8 Chapter 8 Financial Disclosure 8 Chapter 8 Financial Disclosure
Background Note on Ethics in Government Act
Act of Dec. 27, 2022, Pub. L. No. 117-286, 136 Stat. 4196, moved financial disclosure provisions of the Ethics in Government Act of 1978, from the Appendix of title 5 of the U.S. Code to a new chapter 131 of title 5. [The Act] also makes minor technical changes to the EIGA, including the addition of new headings and subheadings, and the reorganization of a number of sections (e.g., moving definitions sections ahead of substantive sections). As described in section 2(b) of the bill, no substantive changes were made to the EIGA and the recodification did not change the “meaning or effect of the existing law or impair the precedential value of earlier judicial decisions or other interpretations.” Congress also clarified that the recodification has no effect on whether an individual is an “officer or employee” for purposes of the ethics laws. See OGE,PA-23-01 (Jan. 5, 2023)
8.1 5 U.S.C. Part IV, Chapter 131, Subchapter I: (Recodified) Financial Disclosure Requirements of Federal Personnel 8.1 5 U.S.C. Part IV, Chapter 131, Subchapter I: (Recodified) Financial Disclosure Requirements of Federal Personnel
Pub. L. 112-105, § 17, Apr. 4, 2012, 126 Stat. 303, as amended by Pub. L. 117-286 §4(c)(12), Dec. 27, 2022, 136 Stat. 4354, provided that:
"(a) Restriction Extended to Executive and Judicial Branches.—Notwithstanding any other provision of law, an individual required to file a financial disclosure report under section 13103 of title 5, United States Code, may not directly negotiate or have any agreement of future employment or compensation unless such individual, within 3 business days after the commencement of such negotiation or agreement of future employment or compensation, files with the individual's supervising ethics office a statement, signed by such individual, regarding such negotiations or agreement, including the name of the private entity or entities involved in such negotiations or agreement, and the date such negotiations or agreement commenced.
"(b) Recusal.—An individual filing a statement under subsection (a) shall recuse himself or herself whenever there is a conflict of interest, or appearance of a conflict of interest, for such individual with respect to the subject matter of the statement, and shall notify the individual's supervising ethics office of such recusal. An individual making such recusal shall, upon such recusal, submit to the supervising ethics office the statement under subsection (a) with respect to which the recusal was made."
[Pub. L. 117-286, §4(c)(12), which directed amendment of section 17(as) of the "Stop Trading on Congressional Knowledge Act of 2012 (Public Law 112-105, 126 Stat. 303, 5 U.S.C. App. 101 note)", was executed to section 17(a) of Pub. L. 112–105, set out above, known as the "Representative Louise McIntosh Slaughter Stop Trading on Congressional Knowledge Act" or the "STOCK Act", to reflect the probable intent of Congress.]
(note that this statute was in 5 USC App until 2022) See Act of Dec. 27, 2022, Pub. L. No. 117-286, 136 Stat. 4196. As described in section 2(b) of the bill, no substantive changes were made to the EIGA and the recodification did not change the “meaning or effect of the existing law or impair the precedential value of earlier judicial decisions or other interpretations.”