Sponsors (19)
The bill substantially increases transparency and accountability for public officials (including Reserve Bank leaders) through mandatory, machine-readable disclosures and stronger enforcement, but it also raises significant privacy, administrative, compliance-cost, and implementation risks that may deter service and impose costs on agencies and individuals.
Taxpayers and the public: financial disclosures and transaction reports (including for Members of Congress, candidates, judges, executives) will be publicly available and machine-searchable, making conflicts easier to detect and oversight/journalism more effective.
Financial-institutions and taxpayers: Federal Reserve Bank presidents, vice presidents, and directors will be subject to federal ethics and disclosure rules (including STOCK Act coverage), increasing transparency and accountability for senior Reserve Bank officials.
Federal employees and the public: the bill strengthens enforcement (financial-disclosure, recusal, anti-insider-trading rules) and creates explicit civil penalties, increasing deterrence against self-dealing and clarifying consequences for noncompliance.
Federal employees, their families, and taxpayers: making detailed transaction data (including asset, ticker, transaction type/date/amount) public increases privacy and harassment risks for filers and their spouses/dependent children.
Federal employees, Reserve Bank leaders, and covered filers: the bill creates new recurring compliance costs and potential per-violation fines (including statutory civil penalties), increasing out-of-pocket costs and administrative burdens for individuals.
Taxpayers, agencies, and supervising ethics offices: agencies must build, update, and maintain electronic filing/IT systems and revise rules within short deadlines (often one year) without specified appropriations, imposing material administrative and IT implementation costs.
Based on analysis of 6 sections of legislative text.
Adds reporting of federal payments to ethics offices, extends ethics rules to certain Fed bank officers, and requires searchable, machine‑readable public filing of many disclosure reports.
Introduced June 5, 2025 by Dave Min · Last progress June 5, 2025
Requires many senior officials and some family members to report applications for or receipts of "covered payments" (federal loans, grants, contracts, etc.) to their supervising ethics office within 30 days of notice (and no later than 45 days), and creates a per‑violation civil penalty for failures. Expands federal ethics and disclosure rules to cover presidents, vice presidents, and presidents/vice presidents/directors of Federal Reserve banks; requires electronic filing and online, searchable public access (including API access) to many financial disclosure and transaction reports for Members of Congress, candidates, very senior executive branch officials, and certain judicial officers; and directs agencies and the courts to update rules and build public databases within set deadlines.