S. 3357 - Anti-Corruption and Public Integrity Act

115TH CONGRESS
2D SESSION

S. 3357

To improve the anti-corruption and public integrity laws, and for other purposes.

IN THE SENATE OF THE UNITED STATES

AUGUST 21, 2018

Ms. WARREN introduced the following bill; which
was read twice and referred to the Committee on Finance

A BILL

To improve the anti-corruption and public integrity laws, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "Anti-Corruption and Public Integrity Act".

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Subtitle B — Presidential Conflicts of Interest

SEC. 111. SHORT TITLE.

This title may be cited as the "Presidential Conflicts of Interest Act of 2018".

SEC. 112. DIVESTITURE OF PERSONAL FINANCIAL INTERESTS OF THE PRESIDENT AND VICE PRESIDENT THAT POSE A POTENTIAL CONFLICT OF INTEREST.

(a) DEFINITIONS. —

(1) IN GENERAL. — In this section —

(A) the term "conflict-free holding" means a financial interest described in section 102(f)(8) of the Ethics in Government Act of 1978 (5 U.S.C. App.);

(B) the term "financial interest posing a potential conflict of interest" means a financial interest of the President, the Vice President, the spouse of the President or Vice President, or a minor child of the President or Vice President, as applicable, that —

(i) would constitute a financial interest described in subsection (a) of section 208 of title 18, United States Code —

(I) if —

(aa) for purposes of such section 208, the terms "officer" and "employee" included the President and the Vice President; and

(bb) the President or Vice President, as applicable, participated as described in subsection (a) of such section 208 in relation to such financial interest; and

(II) if determined without regard to any exception under subsection (b) of such section 208; or

(ii) may constitute a present, emolument, office, or title, of any kind whatever, from any king, prince, or foreign state (including from an entity owned or controlled by a foreign government), within the meaning of article I, section 9 of the Constitution of the United States;

(C) the term "qualified blind trust" has the meaning given that term in section 102(f)(3) of the Ethics in Government Act of 1978 (5 U.S.C. App.), unless otherwise specified in this title; and

(D) the term "tax return" —

(i) means any Federal income tax return and any amendment or supplement thereto, including supporting schedules, attachments, or lists which are supplemental to, or part of, the return for the taxable year; and

(ii) includes any information return that reports information that does or may affect the liability for tax for the taxable year.

(2) APPLICABILITY OF ETHICS IN GOVERNMENT ACT OF 1978. — For purposes of the definition of "qualified blind trust" in this section, the term "supervising ethics officer" in section 102(f)(3) of the Ethics in Government Act of 1978 (5 U.S.C. App.) means the Director of the Office of Public Integrity.

(b) INITIAL FINANCIAL DISCLOSURE. —

(1) SUBMISSION OF DISCLOSURE. —

(A) IN GENERAL. — Not later than 30 days after assuming the office of President or Vice President, respectively, the President and Vice President shall submit to Congress and the Director of the Office of Public Integrity a disclosure of financial interests.

(B) APPLICATION TO SITTING PRESIDENT AND VICE PRESIDENT. — For any individual who is serving as the President or Vice President on the date of enactment of this Act, the disclosure of financial interests shall be submitted to Congress and the Director of the Office of Public Integrity not later than 30 days after the date of enactment of this Act.

(2) CONTENTS. —

(A) PRESIDENT. — The disclosure of financial interests submitted under paragraph (1) by the President shall —

(i) describe in detail each financial interest of the President, the spouse of the President, or a minor child of the President;

(ii) at a minimum, include the information relating to each such financial interest that is required for reports under section 102 of the Ethics in Government Act of 1978 (5 U.S.C. App.); and

(iii) include the tax returns filed by or on behalf of the President for —

(I) the 3 most recent taxable years; and

(II) each taxable year for which an audit of the return by the Internal Revenue Service is pending on the date the report is filed.

(B) VICE PRESIDENT. — The disclosure of financial interests submitted under paragraph (1) by the Vice President shall —

(i) describe in detail each financial interest of the Vice President, the spouse of the Vice President, or a minor child of the Vice President;

(ii) at a minimum, include the information relating to each such financial interest that is required for reports under section 102 of the Ethics in Government Act of 1978 (5 U.S.C. App.); and

(iii) include the tax returns filed by or on behalf of the Vice President for —

(I) the 3 most recent taxable years; and

(II) each taxable year for which an audit of the return by the Internal Revenue Service is pending on the date the report is filed.

(c) DIVESTITURE OF FINANCIAL INTERESTS POSING A POTENTIAL CONFLICT OF INTEREST. —

(1) IN GENERAL. — The President, the Vice President, the spouse of the President or Vice President, and any minor child of the President or Vice President shall divest of any financial interest posing a potential conflict of interest by transferring such interest to a qualified blind trust.

(2) TRUSTEE DUTIES. — Within a reasonable period of time after the date a financial interest is transferred to a qualified blind trust under paragraph (1), the trustee of the qualified blind trust shall —

(A) sell the financial interest; and

(B) use the proceeds of the sale of the financial interest to purchase conflict-free holdings.

(d) REVIEW BY OFFICE OF PUBLIC INTEGRITY. —

(1) IN GENERAL. — The Director of the Office of Public Integrity shall submit to Congress, the President, and the Vice President an annual report regarding the financial interests of the President, the Vice President, the spouse of the President or Vice President, and any minor child of the President or Vice President.

(2) CONTENTS. — Each report submitted under paragraph (1) shall —

(A) indicate whether any financial interest of the President, the Vice President, the spouse of the President or Vice President, or a minor child of the President or Vice President is a financial interest posing a potential conflict of interest;

(B) evaluate whether any previously held financial interest of the President, the Vice President, the spouse of the President or Vice President, or a minor child of the President or Vice President that was a financial interest posing a potential conflict of interest was divested in accordance with subsection (c); and

(C) redact such information as the Director of the Office of Public Integrity determines necessary for preventing identity theft, such as social security numbers or taxpayer identification numbers.

(e) ENFORCEMENT. —

(1) IN GENERAL. — The Attorney General, the attorney general of any State, or any person aggrieved by any violation of subsection (c) may seek declaratory or injunctive relief in a court of competent jurisdiction if —

(A) the Director of the Office of Public Integrity is unable to issue a report indicating whether the President or the Vice President is in substantial compliance with subsection (c); or

(B) there is probable cause to believe that the President or the Vice President has not complied with subsection (c).

(2) FAIR MARKET VALUE. — In granting injunctive relief to the plaintiff, the court shall take measures reasonably necessary to ensure that any divestment procedure seeks to obtain a fair market value for any asset that is liquidated.

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SEC. 211. PROGRESSIVE TAX ON LOBBYING EXPENDITURES.

(a) TAX PROVISIONS RELATING TO LOBBYING EXPENDITURES. —

(1) EXCISE TAX ON EXPENDITURES FOR LOBBYING ACTIVITIES. —

(A) IN GENERAL. — Chapter 33 of the Internal Revenue Code of 1986 is amended by inserting after subchapter C the following new subchapter:

"Subchapter D — Lobbying Activities

"Sec. 4286. Imposition of tax.

"SEC. 4286. IMPOSITION OF TAX.

"(a) IN GENERAL. — There is hereby imposed on quarterly lobbying expenditures in excess of $125,000 a tax determined in accordance with the following table:

"If quarterly lobbying expenditures are:	The tax is:
Over $125,000 but not over $250,000.	35% of the quarterly lobbying expenditures in excess of $125,000.
Over $250,000 but not over $1,250,000.	$43,750, plus 60% of the excess over $250,000.
Over $1,250,000.	$643,750, plus 75% of the excess over $1,250,000.

"(b) EXCEPTION. —

"(1) IN GENERAL. — Except as provided in paragraph (2), the tax imposed by this section shall not apply to any organization described in section 501(c) and exempt from tax under section 501(a).

"(2) APPLICATION TO CERTAIN BUSINESS ORGANIZATIONS. — Paragraph (1) shall not apply to any organization which —

"(A) is described in section 501(c)(6) and exempt from tax under section 501(a), and

"(B) has as a member of such organization an organization that is not described in section 501(c) and exempt from tax under section 501(a).

"(c) PAYMENT OF TAX. — The tax imposed by this section shall be paid by the person paying for the quarterly lobbying expenditures.

"(d) DEFINITIONS. — For purposes of this section, the term 'quarterly lobbying expenditures' means, with respect to any calendar quarter, the expenditures paid or incurred for lobbying activities (as defined under section 3 of the Lobbying Disclosure Act of 1995) during such calendar quarter.

"(e) SPECIAL RULE. — For purposes of this section, all persons treated as a single employer under subsection (a) or (b) of section 52 shall be treated as a single person.".

(B) CONFORMING AMENDMENT. — The table of subchapters for chapter 33 of such Code is amended by inserting after the item related to subchapter C the following new item:

"SUBCHAPTER D — LOBBYING ACTIVITIES".

(C) EFFECTIVE DATE. — The amendments made by this paragraph shall apply to amounts paid or incurred in calendar quarters beginning more than 60 days after the date of the enactment of this Act.

(2) MODIFICATION OF DEFINITION OF INFLUENCING LEGISLATION FOR PURPOSES OF RESTRICTIONS ON CERTAIN CHARITABLE ORGANIZATIONS. —

(A) IN GENERAL. — Section 4911(e)(2) of the Internal Revenue Code of 1986 is amended —

(i) by striking "includes action with respect to Acts, bills" and inserting "includes —

"(i) the formulation, modification, or adoption of Acts, bills", and

(ii) by adding at the end the following new subparagraphs:

"(ii) the formulation, modification, or adoption of a Federal rule, regulation, Executive order, or any other program, policy, or position of the United States Government,

"(iii) the administration or execution of a Federal program or policy (including the negotiation, award, or administration of a Federal contract, grant, loan, permit, or license), and

"(iv) the nomination or confirmation of a person for a position subject to confirmation by the Senate.".

(B) CONFORMING AMENDMENTS. — Section 4911(e) of such Code is amended by striking paragraph (3) and redesignating paragraph (4) as paragraph (3).

(C) EFFECTIVE DATE. — The amendments made by this paragraph shall take effect 180 days after the date of the enactment of this Act.

(b) LOBBYING DEFENSE TRUST FUND. —

(1) ESTABLISHMENT OF FUND. —

(A) IN GENERAL. — Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:

"SEC. 9512. LOBBYING DEFENSE TRUST FUND.

"(a) IN GENERAL. — There is established in the Treasury of the United States a trust fund to be known as the 'Lobbying Defense Trust Fund', consisting of any amount appropriated or credited to the Trust Fund as provided in this section or section 9602(b).

"(b) TRANSFERS TO TRUST FUND. — There is hereby appropriated to the Lobbying Defense Trust Fund amounts equivalent to —

"(1) the taxes received in the Treasury under section 4286, and

"(2) the civil penalties collected under the Anti-Corruption and Public Integrity Act and the amendments made by that Act.

"(c) AVAILABILITY. — Amounts transferred to the Lobbying Defense Trust Fund shall —

"(1) remain available until expended; and

"(2) be used, without further appropriation, by the Director of the Office of Public Integrity in accordance with subsection (d).

"(d) USE OF FUNDS. —

"(1) TRANSFERS TO AGENCIES. —

"(A) IN GENERAL. — For each calendar quarter beginning more than 60 days after the date of the enactment of this section, not later than 30 days after the end of the quarter, the Director of the Office of Public Integrity (in this subsection referred to as the 'Director') shall identify specific rules or other agency actions that were the subject of significant lobbying activity directed toward an executive agency during the quarter.

"(B) TRANSFER. — Not later than the end of each calendar quarter beginning more than 60 days after the date of the enactment of this section, the Director shall transfer from the Lobbying Defense Trust Fund to each executive agency that was the subject of significant lobbying activity during the previous quarter an amount equal to the amount obtained by multiplying —

"(i) the amount of taxes received in the Treasury under section 4286 that are attributable to lobbying expenditures during the previous quarter; by

"(ii) the percentage of such taxes that were based on lobbying expenditures during the previous quarter related to rule-making within the jurisdiction of the executive agency.

"(C) USE OF TRANSFERRED FUNDS. — An executive agency may use amounts transferred under subparagraph (B) for salaries and expenses relating to researching, reviewing, or finalizing rules or other agency actions in accordance with section 553 or 554 of title 5, United States Code.

"(D) AVAILABILITY. — Amounts transferred under subparagraph (B) shall remain available until expended.

"(2) OFFICE OF THE PUBLIC ADVOCATE. —

"(A) BUDGET SUBMISSION. — For each fiscal year beginning more than 60 days after the date of enactment of this section, the National Public Advocate shall submit to the Director a request —

"(i) indicating the amount the National Public Advocate is requesting be transferred to the Office of the Public Advocate; and

"(ii) describing the activities of the Office of the Public Advocate that would be carried out using the amounts.

"(B) TRANSFER. — After consideration of the request submitted under subparagraph (A) with respect to a fiscal year, the Director shall transfer to the Office of the Public Advocate from the Lobbying Defense Trust Fund the amount determined appropriate by the Director.

"(C) USE OF FUNDS. — Amounts transferred under subparagraph (B) may be used for any authorized activity of the Office of the Public Advocate, including salaries and expenses.

"(D) AVAILABILITY. — Amounts transferred under subparagraph (B) shall remain available until expended.

"(3) CONGRESSIONAL SUPPORT AGENCIES. —

"(A) TRANSFER. — Not later than the end of each calendar quarter beginning more than 60 days after the date of the enactment of this section, the Director shall transfer from the Lobbying Defense Trust Fund to the Congressional Research Service, the Congressional Budget Office, the Government Accountability Office, and the Office of Technology Assessment an amount equal to 25 percent of the difference between —

"(i) the amount of taxes received in the Treasury under section 4286 that are attributable to lobbying expenditures during the previous quarter; and

"(ii) the amount of such taxes that were based on lobbying expenditures during the previous quarter related to rule-making within the jurisdiction of an executive agency.

"(B) USE OF FUNDS. — Amounts transferred under subparagraph (A) may be used for any authorized activity of the agency receiving the amounts, including salaries and expenses.

"(C) AVAILABILITY. — Amounts transferred under subparagraph (A) shall remain available until expended.

"(4) REGULATIONS. — Not later than 180 days after the date of enactment of this Act, the Director shall promulgate regulations defining the term 'significant lobbying activity' for purposes of this subsection.".

(2) CLERICAL AMENDMENT. — The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end the following new item:

"Sec. 9512. Lobbying Defense trust fund.".

(3) EFFECTIVE DATE. — The amendments made by this subsection shall take effect on the date of enactment of this Act.

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SEC. 602. DISCLOSURE OF PERSONAL INCOME TAX RETURNS BY PRESIDENTS, VICE PRESIDENTS, MEMBERS OF CONGRESS, AND CERTAIN CANDIDATES.

(a) IN GENERAL. — Title I of the Ethics in Government Act of 1978 (5 U.S.C. App.) is amended —

(1) by inserting after section 102 the following:

"SEC. 102A. DISCLOSURE OF PERSONAL INCOME TAX RETURNS BY PRESIDENTS, VICE PRESIDENTS, MEMBERS OF CONGRESS, AND CERTAIN CANDIDATES.

"(a) DEFINITIONS. — In this section —

"(1) the term 'covered candidate' means an individual —

"(A) required to file a report under section 101(c); and

"(B) who is nominated by a major party as a candidate for the office of President, Vice President, or Member of Congress;

"(2) the term 'covered individual' means —

"(A) a President, Vice President, or Member of Congress required to file a report under subsection (a) or (d) of section 101; and

"(B) an individual who occupies the office of the President, Vice President, or a Member of Congress required to file a report under section 101(e);

"(3) the term 'income tax return' means, with respect to any covered candidate or covered individual, any return (within the meaning of section 6103(b) of the Internal Revenue Code of 1986) related to Federal income taxes, but does not include —

"(A) information returns issued to persons other than such covered candidate or covered individual; and

"(B) declarations of estimated tax; and

"(4) the term 'major party' has the meaning given the term in section 9002 of the Internal Revenue Code of 1986.

"(b) DISCLOSURE. —

"(1) COVERED INDIVIDUALS. —

"(A) IN GENERAL. — In addition to the information described in subsections (a) and (b) of section 102, a covered individual shall include in each report required to be filed under this title a copy of the income tax returns of the covered individual for —

"(i) with respect to the President or Vice President, the 8 most recent taxable years and every year the individual was in Federal elected office for which a return have been filed with the Internal Revenue Service as of the date on which the report is filed; and

"(ii) with respect to a Member of Congress, the 2 most recent taxable years and every year the individual was in Federal elected office for which a return has been filed with the Internal Revenue Service as of the date on which the report is filed.

"(B) FAILURE TO DISCLOSE. — If an income tax return is not disclosed under subparagraph (A), 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.

"(C) PUBLICLY AVAILABLE. — Each income tax return submitted under this paragraph 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.

"(D) REDACTION OF CERTAIN INFORMATION. — Before making any income tax return submitted under this paragraph available to the public, the Director of the Office of Public Integrity shall redact such information as the Director of the Office of Public Integrity, in consultation with the Secretary of the Treasury determines appropriate.

"(2) CANDIDATES. —

"(A) IN GENERAL. — 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 copy of the income tax returns of the covered candidate for —

"(i) with respect to a candidate for nomination or election to the office of President or Vice President, the 8 most recent taxable years and every year the individual was in Federal elected office for which a return has been filed with the Internal Revenue Service; and

"(ii) with respect to a candidate for nomination or election to the office of Member of Congress, the 2 most recent taxable years and every year the individual was in Federal elected office for which a return has been filed with the Internal Revenue Service.

"(B) FAILURE TO DISCLOSE. — If an income tax return is not disclosed under subparagraph (A) 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.

"(C) PUBLICLY AVAILABLE. — Each income tax return submitted under this paragraph shall be filed with the Federal Election Commission and made publicly available in the same manner as the information described in section 102(b).

"(D) REDACTION OF CERTAIN INFORMATION. — Before making any income tax return submitted under this paragraph 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.

"(3) SPECIAL RULE FOR SITTING PRESIDENTS. — Not later than 30 days after the date of enactment of this section, the President shall submit to the Director of the Office of Public Integrity a copy of the income tax returns described in paragraph (1)(A)(i)."; and

(2) in section 104 —

(A) in subsection (a) —

(i) in paragraph (1), in the first sentence, by inserting ", 102B, or 102C, or any individual who knowingly and willfully falsifies or who knowingly and willfully fails to file an income tax return that such individual is required to disclose pursuant to section 102A, 102B, or 102C" before the period; and

(ii) in paragraph (2)(A) —

(I) in clause (i), by inserting "102B, or 102C, or falsify any income tax return that such person is required to disclose under section 102A, 102B, or 102C" before the semicolon; and

(II) in clause (ii), by inserting "102B, or 102C, or fail to file any income tax return that such person is required to disclosed under section 102A, 102B, or 102C" before the period;

(B) in subsection (b), in the first sentence by inserting "or willfully failed to file or has willfully falsified an income tax return required to be disclosed under section 102A, 102B, or 102C" before the period;

(C) in subsection (c), by inserting "or failing to file or falsifying an income tax return required to be disclosed under section 102A, 102B, or 102C" before the period; and

(D) in subsection (d)(1) —

(i) in the matter preceding subparagraph (A), by inserting "or files an income tax return required to be disclosed under section 102A, 102B, or 102C" after "title"; and

(ii) in subparagraph (A), by inserting "or such income tax return, as applicable," after "report".

(b) AUTHORITY TO DISCLOSE INFORMATION. —

(1) IN GENERAL. — Section 6103(l) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

"(23) DISCLOSURE OF RETURN INFORMATION OF PRESIDENTS, VICE PRESIDENTS, MEMBERS OF CONGRESS, AND CERTAIN CANDIDATES. —

"(A) DISCLOSURE OF RETURNS OF PRESIDENTS, VICE PRESIDENTS, AND MEMBERS OF CONGRESS. —

"(i) IN GENERAL. — The Secretary shall, upon written request from the Director of the Office of Public Integrity pursuant to section 102A(b)(1)(B) 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 any President, Vice President, or Member of Congress that is required to be filed under section 102A(b)(1) of such Act.

"(ii) DISCLOSURE TO PUBLIC. — The Director of the Office of Public Integrity may disclose to the public any income tax return of any President, Vice President, and Member of Congress that is required to be filed with the Director of the Office of Public Integrity pursuant to section 102A(b)(1) of the Ethics in Government Act of 1978.

"(B) DISCLOSURE OF RETURNS OF CERTAIN CANDIDATES FOR PRESIDENT, VICE PRESIDENT, AND MEMBERS OF CONGRESS. —

"(i) IN GENERAL. — The Secretary shall, upon written request from the Chairman of the Federal Election Commission pursuant to section 102A(b)(2)(B) of the Ethics in Government Act of 1978, provide to officers and employees of the Federal Election Commission copies of the applicable returns of any covered candidate (as defined in section 102A(a) of such Act).

"(ii) DISCLOSURE TO PUBLIC. — The Federal Election Commission may disclose to the public any applicable return of any covered candidate (as defined in section 102A(a) of such Act) that is required to be filed with the Commission pursuant to section 102A(b)(2) of the Ethics in Government Act.

"(iii) APPLICABLE RETURNS. — For purposes of this paragraph, the term 'applicable returns' means —

"(I) with respect to any covered candidate for the office of President or Vice President, income tax returns for the 8 most recent taxable years and every year the individual was in Federal elected office for which a return has been filed as of the date of the nomination; and

"(II) with respect to any covered candidate for the office of Member of Congress, income tax returns for the 2 most recent taxable years and every year the individual was in Federal elected office for which a return has been filed as of the date of the nomination.".

(2) CONFORMING AMENDMENTS. — Section 6103(p)(4) of such Code, in the matter preceding subparagraph (A) and in subparagraph (F)(ii), is amended by striking "or (22)" and inserting "(22), or (23)" each place it appears.

SEC. 603. TRANSPARENCY RELATING TO CANDIDATES FOR FEDERAL OFFICE AND MEMBERS OF CONGRESS.

(a) IN GENERAL. — 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:

"SEC. 102B. DISCLOSURE RELATING TO COVERED ENTITIES ASSOCIATED WITH MEMBERS OF CONGRESS AND COVERED CANDIDATES.

"(a) DEFINITIONS. — In this section —

"(1) the term 'close family member', with respect to a reporting individual, includes —

"(A) a parent of the reporting individual;

"(B) a spouse of the reporting individual; and

"(C) an adult child of the reporting individual;

"(2) the term 'covered candidate' has the meaning given the term in section 102A(a);

"(3) the term 'covered entity' means a corporation, company, firm, partnership, or other business enterprise;

"(4) the term 'gross receipts' has the meaning given the term in section 993(f) of the Internal Revenue Code of 1986;

"(5) the term 'income tax return' has the meaning given the term in section 102A(a);

"(6) the term 'Member of Congress' means —

"(A) a Member of Congress required to file a report under subsection (a) or (d) of section 101; and

"(B) an individual who occupies the office of Member of Congress and is required to file a report under section 101(e); and

"(7) the term 'reporting individual' means —

"(A) a covered candidate; or

"(B) a Member of Congress.

"(b) DISCLOSURE. —

"(1) MEMBERS OF CONGRESS. —

"(A) IN GENERAL. — 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 —

"(i) a statement of the name of any covered entity —

"(I) in which the Member of Congress has a significant direct or indirect ownership interest; and

"(II) that has gross receipts that meet or exceed the threshold value established by regulations promulgated pursuant to paragraph (3);

"(ii) 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

"(iii) in the case of a covered entity described in clause (i) that is a privately owned or closely held covered entity, a statement of —

"(I) each —

"(aa) asset of the covered entity; and

"(bb) liability of the covered entity;

"(II) all —

"(aa) income from sources within the United States, as described in section 861 of the Internal Revenue Code of 1986; and

"(bb) income from sources without the United States, as described in section 862 of the Internal Revenue Code of 1986;

"(III) the name of each co-owner or co-member of the covered entity; and

"(IV) 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.

"(B) CLOSE FAMILY MEMBERS. — 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 —

"(i) in which a close family member of the Member of Congress has a significant direct or indirect ownership interest; and

"(ii) that has gross receipts that meet or exceed the threshold value established by regulations promulgated pursuant to paragraph (3).

"(C) FAILURE TO DISCLOSE. — 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.

"(D) PUBLICLY AVAILABLE. — 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.

"(E) REDACTION OF CERTAIN INFORMATION. —

"(i) IN GENERAL. — 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 —

"(I) 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

"(II) such information as the Director of the Office of Public Integrity, in consultation with the Secretary of the Treasury, determines appropriate.

"(ii) REQUEST FOR REDACTION. — 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.

"(2) CANDIDATES. —

"(A) IN GENERAL. — 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) —

"(i) a statement of the name of any covered entity —

"(I) in which the covered candidate has a significant direct or indirect ownership interest; and

"(II) that has gross receipts that meet or exceed the threshold value established by regulations promulgated pursuant to paragraph (3);

"(ii) 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

"(iii) in the case of a covered entity described in clause (i) that is a privately owned or closely held covered entity, a statement of —

"(I) each —

"(aa) asset of the covered entity; and

"(bb) liability of the covered entity;

"(II) all —

"(aa) income from sources within the United States, as described in section 861 of the Internal Revenue Code of 1986; and

"(bb) income from sources without the United States, as described in section 862 of the Internal Revenue Code of 1986;

"(III) the name of each co-owner or co-member of the covered entity; and

"(IV) 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.

"(B) APPLICABLE YEARS. — The years described in this subparagraph are as follows:

"(i) 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.

"(ii) 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.

"(C) CLOSE FAMILY MEMBERS. — 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 —

"(i) in which a close family member of the covered candidate has a significant direct or indirect ownership interest; and

"(ii) that has gross receipts that meet or exceed the threshold value established by regulations promulgated pursuant to paragraph (3).

"(D) FAILURE TO DISCLOSE. — 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.

"(E) PUBLICLY AVAILABLE. — 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.

"(F) REDACTION OF CERTAIN INFORMATION. —

"(i) IN GENERAL. — 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 —

"(I) 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

"(II) such information as the Federal Election Commission, in consultation with the Secretary of the Treasury, determines appropriate.

"(ii) REQUEST FOR REDACTION. — 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.

"(3) REGULATIONS. — 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 —

"(A) establish each threshold value for purposes of —

"(i) subparagraphs (A)(i)(II) and (B)(ii) of paragraph (1); and

"(ii) subparagraphs (A)(i)(II) and (C)(ii) of paragraph (2);

"(B) define the term 'significant direct or indirect interest';

"(C) ensure that information described in this subsection that is required to be contained in a report filed under this title does not —

"(i) disclose any trade secret that is likely to cause substantial harm to the competitive position of the covered entity to which it pertains; or

"(ii) violate the privacy of any individual who is not the reporting individual who files the report; and

"(D) prescribe appropriate circumstances in which to require a Member of Congress or covered candidate to provide information under paragraph (1)(B) or (2)(C).

"SEC. 102C. DISCLOSURE RELATING TO COVERED ORGANIZATIONS ASSOCIATED WITH COVERED CANDIDATES.

"(a) DEFINITIONS. — In this section —

"(1) the term 'covered candidate' has the meaning given the term in section 102A(a);

"(2) the term 'covered organization' means an organization required to —

"(A) file an income tax return under section 6033 of the Internal Revenue Code of 1986; and

"(B) include information under subsection (e) thereof;

"(3) the term 'income tax return' has the meaning given the term in section 102A(a); and

"(4) the term 'key employee' means —

"(A) an individual who is 1 of the 5 individuals receiving the highest amount of compensation paid by a covered organization; or

"(B) an individual receiving compensation paid by a covered organization in an amount that exceeds $100,000.

"(b) DISCLOSURE. —

"(1) IN GENERAL. — 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) 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

"(B) 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.

"(2) FAILURE TO DISCLOSE. — 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.

"(3) PUBLICLY AVAILABLE. —

"(A) IN GENERAL. — 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).

"(B) INCOME TAX RETURNS. — 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 —

"(i) the date on which the reporting individual ceases to be a covered candidate; or

"(ii) 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.

"(4) REDACTION. — 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.".

(b) AUTHORITY TO DISCLOSE INFORMATION. — 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:

"(C) DISCLOSURE OF RETURNS OF COVERED ENTITIES ASSOCIATED WITH MEMBERS OF CONGRESS AND COVERED CANDIDATES. —

"(i) IN GENERAL. —

"(I) COVERED ENTITIES ASSOCIATED WITH MEMBERS OF CONGRESS. — 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.

"(II) COVERED ENTITIES ASSOCIATED WITH COVERED CANDIDATES. — 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.

"(ii) DISCLOSURE TO PUBLIC. — 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.

"(D) DISCLOSURE OF RETURNS OF COVERED ORGANIZATIONS ASSOCIATED WITH COVERED CANDIDATES. —

"(i) IN GENERAL. — 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.

"(ii) DISCLOSURE TO PUBLIC. — 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.

"(iii) ORGANIZATION DESCRIBED. — 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.".

(c) PROVISION OF FINANCIAL DISCLOSURES TO THE FEDERAL ELECTION COMMISSION. — Section 103(j) of the Ethics in Government Act of 1978 (5 U.S.C. App.) is amended —

(1) 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

(2) 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.".

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