,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #hged  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,augu/ #cj1 #bjbb,mr4 
,cl\d 7= himself & ,mr4 ,gold57         
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ov]sight & ,re=m1 & 9 
addition to ! ,committee on ,ways &     
,means1 = a p]iod to be subsequ5tly     
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to am5d ! ,e?ics 9 ,gov]nm5t  
,act ( #aigh to prohibit transactions   
involv+ c]ta9 f9ancial in/rum5ts by     
s5ior ,f$]al employees1 _! sp\ses1 or   
dep5d5t *ildr51 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,dismantl+ ,inve/m5ts 9 ,violation (    
,e?ical ,/&>ds ?r\gh ,tru/s ,act4  #b4  
,prohibit+ transactions & own]%ip (     
c]ta9 f9ancial in/rum5ts by s5ior ,f$]al
 employees1 _! sp\ses1 or dep5d5t *ildr5
  7a7 ,9 g5]al ,! ,e?ics 9 ,gov]nm5t    
,act ( #aigh 7#e ,u4,s4,c4 ,app47 is    
am5d$ by ins]t+ aft] title ,i ! foll[+3 

,,ii ,re/rictions ,reg>d+ ,f9ancial     
,in/rum5ts  #bja4 ,def9itions ,9 ?is    
title3 7#a7 ,cov]$ f9ancial in/rum5t    
7,a7 ,9 g5]al ,! t]m cov]$ f9ancial     
in/rum5t means-- 7i7 any inve/m5t 9--   
7,i7 a security 7z def9$ 9 section      
#c7;a7 ( ,securities ,ex*ange ,act (    
#aicd 7#ae ,u4,s4,c4 #gh;c7a7772  7,,ii7
 a security future 7z def9$ 9 t         
section72 or  7,,iii7 a commodity 7z    
def9$ 9 section #a;a ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4 #a;a772 &   
7ii7 any economic int]e/ comp>able to an
 int]e/ describ$ 9 clause 7i7 t is      
acquir$ ?r\gh syn!tic means1 su* z ! use
 ( a d]ivative1 includ+ an option1      
w>rant1 or o!r simil> means4  7,b7      
,exclusions ,! t]m cov]$ f9ancial       
in/rum5t does n include-- 7i7 a         
div]sifi$ mutual fund2  7ii7 a div]sifi$
 ex*ange-trad$ fund2  7iii7 a ,unit$    
,/ates ,treasury bill1 note1 or bond2 or
  7iv7 comp5sation f ! prim>y occupation
 ( a sp\se or dep5d5t *ild ( a s5ior    
,f$]al employee4  7#b7 ,qualifi$ bl9d   

tru/ ,! t]m qualifi$ bl9d tru/ has !    
mean+ giv5 ! t]m 9 section #ajb7;f77#c74
  7#c7 ,s5ior ,f$]al employee ,! t]m    
s5ior ,f$]al employee means any         
individual occupy+ a ,s5ior ,executive  
,s]vice position 7z t t]m is def9$ 9    
section #cacb ( title #e1 ,unit$ ,/ates 
,code74  7#d7 ,sup]vis+ e?ics (fice ,!  
t]m sup]vis+ e?ics (fice has ! mean+    
giv5 ! t]m 9 section #aji4  #bjb4       
,prohibition on c]ta9 transactions &    
hold+s involv+ cov]$ f9ancial in/rum5ts 
7a7 ,prohibition ,except z provid$ 9    
subsection 7b71 a s5ior ,f$]al employee1
 _! sp\se1 or _! dep5d5t *ildr5 may n1  
dur+ ! t]m ( s]vice ( ! employee1 hold1 
pur*ase1 or sell any cov]$ f9ancial     
in/rum5t4  7b7 ,exceptions ,!           
prohibition "u subsection 7a7 does n    
apply to-- 7#a7 a sale by a s5ior ,f$]al
 employee1 _! sp\se1 or _! dep5d5t *ild 
t is complet$ by ! date t is-- 7,a7 = an
 employee s]v+ on ! date ( enactm5t (   
?is title1 #ahj days aft] t date (      
enactm5t2 &  7,b7 = any employee :o     

comm5ces s]vice z an employee aft] !    
date ( enactm5t ( ?is title1 #ahj days  
aft] ! fir/ date ( ! initial t]m (      
s]vice2  7#b7 a cov]$ f9ancial in/rum5t 
held 9 a qualifi$ bl9d tru/ op]at$ on   
behalf (1 or = ! b5efit (1 a s5ior      
,f$]al employee1 _! sp\se1 or _! dep5d5t
 *ild2 or  7#c7 a cov]$ f9ancial        
in/rum5t exempt$ f cov]age "u section   
#bjh ( title #ah1 ,unit$ ,/ates ,code1  
pursuant to section #bfdj4bjb ( title   
#e1 ,code ( ,f$]al ,regulations 7or any 
successor regulation74  7c7 ,application
 ( c]tificate ( dive/iture program ,=   
purposes ( section #ajdc ( ! ,int]nal   
,rev5ue ,code ( #aihf-- 7#a7 ?is section
 %all be treat$ z a ,f$]al conflict (   
int]e/ /atute2 &  7#b7 any p]son requir$
 to dispose ( any prop]ty by reason (   
?is section %all be treat$ z an eligible
 p]son4  7d7 ,p5alties  7#a7            
,disgorgem5t ,a s5ior ,f$]al employee1  
_! sp\se1 or _! dep5d5t *ild %all       
disgorge to ! g5]al fund ( ! ,treasury  
any pr(it f a transaction or hold+      

involv+ a cov]$ f9ancial in/rum5t t is  
conduct$ 9 violation ( ?is section4     
7#b7 ,income tax ,a loss f a transaction
 or hold+ involv+ a cov]$ f9ancial      
in/rum5t t is conduct$ 9 violation ( ?is
 section may n be d$uct$ f ! am\nt (    
income tax ow$ by ! applicable s5ior    
,f$]al employee1 _! sp\se1 or _! dep5d5t
 *ild4  7#c7 ,f9es ,a s5ior ,f$]al      
employee :o holds or conducts a         
transaction involv+ a cov]$ f9ancial    
in/rum5t 9 violation ( ?is section may  
be subject to a civil f9e assess$ by !  
sup]vis+ e?ics (fice "u section #bjd4   
#bjc4 ,c]tification ( compliance  7a7 ,9
 g5]al ,n less frequ5tly ?an annually1  
ea* s5ior ,f$]al employee %all submit to
 ! sup]vis+ e?ics (fice a writt5        
c]tification t ! employee1 _! sp\se1 or 
_! dep5d5t *ild has a*iev$ compliance ) 
! requirem5ts ( ?is title4  7b7         
,publication ,! sup]vis+ e?ics (fice    
%all publi% ea* c]tification submitt$ "u
 subsection 7a7 on a publicly available 
website4  #bjd4 ,au?ority ( sup]vis+    

e?ics (fice  7a7 ,9 g5]al ,! sup]vis+   
e?ics (fice may implem5t & en=ce !      
requirem5ts ( ?is title1 includ+ by--   
7#a7 issu+-- 7,a7 = applicable s5ior    
,f$]al employees-- 7i7 rules gov]n+ t   
implem5tation2 &  7ii7 #a or m          
reasonable ext5sions to a*ieve          
compliance ) ?is title1 if ! sup]vis+   
e?ics (fice det]m9es t an employee is   
mak+ a good fai? ef=t to dive/ any cov]$
 f9ancial in/rum5ts2 &  7,b7 guidance   
relat+ to cov]$ f9ancial in/rum5ts2     
7#b7 publi%+ on ! int]net c]tifications 
submitt$ by s5ior ,f$]al employees "u   
section #bjc7;a72 &  7#c7 assess+ civil 
f9es aga9/ any s5ior ,f$]al employee :o 
is 9 violation ( ?is title1 subject to  
subsection 7b74  7b7 ,requirem5ts =     
civil f9es  7#a7 ,am\nt ,a f9e impos$ "u
 ?is section aga9/ a s5ior ,f$]al       
employee %all be equal to ! great] (--  
7,a7 #a1jjj1 or  7,b7 an am\nt equal to 
#aj p]c5t ( ! greate/ doll> value ( !   
applicable cov]$ f9ancial in/rum5t dur+ 
any p]iod t su* in/rum5t 0 held by !    

applicable s5ior ,f$]al employee or _!  
sp\se or dep5d5t *ild 7z ! case may be74
  7#b7 ,9 g5]al ,be=e impos+ a f9e      
pursuant to ?is section1 ! sup]vis+     
e?ics (fice %all provide to ! applicable
 s5ior ,f$]al employee-- 7,a7 a writt5  
notice describ+ ea* cov]$ f9ancial      
in/rum5t transaction = :i* a f9e w be   
assess$2 &  7,b7 an opportunity1 )      
respect to ea* su* cov]$ f9ancial       
in/rum5t transaction-- 7i7 = a he>+2 &  
7ii7 to a*ieve compliance ) !           
requirem5ts ( ?is title4  7#c7          
,publication ,! sup]vis+ e?ics (fice    
%all publi% on a publicly available     
website a description (-- 7,a7 ea* f9e  
assess$ pursuant to ?is section2  7,b7 !
 reasons :y ea* su* f9e 0 assess$2 &    
7,c7 ! result ( ea* assessm5t1 includ+  
any he>+ "u p>agraph 7#b77;,b77i7 relat+
 to ! assessm5t4  7#d7 ,appeal ,a s5ior 
,f$]al employee may appeal to ! sup]vis+
 e?ics (fice a f9e assess$ "u ?is       
section dur+ ! #cj-;day p]iod beg9n+ on 
! date ! f9e is s assess$4  #bje4 ,audit

 by ,gov]nm5t ,acc\ntability ,(fice ,n  
lat] ?an #b ye>s aft] ! date ( enactm5t 
( ?is title1 ! ,comptroll] ,g5]al ( !   
,unit$ ,/ates %all-- 7#a7 conduct an    
audit ( ! compliance by s5ior ,f$]al    
employees ) ! requirem5ts ( ?is title2 &
  7#b7 submit to ea* sup]vis+ e?ics     
(fice a report describ+ ! results ( !   
audit conduct$ "u p>agraph 7#a74  4  7b7
 ,application ,! am5dm5ts made by       
subsection 7a7 %all apply to individuals
 describ$ 9 section #bjb7;a7 ( ! ,e?ics 
9 ,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4  
,app47 beg9n+ on ! date t is #ab mon?s  
foll[+ ! date ( enactm5t ( ?is ,act4    
7c7 ,additional employees ,section      
#dja7;c77#a7 ( ! ,e?ics 9 ,gov]nm5t ,act
 ( #aigh 7#e ,u4,s4,c4 ,app47 is am5d$  
by ins]t+ up to #ajj aft] appo9t4  7d7  
,fund+ ,! ,director ( ! ,(fice (        
,managem5t & ,budget may transf] su*    
funds z ! ,director consid]s            
appropriate1 to be d]iv$ f unobligat$   
am\nts available = executive bran*      
programs id5tifi$ by ! ,director to be  

duplicative1 to ! ,(fice ( ,gov]nm5t    
,e?ics = ! purpose ( c>ry+ out ?is ,act1
 to rema9 available until ! date t is #e
 ye>s foll[+ ! date ( ! enactm5t ( ?is  
,act4  7e7 ,con=m+ am5dm5ts  7#a7       
,section #aji ( ! ,e?ics 9 ,gov]nm5t    
,act ( #aigh 7#e ,u4,s4,c4 ,app47 is    
am5d$-- 7,a7 9 ! matt] prec$+ p>agraph  
7#a71 by /rik+ ,= ! purposes ( ?is      
title1 ! t]m-- & ins]t+ ,9 ?is title32  
7,b7 9 p>agraph 7#a71 by /rik+ means &  
all t foll[s ?r\gh ,repres5tatives2 &   
ins]t+ ! foll[+3 means1 z applicable--  
7,a7 ! ,select ,committee on ,e?ics ( ! 
,s5ate2 &  7,b7 ! ,committee on ,e?ics (
 ! ,h\se ( ,repres5tatives4  2  7,c7 9  
ea* ( p>agraphs 7#b7 ?r\gh 7#ag71 by    
/rik+ ! semicolon at ! end ( ! p>agraph 
& ins]t+ a p]iod2  7,d7 9 p>agraph      
7#ah7-- 7i7 9 subp>agraph 7,b71 by /rik+
 ,/&>ds ( ,(ficial ,conduct & ins]t+    
,e?ics2 &  7ii7 9 subp>agraph 7,d71 by  
/rik+ 2 & at ! end & ins]t+ a p]iod2    
7,e7 9 ea* ( p>agraphs 7#a7 ?r\gh       
7#ai7-- 7i7 by ins]t+ ,! t]m aft] !     

p>agraph designation2 &  7ii7 by ins]t+ 
a p>agraph head+1 ! text ( :i* is       
compris$ ( ! t]m def9$ 9 t p>agraph2 &  
7,f7 by r$esignat+ p>agraphs 7#h7 & 7#i7
 z p>agraphs 7#i7 & 7#h71 respectively1 
& mov+ ! p>agraphs s z to appe> 9       
num]ical ord]4  7#b7 ,section #aja7;f7 (
 ! ,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e  
,u4,s4,c4 ,app47 is am5d$-- 7,a7 9      
p>agraph 7#i71 by /rik+ z def9$ "u      
section #aji7ab72  7,b7 9 p>agraph      
7#aj71 by /rik+ z def9$ "u section      
#aji7ac72  7,c7 9 p>agraph 7#aa71 by    
/rik+ z def9$ "u section #aji7aj72 &    
7,d7 9 p>agraph 7#ab71 by /rik+ z def9$ 
"u section #aji7h74  7#c7 ,section #ajc 
( ! ,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e 
,u4,s4,c4 ,app47 is am5d$-- 7,a7 9      
subsection 7j77#a71 by /rik+ ,/&>ds (   
,(ficial ,conduct & ins]t+ ,e?ics2 &    
7,b7 9 subsection 7l7-- 7i7 9 p>agraph  
7#i71 by /rik+ 1 z def9$ "u section     
#aji7ab72 &  7ii7 9 p>agraph 7#aj71 by  
/rik+ 1 z def9$ "u section #aji7ac74    
7#d7 ,section #aje7;b77#c77;,a7 ( !     

,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e     
,u4,s4,c4 ,app47 is am5d$ by /rik+      
describ$ 9 section #aji7h7 or #aji7aj7 (
 ?is ,act & ins]t+ :o is a judicial     
employee or judicial (fic]4  7#e7       
,section #aaa7b7 ( ! ,e?ics 9 ,gov]nm5t 
,act ( #aigh 7#e ,u4,s4,c4 ,app47 is    
am5d$ by /rik+ ,/&>ds ( ,(ficial        
,conduct & ins]t+ ,e?ics4  7#f7 ,section
 #djb ( ! ,e?ics 9 ,gov]nm5t ,act (     
#aigh 7#e ,u4,s4,c4 ,app47 is am5d$--   
7,a7 9 subsection 7b71 by /rik+ title   
,,ii ( ea* place x appe>s2 &  7,b7 9    
subsection 7f77#b77;,b7-- 7i7 by /rik+  
,subject to clause 7iv7 ( ?is           
subp>agraph1 be=e ea* place x appe>s &  
ins]t+ ,be=e2 &  7ii7 by /rik+ clause   
7iv74  7#g7 ,section #ejc7a77;,a7 ( !   
,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e     
,u4,s4,c4 ,app47 is am5d$ by /rik+      
,/&>ds ( ,(ficial ,conduct & ins]t+     
,e?ics4  7#h7 ,section #c7d77;,d7 ( !   
,lobby+ ,disclosure ,act ( #aiie 7#b    
,u4,s4,c4 #afjb7d77;,d77 is am5d$ by    
/rik+ legislative bran* employee s]v+ 9 

a position describ$ "u section #aji7ac7 
( ! ,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e 
,u4,s4,c4 ,app47 & ins]t+ (fic] or      
employee ( ! ,congress 7z def9$ 9       
section #aji ( ! ,e?ics 9 ,gov]nm5t ,act
 ( #aigh 7#e ,u4,s4,c4 ,app4774  7#i7   
,section #ba;,a ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #ghu-#a7 is
 am5d$-- 7,a7 9 subsection              
7g77#b77;,b77ii71 by /rik+ section      
#aji7aa7 ( ! ,e?ics 9 ,gov]nm5t ,act (  
#aigh 7#e ,u4,s4,c4 ,app4 #aji7aa77 &   
ins]t+ section #aji ( ! ,e?ics 9        
,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4    
,app472 &  7,b7 9 subsection 7h77#b7--  
7i7 9 subp>agraph 7,b71 by /rik+ section
 #aji7h7 ( ! ,e?ics 9 ,gov]nm5t ,act (  
#aigh 7#e ,u4,s4,c4 ,app4 #aji7h77 &    
ins]t+ section #aji ( ! ,e?ics 9        
,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4    
,app472 &  7ii7 9 subp>agraph 7,c71 by  
/rik+ "u section #aji7aj7 ( ! ,e?ics 9  
,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4    
,app4 #aji7aj77 & ins]t+ 9 section #aji 
( ! ,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e 

,u4,s4,c4 ,app474