A bill to amend the Small Business Act to require Members of Congress, spouses of Members of Congress, and employees of Congress who receive a loan under the paycheck protection program to submit a financial disclosure form.
Transparency Requirements Aimed at Congressional Expenditures Act or the TRACE Act
This bill requires a Member of Congress, spouse of a Member, or employee of Congress to submit a financial disclosure if a business that they own or control receives a loan under the Paycheck Protection Program for small businesses affected by COVID-19 (i.e., coronavirus disease 2019). The disclosure must include the name and address of the recipient's place of business and the amount of the loan.
Introduced in Senate
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
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