,,ii ,calendar ,no4 #bid #aaith ,,congress #ast ,session ,s4 #adih ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,april #bh1 #bjbe,mr4 ,hawley 7for himself1 ,mr4 ,moreno1 ,mr4 ,ossoff1 ,mr4 ,peters1 and ,mr4 ,merkley7 introduced the following bill2 which was read twice and referred to the ,committee on ,homeland ,security and ,governmental ,affairs ,december #aj1 #bjbe,reported by ,mr4 ,paul1 with an amendment,strike out all after the enacting clause and insert the part printed in italic ,a ,,bill ,to amend chapter #aca of title #e1 ,united ,states ,code1 to prohibit transactions involving certain financial instruments by ,members of ,congress4 #a4 ,short title ,this ,act may be cited as the ,preventing ,elected ,leaders from ,owning ,securities and ,investments 7,,pelosi7 ,act4 #b4 ,banning insider trading in ,congress 7a7 ,in general ,chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,,iv ,banning insider trading in ,congress #acafa4 ,definitions ,in this subchapter3 7#a7 ,covered financial instrument 7,a7 ,in general ,the term covered financial instrument 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 and 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 a warrant1 or other similar means4 7,b7 ,exclusions ,the term covered financial instrument does not include-- 7i7 a diversified mutual fund2 7ii7 a diversified exchange-traded fund2 7iii7 a ,united ,states ,treasury bill1 note1 or bond2 or 7iv7 compensation from the primary occupation of a spouse or dependent child of a ,member of ,congress4 7#b7 ,dependent child2 ,member of ,congress ,the terms dependent child and ,member of ,congress have the meanings given those terms in section #acaja4 7#c7 ,supervising ethics committee ,the term supervising ethics committee means1 as applicable-- 7,a7 the ,select ,committee on ,ethics of the ,senate2 and 7,b7 the ,committee on ,ethics of the ,house of ,representatives4 #acafb4 ,prohibition on certain transactions and holdings involving covered financial instruments 7a7 ,prohibition ,except as provided in subsection 7b71 a ,member of ,congress1 or any spouse of a ,member of ,congress1 may not1 during the term of service of the ,member of ,congress1 hold1 purchase1 or sell any covered financial instrument4 7b7 ,exceptions ,the prohibition under subsection 7a7 shall not apply to a sale by a ,member of ,congress1 or a spouse of a ,member of ,congress1 that is completed by the date that is-- 7#a7 for a ,member of ,congress serving on the date of enactment of the ,preventing ,elected ,leaders from ,owning ,securities and ,investments 7,,pelosi7 ,act1 #ahj days after that date of enactment2 and 7#b7 for any ,member of ,congress who commences service as a ,member of ,congress after the date of enactment of the ,preventing ,elected ,leaders from ,owning ,securities and ,investments 7,,pelosi7 ,act1 #ahj days after the first date of the initial term of service4 7c7 ,penalties 7#a7 ,disgorgement ,a ,member of ,congress shall disgorge to the ,treasury of the ,united ,states any profit from a transaction or holding involving a covered financial instrument that is conducted in violation of this section4 7#b7 ,fines ,a ,member of ,congress who holds or conducts a transaction involving1 or whose spouse holds or conducts a transaction involving1 a covered financial instrument in violation of this section may be subject to a civil fine assessed by the applicable supervising ethics committee under section #acafd4 #acafc4 ,certification of compliance 7a7 ,in general ,not less frequently than annually1 each ,member of ,congress shall submit to the applicable supervising ethics committee a written certification that the ,member of ,congress has achieved compliance with the requirements of this subchapter4 7b7 ,publication ,the supervising ethics committees shall publish each certification submitted under subsection 7a7 on a publicly available website4 #acafd4 ,authority of supervising ethics committees 7a7 ,in general ,the supervising ethics committees may implement and enforce the requirements of this subchapter1 including by-- 7#a7 issuing-- 7,a7 for ,members of ,congress-- 7i7 rules governing that implementation2 and 7ii7 #a or more reasonable extensions to achieve compliance with this subchapter1 if the applicable supervising ethics committee determines that a ,member of ,congress is making a good faith effort to divest any covered financial instruments2 and 7,b7 guidance relating to covered financial instruments2 7#b7 publishing on the internet certifications submitted by ,members of ,congress under section #acafc7;a72 and 7#c7 assessing civil fines against any ,member of ,congress who is in violation of this subchapter1 subject to subsection 7b74 7b7 ,requirements for civil fines 7#a7 ,in general ,before imposing a fine pursuant to this section1 the applicable supervising ethics committee shall provide to the applicable ,member of ,congress-- 7,a7 a written notice describing each covered financial instrument transaction for which a fine will be assessed2 and 7,b7 an opportunity1 with respect to each such covered financial instrument transaction-- 7i7 for a hearing2 and 7ii7 to achieve compliance with the requirements of this subchapter4 7#b7 ,enforcement 7,a7 ,in general ,in the event of continuing noncompliance after issuance of the notice described in paragraph 7#a71 the applicable supervising ethics committee shall impose a civil penalty1 in the amount described in subparagraph 7,b71 on the ,member of ,congress to whom a notice was provided-- 7i7 on the date that is #cj days after the date of provision of the notice2 and 7ii7 during the period in which such noncompliance continues1 not less frequently than once every #cj days thereafter4 7,b7 ,amount ,the amount of each civil penalty imposed on a ,member of ,congress pursuant to subparagraph 7,a7 shall be an amount equal to #aj percent of the value of each covered financial instrument that was not divested in violation of this subchapter during the period covered by the penalty4 7#c7 ,publication ,each supervising ethics committee shall publish on a publicly available website a description of-- 7,a7 each fine assessed by the supervising ethics committee pursuant to this section2 7,b7 the reasons why each such fine was assessed2 and 7,c7 the result of each assessment1 including any hearing under paragraph 7#a77;,b77i7 relating to the assessment4 7#d7 ,appeal ,a ,member of ,congress may appeal the assessment of a fine under this section to a vote on the floor of the ,senate or the ,house of ,representatives1 as applicable1 as a privileged motion4 #acafe4 ,audit by ,government ,accountability ,office ,not later than #b years after the date of enactment of the ,preventing ,elected ,leaders from ,owning ,securities and ,investments 7,,pelosi7 ,act1 the ,comptroller ,general of the ,united ,states shall-- 7#a7 conduct an audit of the compliance by ,members of ,congress with the requirements of this subchapter2 and 7#b7 submit to the supervising ethics committees a report describing the results of the audit conducted under paragraph 7#a74 4 7b7 ,conforming amendments 7#a7 ,table of sections ,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 insider trading in ,congress #acafa4 ,definitions4 #acafb4 ,prohibition on certain transactions and holdings involving covered financial instruments4 #acafc4 ,certification of compliance4 #acafd4 ,authority of supervising ethics committees4 #acafe4 ,audit by ,government ,accountability ,office4 4 7#b7 ,persons required to file ,section #acajc7;f7 of title #e1 ,united ,states ,code1 is amended-- 7,a7 in paragraph 7#i71 by striking 8as defined in section #acaja of this title02 7,b7 in paragraph 7#aj71 by striking 8as defined in section #acaja of this title02 7,c7 in paragraph 7#aa71 by striking 8as defined in section #acaja of this title02 and 7,d7 in paragraph 7#ab71 by striking 8as defined in section #acaja of this title04 7#c7 ,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 #a4 ,short title ,this ,act may be cited as the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act4 #b4 ,divestment of certain assets of ,members of ,congress1 the ,president1 the ,vice ,president1 and their spouses and dependent children 7a7 ,in general ,chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,,iv ,certain assets of ,members of ,congress1 the ,president1 the ,vice ,president1 and their spouses and dependent children #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 investment 7,a7 ,in general ,the term covered investment means-- 7i7 an investment in-- 7,i7 a security2 7,,ii7 a commodity2 7,,iii7 a future2 or 7,,iv7 a digital asset2 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 means2 or 7iii7 any interest described in clause 7i7 or 7ii7 that is held directly1 or in which an individual has an indirect1 beneficial1 or economic interest1 through-- 7,i7 an investment fund or holding company2 7,,ii7 a trust2 7,,iii7 an employee benefit plan2 or 7,,iv7 a deferred compensation plan1 including a carried interest or other agreement tied to the performance of an investment1 other than a fixed cash payment4 7,b7 ,exclusions ,the term covered investment does not include-- 7i7 a diversified mutual fund 7including any holdings of such a fund72 7ii7 a diversified exchange-traded fund 7including any holdings of such a fund72 7iii7 a ,united ,states ,treasury bill1 note1 or bond2 7iv7 compensation from the primary occupation of the spouse of a covered person1 or any security that is issued or paid by an operating business that is the primary employer of such a spouse that is issued or paid to such a spouse2 7v7 holding and acquiring any security that is issued or paid as compensation from corporate board service by the spouse of a covered person1 including the dividend reinvestment in the same security received from the corporate board service by the spouse of a covered person2 7vi7 any covered investment that is traded by the spouse of a covered person in the course of performing the primary occupation of such a spouse1 provided the investment is not owned by a covered person or the spouse or dependent child of a covered person2 7vii7 any investment fund held in a ,federal1 ,state1 or local government employee retirement plan2 7viii7 a tax-free ,state or municipal bond2 7ix7 an interest in a small business concern1 if the supervising ethics office determines that the small business concern does not present a conflict of interest1 and1 in the case of an investment in a family farm or ranch that qualifies as an interest in a small business concern1 a future or commodity directly related to the farming activities and products of the farm or ranch2 7x7 holding investment-grade corporate bonds1 provided that the corporate bonds are held by an individual who is a covered person1 or a spouse or dependent child of a covered person1 on the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act2 7xi7 any share of ,settlement ,common ,stock issued under section #g7;g77#a77;,a7 of the ,alaska ,native ,claims ,settlement ,act 7#dc ,u4,s4,c4 #afjf7;g77#a77;,a772 or 7xii7 any share of ,settlement ,common ,stock1 as defined in section #c of the ,alaska ,native ,claims ,settlement ,act 7#dc ,u4,s4,c4 #afjb74 7,c7 ,rule of construction ,nothing in this paragraph shall be construed to imply that particular digital assets are not securities1 commodities1 or other types of covered investments4 7#c7 ,covered person ,the term covered person means-- 7,a7 a ,member of ,congress2 7,b7 the ,president of the ,united ,states2 or 7,c7 the ,vice ,president of the ,united ,states4 7#d7 ,custody ,the term custody has the meaning given the term in section #bge4bjf7d7-b7;d7 of title #ag1 ,code of ,federal ,regulations1 as in effect on the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act 7or any successor regulation74 7#e7 ,dependent child ,the term dependent child means1 with respect to any covered person1 any individual who is-- 7,a7 under #ai years of age2 and 7,b7 a dependent of the covered person within the meaning of section #aeb of the ,internal ,revenue ,code of #aihf4 7#f7 ,digital asset ,the term digital asset means any digital representation of value that is recorded on a cryptographically secured distributed ledger or any similar technology4 7#g7 ,diversified ,the term diversified1 with respect to a fund1 trust1 or plan1 means that the fund1 trust1 or plan does not have a stated policy of concentrating its investments in any single industry1 business1 or single country other than the ,united ,states4 7#h7 ,future ,the term future means-- 7,a7 a security future 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7772 and 7,b7 any other contract for the sale of a commodity for future delivery4 7#i7 ,illiquid investment ,the term illiquid investment means an interest in a private fund1 as defined in section #bjb7;a7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a774 7#aj7 ,interested party ,the term interested party has the meaning given the term in section #acajd7;f77#c77;,e74 7#aa7 ,member of ,congress2 supervising ethics office ,the terms ,member of ,congress and supervising ethics office have the meanings given those terms in section #acaja4 7#ab7 ,qualified blind trust ,the term qualified blind trust has the meaning given the term in section #acajd7;f77#c74 7#ac7 ,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#ad7 ,small business concern ,the term small business concern has the meaning given the term under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74 #acafb4 ,trading covered investments 7a7 ,ban on trading ,except as provided in subsection 7b7-- 7#a7 effective on the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act1 a covered person shall not purchase any covered investment2 7#b7 effective on the date that is #ij days after the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act1 a covered person shall not sell any covered investment1 except as provided in section #acafc7;a77#a72 and 7#c7 on and after the applicable effective date described in section #acafc7;j71 an individual who is a spouse or dependent child of a covered person shall not purchase any covered investment or sell any covered investment1 except as provided in section #acafc7;a77#a74 7b7 ,exception ,notwithstanding subsection 7a71 a covered person may divest a covered investment as directed by the relevant supervising ethics office pursuant to this subchapter4 7c7 ,joint covered investment ,any covered investment reported to the supervising ethics office as jointly owned by a covered person and the spouse of the covered person shall be deemed to be a covered investment of the covered person for purposes of this section4 #acafc4 ,addressing owned covered investments 7a7 ,covered persons 7#a7 ,divestiture 7,a7 ,requirements 7i7 ,officials sworn in before the date of enactment ,subject to paragraph 7#b7 and the amendments made under subsection 7b71 a covered person who is sworn into office on or before the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act1 not later than the effective date described in subsection 7j77#a71 subject to any extension granted under subparagraph 7,c77iii7 of this paragraph1 shall divest each covered investment owned or in the custody of-- 7,i7 the covered person2 or 7,,ii7 a spouse or dependent child of the covered person4 7ii7 ,officials sworn in after the date of enactment ,subject to paragraph 7#b7 and the amendments made under subsection 7b71 a covered person who is sworn into office after the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act1 not later than the effective date described in subsection 7j77#b71 subject to any extension granted under subparagraph 7,c77iii7 of this paragraph1 shall divest each covered investment owned or in the custody of-- 7,i7 the covered person2 or 7,,ii7 a spouse or dependent child of the covered person4 7,b7 ,illiquid investments 7i7 ,officials sworn in before the date of enactment ,in the case of a covered person who is sworn into office on or before the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act1 if the covered person commences a new term of service as a ,member of ,congress1 ,president1 or ,vice ,president after such date of enactment and holds an illiquid investment at that time1 the covered person shall divest the illiquid investment not later than the date that is-- 7,i7 after the effective date described in subsection 7j77#a72 and 7,,ii7 #ij days after the date on which the covered person is contractually permitted to sell the illiquid investment4 7ii7 ,officials sworn in after the date of enactment ,in the case of a covered person who is sworn after the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act1 if the covered person holds an illiquid investment on the date on which the covered person commences such term of service as a ,member of ,congress1 ,president1 or ,vice ,president1 the covered person shall divest the illiquid investment on the date that is-- 7,i7 after the effective date described in subsection 7j77#b72 and 7,,ii7 not later than #ij days after the date on which the covered person is contractually permitted to sell the illiquid investment4 7,c7 ,qualified blind trusts 7i7 ,prohibition on future qualified blind trusts ,except as provided in clause 7iii71 on and after the date that is #ahj days after the applicable effective date described in subsection 7j71 neither a covered person nor any spouse or dependent child of the covered person may maintain a qualified blind trust4 7ii7 ,mandatory sale of covered investments in existing qualified blind trusts 7,i7 ,in general ,the trustee of a qualified blind trust holding covered investments shall1 at a time elected by the covered person1 on behalf of a covered person1 and in accordance with clause 7iv7-- 7aa7 divest all covered investments held in the qualified blind trust for the purposes of complying with the divestiture requirements under this section1 in accordance with subparagraph 7,a72 and 7bb7 dissolve the qualified blind trust in accordance with this chapter and guidance from the supervising ethics office4 7,,ii7 ,notice of compliance 7aa7 ,notice of divestiture 7,,aa7 ,in general ,upon the completion of divestiture of all covered investments pursuant to subclause 7,i77aa71 the trustee shall submit to the supervising ethics office and the applicable covered person a written notice stating that the trustee has completed divestiture of all covered investments held in the qualified blind trust pursuant to subclause 7,i77aa74 7,,bb7 ,publication ,the supervising ethics office shall publish the notice required under subitem 7,,aa7 on the website of the supervising ethics office4 7bb7 ,notice of dissolution ,upon the dissolution of a qualified blind trust pursuant to subclause 7,i77bb71 the trustee shall submit to the supervising ethics office and the applicable covered person a written notice stating that the trust has dissolved the qualified blind trust pursuant to subclause 7,i77bb7 and shall include a list of the assets held in the qualified blind trust on the date of the dissolution of such trust and the category of value of each such asset4 7iii7 ,extension of mandatory sale of covered investments 7,i7 ,request ,each covered person who maintains a qualified blind trust established by the covered person1 or a spouse or dependent child of the covered person1 in any case in which the trustee of the qualified blind trust believes the size or complexity of the covered investments in the qualified blind trust warrant such extension may apply to the supervising ethics office for an extension of the period described in subparagraph 7,a74 7,,ii7 ,duration ,an extension granted under subclause 7,i7 shall not exceed #ij days4 7iv7 ,communications ,a covered person may communicate with and direct the trustee of their qualified blind trust for the purposes of-- 7,i7 determining when divestment of covered investments in the qualified blind trust should occur1 pursuant to subparagraph 7,a7 of this paragraph1 clause 7ii7 of this subparagraph1 or section #acafb7;b71 as applicable2 7,,ii7 determining which permitted property covered investments should be divested into2 and 7,,iii7 whether the trustee utilizes a certificate of divestiture pursuant to section #ajdc7;b7 of the ,internal ,revenue ,code of #aihf1 as amended by subsection 7b7 of this section4 7#b7 ,exception for dependents ,an individual who is a dependent child of a covered person may have a legal guardian hold or trade on behalf of the dependent child #a or more covered investments provided that the value of the covered investments in total does not exceed #aj1jjj4 7b7 ,tax treatment of divestitures 7#a7 ,in general ,section #ajdc7;b7 of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 in paragraph 7#a77;,a71 by inserting or a covered person 7as defined in section #acafa of title #e1 ,united ,states ,code71 after of the ,federal ,government12 7,b7 in paragraph 7#b77;,b7-- 7i7 by striking employees1 or and inserting employees12 and 7ii7 by inserting or the applicable supervising ethics office 7as defined in section #acaja of title #e1 ,united ,states ,code71 in the case of a covered person after judicial officers12 and 7,c7 in paragraph 7#c71 by striking or any diversified investment fund approved by regulations issued by the ,office of ,government ,ethics and inserting 1 any diversified investment fund approved by regulations issued by the ,office of ,government ,ethics 7in the case of any eligible person who is not a covered person 7as defined in section #acafa of title #e1 ,united ,states ,code771 or any diversified mutual fund or a diversified exchange-traded fund described in clause 7i7 or 7ii7 of section #acafa7b77;,b7 of title #e1 ,united ,states ,code 7in the case of any eligible person who is a covered person 7as so defined7744 7#b7 ,effective date ,the amendments made by this subsection shall apply to sales after the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act4 7c7 ,acquisitions during service 7#a7 ,in general ,subject to paragraph 7#b71 and any applicable rules issued pursuant to subsection 7h77#c71 effective beginning on the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act1 no covered person1 or spouse or dependent child of a covered person1 may acquire any covered investment4 7#b7 ,inheritances 7,a7 ,in general ,subject to subparagraph 7,b71 a covered person1 or a spouse or dependent child of a covered person1 who inherits a covered investment shall come into compliance as required under subsection 7a7 by not later than #abj days after the date on which the covered investment is inherited4 7,b7 ,extensions ,if a covered person1 or a spouse or dependent child of a covered person1 is unable to meet the requirements of subparagraph 7,a71 the applicable covered person may request1 and the supervising ethics office may grant1 #a or more reasonable extensions1 subject to the conditions that-- 7i7 the total period of time covered by all extensions granted for the covered investment shall not exceed #aej days2 and 7ii7 the period covered by a single extension shall be not longer than #de days4 7d7 ,family trusts 7#a7 ,in general ,a supervising ethics office may grant an exemption for a family trust only if-- 7,a7 no covered person1 or spouse or dependent child of a covered person-- 7i7 is a grantor of the family trust2 7ii7 contributed any asset to the family trust2 or 7iii7 has any authority over a trustee of the family trust1 including the authority to appoint1 replace1 or direct the actions of such a trustee2 and 7,b7 the grantor of the family trust is or was a family member of the covered person1 or the spouse or dependent child of the covered person4 7#b7 ,requests ,a covered person seeking an exemption under paragraph 7#a7 shall submit to the applicable supervising ethics office a request for the exemption1 in writing1 certifying that the conditions described in that paragraph are met4 7#c7 ,publication ,a supervising ethics office shall publish on the public website of the supervising ethics office-- 7,a7 a copy of each request submitted under paragraph 7#b72 and 7,b7 the written response of the supervising ethics office to each request described in subparagraph 7,a74 7e7 ,separation from service and cooling-off period required for control ,during the period beginning on the date on which an individual becomes a ,member of ,congress1 ,president1 or ,vice ,president and ending on the date that is #ij days after the date on which the individual ceases to serve as a ,member of ,congress1 ,president1 or ,vice ,president1 the covered person1 and any spouse or dependent child of the covered person1 may not1 except as provided in this section1 otherwise control a covered investment1 including purchasing new covered investments4 7f7 ,reporting requirements 7#a7 ,supervising ethics offices ,each supervising ethics office shall make available on the public website of the supervising ethics office-- 7,a7 a copy of-- 7i7 each notification submitted to the supervising ethics office in accordance with subsection 7a77#a77;,c77ii77,,ii72 7ii7 each notice and other documentation submitted to the supervising ethics office under this section2 and 7iii7 each written response and other documentation issued or received by the supervising ethics office under subsection 7d72 7,b7 not later than #cj days after a qualified blind trust maintained by a covered person is dissolved1 a written notice of the dissolution of the qualified blind trust2 and 7,c7 a description of each extension granted1 and each civil penalty imposed1 pursuant to this section4 7#b7 ,federal benefits 7,a7 ,covered payment ,in this paragraph1 the term covered payment-- 7i7 means a payment of money or any other item of value made1 or promised to be made1 by the ,federal ,government2 7ii7 includes-- 7,i7 a loan agreement1 contract1 or grant made1 or promised to be made1 by the ,federal ,government1 including such an agreement1 contract1 or grant relating to agricultural activity2 and 7,,ii7 such other types of payment of money or items of value as the supervising ethics office may establish1 by guidance2 and 7iii7 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 ,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 or a spouse or dependent child of a covered person1 including any business owned and controlled by the covered person1 spouse1 or dependent child1 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 7g7 ,enforcement 7#a7 ,in general ,the applicable supervising ethics office shall provide a written notice 7including notice of the potential for civil penalties under paragraph 7#b77 to any covered person if the covered person1 or the spouse or dependent child of the covered person1 as applicable-- 7,a7 fails to divest a covered investment owned by1 in the custody of1 or held in a qualified blind trust of1 the covered person or spouse or dependent child of a covered person1 in accordance with subsection 7a77#a71 subject to any extension under subsection 7a77#a77;,c77iii72 or 7,b7 acquires an interest in a covered investment in violation of this section4 7#b7 ,civil penalties 7,a7 ,in general ,in the event of continuing noncompliance after issuance of the notice described in paragraph 7#a71 the supervising ethics office shall impose a civil penalty1 in the amount described in subparagraph 7,b71 on a covered person to whom a notice is provided under subparagraph 7,a7 or 7,b7 of paragraph 7#a7-- 7i7 on the date that is #cj days after the date of provision of the notice2 and 7ii7 during the period in which such noncompliance continues1 not less frequently than once every #cj days thereafter4 7,b7 ,amount ,the amount of each civil penalty imposed on a covered person pursuant to subparagraph 7,a7 shall be equal to the greater of-- 7i7 the monthly equivalent of the annual rate of pay payable to the covered person2 and 7ii7 an amount equal to #aj percent of the value of each covered investment that was not divested in violation of this section during the period covered by the penalty4 7h7 ,duties of supervising ethics offices ,each supervising ethics office shall-- 7#a7 impose and collect civil penalties in accordance with subsection 7g72 7#b7 establish such procedures and standard forms as the supervising ethics office determines to be appropriate to implement this section2 7#c7 issue such rules and guidelines as the supervising ethics office determines to be appropriate for the implementation and application of this subchapter2 and 7#d7 publish on a website all documents and communications described in this subsection4 7i7 ,rule of construction ,nothing in this section shall be construed to prevent a covered person1 or a spouse or dependent child of a covered person1 from owning or trading-- 7#a7 a diversified mutual fund2 or 7#b7 a publicly traded1 diversified exchange traded fund4 7j7 ,effective date ,the effective date described in this subsection is the date on which-- 7#a7 in the case of a covered person who is sworn into office on or before the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act1 or the spouse or dependent child of such a covered person1 the date on which the covered person commences a new term of service as a ,member of ,congress1 ,president1 or ,vice ,president after such date of enactment2 or 7#b7 in the case of a covered person who is sworn into office after the date of enactment of the ,halting ,ownership and ,non-,ethical ,stock ,transactions 7,,honest7 ,act1 or the spouse or dependent child of such a covered person1 the date on which the covered person commences such term of service as a ,member of ,congress1 ,president1 or ,vice ,president4 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--,certain assets of ,members of ,congress1 the ,president1 the ,vice ,president1 and their spouses and dependent children#acafa4 ,definitions4 #acafb4 ,trading covered investments#acafc4 ,addressing owned covered investments 4 7c7 ,technical and conforming amendments 7#a7 ,title #e ,title #e1 ,united ,states ,code1 is amended-- 7,a7 in section #acajc7;f7-- 7i7 in paragraph 7#i71 by striking as defined in section #acaja of this title2 7ii7 in paragraph 7#aj71 by striking as defined in section #acaja of this title2 7iii7 in paragraph 7#aa71 by striking as defined in section #acaja of this title2 and 7iv7 in paragraph 7#ab71 by striking as defined in section #acaja of this title2 and 7,b7 in section #acabb7;f77#b77;,b7-- 7i7 by striking ,subject to clause 7iv7 of this subparagraph1 before each place it appears and inserting ,before2 and 7ii7 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 ,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 section #acaja7aa7 and inserting section #acaja2 and 7,b7 in subsection 7h77#b7-- 7i7 in subparagraph 7,b71 by striking in section #acaja7i7 and inserting under section #acaja2 and 7ii7 in subparagraph 7,c71 by striking section #acaja7aj7 and inserting section #acaja4 #c4 ,penalty for ,,stock ,act noncompliance 7a7 ,fines for failure to report 7#a7 ,in general ,the ,,stock ,act 7,public ,law #aab-aje2 #abf ,stat4 #bia7 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 a reporting 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 reporting individual fails to file a transaction report required under this ,act or an amendment made by this ,act4 7b7 ,deposit in ,treasury ,the fines paid under this section shall be deposited in the miscellaneous receipts of the ,treasury4 4 7#b7 ,effective date ,the amendment made by paragraph 7#a7 shall apply on and after ,march #ca1 #bjbg4 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 #acaja of title #e1 ,united ,states ,code7 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 #d4 ,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 ,house of ,representatives and the ,senate 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 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 #acaje7l72 and 7,,iii7 notice of extension1 amendment1 or blind trust1 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 7b7 ,effective date ,the amendments made by this section shall take effect on the date that is #ah months after the date of enactment of this ,act4 #e4 ,severability ,if any provision of this ,act1 an amendment made by this ,act1 or the application of such provision or amendment to any person or circumstance is held to be unconstitutional1 the remainder of this ,act and of the amendments made by this ,act1 and the application of the remaining provisions of this ,act and amendments to any person or circumstance1 shall not be affected4 ,december #aj1 #bjbe,reported with an amendment