Royalty Transparency Act

The Royalty Transparency Act aims to enhance transparency regarding financial interests of executive branch employees and certain advisory committee members. It expands the scope of individuals required to file public financial disclosure reports to include 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. The Government Accountability Office will also annually identify other advisory committees whose public health recommendations have been implemented, bringing their members under these disclosure requirements for a five-year period. A central provision of the bill mandates that these financial disclosure reports, both public and confidential, must include the original source and amount or value of any royalties received by the reporting individual, their spouse, or dependent children. This specifically covers royalties derived from inventions developed during government employment, overriding previous statutory exemptions. Agencies are required to publish these reports on their internet websites, making them publicly accessible, and must provide unredacted copies (excluding sensitive personal information) to Members of Congress upon request. Beyond individual disclosures, the Act addresses potential organizational conflicts of interest in federal acquisition. It directs the Federal Acquisition Regulatory Council and the Office of Management and Budget to update regulations, ensuring that conflict of interest reviews for prospective contractors and grantees include an assessment of royalties received by them. Agencies will also be required to submit annual reports to Congress detailing identified cases of potential conflicts related to royalty payments and the mitigation strategies employed.