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New Rule Would Clarify Financial Disclosure Requirements for Feds

A new proposed rule would clarify the 2012 Stop Trading on Congressional Knowledge (STOCK) Act, making clear that non-managers in GS-13 positions and below are exempt from submitting personal financial data.

Under the STOCK Act, members of Congress and their staff, as well as top senior federal employees are required to disclose personal financial information. This is to ensure ethics officials are aware of any potential conflicts of interest. The federal employee portion was originally intended for Senior Executive Service members and political appointees, but some front-line supervisors and rank-and-file employees could have also been affected.

If a federal employee is above a GS-15, they must automatically file the disclosure. Any lower-ranked employees who are in charge of decisions related to contracting or procurement, issuing grants or auditing or regulating any non-federal entity without direct supervision of their decision-making are also required to file a disclosure. This proposed regulation, though would prevent any of these provisions from applying to a GS-13 or below. The Office of Government Ethics, who issued the rule this week, would also have the right to exempt any GS-14 or GS-15 from filing a disclosure if the position “has no policy-making role.”

“OGE believes these changes will simplify the reporting requirements for filers without reducing the ability of ethics officials to complete a conflicts analysis,” the agency wrote in the proposed rule.

Posted in General News

Tags: STOCK Act, Office of Government Ethics

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