No Cashing In Act

This bill, known as the "No Cashing In Act," establishes new ethics requirements for individuals who have served as Members of Congress. Its primary purpose is to enhance transparency and address concerns about former members leveraging their positions for financial gain in lobbying activities. Specifically, the legislation mandates that former Members of Congress must file annual financial disclosure reports for a period of ten years after their employment terminates, or for as long as they receive a federal annuity, whichever duration is longer. Furthermore, it introduces a provision to reduce the federal annuity of a former Member by any income they received in the previous calendar year from a "substantial lobbying entity" for services rendered. A "substantial lobbying entity" is defined as a company employing more than three lobbyists or spending over $10,000 on lobbying annually, aiming to limit the financial incentives for former members to engage in lobbying activities immediately after leaving public service.