,,ii  #aaith ,,congress  #ast ,session  
,s4 #cbja  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,november #ai1 
#bjbe,mr4 ,sheehy 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 to     
prohibit transactions involving certain 
assets by ,members of ,congress1 to     
require ,members of ,congress and their 
spouses and dependent children to place 
certain assets into blind trusts1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,good    
,government ,act of #bjbe4  #b4 ,covered
 financial instruments of ,members of   
,congress 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 ,covered   
financial instruments of ,members of    
,congress 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 financial         
instrument  7,a7 ,in general ,the term  
covered financial instrument means-- 7i7
 any investment in-- 7,i7 a security2   
7,,ii7 a security future2 or  7,,iii7 a 
commodity2 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 ,inclusions ,the term      
covered financial instrument includes an
 investment or economic interest        
described in subparagraph 7,a7 that is  
held directly1 or in which an individual
 has an indirect1 beneficial1 or        
economic interest1 through-- 7i7 an     
investment fund2  7ii7 a trust 7other   
than a qualified blind trust72  7iii7 an

 employee benefit plan2 or  7iv7 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,c7  
,exclusions ,the term covered financial 
instrument 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 a spouse 
or dependent child of a ,member of      
,congress2 or  7v7 any investment fund  
held in a ,federal1 ,state1 or local    
government employee retirement plan4    
7,d7 ,clarification ,an investment that 
achieves compliance with applicable     
environmental1 social1 and governance   
criteria shall not be considered to be a
 covered financial instrument solely by 
reason of that compliance4  7#c7        
,current ,the term current1 with respect

 to a ,member of ,congress1 means an    
individual who is serving as a ,member  
of ,congress on the date of enactment of
 the ,good ,government ,act of #bjbe4   
7#d7 ,dependent child2 ,member of       
,congress ,the terms dependent child and
 ,member of ,congress have the meanings 
given those terms in section #acaja4    
7#e7 ,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    
industry1 business1 single country other
 than the ,united ,states1 or bonds of a
 single ,state4  7#f7 ,initial property 
,the term initial property means an     
asset or financial interest transferred 
to a qualified blind trust by1 or on    
behalf of1 an interested party or a     
relative of an interested party1        
regardless of whether the asset or      
financial interest is transferred to the
 qualified blind trust on or after the  
date of establishment of the qualified  

blind trust4  7#g7 ,interested party    
,the term interested party has the      
meaning given the term in section       
#acajd7;f77#c77;,e74  7#h7 ,new ,the    
term new1 with respect to a ,member of  
,congress1 means an individual who--    
7,a7 is not a current ,member of        
,congress2 but  7,b7 commences service  
as a ,member of ,congress after the date
 of enactment of the ,good ,government  
,act of #bjbe4  7#i7 ,qualified blind   
trust ,the term qualified blind trust   
means a qualified blind trust1 as       
defined in section #acajd7;f77#c71 that 
has been approved in writing by the     
applicable supervising ethics office    
under section #acajd7;f77#c77;,d74      
7#aj7 ,security2 security future ,the   
terms security and security future have 
the meanings given those terms in       
section #c7;a7 of ,securities ,exchange 
,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a774 
7#aa7 ,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 ,except as provided in     
section #acafc1 a ,member of ,congress1 
or any spouse or dependent child 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  #acafc4  
,divestment and placement of covered    
financial instruments in qualified blind
 trusts  7a7 ,current ,members of       
,congress  7#a7 ,certification ,not     
later than #cj days after the date of   
enactment of the ,good ,government ,act 
of #bjbe1 each current ,member of       
,congress shall submit to the applicable
 supervising ethics office a            
certification that1 as applicable-- 7,a7
 for each covered financial instrument  
owned by the ,member of ,congress or a  
spouse or dependent child of the ,member

 of ,congress1 the ,member of ,congress1
 or the applicable spouse or dependent  
child of the ,member of ,congress1 will1
 in accordance with paragraph 7#b7-- 7i7
 divest the covered financial           
instrument2 or  7ii7 place the covered  
financial instrument in a qualified     
blind trust1 including by establishing a
 qualified blind trust for that purpose1
 if necessary2 or  7,b7 neither the     
,member of ,congress nor any spouse or  
dependent child of the ,member of       
,congress owns a covered financial      
instrument4  7#b7 ,divestiture or       
placement in qualified blind trust  7,a7
 ,requirement ,subject to paragraph     
7#c71 not later than #abj days after the
 date of enactment of the ,good         
,government ,act of #bjbe1 each current 
,member of ,congress shall divest1 or   
place in a qualified blind trust        
7including by establishing a qualified  
blind trust for that purpose1 if        
necessary71 each covered financial      
instrument owned by the ,member of      

,congress or a spouse or dependent child
 of the ,member of ,congress4  7,b7     
,divestiture ,a current ,member of      
,congress shall divest a covered        
financial instrument held by the ,member
 of ,congress or a spouse or dependent  
child of the ,member of ,congress if--  
7i7 the ,member of ,congress1 or the    
applicable spouse or dependent child of 
the ,member of ,congress1 is unable to  
place the covered financial instrument  
in a qualified blind trust by the date  
described in subparagraph 7,a72 and     
7ii7 the ,member of ,congress fails to  
obtain an extension pursuant to         
paragraph 7#c74  7#c7 ,extensions ,if a 
current ,member of ,congress1 or a      
spouse or dependent child of the ,member
 of ,congress1 is unable to place a     
covered financial instrument in a       
qualified blind trust by the date       
described in paragraph 7#b77;,a71 the   
,member of ,congress may request1 and   
the supervising ethics office may grant1
 #a or more reasonable extensions1      

subject to the conditions that-- 7,a7   
the total period of time covered by all 
extensions granted to the ,member of    
,congress for the covered financial     
instrument shall not exceed #ahj days2  
and  7,b7 the period covered by a single
 extension shall be not longer than #de 
days4  7b7 ,new ,members of ,congress   
7#a7 ,certification ,not later than #cj 
days after the date on which an         
individual becomes a new ,member of     
,congress1 the new ,member of ,congress 
shall submit to the applicable          
supervising ethics office a             
certification that1 as applicable-- 7,a7
 for each covered financial instrument  
owned by the ,member of ,congress or a  
spouse or dependent child of the ,member
 of ,congress1 the ,member of ,congress1
 or the applicable spouse or dependent  
child of the ,member of ,congress1      
will-- 7i7 divest the covered financial 
instrument2 or  7ii7 place the covered  
financial instrument in a qualified     
blind trust1 including by establishing a

 qualified blind trust for that purpose1
 if necessary2 or  7,b7 neither the     
,member of ,congress nor a spouse or    
dependent child of the ,member of       
,congress owns a covered financial      
instrument4  7#b7 ,divestiture or       
placement in qualified blind trust  7,a7
 ,requirement ,subject to paragraph     
7#c71 not later than #abj days after the
 date on which an individual becomes a  
new ,member of ,congress1 the individual
 shall divest1 or place in a qualified  
blind trust 7including by establishing a
 qualified blind trust for that purpose1
 if necessary71 each covered financial  
instrument owned by the ,member of      
,congress or a spouse or dependent child
 of the ,member of ,congress4  7,b7     
,divestiture ,a new ,member of ,congress
 shall divest a covered financial       
instrument held by the ,member of       
,congress or a spouse or dependent child
 of the ,member of ,congress if-- 7i7   
the ,member of ,congress1 or the        
applicable spouse or dependent child of 

the ,member of ,congress1 is unable to  
place the covered financial instrument  
in a qualified blind trust by the date  
described in subparagraph 7,a72 and     
7ii7 the ,member of ,congress fails to  
obtain an extension pursuant to         
paragraph 7#c74  7#c7 ,extensions ,if a 
new ,member of ,congress1 or a spouse or
 dependent child of the ,member of      
,congress1 is unable to place a covered 
financial instrument in a qualified     
blind trust by the date described in    
paragraph 7#b77;,a71 the ,member of     
,congress may request1 and the          
supervising ethics office may grant1 #a 
or more reasonable extensions1 subject  
to the conditions that-- 7,a7 the total 
period of time covered by all extensions
 granted to the ,member of ,congress for
 the covered financial instrument shall 
not exceed #ahj days2 and  7,b7 the     
period covered by a single extension    
shall be not longer than #de days4  7c7 
,mingling of assets ,a spouse or        
dependent child of a ,member of         

,congress may place a covered financial 
instrument in a qualified blind trust   
established by the ,member of ,congress 
under subsection 7a77#b77;,a7 or        
7b77#b77;,a71 as applicable4  7d7       
,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 ,congress and ending on the  
date that is #ahj days after the date on
 which the individual ceases to serve as
 a ,member of ,congress1 the ,member of 
,congress1 and any spouse or dependent  
child of the ,member of ,congress1 may  
not-- 7#a7 dissolve any qualified blind 
trust in which a covered financial      
instrument has been placed pursuant to  
subsection 7a7 or 7b72 or  7#b7 except  
as provided in this section1 otherwise  
control a covered financial instrument4 
7e7 ,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 certification submitted to
 the supervising ethics office under    
subsection 7a77#a7 or 7b77#a72  7ii7    
each qualified blind trust agreement of 
each ,member of ,congress2 and  7iii7   
each notice and other documentation     
submitted to the supervising ethics     
office under paragraph 7#b7 or 7#c72    
7,b7 a schedule of all assets placed in 
a qualified blind trust by each ,member 
of ,congress and interested party2 and  
7,c7 a description of each extension    
granted1 and each civil penalty imposed1
 pursuant to this section4  7#b7        
,trustees ,each trustee of a qualified  
blind trust established by a ,member of 
,congress shall submit to the ,member of
 ,congress and the applicable           
supervising ethics office a written     
notice in any case in which the         
trustee-- 7,a7 learns that-- 7i7 an     
interested party has obtained knowledge 
of any trust property other than the    
initial property of the qualified blind 

trust2 or  7ii7 the value of the initial
 property of the qualified blind trust  
is less than #a1jjj2 or  7,b7 divests   
any initial property of the qualified   
blind trust4  7#c7 ,members of ,congress
 ,each ,member of ,congress who is a    
beneficiary of a qualified blind trust  
shall submit to the applicable          
supervising ethics office-- 7,a7 a copy 
of the executed qualified blind trust   
agreement by not later than #cj days    
after the date of execution2  7,b7 a    
list of each asset and each financial   
interest transferred to the qualified   
blind trust by an interested party by   
not later than #cj days after the date  
of the transfer2  7,c7 a copy of each   
notice submitted to the ,member of      
,congress under paragraph 7#b7 by not   
later than #cj days after the date of   
receipt2  7,d7 a written notice that an 
interested party has obtained knowledge 
of any holding of the qualified blind   
trust by not later than the date that is
 #cj days after the date on which the   

,member of ,congress discovered that the
 knowledge had been obtained2 and  7,e7 
a written notice of dissolution of the  
qualified blind trust by not later than 
#cj days after the date of dissolution4 
#acafd4 ,annual certification of        
compliance ,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    
#acafe4 ,enforcement  7a7 ,in general   
,the applicable supervising ethics      
office shall provide a written notice   
7including notice of the potential for  
civil penalties under subsection 7e77 to
 any ,member of ,congress who-- 7#a7    
fails-- 7,a7 to submit a certification  
under subsection 7a77#a7 or 7b77#a7 of  
section #acafc by the date on which the 
certification is required to be         
submitted2  7,b7 to place #a or more    
covered financial instruments owned by  

the ,member of ,congress or a spouse or 
dependent child of the ,member of       
,congress in a qualified blind trust in 
accordance with subsection 7a77#b7 or   
7b77#b7 of section #acafc by the        
applicable deadline1 subject to any     
extension under subsection 7a77#c7 or   
7b77#c7 of that section2 or  7,c7 to    
submit an annual certification under    
section #acafd2 or  7#b7 otherwise      
violates this subchapter4  7b7 ,hearing 
,any ,member of ,congress to whom a     
notice has been provided under          
subsection 7a7 shall be afforded an     
opportunity1 with respect to each       
alleged violation that is the subject of
 the notice-- 7#a7 for a hearing2 and   
7#b7 to achieve compliance with the     
requirements of this subchapter4  7c7   
,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          

subchapter4  7d7 ,fines  7#a7 ,in       
general ,a supervising ethics office    
shall impose a civil penalty1 in the    
amount described in paragraph 7#b71 on a
 ,member of ,congress to whom a notice  
is provided under subsection 7a7-- 7,a7 
on the date that is #cj days after the  
date of provision of the notice2 and    
7,b7 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     
paragraph 7#a7 shall be equal to the    
monthly equivalent of the annual rate of
 pay payable to the ,member of          
,congress4  #acaff4 ,authority of       
supervising ethics committees ,each     
supervising ethics committee may        
implement and enforce the requirements  
of this subchapter1 including by-- 7#a7 
issuing-- 7,a7 for ,members of          
,congress-- 7i7 rules governing that    
implementation and enforcement2 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 a      
publicly available website a description
 of-- 7,a7 with respect to each civil   
penalty assessed by the supervising     
ethics committee pursuant to section    
#acafe-- 7i7 the amount of such civil   
penalty2  7ii7 the reasons why each     
civil penalty fine was assessed2 and    
7iii7 the result of each assessment1    
including any hearing under section     
#acafe7;b7 relating to the assessment2  
7,b7 the information described in       
section #acafc7;f77#a72 and  7,c7 each  
notice1 rule1 and other documentation   
issued or received by the supervising   
ethics office under this subchapter2 and
  7#c7 establish such procedures and    
standard forms as the supervising ethics
 office determines to be appropriate to 

implement this subchapter4  #acafg4     
,audit by ,government ,accountability   
,office ,not later than #b years after  
the date of enactment of the ,good      
,government ,act of #bjbe1 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--,covered financial instruments of 
,members of ,congress and their spouses 
and dependent children#acafa4           
,definitions4#acafb4 ,prohibition on    
certain transactions and holdings       
involving covered financial             
instruments4#acafc4 ,divestment and     

placement of covered financial          
instruments in qualified blind          
trusts4#acafd4 ,annual certification of 
compliance4#acafe4 ,enforcement4#acaff4 
,authority of supervising ethics        
committees4#acafg4 ,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 as defined in section 
#acaja of this title2  7,b7 in paragraph
 7#aj71 by striking as defined in       
section #acaja of this title2  7,c7 in  
paragraph 7#aa71 by striking as defined 
in section #acaja of this title2 and    
7,d7 in paragraph 7#ab71 by striking as 
defined in section #acaja of this title4
  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