This bill requires executive branch agencies to establish rules preventing senior government officials from holding financial interests that could create conflicts of interest. The rules would apply to high-ranking officials, including those at GS-15 level or above and military officers at O-7 rank and higher, and would prohibit ownership in companies that are regulated by their agency, are major contractors to their agency, lobby their agency heavily, or otherwise create a significant appearance of conflict. Exceptions would be allowed for investments in diversified mutual funds and qualified blind trusts. The Office of Government Ethics would provide guidance to agencies on what qualifies as a conflict, and agencies would be required to either issue these conflict-of-interest rules or submit detailed reports to Congress explaining why they believe no conflicts are possible at their agency. Any waivers granted under these rules would need approval from both the agency head and the Office of Government Ethics and would be published online for public review.
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