H.R. 9563: No Cashing In Act

This bill would add new post-service ethics rules for former Members of Congress. In plain terms, it would make them keep filing yearly financial disclosure reports for a long period after leaving office, and it would reduce some federal retirement benefits if they later earn money from major lobbying-related work.

What it would require

• Any former Member of Congress would have to file the standard annual financial disclosure report each year after leaving office.
• This filing requirement would last for 10 years, or for as long as the former Member receives an annuity, whichever is longer.

How retirement benefits would be affected

• If a former Member receives a federal annuity under certain retirement systems, that annuity would be reduced.
• The reduction would equal the amount of income the person earned in the previous year from a substantial lobbying entity for services provided to that entity.
• In practice, this means that if a former Member works for or provides services to a large lobbying-heavy company, part of their federal retirement payment could be offset by that income.

Who counts under the bill

• Member of Congress is defined using existing federal law.
• Lobbyist is defined using the Lobbying Disclosure Act.
• A substantial lobbying entity is a company that either:
  • has more than three lobbyists, or
  • spends more than $10,000 on lobbying in a year.

Overall effect

The bill would increase ongoing financial transparency for former lawmakers and create a financial penalty, through reduced annuity payments, for former Members who earn income from large lobbying-focused companies after leaving Congress.

Relevant Companies

None found