Current status is Referred to the Committee on House Administration, and in addition to the Committees on Oversight and Government Reform, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

119th CONGRESS

1st Session

H. R. 4890

1. Short title
2. Placement of certain assets of Members of Congress and their spouses and dependent children in qualified blind trusts
3. Penalty for STOCK Act noncompliance
4. Electronic filing and online public availability of financial disclosure forms
5. Severability

1. Short title

This Act may be cited as the "Ending Trading and Holdings in Congressional Stocks (ETHICS) Act".

2. Placement of certain assets of Members of Congress and their spouses and dependent children in qualified blind trusts

(a) In general - Chapter 131 of title 5, United States Code, is amended by adding at the end the following:

(b) Clerical amendment - The table of sections for chapter 131 of title 5, United States Code, is amended by adding at the end the following:

(1) Title 5 - Title 5, United States Code, is amended—

(A) - in section 13103(f)—

(i) - in paragraph (9), by striking "as defined in section 13101 of this title";

(ii) - in paragraph (10), by striking "as defined in section 13101 of this title";

(iii) - in paragraph (11), by striking "as defined in section 13101 of this title"; and

(iv) - in paragraph (12), by striking "as defined in section 13101 of this title"; and

(B) - in section 13122(f)(2)(B)—

(i) - by striking "Subject to clause (iv) of this subparagraph, before" each place it appears and inserting "Before"; and

(ii) - by striking clause (iv).

(2) Lobbying Disclosure Act of 1995 - Section 3(4)(D) of the Lobbying Disclosure Act of 1995 (2 U.S.C. 1602(4)(D)) is amended by striking "legislative branch employee serving in a position described under section 13101(13) of title 5, United States Code" and inserting "officer or employee of Congress (as defined in section 13101 of title 5, United States Code)".

(3) Securities Exchange Act of 1934 - Section 21A of the Securities Exchange Act of 1934 (15 U.S.C. 78u–1) is amended—

(A) - in subsection (g)(2)(B)(ii), by striking "section 13101(11)" and inserting "section 13101"; and

(B) - in subsection (h)(2)—

(i) - in subparagraph (B), by striking "in section 13101(9)" and inserting "under section 13101"; and

(ii) - in subparagraph (C), by striking "section 13101(10)" and inserting "in section 13101".

3. Penalty for STOCK Act noncompliance

(a) Fines for failure To report -

(1) In general - The STOCK Act (Public Law 112–105; 126 Stat. 291; 126 Stat. 1310; 127 Stat. 438; 132 Stat. 4167) is amended by adding at the end the following:

20. Fines for failure to report

(a) In general - Notwithstanding any other provision of law (including regulations), a reporting individual shall be assessed a fine, pursuant to regulations issued by the applicable supervising ethics office (including the Administrative Office of the United States Courts, as applicable), of $500 in each case in which the reporting individual fails to file a transaction report required under this Act or an amendment made by this Act.

(b) Deposit in the Treasury - The fines paid under this section shall be deposited in the miscellaneous receipts of the Treasury.

(2) Effective date - The amendments made by paragraph (1) shall take effect on the date on which the reporting individual who is a Member of Congress commences the first new term of service as a Member of Congress on or after January 31, 2023.

(b) Rules, regulations, guidance, and documents - Not later than 1 year after the date of enactment of this Act, each supervising ethics office (as defined in section 2 of the STOCK Act (5 U.S.C. App. 101 note)) (including the Administrative Office of the United States Courts, as applicable) shall amend the rules, regulations, guidance, documents, papers, and other records of the supervising ethics office in accordance with the amendment made by this section.

4. Electronic filing and online public availability of financial disclosure forms

(a) Members of Congress and congressional staff - Section 8(b)(1) of the STOCK Act (5 U.S.C. App. 105 note) is amended—

(1) - in the matter preceding subparagraph (A), by inserting ", pursuant to subchapter I of chapter 131 of part IV of title 5, United States Code, through databases maintained on the official websites of the House of Representatives and the Senate" after "enable"; and

(2) - by striking subparagraph (B) and the undesignated matter following that subparagraph and inserting the following:

(B) - public access—

(i) - to each—

(I) - financial disclosure report filed by a Member of Congress or a candidate for Congress;

(II) - transaction disclosure report filed by a Member of Congress or a candidate for Congress pursuant to subsection (l) of that section; and

(III) - notice of extension, amendment, or blind trust, with respect to a report described in subclause (I) or (II), pursuant to subchapter I of chapter 131 of part IV of title 5, United States Code; and

(ii) - in a manner that—

(I) - allows the public to search, sort, and download data contained in the reports described in subclause (I) or (II) of clause (i) by criteria required to be reported, including by filer name, asset, transaction type, ticker symbol, notification date, amount of transaction, and date of transaction;

(II) - allows access through an application programming interface; and

(III) - is fully compliant with—

(aa) - section 508 of the Rehabilitation Act of 1973 (29 U.S.C. 794d); and

(bb) - the most recent Web Content Accessibility Guidelines (or successor guidelines).

(b) Effective date - The amendments made by this section take effect on the date that is 18 months after the date of enactment of this Act.

5. Severability

If any provision of this Act, an amendment made by this Act, or the application of such provision or amendment to any person or circumstance is held to be unconstitutional, the remainder of this Act and of the amendments made by this Act, and the application of the remaining provisions of this Act and amendments to any person or circumstance, shall not be affected.

119-HR4890

Ending Trading and Holdings in Congressional Stocks (ETHICS) Act