Sec. 105. Conflicts of interest rules for all senior government officials and nonconflicted Federal employee investment accounts
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No senior government official may own an interest in or trade (except a divestment required or approved by the supervising ethics office) any stock, bond, commodity, future, and other form of security, including an interest in a hedge fund, a derivative, option, or other complex investment vehicle, except nonconflicted assets allowed under subsection (b). No senior government official may maintain ownership in commercial real estate, unless ownership of such commercial real estate is necessary for a qualified small business described in paragraph (4)(C).
No senior government official may maintain a financial interest in any trust, including a family trust, if the supervising ethics office determines that the trust includes any— asset that might present a conflict of interest; or stock, bond, commodity, future, and other form of security, including an interest in a hedge fund, a derivative, option, or other complex investment vehicle, except nonconflicted assets allowed under subsection (b). Subparagraph
(A)shall not apply to a trust described in section 102(f)(2) of the Ethics in Government Act of 1978 (5 U.S.C. App.). No senior government official may maintain ownership in a privately owned or closely held corporation, company, firm, partnership, or other business enterprise. No senior government official may serve on the board of directors of any for-profit entity, including any corporation, company, firm, partnership, or other business enterprise. Subparagraphs
(A)and
(B)shall not apply to a qualified small business. A senior government official may maintain assets that do not present a conflict of interest, including— a widely held investment fund— described in section 102(f)(8) of the Ethics in Government Act of 1978 (5 U.S.C. App.); and that meets the requirements described in paragraph (2); noncommercial real estate, including real estate used solely as a personal residence; cash, certificates of deposit, or other forms of savings accounts; a federally managed asset, including— financial interests in or income derived from— any retirement system under title 5, United States Code (including the Thrift Savings Plan under subchapter III of chapter 84 of such title); or any other retirement system maintained by the United States for officers or employees of the United States, including the President, or for members of the uniformed services; benefits received under the Social Security Act ( 42 U.S.C. 301 et seq. ); and an asset in the Federal Employee Investment Account described in paragraph (3); bonds, bills, and notes issued by governmental sources, such as the Federal Government, State, or other municipality; shares 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) ); and shares of Settlement Common Stock, as defined in section 3 of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1602 ). A senior government official may not maintain a widely held investment fund described in section 102(f)(8) of the Ethics in Government Act of 1978 (5 U.S.C. App.), unless— the widely held investment fund does not present a conflict of interest; and any instructions to a manager of the widely held investment fund are shared with the applicable supervising ethics office. Section 8472 of title 5, United States Code, is amended— in subsection (f)— in paragraph (2), by striking and at the end; in paragraph (3), by striking the period at the end and inserting a semicolon; and by adding at the end the following: not later than 3 years after the date of enactment of this paragraph, establish Federal Employee Investment Accounts in the Treasury of the United States accounts for senior government officials to maintain investments in the stock and securities markets in which a senior government official may— sell an asset or security, including those assets or securities that present a conflict of interest under section 105(a) of the Anti-Corruption and Public Integrity Act , and invest the resulting funds into the Federal Employee Investment Accounts; and withdraw funds from their Federal Employee Investment Account at any time; act in the interest of the plan participants and beneficiaries of Federal Employee Investment Accounts when making decisions for the purpose of providing benefits to those participants and beneficiaries; establish a new and parallel system for recordkeeping with respect to Federal Employee Investment Accounts; and establish a Federal Employee Investment Fund to fully cover administrative costs associated with managing Federal Employee Investment Accounts, which— shall be separate from the Thrift Savings Fund established under section 8437, except with respect to administrative costs for common resources; and may be used for compensation to pay new employees, additional resources for information technology, additional call center capacity, and any other new capacity to handle the administration of Federal Employee Investment Accounts. ; in subsection (g)(1)— in subparagraph (C), by striking and at the end; by striking the period at the end and inserting ; and ; and by adding at the end the following: promulgate regulations for the administration of Federal Employee Investment Accounts. ; and by adding at the end the following: There is authorized to be appropriated such sums as may be necessary to establish and maintain Federal Employee Investment Accounts established under subsection (f), including for the purpose of reducing any fees paid by participants in the Federal Employee Investment Accounts. .
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Sec. 105
Conflicts of interest rules for all senior government officials and nonconflicted Federal employee investment accounts
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