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1 1 (August 17, 2021)

handle is hein.crs/goveeis0001 and id is 1 raw text is: ni m~r~ th T~ iegRI4~ Jd te ~s~ence W14 9 August 17,2021 Financial Disclosure: Identifying and Remediating Conflicts of Interest in the Executive Branch When taking an official action (e.g., making decisions or recommendations), American public servants are expected to put the government's interests ahead of their own. The Ethics in Government Act of 1978 (5 U.S.C. Appendix), as amended, is basedupon this principle andrequires certain employees to file annual financial disclosure statements. Federal agencies use the disclosed information to identify and remediate real or perceived conflicts of interest, as necessary. Every Federal employee serves not one but many masters.... Manifestly, the principle proscribing conflicts of interests is aimed not at these normal multiple allegiances of employee-citizens or at direct controversies between them and their employer- Government, but only at such activities as will impair the integrity of the Federal service and deprive the Government of the full performance for which it has bargained. -House Committee on the Judiciary, Subcommittee No. 5, March 1, 1958, p. I. Identifying Conflicts of Interest Federallaw (18 U.S.C. §208) prohibits government employees fromparticipatingpersonally and substantially in any covered activity in which the employee, spouse, minor child, generalpartner, orprevious organizationhas a financial interest. If a covered official is negotiating future employment, they are prohibited fromparticipating in certain activities with that organization. Pursuantto the Ethics in Government Act andregulations is suedby the Office of Government Ethics (OGE), compliance with laws prohibiting fmancialconflicts ofinterestis primarily achieved with the as sistance ofeach federal agency's Designated Agency Ethics Official(DAEO). The DAEO, a position established in the Ethics in Government Act and accompanying regulations, is tasked with, among other things, training agency staff on ethics matters; ensuring compliance with fmancial disclosure requirements; and reviewing, identifying, and assisting in the remediation of conflicts ofinterest. Current law (5 U.S.C. Appendix) and regulations (5 C.F.R. § 2634.201) require covered employees to file annual financial disclosure reports on or before May 15each year. Newly hired covered employees must file within 30 days of appointment, and nominees must complete their forms within five days ofthe White House's transmission oftheir nomination to the Senate. Candidates for federal office (e.g., President, Vice President, House of Representatives, and Senate) are required to file financial disclosure forms within a specified period. Generally, this is within 30days of declaring their candidacy or May 15, whichever is later. Once financial disclosure forms are filed with the employee's agency (the House or Senate for legislative branch employees, Members of Congress, or candidates for the Houseor Senate; or the Administrative Office of the Courts for the judicial branch), the DAEO reviews the flings for compliance, completeness, and to identify any real or perceived conflicts ofinterest. Individuals who fail to file orfile false reports are subjectto statutory penalties (5 U.S.C. Appendix§ 104). There are two types of fmancialdisclosure reports-public (OGE Form 278) and confidential (OGE Form 450). The requirement to file a public or confidential report larg ely depends on the individual's governmental role. Both public and confidential reports require the disclosure of similar information. Each filer reports information abouttheir assets, income, employment agreements, transactions, liabilities, and gifts for themselves, their spouse, and dependent children. Public Financial Disclosure Public fmancial dis clos ure flings are available for public inspection. Public filers (5 C.F.R. § 2634.202) include the President; the Vice President; executive branch employees, including Special Government Employees (SGE) who are classified above GS-15 of the General Schedule or at a rate equal to or greater than 120% of the minimum rate of basic pay for GS-15; uniformed service members paid at orin excess of 0-7; administrativelawjudges; executive branch employees who are in a position excepted fromthe competitive service byreasonof being of a confidential or policy-making character; the Postmaster General, the Deputy Postmaster General, each Governor of the United States Postal Service Boani of Governors; the Director ofOGE and each agency's designated agency ethics officer; and https://crs rept

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