119-hr4890

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4890 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 4890

To amend chapter 131 of title 5, United States Code, to prevent Members 
 of Congress and their spouses and dependent children from trading 
 stocks and owning stocks, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 August 5, 2025

 Mr. Krishnamoorthi (for himself, Mr. Cloud, Ms. Ocasio-Cortez, Mr. 
Neguse, Mr. Riley of New York, and Mrs. Kiggans of Virginia) introduced 
 the following bill; which was 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

_______________________________________________________________________

 A BILL

To amend chapter 131 of title 5, United States Code, to prevent Members 
 of Congress and their spouses and dependent children from trading 
 stocks and owning stocks, and for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Ending Trading and Holdings in 
Congressional Stocks

    (ETHICS) Act''.

SEC. 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:

 ``Subchapter IV--Certain Assets of Members of Congress and Their 
 Spouses and Dependent Children

``

Sec. 13161. Definitions
 ``In this title:
 ``

    (1) Commodity.--The term `commodity' has the meaning 
 given the term in 

section 1a of the Commodity Exchange Act (7 
 U.S.C. 1a).
 ``

    (2) Covered investment.--
 ``
        (A) In general.--The term `covered investment' 
 means--
 ``
            (i) an investment in--
 ``
            (I) a security;
 ``
            (II) a commodity; or
 ``
            (III) a future;
 ``
            (ii) any economic interest comparable to 
 an interest described in clause
            (i) that is 
 acquired through synthetic means, such as the 
 use of a derivative, including an option, 
 warrant, or other, similar means; or
 ``
            (iii) any interest described in clause
            (i) or
            (ii) that is held directly, or in which 
 an individual has an indirect, beneficial, or 
 economic interest, through--
 ``
            (I) an investment fund or holding 
 company;
 ``
            (II) a trust (other than a 
 qualified blind trust);
 ``
            (III) an employee benefit plan; 
 or
 ``
            (IV) a deferred compensation 
 plan, including a carried interest or 
 other agreement tied to the performance 
 of an investment, other than a fixed 
 cash payment.
 ``
        (B) Exclusions.--The term `covered investment' 
 does not include--
 ``
            (i) a diversified mutual fund (including 
 any holdings of such a fund);
 ``
            (ii) a diversified exchange-traded fund 
 (including any holdings of such a fund);
 ``
            (iii) a United States Treasury bill, 
 note, or bond;
 ``
            (iv) compensation from the primary 
 occupation of the spouse of a Member of 
 Congress, 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 spouse;
 ``
            (v) holding and acquiring any security 
 that is issued or paid as compensation from 
 corporate board service by the spouse of a 
 Member of Congress, including the dividend 
 reinvestment in the same security received from 
 the corporate board service by the spouse of a 
 Member of Congress;
 ``
            (vi) any covered investment that is 
 traded by the spouse of a Member of Congress in 
 the course of performing the primary occupation 
 of such a spouse, provided the investment is 
 not owned by a covered person;
 ``
            (vii) any investment fund held in a 
 Federal, State, or local government employee 
 retirement plan;
 ``
            (viii) a tax-free State or municipal 
 bond;
 ``
            (ix) an interest in a small business 
 concern, if the supervising ethics office 
 determines that the small business concern does 
 not present a conflict of interest, and, in the 
 case of an investment in a family farm or ranch 
 that qualifies as an interest in a small 
 business concern, a future or commodity 
 directly related to the farming activities and 
 products of the farm or ranch;
 ``
            (x) holding investment-grade corporate 
 bonds, provided that the corporate bonds are 
 held by an individual who is a covered person 
 on the date of enactment of the Ending Trading 
 and Holdings in Congressional Stocks

    (ETHICS) Act;
 ``
            (xi) any share of Settlement Common Stock 
 issued under 

section 7

    (g)

    (1)
        (A) of the Alaska 
 Native Claims Settlement Act (43 U.S.C. 
 1606

    (g)

    (1)
        (A) ); or
 ``
            (xii) any share of Settlement Common 
 Stock, as defined in 

section 3 of the Alaska 
 Native Claims Settlement Act (43 U.S.C. 1602).
 ``

    (3) Covered person.--The term `covered person' means--
 ``
        (A) a Member of Congress; and
 ``
        (B) a spouse or dependent child of a Member of 
 Congress.
 ``

    (4) Custody.--The term `custody' has the meaning given 
 the term in 

section 275.206

    (4) -2
            (d) of title 17, Code of 
 Federal Regulations (as in effect on the date of enactment of 
 the Ending Trading and Holdings in Congressional Stocks

    (ETHICS) Act or a successor regulation).
 ``

    (5) Dependent child.--The term `dependent child' means, 
 with respect to any Member of Congress any individual who is--
 ``
        (A) under the age of 19; and
 ``
        (B) a dependent of the Member of Congress within 
 the meaning of 

section 152 of the Internal Revenue Code 
 of 1986.
 ``

    (6) Diversified.--The term `diversified', with respect to 
 a fund, trust, or plan, means that the fund, trust, or plan 
 does not have a stated policy of concentrating its investments 
 in any industry, business, or single country other than the 
 United States.
 ``

    (7) Future.--The term `future' means--
 ``
        (A) a security future (as defined in 

section 3

    (a) of the Securities Exchange Act of 1934 (15 U.S.C. 
 78c

    (a) )); and
 ``
        (B) any other contract for the sale of a 
 commodity for future delivery.
 ``

    (8) Illiquid investment.--The term `illiquid investment' 
 means an interest in a private fund, as defined in 

section 202

    (a)

    (29) of the Investment Advisers Act of 1940 (15 U.S.C. 
 80b-2).
 ``

    (9) Initial property.--The term `initial property' means 
 an asset or financial interest transferred to a qualified blind 
 trust by, or on behalf of, an interested party or a relative of 
 an interested party, 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 
 trust.
 ``

    (10) Interested party.--The term `interested party' has 
 the meaning given the term in 

section 102

    (f)

    (3)
        (E) .
 ``

    (11) Member of congress; supervising ethics office.--The 
 terms `Member of Congress' and `supervising ethics office' have 
 the meaning given those terms in 

section 13101.
 ``

    (12) Qualified blind trust.--The term `qualified blind 
 trust' means a qualified blind trust (as defined in 

section 13104

    (f)

    (3) ) that has been approved in writing by the 
 applicable supervising ethics office under 

section 13104

    (f)

    (3)
            (D) .
 ``

    (13) Security.--The term `security' has the meaning given 
 the term in 

section 3

    (a) of the Securities Exchange Act of 1934 
 (15 U.S.C. 78c

    (a) ).
 ``

    (14) Small business concern.--The term `small business 
 concern' has the meaning given the term under 

section 3 of the 
 Small Business Act (15 U.S.C. 632).
``

Sec. 13162. Trading covered investments
 ``

    (a) Ban on Trading.--Except as provided in subsections

    (b) and
            (c) --
 ``

    (1) effective on the date of enactment of the Ending 
 Trading and Holdings in Congressional Stocks

    (ETHICS) Act, a 
 Member of Congress shall not purchase any covered investment;
 ``

    (2) effective on the date that is 90 days after the date 
 of enactment of the Ending Trading and Holdings in 
 Congressional Stocks

    (ETHICS) Act, a Member shall of Congress 
 not sell any covered investment, except as provided in 

section 203

    (a)

    (2) ; and
 ``

    (3) on and after the effective date described in 

section 203

    (k) , a covered person that is a spouse or dependent child of 
 a Member of Congress shall not purchase any covered investment 
 or sell any covered investment, except as provided in 

section 203

    (a)

    (2) .
 ``

    (b) Optional Divestment Window.--Notwithstanding subsection

    (a) --
 ``

    (1) a Member of Congress who is sworn as a Member of 
 Congress on or before the date of enactment of the Ending 
 Trading and Holdings in Congressional Stocks

    (ETHICS) Act may 
 sell a covered investment within 90 days of the date of 
 enactment of such Act, provided that the Member of Congress may 
 not sell any covered investment at any time outside of that 
 period while the Member of Congress serves the term for which 
 the Member of Congress was elected or is reelected or appointed 
 as a Member of Congress except as provided in 

section 203

    (a)

    (2) ; and
 ``

    (2) a Member of Congress who is sworn as a Member of 
 Congress after the date of enactment of the Ending Trading and 
 Holdings in Congressional Stocks

    (ETHICS) Act may sell a 
 covered investment within 90 days of commencing the term of 
 service as a Member of Congress, provided that the Member of 
 Congress may not sell any covered investment at any time 
 outside of that period while the Member of Congress serves the 
 term for which the Member of Congress was elected or is 
 reelected or appointed as a Member of Congress except as 
 provided in 

section 203

    (a)

    (2) .
 ``
            (c) Exception.--Notwithstanding subsection

    (a) , a covered person 
may divest a covered investment as directed by the relevant supervising 
ethics office pursuant to this Act.
 ``
            (d) Joint Covered Investment.--Any covered investment reported to 
the supervising ethics office as jointly owned by a Member of Congress 
and the spouse of the Member of Congress shall be deemed to be a 
covered investment of the Member of Congress for purposes of this 
section.
``

Sec. 13163. Addressing owned covered investments
 ``

    (a) Members of Congress.--
 ``

    (1) Certification.--Not later than 60 days after the 
 applicable effective date described in subsection

    (j) , a Member 
 of Congress shall submit to the supervising ethics office a 
 certification, which the supervising ethics office shall 
 publish online that certifies that--
 ``
        (A) each covered investment owned by, or in the 
 custody of, the Member of Congress, or a spouse or 
 dependent child of the Member of Congress, will, by the 
 applicable deadline under paragraph

    (2) , be--
 ``
            (i) divested, as described in paragraph

    (2)
        (B) ; or
 ``
            (ii) placed in a qualified blind trust, 
 including through the establishment of a 
 qualified blind trust for that purpose, if 
 necessary, as described in paragraph

    (2)
        (A) ; 
 and
 ``
        (B) no spouse or dependent child of the Member of 
 Congress owns, or has custody of, covered investments 
 with a cumulative amount equal to more than $10,000, in 
 accordance with paragraph

    (6) .
 ``

    (2) Divestiture or placement in qualified blind trust.--
 ``
        (A) Requirement.--Subject to paragraphs

    (3) and

    (6) and subsection

    (b)

    (2) , not later than 120 days 
 after the applicable effective date described in 
 subsection

    (j) , a Member of Congress shall divest, or 
 place in a qualified blind trust (including by 
 establishing a qualified blind trust for that purpose, 
 if necessary), each covered investment owned or in the 
 custody of--
 ``
            (i) the Member of Congress; or
 ``
            (ii) a spouse or dependent child of the 
 Member of Congress.
 ``
        (B) Divestiture.--A covered person shall divest 
 any covered investment owned by or in the custody of 
 the covered person that is not placed in a qualified 
 blind trust not later than the date described in 
 subparagraph
        (A) , subject to any extension granted 
 under paragraph

    (3) .
 ``
            (C) Qualified blind trusts.--
 ``
            (i) Mandatory sale of initial property in 
 qualified blind trust.--
 ``
            (I) In general.--Subject to 
 clause
            (ii) , if a covered person 
 places, or has placed before the 
 applicable effective date described in 
 subsection

    (j) , 1 or more covered 
 investments in a qualified blind trust, 
 the trustee of the qualified blind 
 trust shall divest any such covered 
 investment not later than the date 
 specified in subclause
            (II) .
 ``
            (II) Deadline.--The date 
 specified in this subclause is--
 ``

    (aa) with respect to a 
 covered investment placed in a 
 qualified blind trust before 
 the applicable effective date 
 described in subsection

    (j) , 
 120 days after such applicable 
 effective date; and
 ``

    (bb) with respect to a 
 covered investment placed in a 
 qualified blind trust on or 
 after the applicable effective 
 date described in subsection

    (j) , 120 days after the date of 
 creation of the qualified blind 
 trust, as dated by the executed 
 qualified blind trust 
 agreement.
 ``
            (III) Notice of compliance.--
 ``

    (aa) In general.--Subject 
 to item

    (bb) , upon completion 
 of the divestiture of all 
 initial property pursuant to 
 subclause
            (I) --

 ``

    (AA) the trustee 
 of a qualified blind 
 trust shall submit to 
 the supervising ethics 
 office and each 
 beneficiary of the 
 trust a written notice 
 stating that all 
 initial property of the 
 qualified blind trust 
 has been divested; and

 ``

    (BB) the 
 supervising ethics 
 office shall publish 
 the notice described in 
 subitem

    (AA) on the 
 website of the 
 supervising ethics 
 office.

 ``

    (bb) Contents.--Each 
 notice described in item

    (aa) 

    (AA) --

 ``

    (AA) shall only 
 identify the initial 
 property generally by 
 referring to the 
 complete list of assets 
 described in 

section 102

    (f)

    (5)
        (A)
            (ii) of the 
 Ethics in Government 
 Act (5 U.S.C. App.); 
 and

 ``

    (BB) may not 
 contain any other 
 information relating to 
 any holding of the 
 qualified blind trust 
 or the timing of any 
 divestiture.

 ``
            (ii) Extension of mandatory sale of 
 initial property.--
 ``
            (I) Request.--A covered person 
 may apply to the supervising ethics 
 office for an extension of the period 
 described in clause
            (i) 
            (I) if the size 
 or complexity of the covered 
 investments in the qualified blind 
 trust warrant such extension.
 ``
            (II) Duration.--An extension 
 granted under subclause
            (I) shall not 
 exceed 90 days.
 ``
            (D) Illiquid investments.--
 ``
            (i) Sale.--Not later than 90 days after 
 the date on which a covered person is 
 contractually permitted to sell an illiquid 
 investment, the covered person shall divest the 
 illiquid investment.
 ``
            (ii) Prohibition.--A covered person may 
 not place an illiquid investment in any 
 qualified blind trust under subparagraph
        (A) .
 ``
        (E) Trustees.--A trustee of a qualified blind 
 trust--
 ``
            (i) shall be required to be a financial 
 institution, as defined in 

section 1a of the 
 Commodity Exchange Act (7 U.S.C. 1a); and
 ``
            (ii) except for a financial institution, 
 may not be--
 ``
            (I) an attorney;
 ``
            (II) a certified public 
 accountant;
 ``
            (III) a broker, as defined in 
 

section 3

    (a) of the Securities Exchange 
 Act of 1934 (15 U.S.C. 78c

    (a) ); or
 ``
            (IV) an investment advisor.
 ``

    (3) Extension of assets being placed in qualified blind 
 trusts.--If a covered person is unable to place a covered 
 investment in a qualified blind trust by the date described in 
 paragraph

    (2)
        (A) , the applicable Member of Congress may 
 request, and the supervising ethics office may grant, 1 or more 
 reasonable extensions, subject to the conditions that--
 ``
        (A) the total period of time covered by all 
 extensions granted for the covered investment shall not 
 exceed 150 days; and
 ``
        (B) the period covered by a single extension 
 shall be not longer than 45 days.
 ``

    (4) Communications regarding existing qualified blind 
 trusts.--
 ``
        (A) In general.--Any direct or indirect 
 communication relating to a qualified blind trust in 
 existence on the applicable effective date described in 
 subsection

    (j) between a trustee of the qualified blind 
 trust and an interested party shall be permissible for 
 purposes of this title if the communication--
 ``
            (i) 
            (I) is made--
 ``

    (aa) in writing; and
 ``

    (bb) not later than 60 days after 
 that effective date;
 ``
            (II) is filed with the applicable 
 supervising ethics office by the person 
 initiating the communication not less than 5 
 days before the date of the communication;
 ``
            (III) relates to a direction or request 
 to the trustee--
 ``

    (aa) to sell all initial property 
 placed in the qualified blind trust by 
 any interested party; or
 ``

    (bb) to convert all of an asset 
 in the qualified blind trust into an 
 investment other than a covered 
 investment; and
 ``
            (ii) is otherwise permitted under 

section 102

    (f)

    (3)
            (C) 
            (vi) .
 ``

    (5) Communications between covered persons and trustees 
 relating to all qualified blind trusts.--
 ``
        (A) Notification.--A trustee of a qualified blind 
 trust shall not notify a covered person if--
 ``
            (i) the value of the initial property of 
 the qualified blind trust is less than $1,000; 
 or
 ``
            (ii) the trustee divests any property of 
 the qualified blind trust, other than the 
 initial property required to be divested 
 pursuant to paragraph

    (2) .
 ``
        (B) Communication.--
 ``
            (i) In general.--Any communication 
 between a covered person and the trustee of the 
 relevant qualified blind trust--
 ``
            (I) shall be in writing; and
 ``
            (II) submitted and approved in 
 advance of the communication by the 
 supervising ethics office.
 ``
            (ii) Prohibition.--A communication 
 described in clause
            (i) may not include any 
 information relating to the manner in which 
 funds of the qualified blind trust are 
 invested, including any information relating 
 to--
 ``
            (I) any company in which the 
 funds are invested; or
 ``
            (II) any sector in which the 
 funds are invested.
 ``

    (6) Exception for dependents.--A covered person who is a 
 dependent child of a Member of Congress may have a legal 
 guardian hold or trade on behalf of the dependent child 1 or 
 more covered investments provided that the value of the covered 
 investments in total does not exceed $10,000.
 ``

    (b) Acquisitions During Service.--
 ``

    (1) In general.--Subject to paragraph

    (2) , and any 
 applicable rules issued pursuant to subsection

    (h)

    (3) , 
 effective beginning on the date of enactment of the Ending 
 Trading and Holdings in Congressional Stocks

    (ETHICS) Act, no 
 covered person may acquire any covered investment.
 ``

    (2) Inheritances.--
 ``
        (A) In general.--Subject to subparagraph
        (B) , a 
 covered person who inherits a covered investment shall 
 come into compliance as required under subsection

    (a) by not later than 120 days after the date on which the 
 covered investment is inherited.
 ``
        (B) Extensions.--If a covered person is unable to 
 meet the requirements of subparagraph
        (A) , the 
 applicable Member of Congress may request, and the 
 supervising ethics office may grant, 1 or more 
 reasonable extensions, subject to the conditions that--
 ``
            (i) the total period of time covered by 
 all extensions granted for the covered 
 investment shall not exceed 150 days; and
 ``
            (ii) the period covered by a single 
 extension shall be not longer than 45 days.
 ``
            (c) Family Trusts.--
 ``

    (1) In general.--A supervising ethics office may grant an 
 exemption for a family trust only if--
 ``
        (A) no covered person--
 ``
            (i) is a grantor of the family trust;
 ``
            (ii) contributed any asset to the family 
 trust; or
 ``
            (iii) has any authority over a trustee of 
 the family trust, including the authority to 
 appoint, replace, or direct the actions of such 
 a trustee; and
 ``
        (B) the grantor of the family trust is or was a 
 family member of the covered person.
 ``

    (2) Requests.--A covered person seeking an exemption 
 under paragraph

    (1) shall submit to the applicable supervising 
 ethics office a request for the exemption, in writing, 
 certifying that the conditions described in that paragraph are 
 met.
 ``

    (3) Publication.--A supervising ethics office shall 
 publish on the public website of the supervising ethics 
 office--
 ``
        (A) a copy of each request submitted under 
 paragraph

    (2) ; and
 ``
        (B) the written response of the supervising 
 ethics office to each request described in subparagraph
        (A) .
 ``
            (d) Mingling of Assets.--A spouse or dependent child of a Member 
of Congress may place a covered investment in a qualified blind trust 
established by the Member of Congress under subsection

    (a)

    (1)
        (A)
            (ii) .
 ``

    (e) 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 
90 days after the date on which the individual ceases to serve as a 
Member of Congress, the Member of Congress, and any spouse or dependent 
child of the Member of Congress, may not--
 ``

    (1) dissolve any qualified blind trust in which a covered 
 investment has been placed pursuant to subsection

    (a)

    (2) ; or
 ``

    (2) except as provided in this section, otherwise control 
 a covered investment, including purchasing new covered 
 investments.
 ``

    (f) Reporting Requirements.--
 ``

    (1) Supervising ethics offices.--Each supervising ethics 
 office shall make available on the public website of the 
 supervising ethics office--
 ``
        (A) a copy of--
 ``
            (i) each certification submitted to the 
 supervising ethics office under subsection

    (a)

    (1) ;
 ``
            (ii) each qualified blind trust agreement 
 of each covered person;
 ``
            (iii) each notice and other documentation 
 submitted to the supervising ethics office 
 under this section; and
 ``
            (iv) each notice, ruling, and other 
 documentation issued or received by the 
 supervising ethics office under subsection
            (c) ;
 ``
        (B) a schedule of all assets placed in a 
 qualified blind trust by each covered person and 
 interested party; and
 ``
            (C) a description of each extension granted, and 
 each civil penalty imposed, pursuant to this section.
 ``

    (2) Trustees.--Each trustee of a qualified blind trust 
 established by a covered person shall submit to the covered 
 person and the applicable supervising ethics office a written 
 notice in any case in which the trustee learns that an 
 interested party has obtained knowledge of any trust property 
 other than the initial property of the qualified blind trust.
 ``

    (3) Member of congress.--Each Member of Congress who is a 
 beneficiary of a qualified blind trust shall submit to the 
 applicable supervising ethics office--
 ``
        (A) a copy of the executed qualified blind trust 
 agreement by not later than 30 days after the date of 
 execution;
 ``
        (B) a list of each asset and each financial 
 interest transferred to the qualified blind trust by an 
 interested party by not later than 30 days after the 
 date of the transfer;
 ``
            (C) a copy of each notice submitted to the Member 
 of Congress under paragraph

    (2) by not later than 30 
 days after the date of receipt;
 ``
            (D) 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 30 days 
 after the date on which the Member of Congress 
 discovered that the knowledge had been obtained; and
 ``
        (E) a written notice of dissolution of the 
 qualified blind trust by not later than 30 days after 
 the date of dissolution.
 ``

    (4) Federal benefits.--
 ``
        (A) Covered payment.--In this paragraph, the term 
 `covered payment'--
 ``
            (i) means a payment of money or any other 
 item of value made, or promised to be made, by 
 the Federal Government;
 ``
            (ii) includes--
 ``
            (I) a loan agreement, contract, 
 or grant made, or promised to be made, 
 by the Federal Government, including 
 such an agreement, contract, or grant 
 relating to agricultural activity; and
 ``
            (II) such other types of payment 
 of money or items of value as the 
 supervising ethics office, may 
 establish, by guidance; and
 ``
            (iii) does not include--
 ``
            (I) any salary or compensation 
 for service performed as, or 
 reimbursement of personal outlay by, an 
 officer or employee of the Federal 
 Government; or
 ``
            (II) any tax refund (including a 
 refundable tax credit).
 ``
        (B) Reporting requirement.--Not later than 30 
 days after the date of receipt of a notice of any 
 application for, or receipt of, a covered payment by a 
 covered person (including any business owned and 
 controlled by the covered person), but in no case later 
 than 45 days after the date on which the covered 
 payment is made or promised to be made, the covered 
 person shall submit to the applicable supervising 
 ethics office a report describing the covered payment.
 ``

    (g) Enforcement.--
 ``

    (1) Divestiture or placement in qualified blind trust.--
 ``
        (A) In general.--The applicable supervising 
 ethics office shall provide a written notice (including 
 notice of the potential for civil penalties under 
 subparagraph
        (B) ) to any Member of Congress if the 
 Member of Congress, or spouse or dependent child of the 
 Member of Congress--
 ``
            (i) fails to submit a certification under 
 subsection

    (a)

    (1) by the date on which the 
 certification is required to be submitted;
 ``
            (ii) fails to divest or place in a 
 qualified blind trust a covered investment 
 owned by, or in the custody of the covered 
 person, in accordance with subsection

    (a)

    (2) , 
 subject to any extension under subsection

    (a)

    (3) ; or
 ``
            (iii) acquires an interest in a covered 
 investment in violation of this section.
 ``
        (B) Civil penalties.--
 ``
            (i) In general.--In the event of 
 continuing noncompliance after issuance of the 
 notice described in subparagraph
        (A) , the 
 supervising ethics office shall impose a civil 
 penalty, in the amount described in clause
            (ii) , on a Member of Congress to whom a notice 
 is provided under clause
            (i) or
            (ii) of 
 subparagraph
        (A) --
 ``
            (I) on the date that is 30 days 
 after the date of provision of the 
 notice; and
 ``
            (II) during the period in which 
 such noncompliance continues, not less 
 frequently than once every 30 days 
 thereafter.
 ``
            (ii) Amount.--The amount of each civil 
 penalty imposed on a Member of Congress 
 pursuant to clause
            (i) shall be equal to the 
 greater of--
 ``
            (I) the monthly equivalent of the 
 annual rate of pay payable to the 
 Member of Congress; and
 ``
            (II) an amount equal to 10 
 percent of the value of each covered 
 investment that was not divested or 
 placed into a qualified blind trust in 
 violation of this section during the 
 period covered by the penalty.
 ``

    (2) Communications.--The Attorney General of the United 
 States shall file a civil action seeking to impose a civil 
 penalty on any covered person or trustee of a qualified blind 
 trust who violates subsection

    (a)

    (4) , or otherwise discloses 
 the contents of a qualified blind trust to any unauthorized 
 individual, equal to the greater of--
 ``
        (A) $10,000 per each communication; or
 ``
        (B) 1 percent of the value of the qualified blind 
 trust on the date of the violation.
 ``

    (h) Duties of Supervising Ethics Offices.--Each supervising 
ethics office in the legislative branch shall--
 ``

    (1) impose and collect civil penalties in accordance with 
 subsection

    (g) ;
 ``

    (2) establish such procedures and standard forms as the 
 supervising ethics office determines to be appropriate to 
 implement this section;
 ``

    (3) issue such rules and guidelines as the supervising 
 ethics office determines to be appropriate for the 
 implementation and application of this title; and
 ``

    (4) publish on a website all documents and communications 
 described in this subsection.
 ``
            (i) Rule of Construction.--Nothing in this section shall be 
construed to prevent a covered person from owning or trading--
 ``

    (1) a diversified mutual fund; or
 ``

    (2) a publicly traded, diversified exchange traded fund.
 ``

    (j) Effective Date.--This section shall apply to each covered 
person beginning on the date on which the covered person (or with 
respect to a covered person that is a spouse or dependent child of a 
Member of Congress, the date on which that Member of Congress) 
commences the first new term of service as a Member of Congress on or 
after January 31, 2023.''.

    (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:

 ``subchapter iv--certain assets of members of congress and their 
 spouses and dependent children

``13161. Definitions.
``13162. Trading covered investments.
``13163. Addressing owned covered investments.''.
            (c) Technical and Conforming Amendments.--

    (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''.

SEC. 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:

``

SEC. 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.

SEC. 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.

SEC. 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.
 <all>