H.R. 2291: Gift Accountability, Reporting, and Disclosures Act

The bill known as the Gift Accountability, Reporting, and Disclosures Act (GARD Act) proposes several changes aimed at enhancing the transparency and accountability concerning the acceptance of foreign gifts by federal employees. Below are the primary components of the bill, as outlined:

1. Revised Reporting Requirements

The GARD Act amends existing laws, specifically Section 7342 of Title 5 of the United States Code, which governs the receipt and reporting of foreign gifts by federal employees. The bill requires that federal employees declare any foreign gifts received to the Office of Government Ethics and the Department of State.

• It adds a requirement for federal employees to report gifts from candidates for federal office (e.g., President, Vice President, Member of Congress).
• The definition of who is considered a "foreign entity" is broadened, including any non-U.S. citizen or non-U.S. registered entity.

2. Acceptance from Designated Countries

The bill also stipulates restrictions on accepting gifts from specific "countries of concern," which will be designated by the Secretary of State. Federal employees would not be allowed to accept gifts from these countries.

3. Enhanced Reporting Timeline

The time frames for reporting the acceptance and disposition of foreign gifts are modified:

• The deadline for federal employees to submit their reports is changed from January 31 to May 15 of each year.
• It requires that the reports be filed within 30 days after this new deadline, and imposes a $200 late fee for any reports submitted past this period, with possible waivers for extenuating circumstances.

4. Details on Gift Valuation and Tracking

The GARD Act requires additional details in the reporting of foreign gifts, including:

• The fair market value of the gifts at the time of acceptance.
• Specific identification numbers for tracking gifts that are transferred to government agencies.
• Current location and final disposition of the gifts, with options for how they were used or disposed of (e.g., retained for official use, transferred, etc.).

5. Public Access to Information

Moreover, within 120 days of the bill's enactment, each employing agency must develop systems to allow public access to the information about foreign gifts received. This is intended to make disclosures similar to those required for financial reporting by government officials.

6. Applicability

The provisions of the GARD Act would apply to all individuals required to submit statements under section 7342 and must comply within 30 days following the date of the bill's enactment.

Relevant Companies

• None found