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S. 2851: A bill to amend section 442 of title 18, United States Code, to exempt certain interests in mutual funds, unit investment trusts, employee benefit plans, and retirement plans from conflict of interest limitations for the Government Publishing Office.


The text of the bill below is as of Nov 13, 2019 (Passed the Senate).


116th CONGRESS

1st Session

S. 2851

IN THE SENATE OF THE UNITED STATES

AN ACT

To amend section 442 of title 18, United States Code, to exempt certain interests in mutual funds, unit investment trusts, employee benefit plans, and retirement plans from conflict of interest limitations for the Government Publishing Office.

1.

Government Publishing Office

(a)

In general

Section 442 of title 18, United States Code, is amended to read as follows:

422.

Government Publishing Office

(a)

Definitions

In this section—

(1)

the terms diversified, employee benefit plan, holding, mutual fund, and unit investment trust have the meanings given those terms under section 2640.102 of title 5, Code of Federal Regulations, or any successor thereto; and

(2)

the term printing-related interest means an interest, direct or indirect, in—

(A)

the publication of any newspaper or periodical;

(B)

any printing, binding, engraving, or lithographing of any kind; or

(C)

any contract for furnishing paper or other material connected with the public printing, binding, lithographing, or engraving.

(b)

Offense

(1)

In general

Except as provided in paragraph (2), the Director of the Government Publishing Office shall not, during his or her continuance in office, have any printing-related interest.

(2)

Exception for mutual funds, unit investment trusts, employee benefit plans, and retirement plans

It shall not be a violation of paragraph (1) for the Director of the Government Publishing Office to have an interest in a diversified mutual fund, diversified unit investment trust, employee benefit plan, investment fund under the Thrift Savings Plan under subchapter III of chapter 84 of title 5, or pension plan established or maintained by a State government or any political subdivision of a State government for its employees that has 1 or more holdings that are printing-related interests if the fund, trust, or plan does not exhibit a practice of concentrating in printing-related interests.

(c)

Penalty

Whoever violates subsection (b)(1) shall be fined under this title, imprisoned for not more than 1 year, or both.

.

(b)

Technical and conforming amendment

The table of sections for chapter 23 of title 18, United States Code, is amended by striking the item relating to section 442 and inserting the following:

442. Government Publishing Office.

.

Passed the Senate November 13, 2019.

Secretary