,,ii #aahth ,,congress #ast ,session ,s4 #bdfc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #be1 #bjbc,mrs4 ,gillibrand 7for herself and ,mr4 ,hawley7 introduced the following bill2 which was read twice and referred to the ,committee on ,homeland ,security and ,governmental ,affairs ,a ,,bill ,to amend chapter #aca of title #e1 ,united ,states ,code1 and the ,,stock ,act to require certain senior officials to report payments received from the ,federal ,government1 to improve the filing and disclosure of financial disclosures1 to ban stock ownership for certain senior ,government officials1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,ban ,stock ,trading for ,government ,officials ,act of #bjbc4 ,i ,eliminating ,executive ,branch ,insider ,conflicts of ,interest #aja4 ,short title ,this title may be cited as the ,eliminating ,executive ,branch ,insider ,conflicts of ,interest ,act4 #ajb4 ,sense of ,congress ,it is the sense of ,congress that executive branch officials should not have a personal financial interest in the outcome of ,government policy decisions4 #ajc4 ,banning conflicted interests in the executive branch 7a7 ,in general ,chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,,iv ,banning conflicted interests in the executive branch #acaea4 ,definitions ,in this subchapter3 7#a7 ,adjacent individual ,the term adjacent individual means-- 7,a7 each officer or employee in the executive branch holding a ,senior ,executive ,service position1 as defined under section #cacb7;a77#b7 of title #e2 7,b7 each member of a uniformed service whose pay grade is at or in excess of ,o-#g under section #bja of title #cg2 7,c7 each officer or employee in any other position determined by the ,special ,counsel of the ,united ,states1 in consultation with the ,director of the ,office of ,government ,ethics1 to be of equal classification to a position described in subparagraph 7,a7 or 7,b72 or 7,d7 the spouse or dependent child of any individual described in subparagraph 7,a71 7,b71 or 7,c74 7#b7 ,covered financial interest 7,a7 ,in general ,the term covered financial interest means-- 7i7 any investment in-- 7,i7 a security 7as defined in section #c7;a7 of ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7772 7,,ii7 a security future 7as defined in that section72 or 7,,iii7 a commodity 7as defined in section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a772 or 7ii7 any economic interest comparable to an interest described in clause 7i7 that is acquired through synthetic means1 such as the use of a derivative1 including an option1 warrant1 or other similar means4 7,b7 ,exclusions ,the term covered financial interest does not include-- 7i7 a diversified mutual fund2 7ii7 a diversified exchange-traded fund2 7iii7 a ,united ,states ,treasury bill1 note1 or bond2 7iv7 compensation from the primary occupation of a covered individual or adjacent individual2 or 7v7 any financial interest exempted under paragraph 7#a7 or 7#b7 of section #bjh7;b7 of title #ah4 7#c7 ,covered individual ,the term covered individual means-- 7,a7 the ,president2 7,b7 the ,vice ,president2 or 7,c7 the spouse or dependent child of any individual described in subparagraph 7,a7 or 7,b74 7#d7 ,dependent child ,the term dependent child has the meaning given the term in section #acaja4 #acaeb4 ,prohibition on certain transactions and holdings involving covered financial interests 7a7 ,prohibition ,except as provided in subsection 7b71 a covered individual or an adjacent individual may not1 during the term of service of the covered individual or adjacent individual1 or during the #ahj-;day period beginning on the date on which the service of such covered individual or adjacent individual is terminated1 hold1 purchase1 sell1 or conduct any type of transaction with respect to a covered financial interest4 7b7 ,exceptions ,the prohibition under subsection 7a7 shall not apply to a sale by a covered individual or an adjacent individual that is completed by the date that is-- 7#a7 for a covered individual or an adjacent individual serving on the date of enactment of this section1 #ahj days after the date of enactment2 and 7#b7 for a covered individual or an adjacent individual who commences service as a covered individual after the date of enactment of this section1 #ahj days after the first date of the term of service4 7c7 ,adjacent individuals ,with respect to adjacent individuals-- 7#a7 this section shall be supplementary in nature to section #bjh of title #ah2 and 7#b7 nothing in this section shall be construed to limit the application of section #bjh of title #ah4 7d7 ,penalties 7#a7 ,disgorgement ,a covered individual or adjacent individual shall disgorge to the ,treasury of the ,united ,states any profit from a transaction or holding involving a covered financial interest that is conducted in violation of this section4 7#b7 ,fines ,a covered individual or an adjacent individual who holds1 purchases1 sells1 or conducts a transaction involving a covered financial interest in violation of this section-- 7,a7 shall be assessed a fine by the ,office of the ,special ,counsel1 in consultation with the ,director of the ,office of ,government ,ethics1 of not more than #aj1jjj or the amount of compensation1 if any1 that the covered individual or adjacent individual received for the prohibited conduct1 whichever is greater2 and 7,b7 may be referred to the ,department of ,justice and assessed a civil fine pursuant to section #acaec if the ,office of the ,special ,counsel1 in consultation with the ,director of the ,office of ,government ,ethics1 find such case comparatively substantial in monetary value or extraordinary in nature4 #acaec4 ,civil penalties 7a7 ,civil action ,the ,attorney ,general may bring a civil action in any appropriate ,united ,states district court against any covered individual or adjacent individual who violates any provision of section #acaeb4 7b7 ,civil penalty ,the court in which any action is brought under subsection 7a7 may assess against a covered individual or an adjacent individual a civil penalty of not more than the amount recommended by the ,attorney ,general4 4 7b7 ,clerical amendment ,the table of sections for chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,,subchapter ,,iv--,banning conflicted interests in the executive branch #acaea4 ,definitions4 #acaeb4 ,prohibition on certain transactions and holdings involving covered financial interests4 #acaec4 ,civil penalties4 4 ,,ii ,,stock ,act #b4j #bja4 ,short title ,this title may be cited as the ,,stock ,act #b4j4 #bjb4 ,reporting of applications for1 or receipt of1 payments from ,federal ,government 7a7 ,in general ,section #acajc of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 7i7 ,reporting of applications for1 or receipt of1 payments from ,federal ,government 7#a7 ,definitions ,in this subsection3 7,a7 ,covered payment 7i7 ,in general ,the term covered payment means a payment of money or any other item of value made1 or promised to be made1 by the ,federal ,government4 7ii7 ,inclusions ,the term covered payment includes-- 7,i7 a loan agreement1 contract1 or grant made1 or promised to be made1 by the ,federal ,government2 and 7,,ii7 such other types of payment of money or items of value as the ,secretary of the ,treasury1 in consultation with the ,director of the ,office of ,government ,ethics1 may establish1 by regulation4 7iii7 ,exclusions ,the term covered payment does not include-- 7,i7 any salary or compensation for service performed as1 or reimbursement of personal outlay by1 an officer or employee of the ,federal ,government2 or 7,,ii7 any tax refund 7including a refundable tax credit74 7,b7 ,covered person ,the term covered person means a person described in any of paragraphs 7#a7 through 7#aj7 of section #acaje7l74 7#b7 ,reporting requirement ,not later than #cj days after the date of receipt of a notice of any application for1 or receipt of1 a covered payment by a covered person1 the spouse of the covered person1 or a dependent child of the covered person 7including any business owned and controlled by the covered person or spouse or dependent child of the covered person71 but in no case later than #de days after the date on which the covered payment is made or promised to be made1 the covered person shall submit to the applicable supervising ethics office a report describing the covered payment4 7#c7 ,fine for failure to report ,notwithstanding section #acajf7;d71 a covered person shall be assessed a fine1 pursuant to regulations issued by the applicable supervising ethics office1 of #ejj in each case in which the covered person fails to file a report required under this subsection4 4 7b7 ,report contents ,section #acajd of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 7j7 ,payments from ,federal ,government ,each report filed pursuant to subsection 7i7 of section #acajc shall include-- 7#a7 an identification of each type of payment or item of value applied for1 or received1 from the ,federal ,government2 7#b7 7,a7 the name of each recipient of each payment or item of value identified under paragraph 7#a72 and 7,b7 the relationship of each recipient named under subparagraph 7,a7 to the person filing the report2 7#c7 a description of the date on which1 as applicable-- 7,a7 an application for a payment or other item of value was submitted to the ,federal ,government2 and 7,b7 the payment or item of value was received from the ,federal ,government2 and 7#d7 a description of the amount of each applicable payment or item of value4 4 7c7 ,technical and conforming amendments 7#a7 ,persons required to file ,section #acajc7;f7 of title #e1 ,united ,states ,code1 is amended-- 7,a7 in paragraph 7#i71 by striking as defined in section #acaja2 7,b7 in paragraph 7#aj71 by striking as defined in section #acaja2 7,c7 in paragraph 7#aa71 by striking as defined in section #acaja2 and 7,d7 in paragraph 7#ab71 by striking as defined in section #acaja4 7#b7 ,contents of reports ,section #acajd7;a7 of title #e1 ,united ,states ,code1 is amended in the matter preceding paragraph 7#a71 by striking section #acajc7;d7 and 7e7 and inserting subsection 7d7 or 7e7 of section #acajc4 7d7 ,effective date ,the amendments made by this section shall apply to relevant applications submitted to1 and payments made or promised to be made by1 the ,federal ,government on or after the date that is #ij days after the date of enactment of this ,act4 #bjc4 ,penalty for ,,stock ,act noncompliance 7a7 ,in general ,the ,,stock ,act 7,public ,law #aab-aje2 #abf ,stat4 #bia2 #abf ,stat4 #acaj2 #abg ,stat4 #dch2 #acb ,stat4 #dafg7 is amended by adding at the end the following3 #bj4 ,fines for failure to report 7a7 ,in general ,notwithstanding any other provision of law 7including regulations71 an individual shall be assessed a fine1 pursuant to regulations issued by the applicable supervising ethics office 7including the ,administrative ,office of the ,united ,states ,courts1 as applicable71 of #ejj in each case in which the individual fails to file a transaction report required under this ,act4 7b7 ,deposit in ,treasury ,the fines paid under this section shall be deposited in the miscellaneous receipts of the ,treasury4 4 7b7 ,rules1 regulations1 guidance1 and documents ,not later than #a year after the date of enactment of this ,act1 each supervising ethics office 7as defined in section #b of the ,,stock ,act 7#e ,u4,s4,c4 #acaja note77 7including the ,administrative ,office of the ,united ,states ,courts1 as applicable7 shall amend the rules1 regulations1 guidance1 documents1 papers1 and other records of the supervising ethics office in accordance with the amendment made by this section4 #bjd4 ,banning conflicted interests in ,congress 7a7 ,in general 7#a7 ,banning conflicted trades ,chapter #aca of title #e1 ,united ,states ,code1 as amended by section #ajc of this ,act1 is amended by adding at the end the following3 ,v ,banning conflicted trades in ,congress #acafa4 ,definitions ,in this subchapter3 7#a7 ,commodity ,the term commodity has the meaning given the term in section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a74 7#b7 ,covered financial interest 7,a7 ,in general ,the term covered financial interest means-- 7i7 any investment in-- 7,i7 a security 7as defined in section #c7;a7 of ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7772 7,,ii7 a security future 7as defined in that section72 or 7,,iii7 a commodity 7as defined in section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a772 or 7ii7 any economic interest comparable to an interest described in clause 7i7 that is acquired through synthetic means1 such as the use of a derivative1 including an option1 warrant1 or other similar means4 7,b7 ,exclusions ,the term covered financial interest does not include-- 7i7 a diversified mutual fund2 7ii7 a diversified exchange-traded fund2 7iii7 a ,united ,states ,treasury bill1 note1 or bond2 7iv7 compensation from the primary occupation of a covered individual2 or 7v7 any financial interest exempted under paragraph 7#a7 or 7#b7 of section #bjh7;b7 of title #ah4 7#c7 ,covered individual ,the term covered individual means-- 7,a7 a ,member of ,congress 7as defined in section #acaja72 or 7,b7 a spouse or dependent child of a ,member of ,congress4 7#d7 ,dependent child ,the term dependent child has the meaning given the term in section #acaja4 7#e7 ,future ,the term future means a financial contract obligating a buyer to purchase1 or a seller to sell1 an asset1 such as a physical commodity or a financial instrument1 at a predetermined future date and price4 7#f7 ,security ,the term security has the meaning given the term in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a774 7#g7 ,supervising ethics office ,the term supervising ethics office1 with respect to a covered individual1 has the meaning given the term in section #acaja with respect to that covered individual4 #acafb4 ,prohibitions 7a7 ,transactions ,except as provided in sections #acafc and #acafd1 and during the #ahj-;day period beginning on the date on which the service of such covered individual is terminated1 no covered individual may-- 7#a7 hold1 purchase1 sell1 or conduct any type of transaction with respect to a covered financial interest2 or 7#b7 enter into a transaction that creates a net short position in any security4 7b7 ,positions ,a covered individual may not serve as an officer or member of any board of any for-profit association1 corporation1 or other entity4 #acafc4 ,divestiture ,with respect to any covered financial interest held by a covered individual1 the covered individual shall sell the covered financial interest during the #ahj-;day period beginning on the later of-- 7#a7 the date on which the covered individual assumes office or employment as a covered individual2 and 7#b7 the date of enactment of this ,act4 #acafd4 ,administration and enforcement 7a7 ,administration ,each supervising ethics office may issue guidance relating to any matter covered by this subchapter1 including-- 7#a7 whether a covered individual may hold an employee stock option or other1 similar instrument that has not vested before the date on which the covered individual assumes office or employment as a covered individual2 and 7#b7 the process and timeline for determining the date on which a covered individual shall no longer serve as an officer or member of any board of any for-profit association1 corporation1 or other entity4 7b7 ,enforcement ,a covered individual who knowingly fails to comply with this subchapter-- 7#a7 shall disgorge to the ,treasury of the ,united ,states any profit from a transaction or holding involving a covered financial interest that is conducted in violation of this subchapter2 and 7#b7 shall be assessed a fine by the supervising ethics office of not less than #aj percent of the value of the covered financial interest that was purchased or sold1 or the security in which a net short position was created1 in violation of this subchapter1 as applicable4 4 7#b7 ,clerical amendment ,the table of sections for chapter #aca of title #e1 ,united ,states ,code1 as amended by section #ajc of this ,act1 is amended by adding at the end the following3 ,,subchapter ,v--,banning conflicted trades in ,congress#acafa4 ,definitions4 #acafb4 ,prohibitions4 #acafc4 ,divestiture4 #acafd4 ,administration and enforcement4 4 7b7 ,conforming amendments 7#a7 ,authority and functions ,section #acabb7;f77#b77;,b7 of title #e1 ,united ,states ,code1 is amended-- 7,a7 by striking ,subject to clause 7iv7 of this subparagraph1 before each place it appears and inserting ,before2 and 7,b7 by striking clause 7iv74 7#b7 ,lobbying ,disclosure ,act of #aiie ,section #c7d77;,d7 of the ,lobbying ,disclosure ,act of #aiie 7#b ,u4,s4,c4 #afjb7d77;,d77 is amended by striking legislative branch employee serving in a position described under section #acaja7ac7 of title #e1 ,united ,states ,code and inserting officer or employee of ,congress 7as defined in section #acaja of title #e1 ,united ,states ,code74 7#c7 ,,stock ,act ,section #b of the ,,stock ,act 7#e ,u4,s4,c4 #acaja note7 is amended-- 7,a7 in paragraph 7#b77;,b71 by striking 7#aa72 7,b7 in paragraph 7#d71 by striking 7#aj72 7,c7 in paragraph 7#e71 by striking 7#i72 and 7,d7 in paragraph 7#f71 by striking 7#ah74 7#d7 ,securities ,exchange ,act of #aicd ,section #ba;,a of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu-#a7 is amended-- 7,a7 in subsection 7g77#b77;,b77ii71 by striking 7#aa72 and 7,b7 in subsection 7h77#b7-- 7i7 in subparagraph 7,b71 by striking 7#i72 and 7ii7 in subparagraph 7,c71 by striking 7#aj74 #bje4 ,electronic filing and online public availability of financial disclosure forms 7a7 ,members of ,congress and congressional staff ,section #h7;b77#a7 of the ,,stock ,act 7#e ,u4,s4,c4 #acajg note7 is amended-- 7#a7 in the matter preceding subparagraph 7,a71 by inserting 1 pursuant to subchapter ,i of chapter #aca of title #e1 ,united ,states ,code1 through databases maintained on the official websites of the ,senate and ,house of ,representatives after enable2 7#b7 in subparagraph 7,a71 by striking reports received by them pursuant to section #acaje7;h77#a77;,a7 of title #e1 ,united ,states ,code1 and and inserting each report received under section #acaje7;h77#a77;,a7 of that subchapter2 and2 and 7#c7 by striking subparagraph 7,b7 and the undesignated matter following that subparagraph and inserting the following3 7,b7 public access-- 7i7 to each-- 7,i7 financial disclosure report filed by a ,member of ,congress or a candidate for ,congress2 7,,ii7 transaction disclosure report filed by a ,member of ,congress or a candidate for ,congress pursuant to section #acaje7l7 of that subchapter2 and 7,,iii7 notice of extension or amendment with respect to a report described in subclause 7,i7 or 7,,ii71 pursuant to that subchapter2 and 7ii7 in a manner that-- 7,i7 allows the public to search1 sort1 and download data contained in the reports described in subclause 7,i7 or 7,,ii7 of clause 7i7 by criteria required to be reported1 including by filer name1 asset1 transaction type1 ticker symbol1 notification date1 amount of transaction1 and date of transaction2 7,,ii7 allows access through an application programming interface2 and 7,,iii7 is fully compliant with-- 7aa7 section #ejh of the ,rehabilitation ,act of #aigc 7#bi ,u4,s4,c4 #gid;d72 and 7bb7 the most recent ,web ,content ,accessibility ,guidelines 7or successor guidelines74 4 7b7 ,very senior executive branch employees ,section #aa7;b77#a7 of the ,,stock ,act 7,public ,law #aab-aje2 #abf ,stat4 #bii7 is amended-- 7#a7 in the matter preceding subparagraph 7,a71 by inserting 1 pursuant to subchapter ,i of chapter #aca of title #e1 ,united ,states ,code1 through databases maintained on the official website of the ,office of ,government ,ethics after enable2 and 7#b7 by striking subparagraph 7,b7 and the undesignated matter following that subparagraph and inserting the following3 7,b7 public access-- 7i7 to each-- 7,i7 financial disclosure report filed by an officer occupying a position listed in section #ecab or #ecac of title #e1 ,united ,states ,code1 having been nominated by the ,president and confirmed by the ,senate to that position2 7,,ii7 transaction disclosure report filed by an individual described in subclause 7,i7 pursuant to section #acaje7l7 of title #e1 ,united ,states ,code2 and 7,,iii7 notice of extension or amendment with respect to a report described in subclause 7,i7 or 7,,ii71 pursuant to subchapter ,i of chapter #aca of title #e1 ,united ,states ,code2 and 7ii7 in a manner that-- 7,i7 allows the public to search1 sort1 and download data contained in the reports described in subclause 7,i7 or 7,,ii7 of clause 7i7 by criteria required to be reported1 including by filer name1 asset1 transaction type1 ticker symbol1 notification date1 amount of transaction1 and date of transaction2 7,,ii7 allows access through an application programming interface2 and 7,,iii7 is fully compliant with-- 7aa7 section #ejh of the ,rehabilitation ,act of #aigc 7#bi ,u4,s4,c4 #gid;d72 and 7bb7 the most recent ,web ,content ,accessibility ,guidelines 7or successor guidelines74 4 7c7 ,applicability ,the amendments made by this section shall apply on and after the date that is #ah months after the date of enactment of this ,act4