Royalty Transparency Act

The Royalty Transparency Act aims to increase transparency and mitigate potential conflicts of interest by expanding financial disclosure requirements for executive branch employees and members of specific advisory committees. It specifically mandates the reporting of royalties received from inventions developed during government employment, overriding existing exemptions for technology transfer payments. This measure seeks to ensure public awareness of potential financial interests that could influence official duties. The bill adds members of key public health and science advisory committees, such as the National Science Advisory Board for Biosecurity and the Advisory Committee on Immunization Practices, to the list of individuals required to file financial disclosure reports. The Government Accountability Office (GAO) will also identify other advisory committees making public health recommendations that have been implemented, bringing their members under these disclosure rules for a five-year period. These reports must now include the original source and amount or value of royalties received by the individual, their spouse, or dependent children. To further enhance transparency, the Act requires agencies to publish these financial disclosure reports, including royalty information, on their websites. It also stipulates that supervising ethics offices must notify specific Congressional committees when waivers for conflict of interest rules are granted. Furthermore, Members of Congress can request unredacted copies of these reports, with only sensitive personal identifying information protected. For individuals filing confidential financial disclosure reports who receive royalties, agencies are mandated to publish a separate report listing their names and the source and amount of those royalties. Finally, the bill directs the Federal Acquisition Regulatory Council and the Office of Management and Budget to update regulations, ensuring that reviews for prospective contractors and grantees include an assessment of royalties received, with agencies annually reporting on identified conflicts.