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TREASURY DIRECTIVE: 61-01

DATE:  January 19, 2017
SUBJECT:  Implementation of the Public Financial Disclosure and Periodic Transaction Report Requirements of the Ethics in Government Act of 1978, as amended.

  1. PURPOSE.  This directive establishes procedures and guidance for the completion, submission, review, custody, and public availability of the Public Financial Disclosure Report (OGE Form 278e) and the Periodic Transaction Report (OGE Form 278-T) that are required of certain senior officers and employees in the Executive Branch, as mandated by the Ethics in Government Act of 1978, as amended, 5 U.S.C. Appendix 4, section 101, et seq., and 5 C.F.R. Part 2634.
  2. SCOPE.  This directive applies to all bureaus, offices, and organizations in the Department of the Treasury, including the Offices of Inspector General within the Department.  The provisions of this Directive shall not be construed to interfere with or impede the authorities or independence of the Treasury Inspector General, the Treasury Inspector General for Tax Administration, or the Special Inspector General for TARP. 
  3. BACKGROUND.  Treasury Order (TO) 107-04 delegates the authority to implement and manage the Department's ethics program to the Office of the General Counsel.
  4. DEFINITIONS.
  1. Act means the Ethics in Government Act of 1978, as amended.
  2. Alternate Designated Agency Ethics Official (ADAEO) means the Deputy Assistant General Counsel for Ethics (see TO 107-01).
  3. Bureau shall include the Treasury Inspector General, the Treasury Inspector General for Tax Administration, and the Special Inspector General for TARP, for the purposes of this Directive.
  4. Bureau ethics official means, for DO, the Designated Agency Ethics Official (DAEO) or designee, and for all other bureaus, the bureau's chief legal officer (Chief Counsel, Legal Counsel, Counsel, or designee).
  5. Designated Agency Ethics Official (DAEO) means the Assistant General Counsel (General Law, Ethics and Regulation) (see TO 107-01).
  6. OGE means the U.S. Office of Government Ethics.
  7. PA official means a Presidential appointee to a position not requiring the advice and consent of the Senate.
  8. PAS official means a Presidential appointee to a position requiring the advice and consent of the Senate.
  9. Periodic Transaction Report means OGE Form 278-T, dated January 2013, or subsequent versions, as prescribed by OGE.
  10. Public Financial Disclosure Report means OGE Form 278e, dated March 2014, or subsequent versions as prescribed by OGE. 
  11. Special Government Employee means, as defined in 18 U.S.C. § 202(a) , an officer or employee of the Department who is retained, designated, appointed or employed to perform temporary duties, with or without compensation, for a period not to exceed 130 days in any period of 365 consecutive days, either on a full-time or intermittent basis.
  12. STOCK Act means the Stop Trading on Congressional Knowledge Act of 2012, as amended.
  1. PUBLIC FINANCIAL DISCLOSURE REPORTING REQUIREMENTS.
  1. Individuals Required to File ("Covered Employees").  The following individuals are required to file Public Financial Disclosure Reports and, as necessary, Periodic Transaction Reports:
  1. PAS officials and PA officials.
  2. Officers and employees (including Special Government Employees) whose positions are classified above GS-15 of the General Schedule, or the rate of basic pay for which is fixed, other than under the General Schedule, at a rate equal to or greater than 120 percent of the minimum rate of basic pay for GS-15 of the General Schedule.  This includes, among others, members of the Senior Executive Service.  Personal Services Contractors, if compensated above this level, and detailees who occupy these positions for more than 60 days are also required to file.
  3. Employees in Excepted Service positions that are of a confidential or policy-making character (i.e., positions excepted from the Competitive Service by the Office of Personnel Management under Schedule C), unless the employee is at or below the GS-13 grade level and the DAEO determines that the position does not have a substantial policy making role and may be excluded from filing or the employee is at the GS-14 or GS-15 grade level and the Office of Government Ethics determines the employee may be excluded.
  1. Filing Due Dates. Unless a filer requests and receives an extension, reports must be filed as follows:
  1. New Entrant Public Financial Disclosure Reports: Within 30 days following the covered employee's appointment, except for PAS officials, as discussed below.  If the employee occupied another covered public filing position within 30 days prior to assuming the new position, only a copy of the previously filed Public Financial Disclosure Report is required;
  2. Periodic Transaction Reports: Within 30 days following the notice of the transaction (but not later than 45 days after the transaction occurs) of a purchase, sale or exchange of reportable stocks, bonds, commodities futures, and other securities over $1,000 by the employee, their spouse, or their dependent children.  Reportable transactions must also be reported on the subsequent annual, termination, or combination Public Financial Disclosure Report.
  3. Annual Public Financial Disclosure Reports: By May 15 of each year, or other OGE-established deadline, if the employee served more than 60 days in a covered position during the preceding calendar year;
  4. Termination Public Financial Disclosure Reports: Within 30 days after separation from a covered position, if the employee served more than 60 days in the previous calendar year or more than 60 days in the current calendar year and does not move to another covered position within 30 days of separation;
  5. Combination Public Financial Disclosure Reports.  In limited circumstances, in lieu of filing two separate reports, an employee may file:
  6. an annual/termination report, if a covered employee departs after May 15 and prior to August 13 of any year, and has received appropriate filing extension(s) (see Section (c) below); or
  7. a new entrant/termination report, if a covered employee departs a covered position within 120 days of entering it, has not yet filed a new entrant report, and has received two 45-day filing extensions;
  8. Nomination Reports.  Nominees to PAS positions must file no later than five days after the President transmits the nomination to the Senate.  No separate new entrant report is required upon appointment.
  1. Extensions of Time to File.
  1. Initial Extension.  The DAEO, ADAEO, a bureau ethics official, or their respective designees may grant filers, for good cause shown, an initial filing extension of up to 45 days from the original report due date.
  2. Additional Extension.  The DAEO, ADAEO, a bureau ethics official, or their respective designees may grant filers, for good cause shown, an additional filing extension for up to 45 days after the initial extension, if the filer provides an adequate written explanation for the request.  The grand total of all extensions granted shall not exceed 90 days.
  1. Late Filing Fee.
  1. A covered employee who does not file a Public Financial Disclosure Report or Periodic Transaction Report before 30 days have passed after the report is due, including extensions, shall be subject to a statutory late filing fee of $200 payable to the U.S. Treasury.
  2. The DAEO, ADAEO, a bureau ethics official, or their respective designees may waive the late filing fee if he or she determines that the delay in filing was caused by extraordinary circumstances, including, but not limited to, the agency's failure to timely notify a new entrant, first-time annual filer, periodic transaction filer, or termination filer of the requirement to file the Public Financial Disclosure Report or Periodic Transaction Report.
  3. Filers may request a waiver of the late filing fee in writing from the DAEO, ADAEO, a bureau ethics official, or their respective designees.  The written determination from the appropriate ethics official shall be final.
  4. FILING NOTIFICATIONS AND FILING METHOD.
  1. Filing Notifications.
  1. New Entrant Public Financial Disclosure Reports.  If a new covered employee has not already received filing guidance as part of a pre-appointment process, the appropriate Departmental Offices (DO) or bureau ethics official shall ensure that, upon entrance on duty, the employee is provided with pertinent guidance regarding filing requirements and procedures. 
  2. Annual Public Financial Disclosure Reports.  DO and each bureau shall ensure covered employees receive prompt notification of requirements for filing Annual Public Financial Disclosure Reports.   
  3. Termination and Combination Public Financial Disclosure Reports.  The appropriate DO or bureau ethics official shall inform a departing employee of the requirement to file a Termination Public Financial Disclosure Report or, if appropriate, the option to file a Combination Public Financial Disclosure Report. 
  4. Periodic Transaction Reports.  DO and each bureau may establish procedures to ensure covered employees receive prompt notification of requirements for filing Periodic Transaction Reports. 
  1. Filing Method.
  1. Electronic Filing via the Integrity system.  All Treasury filers must complete the OGE Form 278e and any required Periodic Transaction Reports through OGE's Integrity system (www.integrity.gov).  Employees may receive automated filing and reminder notifications through the Integrity system.
  2. Exemptions from and Extensions for Use of Integrity. The DAEO, ADAEO, a bureau ethics official, or their respective designees may exempt, on a case-by-case basis, an employee from filing via Integrity based upon extraordinary circumstances (e.g., the filer cannot access Integrity because of a remote duty station).  Filers exempt from using Integrity shall receive additional guidance from an ethics official regarding where and how to submit a completed report.
  1. Transmittal to OGE of Certain Reports. After the DAEO's and all PAS Public Financial Disclosure Reports and Periodic Transaction Reports are certified by the DAEO or ADAEO as appropriate, these reports will be forwarded to OGE for final certification.
  1. UNFILED, INCOMPLETE, OR FALSE PUBLIC FINANCIAL DISCLOSURE REPORTS OR PERIODIC TRANSACTION REPORTS.
  1. Failure of a covered employee to submit a required Public Financial Disclosure Report or Periodic Transaction Report or failure to provide complete and accurate required information may subject such individual to penalties as provided by law.  Knowing or willful falsification of information may subject an employee to criminal prosecution under 18 U.S.C. §1018.
  2. The DAEO or ADAEO shall be apprised immediately of any allegation of falsification of a Public Financial Disclosure Report or Periodic Transaction Report.  The DAEO or ADAEO shall take any action required by the Act or applicable regulations to assure compliance with the reporting requirements and shall refer allegations of falsification and other violations of law or regulation to the appropriate Office of Inspector General. 
  1. PROCESSING AND REVIEW OF PUBLIC FINANCIAL DISCLOSURE REPORTS AND PERIODIC TRANSACTION REPORTS.
  1. Initial Review Designation.  Reports filed via the Integrity system are automatically routed to the appropriate initial reviewers as follows:
  1. DO employees to an assigned DO ethics official.
  2. Bureau employees to the appropriate bureau ethics official.
  1. Initial Review Process.
  1. A designated initial reviewer shall review each report for potential and actual conflicts of interest and for technical compliance with the requirements of 5 C.F.R. Part 2634 and report instructions.
  2. The reviewer may require the filer to submit additional substantive or technical information or to respond to other inquiries or counseling as a result of the review, or the reviewer may require the filer to amend the report.  Based on information the filer provides, the reviewer may annotate the report as appropriate.
  3. Upon completion of the initial review, the report will be sent to the appropriate certifying official.
  1. Initial Review Deadline.  Initial reviews must be completed no later than 60 days from the date of receipt of the report. 
  2. Certification.
  1. Authority.  After completion of initial review, the final review and certification of reports will be undertaken as follows:
  2. The DAEO, ADAEO or designee in the case of a PAS official or PAS official nominee or a PA official, a bureau head, the bureau chief legal officer, and all DO employees;
  3. The ADAEO in the case of all reports filed by the DAEO, and the DAEO in the case of all reports filed by the ADAEO;
  4. A bureau ethics official or designee in the case of all other bureau employees.
  5. CUSTODY AND DISCLOSURE OF PUBLIC FINANCIAL DISCLOSURE AND PERIODIC TRANSACTION REPORTS.
  1. Retention. The Integrity system generally retains Public Financial Disclosure Reports for six years and Periodic Transaction Reports for seven years from the date of receipt, after which they are deleted, unless needed as part of an ongoing investigation.
  2. Disclosure.
  1. Required Release.  As required by the Act, Public Financial Disclosure Reports and Periodic Transaction Reports will be disclosed not later than 30 days from the date of the request, by a DO or bureau ethics official to any person who makes a compliant written request using OGE Form 201 or other OGE-approved method.  A DO or bureau ethics official will also make reports available to the public in other circumstances, in accordance with the provisions of 5 C.F.R.         § 2634.603(c).
  2. Notification of Disclosure.  An ethics official shall notify filers and any appropriate offices (e.g., Public Affairs) regarding the release of a report (e.g., name of requestor or date of report release) where practicable.  Notice shall not be given if the report is requested as part of a criminal inquiry by a federal law enforcement entity.
  3. Record of Disclosure.  The office that has custody of a report shall maintain a record of the disclosures made in response to written requests as appropriate.
  4.  AUTHORITIES.
  1. TO 107-01, Appointment of Designated Agency Ethics Official and Alternate Designated Agency Ethics Official
  2. TO 107-04, The Authority of the General Counsel
  1.   REFERENCES.
  1. The Ethics in Government Act of 1978, as amended, 5 U.S.C. App. 4.
  2. Stop Trading on Congressional Knowledge Act of 2012 (STOCK Act, Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012).
  3. 5 C.F.R. Part 2634, Executive Branch Financial Disclosure, Qualified Trusts, and Certificates of Divestiture.

12. CANCELLATIONTreasury Directive 61-01, "Implementation of the Public Financial Disclosure Requirements of the Ethics in Government Act," dated February 21, 2007, is superseded.
13. OFFICE OF PRIMARY RESPONSIBILITY.  Office of the General Counsel, Legal Division.




/s/                                      
Priya Aiyar 
Acting General Counsel

 
Last Updated: 3/23/2017 9:12 AM