Sec. 603. Transparency relating to candidates for Federal office and Members of Congress
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Title I of the Ethics in Government Act of 1978 (5 U.S.C. App.) is amended by inserting after section 102A, as added by section 602 of this Act, the following: In this section— the term close family member , with respect to a reporting individual, includes— a parent of the reporting individual; a spouse of the reporting individual; and an adult child of the reporting individual; the term covered candidate has the meaning given the term in section 102A(a); the term covered entity means a corporation, company, firm, partnership, or other business enterprise; the term gross receipts has the meaning given the term in section 993(f) of the Internal Revenue Code of 1986; the term income tax return has the meaning given the term in section 102A(a); the term Member of Congress means— a Member of Congress required to file a report under subsection
(a)or
(d)of section 101; and an individual who occupies the office of Member of Congress and is required to file a report under section 101(e); and the term reporting individual means— a covered candidate; or a Member of Congress. On and after the date that is 180 days after the date on which the Director of the Office of Public Integrity, in consultation with the Federal Election Commission, promulgates regulations under paragraph (3), in addition to the information described in subsections
(a)and
(b)of section 102, a Member of Congress shall include in each report required to be filed under this title, with respect to the 2 most recent taxable years and every year the Member of Congress was in Federal elected office for which an income tax return has been filed with the Internal Revenue Service as of the date on which the report is filed— a statement of the name of any covered entity— in which the Member of Congress has a significant direct or indirect ownership interest; and that has gross receipts that meet or exceed the threshold value established by regulations promulgated pursuant to paragraph (3); a copy of any income tax return filed by a covered entity described in clause
(i)for any taxable year ending with or within such years; and in the case of a covered entity described in clause
(i)that is a privately owned or closely held covered entity, a statement of— each— asset of the covered entity; and liability of the covered entity; all— income from sources within the United States, as described in section 861 of the Internal Revenue Code of 1986; and income from sources without the United States, as described in section 862 of the Internal Revenue Code of 1986; the name of each co-owner or co-member of the covered entity; and for any co-owner or co-member described in subclause
(III)that is not a natural person, the name of each natural person that controls, directly or indirectly, the co-owner or co-member. In addition to the information described in subparagraph (A), the Director of the Office of Public Integrity may, on a case-by-case basis and in accordance with the regulations promulgated under paragraph (3), require that a Member of Congress include in each report required to be filed under this title by the Member of Congress the information described in subparagraph
(A)with respect to any covered entity— in which a close family member of the Member of Congress has a significant direct or indirect ownership interest; and that has gross receipts that meet or exceed the threshold value established by regulations promulgated pursuant to paragraph (3). If an income tax return is not disclosed under subparagraph (A)(ii), the Director of the Office of Public Integrity shall submit to the Secretary of the Treasury a request that the Secretary of the Treasury provide the Director of the Office of Public Integrity with a copy of the income tax return. All information, including any income tax return, described in this subsection required to be included in a report under this title shall be filed with the Director of the Office of Public Integrity and made publicly available in the same manner as the information described in subsections
(a)and
(b)of section 102. Before making any information, including any income tax return, described in this paragraph required to be included in a report under this title available to the public, the Director of the Office of Public Integrity shall redact— if the information contained in the report contains a trade secret the disclosure of which is likely to cause substantial harm to the competitive position of the covered entity to which the information contained in the report pertains, the information relating to the trade secret; and such information as the Director of the Office of Public Integrity, in consultation with the Secretary of the Treasury, determines appropriate. A Member of Congress submitting a report under this title that contains information, including any income tax return, described in this paragraph that contains a trade secret described in clause (i)(I) may request that the Director of the Office of Public Integrity redact the information relating to the trade secret. On and after the date that is 180 days after the date on which the Director of the Office of Public Integrity, in consultation with the Federal Election Commission, promulgates regulations under paragraph (3), not later than 15 days after the date on which a covered candidate is nominated, the covered candidate shall amend the report filed by the covered candidate under section 101(c) with the Federal Election Commission to include, with respect to the years described in subparagraph (B)— a statement of the name of any covered entity— in which the covered candidate has a significant direct or indirect ownership interest; and that has gross receipts that meet or exceed the threshold value established by regulations promulgated pursuant to paragraph (3); a copy of any income tax return filed by a covered entity described in clause
(i)for any taxable year ending with or within such years; and in the case of a covered entity described in clause
(i)that is a privately owned or closely held covered entity, a statement of— each— asset of the covered entity; and liability of the covered entity; all— income from sources within the United States, as described in section 861 of the Internal Revenue Code of 1986; and income from sources without the United States, as described in section 862 of the Internal Revenue Code of 1986; the name of each co-owner or co-member of the covered entity; and for any co-owner or co-member described in subclause
(III)that is not a natural person, the name of each natural person that controls, directly or indirectly, the co-owner or co-member. The years described in this subparagraph are as follows: In the case of a report filed under section 101(c) by a covered candidate for the office of President or Vice President, the 8 years preceding the date on which the report is filed. In the case of a report filed under section 101(c) by a covered candidate for the office of Member of Congress, the 2 years preceding the date on which the report is filed. In addition to the information described in subparagraph (A), the Federal Election Commission may, on a case-by-case basis and in accordance with the regulations promulgated under paragraph (3), require that a covered candidate include in each report required to be filed under section 101(c) by the covered candidate the information described in subparagraph
(A)with respect to any covered entity— in which a close family member of the covered candidate has a significant direct or indirect ownership interest; and that has gross receipts that meet or exceed the threshold value established by regulations promulgated pursuant to paragraph (3). If an income tax return is not disclosed under subparagraph (A)(ii), the Chairman of the Federal Election Commission shall submit to the Secretary of the Treasury a request that the Secretary of the Treasury provide the Federal Election Commission with a copy of the income tax return. All information, including any income tax return, described in this subsection required to be included in a report under section 101(c) shall be filed with the Federal Election Commission and made publicly available in the same manner as the information described in subsections
(a)and
(b)of section 102. Before making any information, including any income tax return, described in this paragraph required to be included in a report under section 101(c) available to the public, the Federal Election Commission shall redact— if the information contained in the report contains a trade secret the disclosure of which is likely to cause substantial harm to the competitive position of the covered entity to which the information contained in the report pertains, the information relating to the trade secret; and such information as the Federal Election Commission, in consultation with the Secretary of the Treasury, determines appropriate. A covered candidate submitting a report under section 101(c) that contains information, including any income tax return, described in this paragraph that contains a trade secret described in clause (i)(I) may request that the Federal Election Commission redact the information relating to the trade secret. Not later than 120 days after the date of enactment of this section, the Director of the Office of Public Integrity shall, in consultation with the Federal Elections Commission, promulgate regulations to— establish each threshold value for purposes of— subparagraphs (A)(i)(II) and (B)(ii) of paragraph (1); and subparagraphs (A)(i)(II) and (C)(ii) of paragraph (2); define the term significant direct or indirect interest ; ensure that information described in this subsection that is required to be contained in a report filed under this title does not— disclose any trade secret that is likely to cause substantial harm to the competitive position of the covered entity to which it pertains; or violate the privacy of any individual who is not the reporting individual who files the report; and prescribe appropriate circumstances in which to require a Member of Congress or covered candidate to provide information under paragraph (1)(B) or (2)(C). In this section— the term covered candidate has the meaning given the term in section 102A(a); the term covered organization means an organization required to— file an income tax return under section 6033 of the Internal Revenue Code of 1986; and include information under subsection
(e)thereof; the term income tax return has the meaning given the term in section 102A(a); and the term key employee means— an individual who is 1 of the 5 individuals receiving the highest amount of compensation paid by a covered organization; or an individual receiving compensation paid by a covered organization in an amount that exceeds $100,000. Not later than 15 days after the date on which a covered candidate is nominated, the covered candidate shall amend the report filed by the covered candidate under section 101(c) with the Federal Election Commission to include— a statement identifying each covered organization of which the covered candidate has been an officer, director, trustee, board member, or key employee during the 2 years preceding the date on which the report is filed; and for each covered organization identified under subparagraph (A), a copy of each income tax return required to be filed by the covered organization under section 6033 of the Internal Revenue Code of 1986 for each taxable year ending with or within any taxable years described in subparagraph
(A)in which the covered candidate was an officer, director, trustee, board member, or key employee of the covered organization. If an income tax return is not disclosed under paragraph (1)(B), the Federal Election Commission shall submit to the Secretary of the Treasury a request that the Secretary of the Treasury provide the Federal Election Commission with the income tax return. All information, including any income tax return, described in this subsection required to be included in a report under section 101(c) shall be filed with the Federal Election Commission and made publicly available in the same manner as the information described in section 102(b). The Director of the Office of Public Integrity shall make a copy of each income tax return described in paragraph (1)(B) included in a report filed under section 101(c) publicly available on the website described in section 402(b)(19) until— the date on which the reporting individual ceases to be a covered candidate; or if the reporting individual is elected to the office for which the reporting individual was a covered candidate, the date on which the reporting individual ceases to serve in the office for which the reporting individual was a covered candidate. Before making any information, including any income tax return, described in this subsection required to be included in a report under section 101(c) available to the public, the Federal Election Commission shall redact such information as the Federal Election Commission, in consultation with the Secretary of the Treasury and the Director of the Office of Public Integrity, determines appropriate. . Paragraph
(23)of section 6103(l) of the Internal Revenue Code of 1986, as added by section 602, is amended by adding at the end the following new subparagraphs: The Secretary shall, upon written request from the Director of the Office of Public Integrity pursuant to section 102B(b)(1)(C) of the Ethics in Government Act of 1978 provide to officers and employees of the Office of Public Integrity a copy of any income tax return of a covered entity (as defined in section 102B(a) of such Act) that relates to a year described in section 102B(b)(1)(A) of such Act and is required to be filed under section 102B(b) of such Act. The Secretary shall, upon written request from the Chairman of the Federal Election Commission pursuant to section 102B(b)(2)(D) of the Ethics in Government Act of 1978 provide to officers and employees of the Federal Election Commission a copy of any income tax return of a covered entity (as defined in section 102B(a) of such Act) that relates to a year described in section 102B(b)(2)(B) of such Act and is required to be filed under section 102B(b) of such Act. The Director of the Office of Public Integrity and the Chairman of the Federal Election Commission may disclose to the public the income tax return of any covered entity (as so defined) that is required to be filed pursuant to section 102B(b) of the Ethics in Government Act of 1978. The Secretary shall, upon written request from the Chairman of the Federal Election Commission pursuant to section 102C(b)(2) of the Ethics in Government Act of 1978, provide to officers and employees of the Federal Election Commission copies of any income tax return required to be filed under section 6033 by an organization described in clause
(iii)for any year taxable year ending with or within the period described in section 102C(b)(1)(B) of such Act. The Federal Election Commission may disclose to the public income tax returns of any organization described in clause
(iii)that is required to be filed with the Commission pursuant to section 102C(b) of the Ethics in Government Act of 1978. An organization is described in this clause if such organization is a covered organization (as defined in section 102C(a) of the Ethics in Government Act of 1978) of which a person who has been nominated as a covered candidate (as defined in section 102A(a) of such Act) has been an officer, director, trustee, board member, or key employee (as defined in section 102C(a) of such Act) during the period described in section 102C(b)(1)(A) of such Act. . Section 103(j) of the Ethics in Government Act of 1978 (5 U.S.C. App.) is amended— in paragraph (1), by adding at the end the following: In the case of a report filed under this title with the Clerk of the House of Representatives by a covered candidate, as defined in section 102A(a), a copy of the report shall also be sent by the Clerk to the Federal Election Commission within the 7-day period beginning on the day the report is filed. ; and in paragraph (2), by adding at the end the following: In the case of a report filed under this title with the Secretary of the Senate by a covered candidate, as defined in section 102A(a), a copy of the report shall also be sent by the Secretary to the Federal Election Commission within the 7-day period beginning on the day the report is filed. .