Transparency in Government Officials Trading Act
This bill advances the deadline for certain public employees and officials who must file a report of a securities transaction from 30 days after receiving notification of the transaction to within 24 hours after conducting the transaction. The bill requires that these reports be filed electronically. The bill also sets a penalty for failing to file a timely report—a fee in the amount of the transaction for which a report was not timely filed.
Under existing law, the securities transaction reporting requirement applies to the President, Vice President, Members of Congress, and certain executive and legislative branch officers and employees.

To amend the Ethics in Government Act of 1978 to modify the timing to 
       file periodic transaction reports, 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 ``Transparency in Government Officials 
Trading Act''.

SEC. 2. MODIFICATION OF TIMING FOR PERIODIC TRANSACTION REPORTS.

    (a) Timing.--Section 103(l) of the Ethics in Government Act of 1978 
(5 U.S.C. App. 103(l)) is amended--
            (1) by striking ``30 days after receiving notification of 
        any transaction'' and inserting ``24 hours after conducting any 
        transaction'';
            (2) by striking ``, but in no case later than 45 days after 
        such transaction''; and
            (3) by inserting ``electronically'' after ``transaction''.
    (b) Penalty.--Section 104(d) of the Ethics in Government Act of 
1978 (5 U.S.C. App. 104(d)) is amended--
            (1) by redesignating paragraph (2) as paragraph (3); and
            (2) by inserting after paragraph (1) the following:
    ``(2) Any individual who, as determined by the supervising ethics 
office, fails to file a report under section 103(l) within 24 hours of 
the date such report is required to be filed, shall pay a fee equal to 
the amount of the transaction for which such report was required to be 
filed.''.
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Transparency in Government Officials Trading Act
To amend the Ethics in Government Act of 1978 to modify the timing to file periodic transaction reports, and for other purposes.
Transparency in Government Officials Trading Act
Rep. Gibbs, Bob