1. Short title
This Act may be cited as the “Know Conflicts Act of 2019”.
Know Conflicts Act of 2019
A BILL
To amend the Federal Funding Accountability and Transparency Act of 2006 to require full disclosure for entities receiving Federal funding.
2. Full disclosure of entities receiving Federal funding
Section 2 of the Federal Funding Accountability and Transparency Act of 2006 (31 U.S.C. 6101 note) is amended—
in subsection (a)—
by redesignating—
paragraphs (6) through (8) as paragraphs (9) through (11), respectively; and
paragraphs (1) through (5) as paragraphs (3) through (7), respectively;
by inserting before paragraph (2), as redesignated, the following:
“(1) Active financial conflict of interest—The term active financial conflict of interest means any potential source of conflict that constitutes a financial interest in or liability owed to an entity reported as receiving a Federal award under this Act.
“(2) Covered person—The term covered person means the President, Vice President, the spouse of the President, the spouse of the Vice President, a dependent child of the President, or a dependent child of the Vice President.”
by inserting after paragraph (7), as redesignated the following:
“(8) Potential source of conflict—The term potential source of conflict means any financial interest or liability held by a covered person that—
“(A)
“(i) is not a financial interest described in section 102(f)(8) of the Ethics in Government Act of 1978 (5 U.S.C. App.); and
“(ii) is included in a covered person’s financial disclosure report required to be filed under section 101 of the Ethics in Government Act of 1978 (5 U.S.C. App.); or
“(iii) is otherwise identified by the Director of the Office of Government Ethics as a potential source of conflict.”
in subsection (b)(1)—
in subparagraph (F)(ii), by striking the period at the end and inserting a semicolon;
by redesignating subparagraph (G) as subparagraph (H); and
by inserting after subparagraph (F) the following:
“(G) information indicating whether a Federal award has resulted in the existence of one or more active financial conflicts of interest; and”
3. Report
Not later than November 30 of each year, the Bureau of the Fiscal Service of the Department of the Treasury shall submit to Congress a report that includes a comprehensive accounting of all new or ongoing active conflicts of interest, as defined in section 2 of the Federal Funding Accountability and Transparency Act of 2006 (31 U.S.C. 6101 note), as amended by section 2 of this Act.