I
118THCONGRESS
1
STSESSION H. R. 389
To amend the Ethics in Government Act of 1978 to restrict trading and
ownership of covered investments by each Federal employee, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY17, 2023
Mr. S
CHWEIKERTintroduced the following bill; which was referred to the
Committee on Oversight and Accountability, and in addition to the Com-
mittees on the Judiciary, House Administration, and Ways and Means,
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 the Ethics in Government Act of 1978 to restrict
trading and ownership of covered investments by each
Federal employee, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Preventing Opportun-4
istic Returns on Trades and Futures by Officials, Leader-5
ship, and Individuals in Office Act’’ or the ‘‘PORTFOLIO 6
Act’’. 7
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SEC. 2. RESTRICTING TRADING AND OWNERSHIP OF COV-1
ERED INVESTMENTS BY FEDERAL PER-2
SONNEL. 3
(a) Q
UALIFIEDBLINDTRUSTAMENDMENTS.—Sec-4
tion 102(f)(3) of the Ethics in Government Act of 1978 5
(5 U.S.C. App 102(f)(3)) is amended— 6
(1) in subparagraph (C)(iii), by striking 7
‘‘promptly notify’’ and inserting ‘‘promptly provide a 8
written notice to’’; and 9
(2) by adding after subparagraph (F) the fol-10
lowing new subparagraph: 11
‘‘(G) Any asset described as a covered invest-12
ment under title II that is placed in a trust after the 13
date of enactment of the PORTFOLIO Act shall be 14
divested not later than 18 months after such asset 15
was so placed. 16
‘‘(H) Notwithstanding subparagraphs (A) 17
through (G), a form of a trust approved by the Of-18
fice of Government Ethics, Judicial Conference, 19
House of Representatives, or Senate through rule-20
making or by majority vote for its respective juris-21
diction.’’. 22
(b) T
RADE ANDOWNERSHIPRESTRICTIONS.—The 23
Ethics in Government Act of 1978 (5 U.S.C. App.) is 24
amended by inserting after title I the following: 25
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‘‘TITLE II—RESTRICTIONS ON 1
TRADE AND OWNERSHIP OF 2
COVERED INVESTMENTS BY 3
FEDERAL PERSONNEL 4
‘‘SEC. 201. DEFINITIONS. 5
‘‘In this title: 6
‘‘(1) C
OMMODITY.—The term ‘commodity’ has 7
the meaning given the term in section 1a of the 8
Commodity Exchange Act (7 U.S.C. 1a). 9
‘‘(2) C
OVERED INVESTMENT .—The term ‘cov-10
ered investment’— 11
‘‘(A) means an investment in a security, a 12
commodity, a future, cryptocurrency or other 13
digital asset, or any comparable economic inter-14
est acquired through synthetic means, such as 15
the use of a derivative, including an option, 16
warrant, or other similar means; and 17
‘‘(B) does not include— 18
‘‘(i) a widely held investment fund de-19
scribed in section 102(f)(8) that is diversi-20
fied and publicly traded on a national or 21
regional stock exchange; 22
‘‘(ii) an asset held in a qualified blind 23
trust; 24
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‘‘(iii) an asset held in a qualified di-1
versified trust; 2
‘‘(iv) a diversified mutual fund (in-3
cluding any holdings of such a fund); 4
‘‘(v) a diversified exchange-traded 5
fund (including any holdings of such a 6
fund); 7
‘‘(vi) a United States Treasury bill, 8
note, or bond; 9
‘‘(vii) a State or municipal govern-10
ment bill, note, or bond; 11
‘‘(viii) the Thrift Savings Plan (in-12
cluding any holdings in such plan); 13
‘‘(ix) any compensation received by 14
the spouse or dependent child of a covered 15
official from their primary employer; 16
‘‘(x) any investment fund held in a 17
Federal, State, or local government em-18
ployee retirement plan; or 19
‘‘(xi) an interest in a small business 20
concern or family-owned business that does 21
not present a conflict of interest. 22
‘‘(3) C
OVERED PERSON .—The term ‘covered 23
person’ means— 24
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‘‘(A) any employee (as that term is defined 1
in section 2105 of title 5, United States Code), 2
including— 3
‘‘(i) an officer or employee of the 4
United States Postal Service and the Post-5
al Regulatory Commission; 6
‘‘(ii) notwithstanding section 7425(b) 7
of title 38, United States Code, employees 8
appointed under chapter 73 or 74 of such 9
title 38; and 10
‘‘(iii) any other individual occupying a 11
position in the civil service (as that term is 12
defined in section 2101 of such title 5); 13
‘‘(B) a Member of Congress as defined in 14
section 109(12); 15
‘‘(C) the President; and 16
‘‘(D) the Vice President. 17
‘‘(4) C
RYPTOCURRENCY OR OTHER DIGITAL 18
ASSET.—The term ‘cryptocurrency or other digital 19
asset’ means an asset that is issued or transferred 20
using distributed ledger or blockchain technology, in-21
cluding: virtual currencies, coins and tokens, or any 22
other digital asset specified by regulations of a filer’s 23
supervising ethics office. 24
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‘‘(5) DEPENDENT CHILD .—The term ‘depend-1
ent child’ means an individual described in section 2
109(2). 3
‘‘(6) I
NTERESTED PARTY .—The term ‘inter-4
ested party’ has the meaning given the term in sec-5
tion 102(f)(3)(E). 6
‘‘(7) F
UTURE.—The term ‘future’ means a fi-7
nancial contract obligating the buyer to purchase an 8
asset or the seller to sell an asset, such as a physical 9
commodity or a financial investment, at a predeter-10
mined future date and price. 11
‘‘(8) Q
UALIFIED BLIND TRUST .—The term 12
‘qualified blind trust’ has the meaning given the 13
term in section 102(f)(3). 14
‘‘(9) Q
UALIFIED DIVERSIFIED TRUST .—The 15
term ‘qualified diversified trust’ means a trust de-16
scribed in section 102(f)(4)(B). 17
‘‘(10) S
ECURITY.—The term ‘security’ has the 18
meaning given the term in section 3(a) of the Secu-19
rities Exchange Act of 1934 (15 U.S.C. 78c(a)). 20
‘‘(11) S
MALL BUSINESS CONCERN .—The term 21
‘small business concern’ has the meaning given that 22
term under section 3 of the Small Business Act (15 23
U.S.C. 632). 24
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‘‘(12) SUPERVISING ETHICS OFFICE .—The term 1
‘supervising ethics office’ has the meaning given the 2
term in section 109(18). 3
‘‘SEC. 202. OWNERSHIP OF COVERED INVESTMENTS. 4
‘‘(a) C
ONDUCTDURINGFEDERALSERVICE.—Except 5
as described in paragraph (2) of subsection (b) or sub-6
sections (c) through (h), no covered person may own or 7
trade any covered investment. 8
‘‘(b) C
OMPLIANCE.—To comply with the require-9
ments under paragraph (1)— 10
‘‘(1) a covered person shall not purchase any 11
covered investment beginning 60 days after the date 12
of enactment of the PORTFOLIO Act or the date 13
on which an individual becomes a covered person, 14
whichever is later; and 15
‘‘(2) a covered person shall divest of any cov-16
ered investment within 180 days of the effective date 17
established in subsection (k)(2) or the date on which 18
an individual becomes a covered person, whichever is 19
later— 20
‘‘(A) through gift or charitable donation of 21
a covered investment; 22
‘‘(B) by converting a covered investment to 23
cash; or 24
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‘‘(C) by placing a covered investment in a 1
qualified blind trust in accordance with sub-2
section (c). 3
‘‘(c) Q
UALIFIEDBLINDTRUST.— 4
‘‘(1) C
OVERED PERSONS AS OF DATE OF EN -5
ACTMENT.—An individual who is a covered person 6
as of the date of enactment of the PORTFOLIO Act 7
may comply with subsection (b) by placing any cov-8
ered investment owned by such person into a quali-9
fied blind trust not later than 180 days after the ef-10
fective date established in subsection (k)(2). 11
‘‘(2) C
OVERED PERSONS AFTER DATE OF EN -12
ACTMENT.—An individual who becomes a covered 13
person after the date of enactment of the PORT-14
FOLIO Act may comply with subsection (b) by plac-15
ing any covered investment owned by such person 16
into a qualified blind trust not later than 180 days 17
after the effective date established in subsection 18
(k)(2) or the date on which the individual becomes 19
a covered person, whichever is later. 20
‘‘(3) M
INGLING OF ASSETS.—A spouse or de-21
pendent child of a covered person may place a cov-22
ered investment in a qualified blind trust established 23
by a covered person. 24
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‘‘(d) PUBLICNOTIFICATION.—Not later than 30 days 1
after receiving any written notice under section 2
102(f)(3)(C)(iii), the supervising ethics office shall make 3
such notices publicly available in the manner provided 4
under section 105(a). 5
‘‘(e) E
XCEPTION.—Subsection (a) shall not apply to 6
an individual who ceases to be a covered person within 7
180 days of the date of the enactment of the PORT-8
FOLIO Act. 9
‘‘(f) C
OMPLEXFINANCIALARRANGEMENTS.— 10
‘‘(1) T
EMPORARY EXEMPTIONS .—A supervising 11
ethics office may grant a temporary exemption to a 12
covered person regarding their compliance with the 13
requirements of subsection (a) for investments held 14
in trusts or other complex financial arrangements in 15
which— 16
‘‘(A) the covered person entered into, or 17
was made a beneficiary of or to, a complex fi-18
nancial arrangement before the enactment of 19
the PORTFOLIO Act; and 20
‘‘(B) the covered person is contractually 21
prohibited from— 22
‘‘(i) having knowledge or control of 23
the covered person’s investments; or 24
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‘‘(ii) withdrawing the investment in 1
certain circumstances. 2
‘‘(2) P
UBLICATION.—A supervising ethics office 3
shall make publicly available in the manner provided 4
under section 105(a)— 5
‘‘(A) any requests from a covered person 6
for a temporary exemption within 30 days of 7
receipt; and 8
‘‘(B) any decision by the supervising ethics 9
office on the temporary exemption request of a 10
covered person within 30 days of issuing it. 11
‘‘(g) A
SSETSACQUIRED IN SPECIALCIR-12
CUMSTANCES.— 13
‘‘(1) D
IVESTMENT.—Except as described in 14
paragraph (2), in the event that a covered person 15
acquires a covered investment after the date of en-16
actment of the PORTFOLIO Act other than by pur-17
chase (such as by marriage, inheritance, divorce set-18
tlement, or other circumstance), the covered person 19
shall have 180 days of the effective date established 20
in subsection (k)(2) to divest of such investment 21
through any means provided under subsection 22
(b)(2). 23
‘‘(2) E
XTENSION.—A supervising ethics office 24
may grant a covered person an extension of time to 25
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comply with the deadline specified in paragraph (1) 1
in accordance with subsection (h). 2
‘‘(h) E
XTENSIONS.—With respect to subsections (a) 3
and (g), in response to a written request for an extension, 4
a supervising ethics office may grant a covered person one 5
or more extensions to comply with such subsections in the 6
following manner: 7
‘‘(1) An extension of up to 30 days may be 8
granted but the total of all extensions for each cov-9
ered person in a calendar year may not exceed 90 10
days. 11
‘‘(2) A copy of each extension granted by the 12
supervising ethics office shall be made publicly avail-13
able in the manner provided under section 105(a). 14
‘‘(i) R
ULESPROVIDINGNONRECOGNITION OF GAIN 15
ONSALESTOCOMPLYWITHCONFLICT-OF-INTEREST 16
R
EQUIREMENTSNOTAPPLICABLE.—For purposes of sec-17
tion 1043 of the Internal Revenue Code of 1986, this title 18
(and any regulation or rule issued pursuant to this title) 19
shall not be treated as a statute, regulation, or rule de-20
scribed in subsection (b)(2)(A) of such section. 21
‘‘(j) A
SSETSUPONSEPARATION.—An individual who 22
is a covered person under this section may not dissolve 23
any qualified blind trust in which a covered investment 24
has been placed pursuant to subsection (c), or otherwise 25
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control such an investment, until the date that is 180 days 1
after the date such individual ceases to be a covered per-2
son. 3
‘‘(k) A
DMINISTRATION AND ENFORCEMENT.— 4
‘‘(1) I
N GENERAL.—The provisions of this sec-5
tion shall be administered by the supervising ethics 6
office for each branch. 7
‘‘(2) R
EGULATIONS.—Within 180 days of en-8
actment of the PORTFOLIO Act, the supervising 9
ethics office for each branch shall issue regulations 10
implementing the provisions of this section and 11
specifying an effective date for the provisions of this 12
section. 13
‘‘(3) G
UIDANCE.—The supervising ethics office 14
for each branch is authorized to issue guidance on 15
any matter contained in this section for its respec-16
tive jurisdiction. 17
‘‘SEC. 203. PENALTIES FOR VIOLATIONS OF RESTRICTIONS 18
ON TRADING AND OWNERSHIP OF COVERED 19
INVESTMENTS. 20
‘‘(a) P
ENALTIES.— 21
‘‘(1) I
N GENERAL.—Any covered person who 22
violates the restrictions on trading or ownership of 23
covered investments in section 202 shall, at the di-24
rection of the supervising ethics office, pay a fee of 25
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$1,000 after being notified by the supervising ethics 1
office of such violation. 2
‘‘(2) A
SSESSMENT OF ADDITIONAL PEN -3
ALTIES.—If the violation that is the subject of a no-4
tice under paragraph (1) continues for more than 30 5
days after the date of the notice (including a viola-6
tion resulting from a covered person who continues 7
to own a covered investment in violation of section 8
202) for each subsequent 30-day period after the 9
date of the notice during which the violation is ongo-10
ing, such person shall be assessed an additional fee 11
equal to— 12
‘‘(A) the amount in paragraph (1); plus 13
‘‘(B) an amount equal to 10 percent of the 14
value of the covered investment that is the sub-15
ject of the violation at the beginning of the ad-16
ditional 30-day period of a continuing violation. 17
‘‘(3) A
NNUAL INDEXING OF PENALTY FOR IN -18
FLATION.—By January 31 of the calendar year fol-19
lowing the enactment of the PORTFOLIO Act and 20
in each year thereafter, the supervising ethics office 21
shall adjust the amount of the penalty in paragraph 22
(1) in the same manner that civil monetary penalties 23
are annually adjusted for inflation pursuant to sec-24
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tion 4 of the Federal Civil Penalties Inflation Ad-1
justment Act of 1990 (28 U.S.C. 2461 note). 2
‘‘(4) T
REATMENT OF FEES.— 3
‘‘(A) D
EPOSIT.—All such fees collected 4
under this section shall be deposited in the mis-5
cellaneous receipts of the Treasury. 6
‘‘(B) D
ELEGATION OF AUTHORITY .—The 7
authority under this section to direct the pay-8
ment of a fee may be delegated by the super-9
vising ethics office in the executive branch to 10
other agencies in the executive branch. 11
‘‘(b) W
AIVER ORREDUCTION.— 12
‘‘(1) I
N GENERAL.—The supervising ethics of-13
fice may waive or reduce the amount of a fee under 14
subsection (a) in extraordinary circumstances in re-15
sponse to a written request signed by the covered 16
person to whom the fee would otherwise apply. 17
‘‘(2) P
UBLICATION.—In the event the super-18
vising ethics office grants a request for a fee waiver 19
or reduction, the response of the supervising office 20
shall be made public in the same manner as under 21
section 105(a). 22
‘‘(c) C
IVILPENALTIES.—The Attorney General may 23
bring a civil action in any appropriate United States dis-24
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trict court in the same manner as authorized by section 1
104(a)(1) against any individual who— 2
‘‘(1) knowingly and willfully makes a trans-3
action in a manner that is prohibited by section 202; 4
or 5
‘‘(2) knowingly and willfully holds a covered in-6
vestment in a manner that is prohibited by section 7
202. 8
‘‘SEC. 204. ACCOUNTABILITY AND PUBLIC DISCLOSURE OF 9
ENFORCEMENT MEASURES. 10
‘‘(a) R
EFERRAL TOATTORNEYGENERAL.—The head 11
of each agency, each Secretary concerned, the Director of 12
the Office of Government Ethics, each congressional ethics 13
committee, or the Judicial Conference, shall refer to the 14
Attorney General the name of any individual whom such 15
official or committee has reasonable cause to believe has 16
willfully violated the requirements under section 202. 17
‘‘(b) J
UDICIALOFFICERS.—Whenever the Judicial 18
Conference refers a name to the Attorney General under 19
this section, the Judicial Conference also shall notify the 20
judicial council of the circuit in which the named indi-21
vidual serves of the referral. 22
‘‘(c) R
EPORT TOCONGRESS.— 23
‘‘(1) I
N GENERAL.—The Attorney General shall 24
annually submit to Congress a report on the crimi-25
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nal and civil actions brought against any individual 1
under titles I or II. 2
‘‘(2) T
IMING.—Such report shall be filed by 3
January 31 of each year covering the prior calendar 4
year. 5
‘‘(d) R
EPORTS BYSUPERVISINGETHICSOFFICE.— 6
‘‘(1) I
N GENERAL.—Each supervising ethics of-7
fice shall annually make a public report about com-8
pliance by individuals within its jurisdiction with the 9
requirements of titles I or II. 10
‘‘(2) C
ONTENTS.—Such public report shall in-11
clude the following information: 12
‘‘(A) The overall compliance by such indi-13
viduals. 14
‘‘(B) The measures taken by the super-15
vising ethics office to ensure compliance. 16
‘‘(C) The efforts taken to enforce such re-17
quirements, including through the issuance of 18
fees or other sanctions. 19
‘‘(D) The rate of compliance with the en-20
forcement measures described under subpara-21
graph (C). 22
‘‘(E) The issuance of waivers, reductions, 23
temporary exemptions, and extensions for statu-24
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tory requirements, rules, or enforcement meas-1
ures described under subparagraph (C). 2
‘‘(3) T
IMING.—Such public report shall be filed 3
by January 31 of each year covering the prior cal-4
endar year.’’. 5
SEC. 3. REFORMS TO FINANCIAL DISCLOSURE REQUIRE-6
MENTS. 7
(a) U
PDATED INCOME REPORTING REQUIRE-8
MENTS.—Section 102(a)(1)(B) of the Ethics in Govern-9
ment Act of 1978 (5 U.S.C. App. 102(a)(1)(B)) is amend-10
ed— 11
(1) in clause (vii), by adding at the end ‘‘or’’; 12
(2) in clause (viii), by striking ‘‘greater than 13
$1,000,000’’ through ‘‘not more than $5,000,000, 14
or’’ and inserting ‘‘greater than $1,000,000, in 15
which case the filer shall provide an indication of the 16
value of such income rounded to the nearest one 17
hundred thousand dollars.’’; and 18
(3) by striking clause (ix). 19
(b) I
NCREASEDTRANSPARENCY FOR INTERESTS IN 20
P
ROPERTY, LIABILITIES, TRANSACTIONS, ANDQUALI-21
FIEDBLINDTRUSTS.—Section 102(d)(1) of the Ethics in 22
Government Act of 1978 (5 U.S.C. App. 102(d)(1)) is 23
amended— 24
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(1) in subparagraph (G), by adding at the end 1
‘‘and’’; 2
(2) by striking subparagraphs (H), (I), and (J); 3
and 4
(3) by inserting after subparagraph (G) the fol-5
lowing subparagraph: 6
‘‘(H) greater than $5,000,000, in which case 7
the filer shall provide an indication of the value 8
rounded to the nearest million dollars.’’. 9
(c) E
NDINGDISCLOSURE LOOPHOLE.—Section 10
102(e)(1) of the Ethics in Government Act of 1978 (5 11
U.S.C. App. 102(e)(1)) is amended— 12
(1) in the matter preceding subparagraph (A), 13
by striking ‘‘Except as provided in the last sentence 14
of this paragraph, each’’ and insert ‘‘Each’’; and 15
(2) by striking subparagraph (F). 16
(d) S
WIFTERDISCLOSURE OF CERTAINTRANS-17
ACTIONS.—Section 103 of the Ethics in Government Act 18
of 1978 (5 U.S.C. App. 103) is amended— 19
(1) in subsection (l), by striking ‘‘Not later 20
than’’ and inserting ‘‘Except as provided in sub-21
section (m), not later than’’; and 22
(2) by adding at the end the following sub-23
section: 24
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‘‘(m) Not later than 14 days after receiving notifica-1
tion of any transaction required to be reported under sec-2
tion 102(a)(5)(B), where the value of the transaction is 3
$15,000 or greater, but in no case later than 21 days after 4
such transaction, the persons listed in subsection (l), if 5
required to file a report under any subsection of section 6
101, subject to any waivers and exclusions, shall file a re-7
port of the transaction. In such case, the filer does not 8
need to file an additional report of that transaction pursu-9
ant to subsection (l).’’. 10
(e) D
ISCLOSURE OFCRYPTOCURRENCY OR OTHER 11
D
IGITALASSETS.—Section 102(a) of the Ethics in Gov-12
ernment Act of 1978 (5 U.S.C. App. 102(a)) is amend-13
ed— 14
(1) in paragraph (3), by inserting ‘‘For pur-15
poses of this paragraph, ‘property’ includes 16
cryptocurrency or other digital assets that are issued 17
or transferred using distributed ledger or blockchain 18
technology including: virtual currencies, coins and 19
tokens or any other digital asset specified by regula-20
tions of a filer’s supervising ethics office.’’ after 21
‘‘similar financial institution.’’; and 22
(2) in paragraph (5)(B), by striking ‘‘other 23
forms of securities.’’ and inserting ‘‘other forms of 24
securities and in cryptocurrency or other digital as-25
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sets that are issued or transferred using distributed 1
ledger or blockchain technology including: virtual 2
currencies, coins and tokens or any other digital 3
asset specified by regulations of a filer’s supervising 4
ethics office.’’. 5
(f) M
ANDATORY ELECTRONIC FILING.—Section 6
103(a) of the Ethics in Government Act of 1978 (5 U.S.C. 7
App. 103(a)) is amended by striking ‘‘or in which he will 8
serve.’’ and inserting ‘‘or in which the individual will serve 9
using the system for electronically filing reports imple-10
mented by that agency’s supervising ethics office.’’. 11
(g) S
UPERVISINGETHICSOFFICE.— 12
(1) A
DDED AUTHORITIES.—Section 111 of the 13
Ethics in Government Act of 1978 (5 U.S.C. App. 14
111) is amended— 15
(A) by striking ‘‘The provisions of this 16
title’’ and inserting ‘‘(a) The provisions of this 17
title’’; 18
(B) by striking ‘‘The Judicial Conference 19
may delegate any authority it has under this 20
title to an ethics committee established by the 21
Judicial Conference.’’; 22
(C) in paragraph (3) by striking ‘‘101(f).’’ 23
and inserting ‘‘101(f). The Judicial Conference 24
may delegate any authority it has under this 25
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•HR 389 IH
title to an ethics committee established by the 1
Judicial Conference.’’; and 2
(D) by adding after subsection (a), as re-3
designated by this subsection, the following sub-4
section: 5
‘‘(b) Each supervising ethics office— 6
‘‘(1) shall develop and make available forms for 7
the reporting of information required by titles I or 8
II, including modifications to the system for elec-9
tronically filing reports implemented by that agen-10
cy’s supervising ethics office, as necessary; 11
‘‘(2) may issue rules or regulations imple-12
menting titles I or II; 13
‘‘(3) may establish procedures and promulgate 14
forms; 15
‘‘(4) may render advisory opinions interpreting 16
titles I or II in the same manner as authorized by 17
section 106(b)(7); 18
‘‘(5) may impose and collect fees as provided in 19
sections 104 and 203; 20
‘‘(6) shall notify any individual within its juris-21
diction of the changes to disclosure requirements, in-22
cluding revisions to the forms and electronic filing 23
system and any regulations issued by the supervising 24
ethics office; and 25
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•HR 389 IH
‘‘(7) shall provide a written notice about the 1
changes to titles I and II to any individual within its 2
jurisdiction within 15 days of any such change.’’. 3
(2) T
IMING.—For purposes of section 111(b)(1) 4
of the Ethics in Government Act of 1978, as added 5
by paragraph (1), the supervising ethics office shall 6
develop the first iteration of the form required under 7
such section within 90 days of the date of enactment 8
of the PORTFOLIO Act. 9
(h) E
FFECTIVEDATE.—The amendments made by 10
this section shall apply to any report due beginning 120 11
days after the date of the enactment of this Act, except 12
that the amendments made by subsection (f) shall apply 13
to any report due beginning 60 days after the date of the 14
enactment of this Act. 15
SEC. 4. NEW AND STRENGTHENED PENALTIES FOR NON-16
COMPLIANCE. 17
(a) P
ENALTIES FORFAILURETOTIMELYFILERE-18
PORTS; PUBLICATION OF FEESASSESSED.—Section 19
104(d) of the Ethics in Government Act of 1978 (5 U.S.C. 20
App. 104(d)) is amended— 21
(1) in the matter following paragraph (1)(B), 22
by striking ‘‘$200’’ and inserting ‘‘$500’’; 23
(2) by redesignating paragraph (2) as para-24
graph (5); 25
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(3) by inserting after paragraph (1) the fol-1
lowing: 2
‘‘(2) For each subsequent 30-day period during which 3
the individual has not filed a report required to be filed 4
under this title, the individual shall be assessed an addi-5
tional filing fee equal to— 6
‘‘(A) $500; plus 7
‘‘(B) if the report is required under section 8
103(l), an amount equal to 10 percent of the actual 9
value of the transactions that should have been dis-10
closed on the report. 11
‘‘(3) By January 31 of the calendar year following 12
the enactment of the PORTFOLIO Act and in each year 13
thereafter, the supervising ethics office shall adjust the 14
$500 figure in paragraphs (1) and (2) in the same manner 15
that civil monetary penalties are annually adjusted for in-16
flation pursuant to section 4 of the Federal Civil Penalties 17
Inflation Adjustment Act of 1990 (28 U.S.C. 2461 note). 18
‘‘(4) With respect to a filing fee required to be paid 19
under this subsection, the supervising ethics office shall 20
make available, on a publicly accessible website, the fol-21
lowing information: 22
‘‘(A) The name and occupation of the individual 23
required to pay such fee. 24
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‘‘(B) The amount of each such fee that such in-1
dividual is required to pay. 2
‘‘(C) The date on which the supervising ethics 3
office assessed each such fee described in subpara-4
graph (B). 5
‘‘(D) An indication as to whether such indi-6
vidual has paid each amount described in subpara-7
graph (B).’’; and 8
(4) by adding after paragraph (5), as redesig-9
nated by this subsection, the following paragraph: 10
‘‘(6) With respect to a waiver granted under para-11
graph (5), the supervising ethics office shall make avail-12
able the name and occupation of each recipient of such 13
waiver on a publicly accessible website.’’. 14
(b) E
FFECTIVEDATE.—The amendments made by 15
this section shall apply for any report due beginning 30 16
days after the date of enactment of this Act. 17
Æ
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