’’. 
(b) PERIOD OF RETENTION OF FINANCIAL DISCLOSURE STATE-
MENTS OF MEMBERS OF THE HOUSE.— 
(1) IN GENERAL.—Section 304(c) of the Honest Leadership 
and Open Government Act of 2007 (2 U.S.C. 104e(c)) is amended 
by striking the period at the end and inserting the following: 
‘‘, or, in the case of reports filed under section 103(h)(1) of 
the Ethics in Government Act of 1978, until the expiration 
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126 STAT. 305 
PUBLIC LAW 112–105—APR. 4, 2012 
LEGISLATIVE HISTORY—S. 2038: 
CONGRESSIONAL RECORD, Vol. 158 (2012): 
Jan. 31, Feb. 1, 2, considered and passed Senate. 
Feb. 9, considered and passed House, amended. 
Mar. 20, 22, House considered and concurred in Senate amendment. 
DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2012): 
Apr. 4, Presidential remarks. 
of the 6-year period which begins on the date the individual 
is no longer a Member of Congress.’’. 
(2) EFFECTIVE DATE.—The amendment made by paragraph 
(1) shall apply with respect to any report which is filed on 
or after the date on which the systems developed by the Sec-
retary and Sergeant at Arms of the Senate and the Clerk 
of the House of Representatives under section 8(b) first take 
effect. 
Approved April 4, 2012. 
Applicability. 
2 USC 104e note. 
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