S. 4027 — TRACE Act — Disclosure of PPP Loans — To Amend the Small Business Act (116th Congress, 2d Session)
Summary
Senate bill 4027 of the 116th Congress, 2D Session, is the TRACE Act. Ernst introduced it on June 22, 2020, and it was referred to the Committee on Homeland Security and Governmental Affairs. It amends the Small Business Act to require Members of Congress, spouses of Members of Congress, and employees of Congress who receive a loan under the paycheck protection program to submit a financial disclosure form. The applicable officer is the Secretary of the Senate or the Clerk of the House of Representatives, depending on the person. Each applicable officer must make each submitted financial disclosure available on a publicly available website.
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“S. 4027 — TRACE Act — Disclosure of PPP Loans — To Amend the Small Business Act (116th Congress, 2d Session).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s4027is-bills-116s4027is/
, SHA-256 609f62fdfaa6f87f51b3b2ae2a9dfc95c3c087c5c3feba7f786b6e75ac8b8237.Full text
II
116TH CONGRESS
2D SESSION
S. 4027
To amend the Small Business Act to require Members of Congress, spouses
of Members of Congress, and employees of Congress who receive a
loan under the paycheck protection program to submit a financial disclo-
sure form.
IN THE SENATE OF THE UNITED STATES
JUNE 22, 2020
Ms. ERNST introduced the following bill; which was read twice and referred
to the Committee on Homeland Security and Governmental Affairs
A BILL
To amend the Small Business Act to require Members of
Congress, spouses of Members of Congress, and employ-
ees of Congress who receive a loan under the paycheck
protection program to submit a financial disclosure form.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Transparency Require-
5 ments Aimed at Congressional Expenditures Act’’ or the
6 ‘‘TRACE Act’’.
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1 SEC. 2. DISCLOSURE OF PPP LOANS.
2 (a) IN GENERAL.—Section 7(a)(36) of the Small
3 Business Act (15 U.S.C. 636(a)(36)) is amended by add-
4 ing at the end the following:
5 ‘‘(T) DISCLOSURE OF RECEIPT.—
6 ‘‘(i) DEFINITIONS.—In this subpara-
7 graph—
8 ‘‘(I) the term ‘applicable officer’
9 means—
10 ‘‘(aa) the Secretary of the
11 Senate, in the case of the Vice
12 President, a Senator, the spouse
13 of a Senator, or an employee of
14 Congress whose compensation is
15 disbursed by the Secretary of the
16 Senate; or
17 ‘‘(bb) the Clerk of the
18 House of Representatives, in the
19 case of a Representative in Con-
20 gress, a Delegate to Congress,
21 the Resident Commissioner from
22 Puerto Rico, the spouse of a
23 Representative in Congress, a
24 Delegate to Congress, or the
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25 Resident Commissioner from
26 Puerto Rico, or an employee of
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3
1 Congress whose compensation is
2 disbursed by the Chief Adminis-
3 trator Officer of the House of
4 Representatives;
5 ‘‘(II) the term ‘employee of Con-
6 gress’ means an employee of the per-
7 sonal office of a Member of Congress,
8 of a committee of the Senate or the
9 House of Representatives, or of a
10 joint committee of Congress; and
11 ‘‘(III) the term ‘Member of Con-
12 gress’ has the meaning given that
13 term in section 2106 of title 5, United
14 States Code.
15 ‘‘(ii) DISCLOSURE.—
16 ‘‘(I) IN GENERAL.—If an eligible
17 recipient owned or controlled by a
18 Member of Congress, spouse of a
19 Member of Congress, or employee of
20 Congress receives a covered loan, the
21 Member of Congress, spouse of a
22 Member of Congress, or employee of
23 Congress, respectively, shall submit to
24 the applicable officer a financial dis-
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25 closure, which shall include—
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1 ‘‘(aa) the name and address
2 of the principal place of business
3 for the eligible recipient receiving
4 the covered loan; and
5 ‘‘(bb) the amount of the cov-
6 ered loan.
7 ‘‘(II) DEADLINE.—A Member of
8 Congress, spouse of a Member of Con-
9 gress, or employee of Congress shall
10 submit a financial disclosure required
11 under subclause (I)—
12 ‘‘(aa) for a covered loan
13 made on or after the date of en-
14 actment of the TRACE Act, not
15 later than 15 days after the date
16 on which the loan is made; and
17 ‘‘(bb) for a covered loan
18 made before such date of enact-
19 ment, not later than 15 days
20 after such date of enactment.
21 ‘‘(iii) AVAILABILITY.—Each applicable
22 officer shall make available on a publicly
23 available website each financial disclosure
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1 submitted to the applicable officer under
2 clause (ii).’’.
Æ
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