The House Ethics Committee today released guidance to House Members and employees who will be required to file periodic reports of personal financial transactions under the recently passed Stop Trading on Congressional Knowledge Act.
The memorandum outlines who is required to file periodic transaction reports, what transactions must be reported, when a Member or covered staffer can participate in an initial public offering of stock and what information must later be disclosed, and waivers and exclusions that apply to individuals who hold assets in certain types of trusts that do not require disclosure. The 13-page memorandum was accompanied by a chart on different types of assets and whether they require disclosure.
The new disclosure requirements kick in for financial transactions involving stocks, bonds and other securities that are valued at more than $1,000 and occur on or after July 3.
The committee also announced it will hold three training sessions on the new disclosure rules next Tuesday, June 28 and July 12. Ethics Chairman Jo Bonner (R-Ala.) and ranking member Linda Sánchez (D-Calif.) said staffers are required to preregister for the hourlong training sessions. Members were also invited to attend but do not need to register in advance.
Rep. Elijah Cummings, D-Md., right, hugs Harold Schaitberger, General President of the International Association of Fire Fighters, after the Congressman spoke at the IAFF's Legislative Conference General Session at the Hyatt Regency on Capitol Hill, March 9, 2015. The day featured addresses by members of Congress and Vice President Joe Biden.