Ethics Requirements for Former Members of Congress

(a) Annual financial disclosure reports Any individual who serves in the position of Member of Congress, shall, after termination of employment from such position, file the annual report under section 13104 of title 5, United States Code, each year for a period of ten years or the period in which such individual receives an annuity, whichever is greater. (b) Annuity reduction The annuity under chapter 83 or chapter 84 of title 5, United States Code, for an individual described under subsection (a) shall be reduced by the amount equal to any income received in the previous calendar year by such individual from a substantial lobbying entity for services rendered to such entity. (c) Definitions In this Act: (1) Lobbyist The term lobbyist has the meaning given such term in section 3 of the Lobbying Disclosure Act of 1995 (2 U.S.C. 1602). (2) Member of Congress The term Member of Congress has the meaning given such term in section 13101 of title 5, United States Code. (3) Substantial lobbying entity The term substantial lobbying entity means a company that has more than three lobbyists or spends more than $10,000 on lobbying in a year.