Sponsors (2)
The bill increases long-term transparency and can lower taxpayer pension costs by penalizing post‑service lobbying income, but it also raises compliance costs and could deter public service or reduce retirement and employment prospects for former Members.
Taxpayers and the public will get greater insight into former Members' outside income because former Members must file annual disclosure reports for at least ten years after leaving office.
Taxpayers may see lower federal annuity costs because lawmakers' pensions can be reduced when they earn income from large lobbying firms, which could modestly trim government pension payouts.
Enforcement and compliance will be clearer because the bill clarifies key definitions (e.g., lobbyist, member, substantial lobbying entity), tightening rules and making it easier to apply ethics and pension provisions.
Prospective and current Members may be deterred from public service because longer (10+ year) post‑service disclosure obligations increase long‑term administrative burdens and scrutiny.
Taxpayers and federal administrators could face higher costs because annuity calculations and ongoing compliance monitoring will be more complex and require more enforcement resources.
Former Members who accept legitimate post‑public‑sector employment with firms that meet the lobbying thresholds may suffer reduced retirement income due to annuity offsets tied to that income.
Based on analysis of 2 sections of legislative text.
Extends post-service financial disclosure and offsets federal annuities by the amount a former Member earned from substantial lobbying entities in the prior year.
Requires former Members of Congress to keep filing annual financial disclosure reports for at least ten years after leaving office (or for as long as they receive a federal annuity). It reduces the federal annuity paid under Title 5 by the amount a former Member earned the prior year from any "substantial lobbying entity." The bill also adopts the Lobbying Disclosure Act definition of "lobbyist" and defines a "substantial lobbying entity" as an organization that employs more than three lobbyists or spends over $10,000 on lobbying in a year. The effect is to increase post-office transparency and to offset retirement annuity payments when former Members receive significant lobbying income, aiming to prevent a retiree from collecting both a full federal annuity and sizeable lobbying earnings without adjustment.
Official title: To require former Members of Congress to file annual financial disclosure reports, and for other purposes.
Introduced June 30, 2026 by Chris Pappas · Last progress June 30, 2026