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S. 3550Senate117th Congress (2021-2023)In Committee

Ethics Reform Act

Sponsored by Ben SasseSen. Ben Sasse (R-NE)
Introduced February 1, 2022

AI-Generated Summary

Updated February 8, 2026 at 9:05 AM UTC

The Ethics Reform Act tightens ethical rules for members of Congress and top government officials. It bans members from trading individual stocks, stops them from being paid for lobbying after they leave office, restricts fund‑raising by officials and their families from foreign entities, requires public disclosure of tax returns for presidential and vice‑presidential candidates, and bars foreign nationals from influencing ballot initiatives. The law applies to current and former members of Congress, senior officials, their immediate families, and presidential candidates.

Key Provisions

  • Prohibits any member of Congress from buying or selling individual securities, except widely held investment funds; violations can lead to up to $1 million fine and five years imprisonment.
  • Bars former members from receiving compensation for lobbying on any federal legislation, regulation, executive action, or related matters after leaving office, with an exception for full‑time government employment; same penalties apply.
  • Prevents the President, Vice President, agency heads, and their immediate family members from soliciting or raising funds from foreign governments, political parties, senior foreign officials, or their close associates while in office; violations punishable by up to $1 million fine and five years imprisonment.
  • Requires the Treasury Secretary to publicly disclose the tax returns and return information of presidential and vice‑presidential candidates for the ten years preceding their candidacy, with privacy protections for Social Security numbers, minors, and home addresses.
  • Amends the Federal Election Campaign Act to forbid foreign nationals from contributing to any election, including state or local ballot initiatives and referenda, effective for elections beginning in 2023.

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Homeland Security and Governmental Affairs Committee

February 1, 2022

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SenateIntro Referral

Introduced in Senate

February 1, 2022

SenateIntro Referral

Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Homeland Security and Governmental Affairs Committee

February 1, 2022

Bill Text

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Introduced in SenateIssued February 1, 2022

II

117th CONGRESS

2d Session

S. 3550

IN THE SENATE OF THE UNITED STATES

February 1, 2022

Mr. Sasse introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs

A BILL

To prohibit Members of Congress from buying or selling individual securities and lobbying for compensation after leaving Congress, and for other purposes.

1.

Short title

This Act may be cited as the Ethics Reform Act.

2.

Prohibition on buying or selling individual securities

(a)

In general

No Member of Congress may buy or sell any individual security.

(b)

Widely held investment funds

Subsection (a) shall not apply to the buying or selling of any widely held investment fund described in section 102(f)(8) of the Ethics in Government Act of 1978 (5 U.S.C. App.).

(c)

Penalty

Whoever violates this section shall be fined not more than $1,000,000, imprisoned for not more than 5 years, or both.

3.

Lobbying for compensation ban

(a)

Purpose

The purpose of this section is to prohibit Members of Congress from lobbying for compensation after leaving Congress.

(b)

Prohibition

No individual serving as a Member of Congress on or after the date of enactment of this Act shall, upon the completion of the term of office of the Member of Congress, accept compensation for offering any advice or engaging in written or oral communication with regard to—

(1)

the formulation, modification, or adoption of Federal legislation (including legislative proposals);

(2)

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

(3)

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);

(4)

the nomination or confirmation of an individual for a position subject to confirmation by the Senate; or

(5)

the representation of any party in a pending matter involving the Federal Government before a Federal court or in a Federal administrative proceeding.

(c)

Exception

Subsection (b) shall not apply to full-time employment by or elected service in Federal, State, or local government, unless the activities described in that subsection constitute a primary responsibility of employment.

(d)

Penalty

Whoever violates this section shall be fined the greater of not greater than $1,000,000 or the value of the compensation received by the individual, imprisoned for not more than 5 years, or both.

4.

Prohibition on immediate family members of certain covered officials soliciting or otherwise raising funds from certain foreign entities

(a)

Definitions

In this section:

(1)

Close associate

The term close associate means, with respect to a senior foreign political figure, an individual who is widely and publicly known to maintain a close relationship with the senior foreign political figure, unless it is established that such individual is a citizen of and domiciled within the United States.

(2)

Covered foreign entity

The term covered foreign entity means—

(A)

a government of a foreign country;

(B)

a foreign political party; or

(C)

any entity that is owned or controlled by a government of a foreign country or a foreign political party.

(3)

Covered official

The term covered official means—

(A)

the President;

(B)

the Vice President; and

(C)

the head of a relevant agency or department.

(4)

Foreign political party; government of a foreign country

The terms foreign political party and government of a foreign country have the meanings given those terms in section 1 of the Foreign Agents Registration Act of 1938, as amended (22 U.S.C. 611).

(5)

Immediate family member of a covered official

The term immediate family member of a covered official means, with respect to a covered official, a sibling, spouse, or child of the covered official.

(6)

Immediate family member of a senior foreign political figure

The term immediate family member of a senior foreign political figure means, with respect to a senior foreign political figure, a sibling, spouse, or child of the senior foreign political figure, unless it is established that such sibling, spouse, or child is a citizen of and domiciled within the United States.

(7)

Relevant agency or department

The term relevant agency or department means—

(A)

the Environmental Protection Agency; or

(B)

an Executive department, as defined in section 101 of title 5, United States Code.

(8)

Senior foreign political figure

The term senior foreign political figure means—

(A)

a senior official in any branch of the government of a foreign country; or

(B)

a senior official of a foreign political party.

(b)

Prohibition

During the period in which an individual is serving as a covered official, the covered official or the immediate family member of the covered official may not solicit or otherwise raise funds for any purpose from any—

(1)

covered foreign entity;

(2)

senior foreign political figure;

(3)

immediate family member of a senior foreign political figure;

(4)

close associate of a senior foreign political figure; or

(5)

entity that is owned or controlled by an individual described in paragraph (2), (3), or (4).

(c)

Penalties

Whoever knowingly fails to comply with this section shall be fined not more than $1,000,000, imprisoned not more than 5 years, or both.

(d)

Effective date

This section shall take effect on the date that is 30 days after the date of enactment of this Act.

5.

Disclosure of returns and return information of candidates for President and Vice President of the United States

(a)

In general

Subsection (k) of section 6103 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

(16)

Disclosure of returns and return information of candidates for President and Vice President of the United States

(A)

In general

The Secretary shall disclose and make publicly available returns and return information, except as provided in subparagraphs (B) and (C), of any candidate (as defined in section 9002(2)).

(B)

Exceptions

The information disclosed under subparagraph (A) shall not include the social security number of any individual, any financial account number, the name of any individual under age 18, or any home address of any individual (other than the city and State in which such address is located).

(C)

Scope

Subparagraph (A) shall apply to any return, and return information included on any return, which is filed within the 10 taxable years preceding the year in which the individual becomes a candidate (as so defined).

.

(b)

Effective date

The amendment made by this section shall apply to individuals becoming a candidate (within the meaning of section 9002(2) of the Internal Revenue Code of 1986) after the date of enactment of this Act.

6.

Prohibition on contributions and donations by foreign nationals in connection with ballot initiatives and referenda

(a)

In general

Section 319(a)(1)(A) of the Federal Election Campaign Act of 1971 (52 U.S.C. 30121(a)(1)(A)) is amended by striking election; and inserting election, including a State or local ballot initiative or referendum;.

(b)

Effective date

The amendment made by this section shall apply with respect to elections held in 2023 or any succeeding year.