[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 2038 Enrolled Bill (ENR)]
S.2038
One Hundred Twelfth Congress
of the
United States of America
AT THE SECOND SESSION
Begun and held at the City of Washington on Tuesday,
the third day of January, two thousand and twelve
An Act
To prohibit Members of Congress and employees of Congress from using
nonpublic information derived from their official positions for personal
benefit, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

b1ad2b7456d5d114b75d6ef686cf673efc3f700800fffeaf9a84534bdec34e2a

This Act may be cited as the ``Stop Trading on Congressional
Knowledge Act of 2012'' or the ``STOCK Act''.

8023fe03f4c936b2ee8b77fadc6fb5192c76015faa0c7182d60cd66e89f9821d

In this Act:
(1) Member of congress.--The term ``Member of Congress'' means
a member of the Senate or House of Representatives, a Delegate to
the House of Representatives, and the Resident Commissioner from
Puerto Rico.
(2) Employee of congress.--The term ``employee of Congress''
means--
(A) any individual (other than a Member of Congress), whose
compensation is disbursed by the Secretary of the Senate or the
Chief Administrative Officer of the House of Representatives;
and
(B) any other officer or employee of the legislative branch
(as defined in section 109(11) of the Ethics in Government Act
of 1978 (5 U.S.C. App. 109(11))).
(3) Executive branch employee.--The term ``executive branch
employee''--
(A) has the meaning given the term ``employee'' under
section 2105 of title 5, United States Code; and
(B) includes--
(i) the President;
(ii) the Vice President; and
(iii) an employee of the United States Postal Service
or the Postal Regulatory Commission.
(4) Judicial officer.--The term ``judicial officer'' has the
meaning given that term under section 109(10) of the Ethics in
Government Act of 1978 (U.S.C. App. 109(10)).
(5) Judicial employee.--The term ``judicial employee'' has the
meaning given that term in section 109(8) of the Ethics in
Government Act of 1978 (5 U.S.C. App. 109(8)).
(6) Supervising ethics office.--The term ``supervising ethics
office'' has the meaning given that term in section 109(18) of the
Ethics in Government Act of 1978 (5 U.S.C. App. 109(18)).

dde5a44804a547738cf2011c6da081b8bc6a7066770fd93eecad17af6a28442d

PROFIT.
The Select Committee on Ethics of the Senate and the Committee on
Ethics of the House of Representatives shall issue interpretive
guidance of the relevant rules of each chamber, including rules on
conflicts of interest and gifts, clarifying that a Member of Congress
and an employee of Congress may not use nonpublic information derived
from such person's position as a Member of Congress or employee of
Congress or gained from the performance of such person's official
responsibilities as a means for making a private profit.

a13d4a3da75e55e17ba22e7756d713b8412e26bf0f2a4df4c4d2c4a2fd7c16c3

(a) Affirmation of Nonexemption.--Members of Congress and employees
of Congress are not exempt from the insider trading prohibitions
arising under the securities laws, including section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
(b) Duty.--
(1) Purpose.--The purpose of the amendment made by this
subsection is to affirm a duty arising from a relationship of trust
and confidence owed by each Member of Congress and each employee of
Congress.
(2) Amendment.--Section 21A of the Securities Exchange Act of
1934 (15 U.S.C. 78u-1) is amended by adding at the end the
following:
``(g) Duty of Members and Employees of Congress.--
``(1) In general.--Subject to the rule of construction under
section 10 of the STOCK Act and solely for purposes of the insider
trading prohibitions arising under this Act, including section
10(b) and Rule 10b-5 thereunder, each Member of Congress or
employee of Congress owes a duty arising from a relationship of
trust and confidence to the Congress, the United States Government,
and the citizens of the United States with respect to material,
nonpublic information derived from such person's position as a
Member of Congress or employee of Congress or gained from the
performance of such person's official responsibilities.
``(2) Definitions.--In this subsection--
``(A) the term `Member of Congress' means a member of the
Senate or House of Representatives, a Delegate to the House of
Representatives, and the Resident Commissioner from Puerto
Rico; and
``(B) the term `employee of Congress' means--
``(i) any individual (other than a Member of Congress),
whose compensation is disbursed by the Secretary of the
Senate or the Chief Administrative Officer of the House of
Representatives; and
``(ii) any other officer or employee of the legislative
branch (as defined in section 109(11) of the Ethics in
Government Act of 1978 (5 U.S.C. App. 109(11))).
``(3) Rule of construction.--Nothing in this subsection shall
be construed to impair or limit the construction of the existing
antifraud provisions of the securities laws or the authority of the
Commission under those provisions.''.

beb3b4be9e4c16a39492ca60e743d21861292ca660970f7c4435a8e71c44990a

Section 4c(a) of the Commodity Exchange Act (7 U.S.C. 6c(a)) is
amended--
(1) in paragraph (3), in the matter preceding subparagraph
(A)--
(A) by inserting ``or any Member of Congress or employee of
Congress (as such terms are defined under section 2 of the
STOCK Act) or any judicial officer or judicial employee (as
such terms are defined, respectively, under section 2 of the
STOCK Act)'' after ``Federal Government'' the first place it
appears;
(B) by inserting ``Member, officer,'' after ``position of
the''; and
(C) by inserting ``or by Congress or by the judiciary''
before ``in a manner''; and
(2) in paragraph (4)--
(A) in subparagraph (A), in the matter preceding clause
(i)--
(i) by inserting ``or any Member of Congress or
employee of Congress or any judicial officer or judicial
employee'' after ``Federal Government'' the first place it
appears;
(ii) by inserting ``Member, officer,'' after ``position
of the''; and
(iii) by inserting ``or by Congress or by the
judiciary'' before ``in a manner'';
(B) in subparagraph (B), in the matter preceding clause
(i), by inserting ``or any Member of Congress or employee of
Congress or any judicial officer or judicial employee'' after
``Federal Government''; and
(C) in subparagraph (C)--
(i) in the matter preceding clause (i), by inserting
``or by Congress or by the judiciary''--
(I) before ``that may affect''; and
(II) before ``in a manner''; and
(ii) in clause (iii), by inserting ``to Congress, any
Member of Congress, any employee of Congress, any judicial
officer, or any judicial employee,'' after ``Federal
Government,''.

fb123205af06e9a246ea4255cc1a3cafe7a83afc876651039a8744f8f2e7ce86

(a) Reporting Requirement.--Section 103 of the Ethics in Government
Act of 1978 (5 U.S.C. App. 103) is amended by adding at the end the
following subsection:
``(l) Not later than 30 days after receiving notification of any
transaction required to be reported under section 102(a)(5)(B), but in
no case later than 45 days after such transaction, the following
persons, if required to file a report under any subsection of section
101, subject to any waivers and exclusions, shall file a report of the
transaction:
``(1) The President.
``(2) The Vice President.
``(3) Each officer or employee in the executive branch,
including a special Government employee as defined in section 202
of title 18, United States Code, who occupies a position classified
above GS-15 of the General Schedule or, in the case of positions
not under the General Schedule, for which the rate of basic pay is
equal to or greater than 120 percent of the minimum rate of basic
pay payable for GS-15 of the General Schedule; each member of a
uniformed service whose pay grade is at or in excess of O-7 under
section 201 of title 37, United States Code; and each officer or
employee in any other position determined by the Director of the
Office of Government Ethics to be of equal classification.
``(4) Each employee appointed pursuant to section 3105 of title
5, United States Code.
``(5) Any employee not described in paragraph (3) who is in a
position in the executive branch which is excepted from the
competitive service by reason of being of a confidential or
policymaking character, except that the Director of the Office of
Government Ethics may, by regulation, exclude from the application
of this paragraph any individual, or group of individuals, who are
in such positions, but only in cases in which the Director
determines such exclusion would not affect adversely the integrity
of the Government or the public's confidence in the integrity of
the Government.
``(6) The Postmaster General, the Deputy Postmaster General,
each Governor of the Board of Governors of the United States Postal
Service and each officer or employee of the United States Postal
Service or Postal Regulatory Commission who occupies a position for
which the rate of basic pay is equal to or greater than 120 percent
of the minimum rate of basic pay payable for GS-15 of the General
Schedule.
``(7) The Director of the Office of Government Ethics and each
designated agency ethics official.
``(8) Any civilian employee not described in paragraph (3),
employed in the Executive Office of the President (other than a
special government employee) who holds a commission of appointment
from the President.
``(9) A Member of Congress, as defined under section 109(12).
``(10) An officer or employee of the Congress, as defined under
section 109(13).''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to transactions occurring on or after the date that is 90 days
after the date of enactment of this Act.

2ed498459a9d7ed3d84186527c16de8f4b375be2c9655428767e6d6038b744be

(a) Report.--
(1) In general.--Not later than 12 months after the date of
enactment of this Act, the Comptroller General of the United
States, in consultation with the Congressional Research Service,
shall submit to the Committee on Homeland Security and Governmental
Affairs of the Senate and the Committee on Oversight and Government
Reform and the Committee on the Judiciary of the House of
Representatives a report on the role of political intelligence in
the financial markets.
(2) Contents.--The report required by this section shall
include a discussion of--
(A) what is known about the prevalence of the sale of
political intelligence and the extent to which investors rely
on such information;
(B) what is known about the effect that the sale of
political intelligence may have on the financial markets;
(C) the extent to which information which is being sold
would be considered nonpublic information;
(D) the legal and ethical issues that may be raised by the
sale of political intelligence;
(E) any benefits from imposing disclosure requirements on
those who engage in political intelligence activities; and
(F) any legal and practical issues that may be raised by
the imposition of disclosure requirements on those who engage
in political intelligence activities.
(b) Definition.--For purposes of this section, the term ``political
intelligence'' shall mean information that is--
(1) derived by a person from direct communications with an
executive branch employee, a Member of Congress, or an employee of
Congress; and
(2) provided in exchange for financial compensation to a client
who intends, and who is known to intend, to use the information to
inform investment decisions.

2d2b7850c43d9954c4d4b255131b3305b0f96fb760413cfcc796e7e990e54e0b

MEMBERS OF CONGRESS AND CONGRESSIONAL STAFF.
(a) Public, Online Disclosure of Financial Disclosure Forms of
Members of Congress and Congressional Staff.--
(1) In general.--Not later than August 31, 2012, or 90 days
after the date of enactment of this Act, whichever is later, the
Secretary of the Senate and the Sergeant at Arms of the Senate, and
the Clerk of the House of Representatives, shall ensure that
financial disclosure forms filed by Members of Congress, candidates
for Congress, and employees of Congress in calendar year 2012 and
in subsequent years pursuant to title I of the Ethics in Government
Act of 1978 are made available to the public on the respective
official websites of the Senate and the House of Representatives
not later than 30 days after such forms are filed.
(2) Extensions.--Notices of extension for financial disclosure
shall be made available electronically under this subsection along
with its related disclosure.
(3) Reporting transactions.--In the case of a transaction
disclosure required by section 103(l) of the Ethics in Government
Act of 1978, as added by this Act, such disclosure shall be filed
not later than the date required by that section. Notices of
extension for transaction disclosure shall be made available
electronically under this subsection along with its related
disclosure.
(4) Expiration.--The requirements of this subsection shall
expire upon implementation of the public disclosure system
established under subsection (b).
(b) Electronic Filing and Online Public Availability of Financial
Disclosure Forms of Members of Congress, Officers of the House and
Senate, and Congressional Staff.--
(1) In general.--Subject to paragraph (6) and not later than 18
months after the date of enactment of this Act, the Secretary of
the Senate and the Sergeant at Arms of the Senate and the Clerk of
the House of Representatives shall develop systems to enable--
(A) electronic filing of reports received by them pursuant
to section 103(h)(1)(A) of title I of the Ethics in Government
Act of 1978; and
(B) public access to financial disclosure reports filed by
Members of Congress, candidates for Congress, and employees of
Congress, as well as reports of a transaction disclosure
required by section 103(l) of the Ethics in Government Act of
1978, as added by this Act, notices of extensions, amendments,
and blind trusts, pursuant to title I of the Ethics in
Government Act of 1978, through databases that--
(i) are maintained on the official websites of the
House of Representatives and the Senate; and
(ii) allow the public to search, sort, and download
data contained in the reports.
(2) Login.--No login shall be required to search or sort the
data contained in the reports made available by this subsection. A
login protocol with the name of the user shall be utilized by a
person downloading data contained in the reports. For purposes of
filings under this section, section 105(b)(2) of the Ethics in
Government Act of 1978 does not apply.
(3) Public availability.--Pursuant to section 105(b)(1) of the
Ethics in Government Act of 1978, electronic availability on the
official websites of the Senate and the House of Representatives
under this subsection shall be deemed to have met the public
availability requirement.
(4) Filers covered.--Individuals required under the Ethics in
Government Act of 1978 or the Senate Rules to file financial
disclosure reports with the Secretary of the Senate or the Clerk of
the House of Representatives shall file reports electronically
using the systems developed by the Secretary of the Senate, the
Sergeant at Arms of the Senate, and the Clerk of the House of
Representatives.
(5) Extensions.--Notices of extension for financial disclosure
shall be made available electronically under this subsection along
with its related disclosure.
(6) Additional time.--The requirements of this subsection may
be implemented after the date provided in paragraph (1) if the
Secretary of the Senate or the Clerk of the House of
Representatives identifies in writing to relevant congressional
committees the additional time needed for such implementation.
(c) Recordkeeping.--Section 105(d) of the Ethics in Government Act
of 1978 (5 U.S.C. App. 105(d)) is amended to read as follows:
``(d)(1) Any report filed with or transmitted to an agency or
supervising ethics office or to the Clerk of the House of
Representatives or the Secretary of the Senate pursuant to this title
shall be retained by such agency or office or by the Clerk of the House
of Representatives or the Secretary of the Senate, as the case may be.
``(2) Such report shall be made available to the public--
``(A) in the case of a Member of Congress until a date that is
6 years from the date the individual ceases to be a Member of
Congress; and
``(B) in the case of all other reports filed pursuant to this
title, for a period of 6 years after receipt of the report.
``(3) After the relevant time period identified under paragraph
(2), the report shall be destroyed unless needed in an ongoing
investigation, except that in the case of an individual who filed the
report pursuant to section 101(b) and was not subsequently confirmed by
the Senate, or who filed the report pursuant to section 101(c) and was
not subsequently elected, such reports shall be destroyed 1 year after
the individual either is no longer under consideration by the Senate or
is no longer a candidate for nomination or election to the Office of
President, Vice President, or as a Member of Congress, unless needed in
an ongoing investigation or inquiry.''.

3f7dc6fd57d61dd4907ea9175a8348072ea42402f566676b951aceb1f3f8deef

(a) Prohibition of the Use of Nonpublic Information for Private
Profit.--
(1) Executive branch employees.--The Office of Government
Ethics shall issue such interpretive guidance of the relevant
Federal ethics statutes and regulations, including the Standards of
Ethical Conduct for executive branch employees, related to use of
nonpublic information, as necessary to clarify that no executive
branch employee may use nonpublic information derived from such
person's position as an executive branch employee or gained from
the performance of such person's official responsibilities as a
means for making a private profit.
(2) Judicial officers.--The Judicial Conference of the United
States shall issue such interpretive guidance of the relevant
ethics rules applicable to Federal judges, including the Code of
Conduct for United States Judges, as necessary to clarify that no
judicial officer may use nonpublic information derived from such
person's position as a judicial officer or gained from the
performance of such person's official responsibilities as a means
for making a private profit.
(3) Judicial employees.--The Judicial Conference of the United
States shall issue such interpretive guidance of the relevant
ethics rules applicable to judicial employees as necessary to
clarify that no judicial employee may use nonpublic information
derived from such person's position as a judicial employee or
gained from the performance of such person's official
responsibilities as a means for making a private profit.
(b) Application of Insider Trading Laws.--
(1) Affirmation of non-exemption.--Executive branch employees,
judicial officers, and judicial employees are not exempt from the
insider trading prohibitions arising under the securities laws,
including section 10(b) of the Securities Exchange Act of 1934 and
Rule 10b-5 thereunder.
(2) Duty.--
(A) Purpose.--The purpose of the amendment made by this
paragraph is to affirm a duty arising from a relationship of
trust and confidence owed by each executive branch employee,
judicial officer, and judicial employee.
(B) Amendment.--Section 21A of the Securities Exchange Act
of 1934 (15 U.S.C. 78u-1), as amended by this Act, is amended
by adding at the end the following:
``(h) Duty of Other Federal Officials.--
``(1) In general.--Subject to the rule of construction under
section 10 of the STOCK Act and solely for purposes of the insider
trading prohibitions arising under this Act, including section
10(b), and Rule 10b-5 thereunder, each executive branch employee,
each judicial officer, and each judicial employee owes a duty
arising from a relationship of trust and confidence to the United
States Government and the citizens of the United States with
respect to material, nonpublic information derived from such
person's position as an executive branch employee, judicial
officer, or judicial employee or gained from the performance of
such person's official responsibilities.
``(2) Definitions.--In this subsection--
``(A) the term `executive branch employee'--
``(i) has the meaning given the term `employee' under
section 2105 of title 5, United States Code;
``(ii) includes--
``(I) the President;
``(II) the Vice President; and
``(III) an employee of the United States Postal
Service or the Postal Regulatory Commission;
``(B) the term `judicial employee' has the meaning given
that term in section 109(8) of the Ethics in Government Act of
1978 (5 U.S.C. App. 109(8)); and
``(C) the term `judicial officer' has the meaning given
that term under section 109(10) of the Ethics in Government Act
of 1978 (5 U.S.C. App. 109(10)).
``(3) Rule of construction.--Nothing in this subsection shall
be construed to impair or limit the construction of the existing
antifraud provisions of the securities laws or the authority of the
Commission under those provisions.''.

b5ec963bc478d771b2ea005e26de6171a692969748aaa1ed7f664717a3929267

Nothing in this Act, the amendments made by this Act, or the
interpretive guidance to be issued pursuant to sections 3 and 9 of this
Act, shall be construed to--
(1) impair or limit the construction of the antifraud
provisions of the securities laws or the Commodity Exchange Act or
the authority of the Securities and Exchange Commission or the
Commodity Futures Trading Commission under those provisions;
(2) be in derogation of the obligations, duties, and functions
of a Member of Congress, an employee of Congress, an executive
branch employee, a judicial officer, or a judicial employee,
arising from such person's official position; or
(3) be in derogation of existing laws, regulations, or ethical
obligations governing Members of Congress, employees of Congress,
executive branch employees, judicial officers, or judicial
employees.

79addd5e7a09f46b117a1fac83d92674e8dac39e6f3eb80ea41dd437b08e1803

(a) Executive Branch Reporting.--
(1) In general.--Not later than August 31, 2012, or 90 days
after the date of enactment of this Act, whichever is later, the
President shall ensure that financial disclosure forms filed
pursuant to title I of the Ethics in Government Act of 1978 (5
U.S.C. App. 101 et seq.), in calendar year 2012 and in subsequent
years, by executive branch employees specified in section 101 of
that Act are made available to the public on the official websites
of the respective executive branch agencies not later than 30 days
after such forms are filed.
(2) Extensions.--Notices of extension for financial disclosure
shall be made available electronically along with the related
disclosure.
(3) Reporting transactions.--In the case of a transaction
disclosure required by section 103(l) of the Ethics in Government
Act of 1978, as added by this Act, such disclosure shall be filed
not later than the date required by that section. Notices of
extension for transaction disclosure shall be made available
electronically under this subsection along with its related
disclosure.
(4) Expiration.--The requirements of this subsection shall
expire upon implementation of the public disclosure system
established under subsection (b).
(b) Electronic Filing and Online Public Availability of Financial
Disclosure Forms of Certain Executive Branch Employees.--
(1) In general.--Subject to paragraph (6), and not later than
18 months after the date of enactment of this Act, the President,
acting through the Director of the Office of Government Ethics,
shall develop systems to enable--
(A) electronic filing of reports required by section 103 of
the Ethics in Government Act of 1978 (5 U.S.C. App. 103), other
than subsection (h) of such section; and
(B) public access to financial disclosure reports filed by
executive branch employees required to file under section 101
of that Act (5 U.S.C. App. 101), as well as reports of a
transaction disclosure required by section 103(l) of that Act,
as added by this Act, notices of extensions, amendments, and
blind trusts, pursuant to title I of that Act, through
databases that--
(i) are maintained on the official website of the
Office of Government Ethics; and
(ii) allow the public to search, sort, and download
data contained in the reports.
(2) Login.--No login shall be required to search or sort the
data contained in the reports made available by this subsection. A
login protocol with the name of the user shall be utilized by a
person downloading data contained in the reports. For purposes of
filings under this section, section 105(b)(2) of the Ethics in
Government Act of 1978 (5 U.S.C. App. 105(b)(2)) does not apply.
(3) Public availability.--Pursuant to section 105(b)(1) of the
Ethics in Government Act of 1978 (5 U.S.C. App. 105(b)(1)),
electronic availability on the official website of the Office of
Government Ethics under this subsection shall be deemed to have met
the public availability requirement.
(4) Filers covered.--Executive branch employees required under
title I of the Ethics in Government Act of 1978 to file financial
disclosure reports shall file the reports electronically with their
supervising ethics office.
(5) Extensions.--Notices of extension for financial disclosure
shall be made available electronically under this subsection along
with its related disclosure.
(6) Additional time.--The requirements of this subsection may
be implemented after the date provided in paragraph (1) if the
Director of the Office of Government Ethics, after consultation
with the Clerk of the House of Representatives and Secretary of the
Senate, identifies in writing to relevant congressional committees
the additional time needed for such implementation.

16a85afdda2f0ec29b09586c09770a15c0549626a5a5e688a2872f1f2dcc8542

Section 21A of the Securities Exchange Act of 1934 (15 U.S.C. 78u-
1), as amended by this Act, is further amended by adding at the end the
following:
``(i) Participation in Initial Public Offerings.--An individual
described in section 101(f) of the Ethics in Government Act of 1978 may
not purchase securities that are the subject of an initial public
offering (within the meaning given such term in section 12(f)(1)(G)(i))
in any manner other than is available to members of the public
generally.''.

c8237da86d5d36d53f197e89cf7a7279cb7f18b68ceffeb324627549cfbe4fb3

(a) Requiring Disclosure.--Section 102(a)(4)(A) of the Ethics in
Government Act of 1978 (5 U.S.C. App. 102(a)(4)(A)) is amended by
striking ``spouse; and'' and inserting the following: ``spouse, except
that this exception shall not apply to a reporting individual--
``(i) described in paragraph (1), (2), or (9) of
section 101(f);
``(ii) described in section 101(b) who has been
nominated for appointment as an officer or employee in the
executive branch described in subsection (f) of such
section, other than--
``(I) an individual appointed to a position--
``(aa) as a Foreign Service Officer below the
rank of ambassador; or
``(bb) in the uniformed services for which the
pay grade prescribed by section 201 of title 37,
United States Code is O-6 or below; or
``(II) a special government employee, as defined
under section 202 of title 18, United States Code; or
``(iii) described in section 101(f) who is in a
position in the executive branch the appointment to which
is made by the President and requires advice and consent of
the Senate, other than--
``(I) an individual appointed to a position--
``(aa) as a Foreign Service Officer below the
rank of ambassador; or
``(bb) in the uniformed services for which the
pay grade prescribed by section 201 of title 37,
United States Code is O-6 or below; or
``(II) a special government employee, as defined
under section 202 of title 18, United States Code;
and''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply with respect to reports which are required to be filed under
section 101 of the Ethics of Government Act of 1978 on or after the
date of the enactment of this Act.

e25e71b252a11c99b995bae77d5c44e532460b38ac8d83adb06355a127b4ce99

The transaction reporting requirements established by section
103(l) of the Ethics in Government Act of 1978, as added by section 6
of this Act, shall not be construed to apply to a widely held
investment fund (whether such fund is a mutual fund, regulated
investment company, pension or deferred compensation plan, or other
investment fund), if--
(1)(A) the fund is publicly traded; or
(B) the assets of the fund are widely diversified; and
(2) the reporting individual neither exercises control over nor
has the ability to exercise control over the financial interests
held by the fund.

468a568d192b6ab465204d491ae19a3b5caa797a6cf6f8f0b7c3ed973e4d329a

OFFENSES.
(a) Application to Other Elected Officials.--
(1) Civil service retirement system.--Section 8332(o)(2)(A) of
title 5, United States Code, is amended--
(A) in clause (i), by inserting ``, the President, the Vice
President, or an elected official of a State or local
government'' after ``Member''; and
(B) in clause (ii), by inserting ``, the President, the
Vice President, or an elected official of a State or local
government'' after ``Member''.
(2) Federal employees retirement system.--Section 8411(l)(2) of
title 5, United States Code, is amended--
(A) in subparagraph (A), by inserting ``, the President,
the Vice President, or an elected official of a State or local
government'' after ``Member''; and
(B) in subparagraph (B), by inserting ``, the President,
the Vice President, or an elected official of a State or local
government'' after ``Member''.
(b) Criminal Offenses.--Section 8332(o)(2) of title 5, United
States Code, is amended--
(1) in subparagraph (A), by striking clause (iii) and inserting
the following:
``(iii) The offense--
``(I) is committed after the date of enactment of this
subsection and--
``(aa) is described under subparagraph (B)(i), (iv),
(xvi), (xix), (xxiii), (xxiv), or (xxvi); or
``(bb) is described under subparagraph (B)(xxix),
(xxx), or (xxxi), but only with respect to an offense
described under subparagraph (B)(i), (iv), (xvi), (xix),
(xxiii), (xxiv), or (xxvi); or
``(II) is committed after the date of enactment of the
STOCK Act and--
``(aa) is described under subparagraph (B)(ii), (iii),
(v), (vi), (vii), (viii), (ix), (x), (xi), (xii), (xiii),
(xiv), (xv), (xvii), (xviii), (xx), (xxi), (xxii), (xxv),
(xxvii), or (xxviii); or
``(bb) is described under subparagraph (B)(xxix),
(xxx), or (xxxi), but only with respect to an offense
described under subparagraph (B)(ii), (iii), (v), (vi),
(vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv),
(xvii), (xviii), (xx), (xxi), (xxii), (xxv), (xxvii), or
(xxviii).''; and
(2) by striking subparagraph (B) and inserting the following:
``(B) An offense described in this subparagraph is only the
following, and only to the extent that the offense is a felony:
``(i) An offense under section 201 of title 18 (relating to
bribery of public officials and witnesses).
``(ii) An offense under section 203 of title 18 (relating to
compensation to Member of Congress, officers, and others in matters
affecting the Government).
``(iii) An offense under section 204 of title 18 (relating to
practice in the United States Court of Federal Claims or the United
States Court of Appeals for the Federal Circuit by Member of
Congress).
``(iv) An offense under section 219 of title 18 (relating to
officers and employees acting as agents of foreign principals).
``(v) An offense under section 286 of title 18 (relating to
conspiracy to defraud the Government with respect to claims).
``(vi) An offense under section 287 of title 18 (relating to
false, fictitious or fraudulent claims).
``(vii) An offense under section 597 of title 18 (relating to
expenditures to influence voting).
``(viii) An offense under section 599 of title 18 (relating to
promise of appointment by candidate).
``(ix) An offense under section 602 of title 18 (relating to
solicitation of political contributions).
``(x) An offense under section 606 of title 18 (relating to
intimidation to secure political contributions).
``(xi) An offense under section 607 of title 18 (relating to
place of solicitation).
``(xii) An offense under section 641 of title 18 (relating to
public money, property or records).
``(xiii) An offense under section 666 of title 18 (relating to
theft or bribery concerning programs receiving Federal funds).
``(xiv) An offense under section 1001 of title 18 (relating to
statements or entries generally).
``(xv) An offense under section 1341 of title 18 (relating to
frauds and swindles, including as part of a scheme to deprive
citizens of honest services thereby).
``(xvi) An offense under section 1343 of title 18 (relating to
fraud by wire, radio, or television, including as part of a scheme
to deprive citizens of honest services thereby).
``(xvii) An offense under section 1503 of title 18 (relating to
influencing or injuring officer or juror).
``(xviii) An offense under section 1505 of title 18 (relating
to obstruction of proceedings before departments, agencies, and
committees).
``(xix) An offense under section 1512 of title 18 (relating to
tampering with a witness, victim, or an informant).
``(xx) An offense under section 1951 of title 18 (relating to
interference with commerce by threats of violence).
``(xxi) An offense under section 1952 of title 18 (relating to
interstate and foreign travel or transportation in aid of
racketeering enterprises).
``(xxii) An offense under section 1956 of title 18 (relating to
laundering of monetary instruments).
``(xxiii) An offense under section 1957 of title 18 (relating
to engaging in monetary transactions in property derived from
specified unlawful activity).
``(xxiv) An offense under chapter 96 of title 18 (relating to
racketeer influenced and corrupt organizations).
``(xxv) An offense under section 7201 of the Internal Revenue
Code of 1986 (relating to attempt to evade or defeat tax).
``(xxvi) An offense under section 104(a) of the Foreign Corrupt
Practices Act of 1977 (relating to prohibited foreign trade
practices by domestic concerns).
``(xxvii) An offense under section 10(b) of the Securities
Exchange Act of 1934 (relating to fraud, manipulation, or insider
trading of securities).
``(xxviii) An offense under section 4c(a) of the Commodity
Exchange Act (7 U.S.C. 6c(a)) (relating to fraud, manipulation, or
insider trading of commodities).
``(xxix) An offense under section 371 of title 18 (relating to
conspiracy to commit offense or to defraud United States), to the
extent of any conspiracy to commit an act which constitutes--
``(I) an offense under clause (i), (ii), (iii), (iv), (v),
(vi), (vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv),
(xv), (xvi), (xvii), (xviii), (xix), (xx), (xxi), (xxii),
(xxiii), (xxiv), (xxv), (xxvi), (xxvii), or (xxviii); or
``(II) an offense under section 207 of title 18 (relating
to restrictions on former officers, employees, and elected
officials of the executive and legislative branches).
``(xxx) Perjury committed under section 1621 of title 18 in
falsely denying the commission of an act which constitutes--
``(I) an offense under clause (i), (ii), (iii), (iv), (v),
(vi), (vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv),
(xv), (xvi), (xvii), (xviii), (xix), (xx), (xxi), (xxii),
(xxiii), (xxiv), (xxv), (xxvi), (xxvii), or (xxviii); or
``(II) an offense under clause (xxix), to the extent
provided in such clause.
``(xxxi) Subornation of perjury committed under section 1622 of
title 18 in connection with the false denial or false testimony of
another individual as specified in clause (xxx).''.

5230020be895196e899ec135eb8d0b6776ff82b9c898e943de711fe12416f29f

FREDDIE MAC.
Notwithstanding any other provision in law, senior executives at
the Federal National Mortgage Association and the Federal Home Loan
Mortgage Corporation are prohibited from receiving bonuses during any
period of conservatorship for those entities on or after the date of
enactment of this Act.

5d00a32b74e003a4a515a0c9fe0a0c2237a9e1c765b73bbbb635f72f37065c94

(a) Restriction Extended to Executive and Judicial Branches.--
Notwithstanding any other provision of law, an individual required to
file a financial disclosure report under section 101 of the Ethics in
Government Act of 1978 (5 U.S.C. App. 101) may not directly negotiate
or have any agreement of future employment or compensation unless such
individual, within 3 business days after the commencement of such
negotiation or agreement of future employment or compensation, files
with the individual's supervising ethics office a statement, signed by
such individual, regarding such negotiations or agreement, including
the name of the private entity or entities involved in such
negotiations or agreement, and the date such negotiations or agreement
commenced.
(b) Recusal.--An individual filing a statement under subsection (a)
shall recuse himself or herself whenever there is a conflict of
interest, or appearance of a conflict of interest, for such individual
with respect to the subject matter of the statement, and shall notify
the individual's supervising ethics office of such recusal. An
individual making such recusal shall, upon such recusal, submit to the
supervising ethics office the statement under subsection (a) with
respect to which the recusal was made.

bf245aee932b9b63aff5ae8fc3a576c6e10f12bb3fd7910f3d5ae97f7f790948

BY LEGISLATIVE AND EXECUTIVE BRANCH OFFICERS AND EMPLOYEES.
(a) In General.--Section 227 of title 18, United States Code, is
amended--
(1) in the heading of such section, by inserting after
``Congress'' the following: ``or an officer or employee of the
legislative or executive branch'';
(2) by striking ``Whoever'' and inserting ``(a) Whoever'';
(3) by striking ``a Senator or Representative in, or a Delegate
or Resident Commissioner to, the Congress or an employee of either
House of Congress'' and inserting ``a covered government person'';
and
(4) by adding at the end the following:
``(b) In this section, the term `covered government person' means--
``(1) a Senator or Representative in, or a Delegate or Resident
Commissioner to, the Congress;
``(2) an employee of either House of Congress; or
``(3) the President, Vice President, an employee of the United
States Postal Service or the Postal Regulatory Commission, or any
other executive branch employee (as such term is defined under
section 2105 of title 5, United States Code).''.
(b) Clerical Amendment.--The table of contents for chapter 11 of
title 18, United States Code, is amended by amending the item relating
to section 227 to read as follows:
``227. Wrongfully influencing a private entity's employment decisions by
a Member of Congress or an officer or employee of the
legislative or executive branch.''.

6be1fbe01ffad0bec46bc6c8adb7cc335888d8f5c0e5ef2f2bc64611b1d59def

(a) Repeal of Transmission of Copies of Member and Candidate
Reports to State Election Officials Upon Adoption of New Systems.--
Section 103(i) of the Ethics in Government Act of 1978 (5 U.S.C. App.
103(i)) is amended--
(1) by striking ``(i)'' and inserting ``(i)(1)''; and
(2) by adding at the end the following new paragraph:
``(2) The requirements of paragraph (1) do not apply to any report
filed under this title which is filed electronically and for which
there is online public access, in accordance with the systems developed
by the Secretary and Sergeant at Arms of the Senate and the Clerk of
the House of Representatives under section 8(b) of the Stop Trading on
Congressional Knowledge Act of 2012.''.
(b) Period of Retention of Financial Disclosure Statements of
Members of the House.--
(1) In general.--Section 304(c) of the Honest Leadership and
Open Government Act of 2007 (2 U.S.C. 104e(c)) is amended by
striking the period at the end and inserting the following: ``, or,
in the case of reports filed under section 103(h)(1) of the Ethics
in Government Act of 1978, until the expiration of the 6-year
period which begins on the date the individual is no longer a
Member of Congress.''.
(2) Effective date.--The amendment made by paragraph (1) shall
apply with respect to any report which is filed on or after the
date on which the systems developed by the Secretary and Sergeant
at Arms of the Senate and the Clerk of the House of Representatives
under section 8(b) first take effect.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.

ed0c886d4123c6fe2e17db6cdc1759621549f03b79511c569fc19e1844279ad1

Public Corruption Prosecution Improvements Act of 2012 — S. 2038

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