Sec. 106. Post-employment restrictions
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Section 207 of title 18, United States Code, is amended— in subsection (a)— in paragraph (1), in the matter preceding subparagraph (A), by inserting after with the intent to influence, the following: or with the intent to gain information for use in analyzing securities or commodities markets, or in informing investment decisions in securities or commodities markets, ; and in paragraph (2), in the matter preceding subparagraph (A), by inserting after with the intent to influence, the following: or with the intent to gain information for use in analyzing securities or commodities markets, or in informing investment decisions in securities or commodities markets, ; by striking subsections (c), (d), and
(e)and inserting the following: In addition to the restrictions set forth in subsections
(a)and (b), any President, Vice President, Member of Congress, or officer or employee compensated at a rate of pay specified in or fixed according to subchapter II of chapter 53 of title 5, after the termination of his or her service or employment with the United States who— works as a registered lobbyist or political intelligence consultant; or knowingly makes, with the intent to influence, or with the intent to gain information for use in analyzing securities or commodities markets, or in informing investment decisions in securities or commodities markets, any communication to or appearance before any officer or employee of any department, Executive agency, Member, officer, or employee of either House of Congress or any employee of any other legislative office of the Congress, on behalf of any other person (except the United States or the District of Columbia) for compensation, in connection with any matter on which such person seeks official action by any Member, officer, or employee of either House of Congress, or any employee or officer of any department or Executive agency, shall be subject to the penalties set forth in section 216 of this title. Any officer or employee in the executive or legislative branch of the United States who, during the time period described in subparagraph
(B)makes, with the intent to influence, or with the intent to gain information for use in analyzing securities or commodities markets, or in informing investment decisions in securities or commodities markets, any communication to or appearance before their former office, Executive agency, or House of Congress, for compensation, shall be subject to the penalties set forth in section 216 of this title. The time period described in this subparagraph is as follows: With respect to an officer or employee of the legislative branch, 2 years after the termination of service or employment as an officer or employee. With respect to an officer or employee of the executive branch, the later of— the date on which a President other than the President serving at the time of the termination of service or employment of the officer or employee takes office; and the date on which the 2-year period beginning on the date of the termination of service or employment as an officer or employee expires. With respect to an officer or employee of the executive branch of the United States who becomes a corporate lobbyist, the later of— the date on which a President other than the President serving at the time of the termination of service or employment of the officer or employee takes office; and the date on which the 6-year period beginning on the date of the termination of service or employment as an officer or employee expires. With respect to an officer or employee of the legislative branch of the United States who becomes a corporate lobbyist, the date on which the 6-year period beginning on the date of the termination of service or employment as an officer or employee expires. ; by redesignating subsections
(f)through
(l)as subsections
(d)through (j), respectively; in subsection (g), as so redesignated— by redesignating paragraphs (1), (2), and
(3)as paragraphs (2), (3), and (4), respectively; by inserting before paragraph (2), as so redesignated, the following: the terms corporate lobbyist , lobbyist , and political intelligence consultant have the meanings given such terms in section 3 of the Lobbying Disclosure Act of 1995 ( 2 U.S.C. 1602 ); ; and in paragraph (2), as so redesignated, by inserting after with the intent to influence, the following: or with the intent to gain information for use in analyzing securities or commodities markets, or in informing investment decisions in securities or commodities markets, ; in subsection (h), as so redesignated, by adding at the end the following: The restrictions contained in this section relating to a communication made with the intent to gain information for use in analyzing securities or commodities markets, or in informing investment decisions in securities or commodities markets shall not apply to a communication made by a representative of a media organization (as such term is defined in section 3 of the Lobbying Disclosure Act of 1995 ( 2 U.S.C. 1602 )), if the purpose of the communication is gathering and disseminating news and information to the public. ; and by adding at the end the following: In this subsection: The term giant bank or company includes— any for-profit company or financial institution with greater than an average of $150,000,000,000 in market capitalization or revenue for the previous 3-year period; any Federal contractor that received greater than $5,000,000,000 in annual revenue from the Federal Government during the previous 3-year period; and any for-profit company or financial institution that exerts monopolistic or monopsonistic control over a significant share of the market in its particular industry (as defined by the Director of the Office of Public Integrity, in consultation with the Attorney General, by regulation). The term lobbying contact has the meaning given the term in section 3 of the Lobbying Disclosure Act of 1995 ( 2 U.S.C. 1602 ). The term registered lobbyist means a lobbyist registered under the Lobbying Disclosure Act of 1995 ( 2 U.S.C. 1601 et seq. ). The term senior government official means— any individual described in section 101(f) of the Ethics in Government Act of 1978 (5 U.S.C. App.), including— any individual appointed to a position on any level of the Executive Schedule under subchapter II of chapter 53 of title 5, United States Code, including positions identified in sections 5312 through 5316 of title 5, United States Code; a noncareer officer or employee serving in the Executive Office of the President, including the White House Office, and in the Office of the Vice President; and an individual employed in a position in the executive branch of the Government who is excepted from the competitive service by reason of being of a confidential or policy-determining character under schedule C of subpart C of part 213 of title 5, Code of Federal Regulations (or any successor regulations), except that the Director of the Office of Public Integrity 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 confidence of the public in the integrity of the Government; an individual employed in a position in the Senior Executive Service; an individual employed in a position at the GS–15 level or higher; and an individual employed in a position not under the General Schedule for which the rate of basic pay is equal to or greater than the minimum rate of basic pay payable for GS–15 of the General Schedule. No for-profit corporation, company, firm, partnership, or other business enterprise may hire or directly or indirectly compensate (including as consultants and lawyers) any former senior government official, for 1 year after the official leaves government service, from an Executive agency, department, or congressional office with which the corporation, company, firm, partnership, or other business enterprise made a lobbying contact in the past 2 years. No company that is awarded a contract or license by the Federal Government may hire or compensate any former officer or employee in the executive branch of the United States who oversaw any of the company's contracts or licenses (including any procurement officer, any Federal employee or official who participated in the contract or license selection, any Federal employee or official who determined or approved the technical requirements of the contract or license, and any senior government official in the executive branch of the United States employed at the Executive agency that granted the contract or license) during the 4-year period beginning on the date on which the officer terminated employment with the United States. No giant bank or company may hire or directly or indirectly compensate (including as consultants and lawyers) any senior government official during the 4-year period beginning on the date on which the official terminated employment with the United States. Not later than 1 year after the date of enactment of this clause, each senior government official who terminates service on or after the date that is 1 year after the date of enactment of this clause shall submit to the Director of the Office of Public Integrity an annual disclosure that includes all sources of earned income for the 4-year period beginning on the date on which the government official terminated employment with the United States. The Director of the Office of Public Integrity shall make a disclosure made under clause
(i)publicly available for any official who had a report made in accordance with title I of the Ethics in Government Act of 1978 (5 U.S.C. App.) made publicly available. Each senior government official subject to the disclosure requirement in clause
(i)may consent to allow the Director of the Office of Public Integrity to obtain from the Commissioner of Internal Revenue the information necessary to meet the requirements of subclause (i), but no other information, such that additional action is not required of the senior government official after such individual files a tax return. Any individual who consents under subclause
(I)shall not be subject to clause (v). Not later than 1 year after the date of enactment of this subclause, the Director of the Office of Public Integrity and the Commissioner of Internal Revenue shall enter into a cooperative agreement or memorandum of understanding to establish secure means to allow for the necessary information exchange in subclause
(III)for senior government officials who wish to avail themselves of the automatic disclosure under subclause (III). The Attorney General or the Director of the Office of Public Integrity may bring a civil action in any appropriate United States district court against any individual who knowingly and willfully falsifies or who knowingly and willfully fails to disclose any information that such individual is required to disclose pursuant to this clause. The court in which such action is brought may assess against such individual a civil penalty in any amount, not to exceed $50,000. It shall be unlawful for any person to knowingly and willfully falsify any information that such person is required to disclose under this clause. It shall be unlawful for any person to fail to disclose any information that such person is required to disclose under this clause. Any person who violates the first sentence of subitem
(AA)shall be fined under title 18, United States Code, imprisoned for not more than 1 year, or both. Any person who violates the second sentence of subitem
(AA)shall be fined under title 18, United States Code. The Director of Office of Public Integrity may impose a civil penalty or a sanction on any entity or giant bank or company upon making a determination, after reasonable notice and opportunity for a hearing, that the entity or giant bank or company has violated paragraph
(2)or (3)(B). A civil penalty imposed for a violation under subparagraph
(A)shall— in the case of an initial violation, be not less than 1 percent of the net profit of the entity or giant bank or company for the previous year; in the case of a second violation, not less than 2 percent of the net profit of the entity or giant bank or company for the previous year; and in the case of a third or subsequent violation, not less than 5 percent of the net profit of the entity or giant bank or company for the previous year. In addition to a civil penalty imposed under this clause, after reasonable notice and an opportunity for a hearing, if the Director of the Office of Public Integrity determines that a company has violated paragraph
(2)or (3)(B), the Director may impose a sanction on an entity or a giant bank or company, including— prohibiting the entity or giant bank or company from employing any former employee or officer of the Federal Government for a period of time not to exceed 8 years; prohibiting the company from doing business with the Federal Government, receiving a contract or license from the Federal Government, or otherwise participating in Federal Government programs, for a period of time not to exceed 8 years. In this subclause, the term compensation includes, based on information required to be reported to any Federal agency during the period in which a violation of paragraph
(2)or (3)(B) occurred— the proceeds of any sale of stock; and any incentive-based compensation (including stock options awarded as compensation). In addition to the penalties described in subparagraphs
(B)and (C), after reasonable notice and an opportunity for a hearing, if the Director of the Office of Public Integrity determines that an executive officer of an entity or giant bank or company has knowingly, or with gross negligence, violated paragraph
(2)or (3)(B), or contributed to the violation of a paragraph
(2)or (3)(B), the Director may assess a civil penalty against the executive officer not to exceed the amount of the officer’s compensation for each year during which the violations occurred. In determining the amount of any penalties assessed under this paragraph, the Director of the Office of Public Integrity or the court shall take into account the appropriateness of the penalty with respect to— the size of financial resources and good faith of the entity, giant bank or company, or senior executive; the gravity of the violation or failure to pay; the history of previous violations; and such other matters as justice may require. The Director of the Office of Public Integrity may compromise, modify, or remit any penalty under this paragraph, which may be assessed or had already been assessed. The amount of such penalty, when finally determined, shall be exclusive of any sums owed by the person to the United States in connection with the costs of the proceeding, and may be deducted from any sums owing by the United States to the person charged. No civil penalty may be assessed under this paragraph with respect to a violation of paragraph
(2)or (3)(B) unless— the Director of the Office of Public Integrity gives notice and an opportunity for a hearing to the person accused of the violation; or the appropriate court has ordered such assessment and entered judgment in favor of the Director of the Office of Public Integrity. . The amendments made by subsection
(a)relating to political intelligence contacts (as defined in section 3 of the Lobbying Disclosure Act of 1995 ( 2 U.S.C. 1602 ), as amended by this Act) shall apply with respect to any political intelligence contact that is made on or after the date that is 1 year after the date of the enactment of this Act. Section 207 of title 18, United States Code, is amended— in subsection (d), as redesignated by subsection
(a)of this section, by striking (d), or
(e); in subsection (f)(2), as redesignated by subsection
(a)of this section, in the second sentence, by striking (c)(2)(A)(i) or
(iii)and inserting
(c); in subsection (g)(1), as redesignated by subsection
(a)of this section— in subparagraph (A), by striking (a), (c), and
(d)and inserting
(a)and
(c); and in subparagraph (B), by striking
(f)and inserting
(d); and in subsection (h), as redesignated by subsection
(a)of this section— by striking subsections (c), (d), and
(e)each place the term appears and inserting subsection
(c); in paragraph (5), by striking (a), (c), and
(d)and inserting
(a)and
(c); and in paragraph (7)(B), by striking subsections (c), (d), or
(e)and inserting subsection
(c). Section 10(k) of the Federal Deposit Insurance Act ( 12 U.S.C. 1820(k) ) is amended— in the subsection header, by striking and inserting One-Year ; and Four-Year in paragraph (1)— in subparagraph (B), by striking senior ; and in subparagraph (C), by striking 1 year and inserting 4 years .
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