Congressional Forskning Service Ansattes Aksjeopsjoner

Congressional Research Service Reports juli 2015 2014 Farm lovbestemmelser og WTO-samsvar 6 januar 2012 R43817 Schnepf, Randy Abortion: Rettshistorie og lovgivningsmessig respons 24. mars 2014 RL33467 Shimabukuro, Jon O. Bekreftende handling og mangfold i offentlig utdanning: Juridisk utvikling 18. oktober 2014 , 2012 RL30410 Feder, Jody Afro-Amerikanske Medlemmer av USAs Kongress: 1870-2012 26. november 2012 RL30378 Manning, Jennifer E. Shogan, Colleen J. Jordbruksdisplayhjelp 29. august 2013 RS21212 Skjold, Dennis A. Landbruk i WTO: Grenser for internasjonal støtte 18. september 2014 RS20840 Schnepf, Randy Aiding, Abetting, og lignende: En forkortet oversikt over 18 USC 2 24. oktober 2014 R43770 Doyle, Charles Aiding, Abetting, og lignende: En oversikt over 18 U. S.C. 2 oktober 24, 2014 R43769 Doyle, Charles Alternativ Minimumskatt for personer 20 september 2012 RL30149 Maguire, Steven-analyse av fordelingen av rikdom på tvers av husholdninger, 1989-2010 17. juli 2012 RL33433 Levine, Linda Analyse av regulatorisk byrde på små banker 6. januar 2012 R43999 Hoskins, Sean M. et al. Analyse av skatteutestenging for avbrutt boliglånsinntekt 12. februar 2013 RL34212 Keightley, Mark P. Lunder, Erika Utnevnelsesprosess for US Circuit og District Court Nominasjoner: En oversikt 22. oktober 2014 R43762 Rutkus, Denis Steven Bevilgninger Underkommisjon Struktur: Historie om Endringer fra 1920 til 2013 5. februar 2013 RL31572 Tollestrup, Jessica Arctic National Wildlife Refuge (ANWR): En primer for 112-kongressen 14. februar 2012 RL33872 Corn, M. Lynne et al. Auksjonskurs Securities 17. juli 2012 RL34672 Austin, D. Andrew Aviation War Risk Forsikring: Bakgrunn og Valg for Kongress 5 september 2014 R43715 Elias, Bart et al. Ballast Vannforvaltning for å bekjempe invasive arter 10 april 2012 RL32344 Buck, Eugene H. Bayh-Dole lov: Utvalgte problemstillinger i patenteringspolitikk og kommersialisering av teknologi 3. desember 2012 RL32076 Schacht, Wendy H. Bredbåndsinternettilgang og Digital Divide: Fellesskapsstøtteprogrammer 17. juli 2013 RL30719 Kruger, Lennard G. Gilroy, Angele A. Bredbåndslån og tilskuddsprogrammer i USDA8217s landsbygdstjenester 12. juli 2013 RL33816 Kruger, Lennard G. Budsjettkontrollloven og Trender i diskretionær utgifter 26. november, 2014 RL34424 Austin, D. Andrew Budsjettforsoningsprosess: Timing av lovgivningsmessig handling 24. oktober 2013 RL30458 Lynch, Megan S. Kandidater, Grupper og Kampanje Finansmiljø 6. januar 2012 IN10280 Garrett, R. Sam Casework på et kongresskontor: Bakgrunn, regler, lover og ressurser 24. november 2014 RL33209 Petersen, R. Eric Chained Consumer Price Index: Hva er det og vil det være hensiktsmessig for kostnadseffektivisering 12 juni, 2013 RL32293 Whittaker, Julie M. Barnearbeid i Amerika: Historie, politikk og lovgivningsmessige problemer 18. november 2013 RL31501 Mayer, Gerald Child Support Enforcement Program Incentive Betalinger: Bakgrunns - og Politikkproblemer 2. mai 2013 RL34203 Salomon-frykt, Carmen Child Welfare : Profiler av nåværende og tidligere eldre foster ungdom basert på National Youth Transition Database (NYTD) 6. oktober 2014 R43752 Fernandes-Alcantara, Adrienne L. Sivil Kjernefjerning Avhending 2. desember 2013 RL33461 Holt, Mark Clean Coal Loan Garantier og Skatt Incentives: Issues in Brief 19. august 2014 R43690 Folger, Peter Sherlock, Molly F. Ren vannloven: En sammendrag av loven 30. oktober 2014 RL30030 Copeland, Claudia Cloture Forsøk på nominasjoner: Data og historisk utvikling 26. juni 2013 RL32878 Beth , Richard S. Oppførselskode for multinasjonale selskaper: En oversikt 16. april 2013 RS20803 Jackson, James K. Minner i kongressen: Valg for ære for personer, grupper og hendelser Jan Uri 6, 2012 R43539 Straus, Jacob R. et al. Kommersiell fiskerikatastrofehjelp 10. januar 2013 RL34209 Upton, Harold F.-komiteens merkingsprosess i representanthuset 28. november 2014 RL30244 Schneider, Judy Common Core State Standards and Assessments: Bakgrunn og problemer 2. september 2014 R43711 Skinner, Rebecca R. Feder, Jody Common Core State Standards: Ofte stilte spørsmål 15 september 2014 R43728 Skinner, Rebecca R. Feder, Jody Vanligvis brukte forslag og forespørsler i representanthuset 15. mars 2013 RL32207 Davis, Christopher M. Fellesskapstjenester Block Grants (CSBG ): Bakgrunn og finansiering 24. mai 2013 RL32872 Spar, Karen Congressional Action på FY2015 Bevilgningsforanstaltninger 5. november 2014 R43776 Tollestrup, Jessica Congressional Budget Resolutions: Historisk informasjon 7. februar 2014 RL30297 Heniff, Bill Jr. Congressional Gold Medals, 1776-2014 29. april 2014 RL30076 Glassman, Matthew Eric Congressional Medlemskap og avtale myndighet til rådgivende kommisjoner, styre og gruppe s 5 februar 2013 RL33313 Glassman, Matthew Eric Congressional Nominasjoner til US Service Academies: En oversikt og ressurser for oppsøking og ledelse 30. november 2012 RL33213 Petersen, R. Eric Kongressens makt til å opprette føderale domstole: En juridisk oversikt 1 oktober 2014 R43746 Nolan, Andrew Thompson, Richard M. II Kongressens lønn og tillatelser 7. januar 2014 RL30064 Brudnick, Ida A. Congress8217s Forakt Makt og Håndhevelse av Kongressens Subpoenas: En Skisse 10. april 2014 RL34114 Garvey, Todd Dolan, Alissa M. Congress8217s Forakt Kraft og håndhevelse av kongressens tilkjenninger: Lov, historie, praksis og prosedyre 8. mai 2014 RL34097 Garvey, Todd Dolan, Alissa M. Kontrakt med inverterte innenlandske selskaper: Svar på vanlige spørsmål 7 november 2014 R43780 Manuel, Kate M. Lunder, Erika K. Controlled Substances Act: Regulatory Requirements 13 desember 2012 RL34635 Yeh, Brian T. Kontroverser over omdefinering 8220Fill Material8221 under Clean Water Act 21 august 2013 RL31411 Copeland, Claudia Cooperative RampD: Føderale innsats for å fremme industriell konkurranseevne 3. desember 2012 RL33526 Schacht, Wendy H. Corporate Tax Base Erosion og Profitshifting (BEPS): En undersøkelse av dataene 6 januar, 2012 R44013 Keightley, Mark P. et al. Telling av valgstemmer: En oversikt over prosedyrer ved den felles sesjon, inkludert innvendinger fra medlemmer av kongressen 30. november 2012 RL32717 Maskell, Jack Rybicki, Elizabeth Crime Victims8217 Rettighetsloven: En oppsummering og juridisk analyse av 18 U. S.C. 3771 24. april 2012 RL33679 Doyle, Charles Customer Choice og fremtidens kraftindustri 22. september 2014 R43742 Campbell, Richard J. Cybercrime: En skisse av 18 U. S.C. 1030 og tilknyttede forbrytelsesloven 15. oktober 2014 RS20830 Doyle, Charles Dark Pools i aksjehandel: Policy Concerns og nyere utviklinger 26. september 2014 R43739 Shorter, Gary Miller, Rena S. Gjeldsgrense: Historie og nyere økninger 15. oktober 2013 RL31967 Austin, D. Andrew Levit, Mindy R. Deeming Oppløsning: Et Budget Enforcement Tool 12 juni 2013 RL31443 Lynch, Megan S. Forsvarsobjekt: Hvordan og hvor DOD bruker sine kontraherende dollar 24. oktober 1989 R44010 Schwartz, Moshe et al. Forsvarsutgifter og budsjettkontrollloven begrenser 24. oktober 1989 R44039 Belasco, Amy Definisjon av veileder i henhold til lov om nasjonal arbeidsforbindelse 5. juli 2012 RL34350 Mayer, Gerald Shimabukuro, Jon O. Forsinket Federal Grant Closeout: Utgaver og konsekvenser 12. september 2014 R43726 Keegan, Natalie Depreciating Dollar: Økonomisk Effekt og Policy Response 23 februar 2012 RL34582 Elwell, Craig K. Dispute Settlement i Verdenshandelsorganisasjonen (WTO): En oversikt 26. november 2012 RS20088 Shedd, Daniel T. et al. Fordeling av husstandsinntekt og mellomklasse 10 mars 2014 RS20811 Elwell, Craig K. Distribusjonseffekter av skatter på bedriftsresultat, investeringsinntekter og eiendommer 27. desember 2012 RL32517 Gravelle, Jane G. Lowry, Sean Lære om konstitusjonell unngåelse: A Juridisk oversikt 2 september 2014 R43706 Nolan, Andrew Tørke i USA: Årsaker og problemer for kongress 22. april 2013 RL34580 Folger, Peter et al. Narkotikaforfølgelse i USA: Historie, politikk og trender 2. oktober 2014 R43749 Sacco, Lisa N. Narkotikamissbruk: Maksimalt bøter og vilkår for fengsel for overtredelse av lov om føderale kontrollerte stoffer og tilhørende lover 13. desember 2012 RL30722 Yeh, Brian T. Inntektsskattekreditt (EITC): En oversikt 22. oktober 2014 RL31768 Falk, Gene Earned Income Tax Credit (EITC): Endringer for 2012 og 2013 31. januar 2013 RS21352 Scott, Christine Earthquakes: Risiko, Deteksjon, Advarsel, og forskning 18 juli 2013 RL33861 Folger, Peter Ebola: Grunnleggende om sykdommen 3. oktober 2014 R43750 Lister, Sarah A. Effekt av fast konkurs på pensjonister, med søknader til bilindustrien og kullindustrien 22. september 2014 R43732 Rapaport, Carol Effektiviteten til Fellesskapets gjeninvesteringsloven 25. juli 2014 R43661 Getter, Darryl E. Elder Justice Act: Bakgrunn og utgaver for kongress 3. september 2014 R43707 Colello, Kirsten J. Valgkolleksjon: Hvordan det fungerer i moderne presidium Nasjonalvalg 22. oktober 2012 RL32611 Neale, Thomas H. Nødplanlegging og Fellesskapslov (EPCRA): En sammendrag 5. april 2012 RL32683 Schierow, Linda-Jo Medarbeideropsjoner: Skattebehandling og skatteproblemer 15. juni 2012 RL32683, 2012 RL31458 Bickley, James M. Endangered Species Act (ESA) og krav om eiendomsrettigheter Takings 7. januar 2013 RL31796 Meltz, Robert truet art Act og lydvitenskap 23. januar 2013 RL32992 Corn, M. Lynne et al. Rettigheter og bevilgede rettigheter i Federal Budget Process 26. november 2012 RS20129 Heniff, Bill Jr. Miljølover: Sammendrag av store vedtekter Administrert av Environmental Protection Agency 20. desember 2013 RL30798 Bearden, David M. et al. Miljøvernbyrå (EPA): Bevillinger for FY2014 i P. L. 113-76 15. august 2014 R43689 Esworthy, Robert Bearden, David M. EPA8217s Foreslåtte drivhusgassforskrifter: Konsekvenser for den elektriske kraftindustrien 6. januar 2012 R43621 Campbell, Richard J. European Fighters i Syria og Irak: Evalueringer, Responses and Utgaver for USA 8. november 2000 R44003 Archick, Kristin et al. Evaluering av gjeldende holdning til pengepolitikken ved hjelp av en Taylor-regel 30. januar 2012 RS21821 Labonte, Marc-ordre: Utstedelse, modifikasjon og tilbakekalling 16. april 2014 RS20846 Chu, Vivian S. Garvey, Todd Eksporter-Import Bank Reauthorization: Ofte stilte spørsmål 26. november 2014 R43671 Akhtar, Shayerah Ilias et al. Utvisning, Censur, Reprimand og Fin: Lovgivningsmessig Disciplin i Representanthuset 2 mai 2013 RL31382 Maskell, Jack Utvider Arbeidsledighetskompensasjonsfordeler i løpet av resesjonene 2. mai 2013 RL34340 Whittaker, Julie M. Isaacs, Katelin P. Faktaark: Utvalgte høydepunkter av HR 1735, Nasjonalforsvarsloven for FY2016 24. oktober 1989 R44019 Towell, Pat Fannie Mae8217s og Freddie Mac8217s økonomiske problemer 10. august 2012 RL34661 Weiss, N. Eric Farm and Food Support under UDSA8217s Seksjon 32 Program 18. november 2014 RL34081 Shields, Dennis A. Faderskapsinitiativer: Koble til fedre til barna sine 28. januar 2014 RL31025 Salomon-frykt, Carmen FDA8217s myndighet for å sikre at rusmidler som er foreskrevet for barn, er trygge og effektive 25. juni 2012 RL33986 Thaul, Susan Federal Communications Commission: Nåværende Struktur og dens rolle i det forandrende telekommunikasjonslandskapet 18 november 2013 RL32589 Figliola, Patricia Moloney Fondets fradragsberettigelse av S Tate og Lokale Skatter 10. november 2014 RL32001 Magacire, Steven Stupak, Jeffrey M. Federal Employees8217 Pensjonssystem: Budsjett - og tillitskasseproblemer 24. mars 2014 RL30023 Isaacs, Katelin P. Federal Employees8217 Pensjonssystem: Aktivitetssparingsplanens rolle Mars 8, 2013 RL30387 Isaacs, Katelin P. Federal Excise Tax på bensin og Highway Trust Fund: En kort historie 7. september 2012 RL30304 Bickley, James M. Federal Funding gap: En kort oversikt 11. oktober 2013 RS20348 Tollestrup, Jessica Federal Grand Jury 6 januar 2012 95-1135 Doyle, Charles Federal Land Ownership: Nåværende Anskaffelse Og Avhending Myndigheter 13. desember 2012 RL34273 Vincent, Carol Hardy et al. Føderale obligatoriske minimumsdeklarasjonskonvensjoner 9. september 2013 RL32040 Doyle, Charles Federal Networking og informasjonsteknologi Forskning og utviklingsprogram: Bakgrunn, finansiering og aktiviteter 22. oktober 2013 RL33586 Figliola, Patricia Moloney Federal Personnel: Konvertering av ansatte fra utnevnt (noncareer) stillinger til Karriereposisjoner i Executive Branch 2 november 2012 RL34706 Schwemle, Barbara L. Føderale forurensningsloven: Hvordan håndheves de 7. oktober 2014 RL34384 Esworthy, Robert føderale programmer tilgjengelig for arbeidsløse arbeidere 9. januar 2013 RL34251 Isaacs, Katelin P. et al. Føderale forslag til skatt Marijuana: En økonomisk analyse 13. november 2014 R43785 Gravelle, Jane G. Lowry, Sean Federal Rulemaking Prosess: En oversikt 17. juni 2013 RL32240 Carey, Maeve P. Føderale vedtekter: Hva de er og hvor de skal finne dem mars 21, 2012 RL30812 Foley, Cassandra L. Federal beskatning av romvesener Arbeider i USA 18 mai 2012 RS21732 Lunder, Erika K. Federal Trade Commission8217s forordning om datasikkerhet i henhold til sin ufeilbarlige eller villedende handlinger eller praksis (UDAP) Authority September 11, 2014 R43723 Stevens, Gina Federalism, statens suverænitet og forfatningen: Grunnlag og grenser for kongressens kraft 23. september 2013 RL30315 Thomas, Kenneth R. FHA-forsikret boliglån: En oversikt 18 april 2013 RS20530 Jones, Katie Filibusters and Cloture in the Senatet 31. mai 2013 RL30360 Beth, Richard S. Heitshusen, Valerie Finansiering av USAs handelsunderskudd 24. mars 2014 RL33274 Jackson, James K. Første dag for en ny kongress: En veiledning til forhandlinger på House Floor Dece mber 5, 2014 RL30725 Schneider, Judy et al. Første dag for en ny kongress: En veiledning til oppfølging på senatgulvet 5. desember 2014 RS20722 Koempel, Michael L. et al. Fluoride i drikkevann: En gjennomgang av fluorisering og reguleringsproblemer 5. april 2013 RL33280 Tiemann, Mary Food Recalls og andre FDA Administrative Enforcement Actions 20. november 2014 R43794 Lanza, Emily M. Utenlandske direkte investeringer i USA: En økonomisk analyse desember 11, 2013 RS21857 Jackson, James K. Utenlandske investeringer i USA: Større føderale lovbestemte restriksjoner 17. juni 2013 RL33103 Seitzinger, Michael V. Utenlandsk eierskap av amerikanske finansielle eiendeler: Konsekvenser av tilbaketrekking 8. april 2013 RL34319 Jackson, James K . Forest FireWildfire Protection 7 mars 2012 RL30755 Gorte, Ross W. Bracmort, Kelsi Tidligere presidenter: Pensjoner, kontortillæg og andre føderale fordeler 9. april 2014 RL34631 Ginsberg, Wendy Franking Privilege: Massemelding og massekommunikasjon i huset, 1997 -2012 11. juni 2013 RL34458 Glassman, Matthew Eric Free Religionutøvelse av nært besluttede selskaper: Konsekvenser av Burwell V. Hobby Lobby Stores, Inc. juli 23, 2014 R43654 Brougher, Cynthia Freedom of Navigation og Territorial Seas 8. november 2000 Finansiering for eldre amerikanere og andre aldringsprogrammer 22. februar 2013 RL33880 Napili, Angela Colello, Kirsten J. Fremtidens internettstyring: Skulle USA forlate Autoriteten over ICANN 6. januar 2012 R44022 Kruger, Lennard G. FY2016 Militærkonstruksjonsbevillinger: President8217s forespørsel og husmarkering Sammenlignet 24. oktober 1989 IN10262 Else, Daniel H. Generalized Preferences Preferences: Bakgrunns - og fornyelsesdebatten 19. mai 2014 RL33663 Jones , Vivian C. Globalisering, Arbeidsikkerhet og Politiske tilnærminger 27. februar 2012 RL34091 Ahearn, Raymond J. Regjeringen Innsamling av privat informasjon: Bakgrunn og problemer relatert til USAs PATRIOT Act Reauthorization in Brief 15. april 2002 R44042 Liu, Edward C. et al. Grazing Fees: Oversikt og utgaver 19. juni 2012 RS21232 Vincent, Carol Hardy Gun Control Legislation 14. november 2012 RL32842 Krouse, William J. Health Care Fleksible utgifter Regler 13 juni 2012 RL32656 Mulvey, Janemarie Hjelp America Vote Act og valgadministrasjon: Oversikt og utgaver 5. desember 2014 RS20898 Coleman, Kevin J. Fischer, Eric A. Hemp som Agricultural Commodity 24 juli 2013 RL32725 Johnson, Renee Heritage Områder: Bakgrunn, Forslag og Aktuelle Issues 4 juni 2013 RL33462 Vincent, Carol Hardy Comay , Laura B. Meget patogen aviær influensa: Pågående utbrudd 6. januar 2012 IN10279 Greene, Joel L. Hjemløshet: Målrettede føderale programmer og nyere lovgivning 3. februar 2014 RL30442 Perl, Libby et al. House Committee Stoler: Betraktninger, beslutninger og handlinger som en kongressen og en ny kongres begynner 25. oktober 2012 RL34679 Schneider, Judy Koempel, Michael L. Husets offsettendringer til bevilgningsforslag: Prosedyktige hensyn 29. september 2014 RL31055 Tollestrup, Jessica House Stående komité Stoler og rangordning minoritetsmedlemmer: Regler som gjelder utvalgsprosedyrer 7. oktober 2014 RS21165 Schneider, Judy bolig for personer som bor med HIVAIDS 7. januar 2013 RL34318 Perl, Libby Hvordan har små banker blitt påvirket av finansiell reform 14. mai 2015 IN10276 Hoskins, Sean M. et al. Hvordan tiltak blir bragt til huset Gulv: En kort introduksjon 2. november 2012 RS20067 Davis, Christopher M. Hvordan tiltak blir bragt til senatet Gulv: En kort introduksjon 25. november 2013 RS20668 Davis, Christopher M. Kort sagt: Alternativer for å hjelpe Møt et kongressens krav til atomvåpenproduksjon 18. oktober 2006 R44047 Medalia, Jonathan E. I re-terroristangrep 11. september 2001: Krav mot saksøktes tiltalte i henhold til lov om utenlandsk suveren immunitet (FSIA) 27. desember 2013 RL34726 Elsea, Jennifer K. Økning av sosialsektoren Lønnsskattegrunn: Alternativer og effekter på skattebyrder 5. februar 2013 RL33943 Hungerford, Thomas L. Individuell inntektsskatt og andre nøkkelelementer av den individuelle inntektsskatten: 1988 til 2013 1. februar 2013 RL34498 Guenther, Gary Industrial Competitiveness and Technological Advancement: Debatt over regjeringens politikk 3. desember 2012 RL33528 Schacht, Wendy H. Intellektuelle eiendomsrettighetsbrudd: Federal Civil Reme dør og strafferett knyttet til opphavsrett, varemerker og patenter 13 desember 2012 RL34109 Yeh, Brian T. International Air Service Controversies: Ofte stilte spørsmål 6. januar 2012 R44016 Tang, Rachel Y. Internasjonale familieplanleggingsprogrammer: Utgaver for kongress 26. juni , 2012 RL33250 Blanchfield, Luisa International Food Aid: USA og andre donorbidrag 12. november 2013 RS21279 Hanrahan, Charles E. Canada, Carol International Ulovlig handel med dyreliv: trusler og amerikansk politikk 23. juli 2013 RL34395 Wyler, Liana Sun Sheikh, Pervaze A. Internasjonale investeringsavtaler (IIAS): Ofte stilte spørsmål 6. januar 2012 R44015 Weiss, Martin A, et al. Internasjonal lov og avtaler: deres virkning på amerikansk lov 23. januar 2014 RL32528 Garcia, Michael John International Foreldrebarnsabduksjoner 27. januar 2014 RS21261 Smith, Alison M. Introduksjon til helseforsikring: Hva bør en forbruker vite 30 april 2015 R44014 Rapaport, Carol Iran8217s utenrikspolitikk 22. mai 2002 R44017 Katzman, Kenneth Juvenile ofre for innenriks sexhandel: Juvenile Justice Issues 5. august 2014 R43677 Finklea, Kristin Keystone Xl-rørledning: Oversikt og nyere utviklinger 13. november 2014 R43787 Parfomak, Paul W. et al. . Lame Duck Sessions Of Congress, 1935-2012 (74.-112. Kongresser) 19. september 2014 RL33677 Beth, Richard S. Tollestrup, Jessica Lovgivningsmessig Prosedyre i Kongressen: Grunnleggende Kilder for Kongressansatte 6. oktober 2014 RS21363 Manning, Jennifer E. Greene, Michael Lovgivningsmessige prosedyrer for å justere den offentlige gjeldsgrensen: En kort oversikt 26. november 2012 RS21519 Heniff, Bill Jr. Obligatorisk minimumsvilkårslovgivning i den 114. kongress 6. januar 2012 R44006 Doyle, Charles Obligatorisk utgift siden 1962 10. mars 2014 RL33074 Levit, Mindy R. Austin, D. Andrew Obligatoriske Vaksinasjoner: Tidligere og gjeldende lover 21 mai 2014 RS21414 Cole, Jared P. Swendiman, Kathleen S. Kart over 2015 Individuell utveksling med postnummer 6 januar 2012 IN10282 Uberoi, Namrata K. et al. Medal of Honor Mottakere: 1979-2014 29. oktober 2014 RL30011 Leland, Anne Medicaid: En Primer 18 juli 2012 RL33202 Herz, Elicia J. Medicare: Insolvensprojeksjoner 3. juli 2013 RS20946 Davis, Patricia A. Medlemmer av kongressen som dør i Kontor: Historisk og gjeldende praksis 25. april 2012 RL34347 Petersen, R. Eric Manning, Jennifer E. Militær begravelseshistorier og militære kirkegårder: Ofte stilte spørsmål 13 januar 2014 RS21545 Torreon, Barbara Salazar Militær medisinsk pleie: Spørsmål og svar 2. januar, 2014 RL33537 Jansen, Don J. Militær Retirement: Bakgrunn og Nylige Utviklinger 28 mai 2014 RL34751 Burrelli, David F. Torreon, Barbara Salazar Diverse Tariff Bills: Oversikt og problemer for kongress 16. juli 2012 RL33867 Jones, Vivian C. Manglende voksne: Bakgrunn, føderale programmer og saker for kongress 7 mai 2013 RL34616 Fernandes-Alcantara, Adrienne L. Manglende og utnyttede barn: Bakgrunn, retningslinjer og problemstillinger 1. august 2014 RL34050 Fernandes-Alcantara, Adrienne L. Pengepolitikk og Federal Reserve: Gjeldende politikk og betingelser 1. juli 2014 RL30354 Labonte, Marc Money for Something: Musikk lisensiering i det 21. århundre 6 januar 2012 R43984 Scherer, Dana A. Money Laundering: En oversikt over 18 U. S.C. 1956 og relatert straffelov 8. februar 2012 RL33315 Doyle, Charles Mountaintop Mining: Bakgrunn om nåværende kontroverser 16. juli 2014 RS21421 Copeland, Claudia multilaterale utviklingsbanker: USAs bidrag FY2000-FY2013 1. februar 2013 RS20792 Nelson, Rebecca M. Nanoteknologi: A Policy Primer 16. desember 2013 RL34511 Sargent, John F. Jr. Nasjonale omgivende luftkvalitetsstandarder (NAAQS) for partikulært materiale (PM): Epa8217s 2006 Revisjoner og tilknyttede utgaver 14. mars 2013 RL34762 Esworthy, Robert National Park System: Etablere nye enheter 25. april 2013 RS20158 Vincent, Carol Hardy Naturgass for biler og lastebiler: Alternativer og utfordringer 19. november 2014 R43791 Canis, Bill et al. Nye forsvarsretningslinjer for amerikansk-amerikanske forsvarsdepartementer avslå alliansens samarbeid 8. november 2000 IN10265 Rinehart, Ian E. Noncitizen Støtteberettigelse for føderal hjelp: Policyoversikt og trender 24. september 2014 RL33809 Wasem, Ruth Ellen Nonmarital Births: En oversikt 30. juli 2014 R43667 Salomon - Fears, Carmen Nuclear Energy Policy 15. oktober 2014 RL33558 Holt, Mark Nuclear Weapon Pit Produksjon: Alternativer for å hjelpe møte et kongressisk krav 18. oktober 2006 R44033 Medalia, Jonathan E. Obama Library Sannsynligvis ledet til Chicago8217s South Side 1 mai 2015 IN10270 Richardson, Daniel J. Obstruksjon av rettferdighet: En oversikt over noen av de føderale vedtektene som forbyder forstyrrelse av rettslige, executive eller lovgivende aktiviteter 17. april 2014 RL34303 Doyle, Charles Offender Reentry: Korreksjonsstatistikk, reintegrasjon i Fellesskapet og tilbakevendende juni 12, 2014 RL34287 James, Nathan Kontor for parlamentarikeren i huset og senatet 12. november 2014 RS20544 Heitshusen, Valerie Off Ricester av Inspectors General og Law Enforcement Authority: Kortfattet 8. september 2014 R43722 Ginsberg, Wendy Offshore Olje - og gassutvikling: Juridisk ramme 26. september 2014 RL33404 Vann, Adam Offshoring (eller Offshore Outsourcing) og Arbeidsløsning blant amerikanske arbeidstakere 17. desember, 2012 RL32292 Levine, Linda Oljeutslipp i USAs Kystvann: Bakgrunn og Styring 11. januar 2012 RL33705 Ramseur, Jonathan L. En-minutters taler: Gjeldende huspraksis 23. januar 2013 RL30135 Schneider, Judy Organisasjon for økonomisk samarbeid og utvikling 30. oktober, 2013 RS21128 Jackson, James K. Outsourcing og insourcingjobber i den amerikanske økonomien: Bevis basert på utenlandske investeringsdata 21. juni 2013 RL32461 Jackson, James K. Oversikt over godkjenningsbevillingsprosessen 26. november 2012 RS20371 Heniff, Bill Jr. Oversikt av Federal Tax System 21 november 2014 RL32808 Sherlock, Molly F. Marples, Donald J. Pakistan-USA Forhold: Utgaver for 114. kongress 8. november 2000 R44034 Kronstadt, K. Alan Paris Klubb og Internasjonal gjeldsslettelse 11. desember 2013 RS21482 Weiss, Martin A. Partiledere i huset: Valg, plikter og ansvar 14. august 2014 RS20881 Heitshusen, Valerie Festsledere i USAs kongress, 1789-2014 31. juli 2014 RL30567 Heitshusen, Valerie Pay Equity: Lovgivende og juridisk utvikling 22. november 2013 RL31867 Collins, Benjamin Feder, Jody Peace Corps: Aktuelle saker 2. desember 2014 RS21168 Tarnoff, Curt Pesticidbruk og vannkvalitet: Er lovene komplementære eller i konflikt 13. juli 2012 RL32884 Copeland, Claudia PILT (Betalinger i stedet for skatter): Noe forenklet 10. desember 2014 RL31392 Corn, M. Lynne Utsettelse og omlegging av valg til Federal Office 5 september 2014 RL32623 Maskell, Jack Potensiell påvirkning av den andre Circuit8217s Ruling mot Bulk Collection på USA PATRIOT Act Reauthorization 8220April 15, 2002 Fattigdom i USA: 2013 25 september 2014 RL33069 Gabe, Thomas Fattigdom: Store temaer i tidligere debatter og nåværende forslag 18 september 2014 R43731 Falk, Gene Spar, Karen Makt til regulering av handel: Grenser for kongressens kraft 16. mai 2014 RL32844 Thomas Kenneth R. President of the United States: Kompensasjon 17. oktober 2012 RS20115 Schwemle, Barbara L. Presidential Appointee Stillinger som krever senatbekreftelse og komiteer Håndtering Nominasjoner 25. november 2013 RL30959 Davis, Christopher M. Mansfield, Jerry W. Presidential Nomineringsprosess: Aktuelle saker 27. januar 2012 RL34222 Coleman, Kevin J. Presidential Reise: Politikk og kostnader 17. mai 2012 RS21835 Halchin, L. Elaine President8217s Budsjettforespørsel: Oversikt og Timing av Midt-sesjonsanmeldelsen 16. juli 2013 RL32509 Christensen, Michelle D. President8217s Kontor for vitenskaps - og teknologipolitikk: Utgaver for kongress 13. januar 2014 RL34736 Sargent, John F. Jr. Shea, Dana A. Primer på funksjonshemmede: Social Security y Forsikringsforsikring (SSDI) og tilleggsavgift for sikkerhet (SSI) 1. august 2014 RL32279 Morton, William R. Primer om gjennomgang av Agency Delay and Enforcement Discretion 4. september 2014 R43710 Shedd, Daniel T. Garvey, Todd Personvern og sivile friheter Overvåkningsorgan: New Independent Agency Status 27 august 2012 RL34385 Hatch, Garrett Personvernbeskyttelse for kundens finansielle informasjon 14. juli 2014 RS20185 Murphy, M. Maureen Produksjonsskattegodtgjørelser for fornybar elektrisitet: Finansiell sammenligning av utvalgte policyalternativer 6. januar 2012 R43340 Brown, Phillip Spørsmål om rettighetene til huset: En analyse 6. januar 2012 R44005 Lynch, Megan S. Rasiell profilering: Juridiske og konstitusjonelle problemer 16. april 2012 RL31130 Feder, Jody Kvittering av gaver av føderale ansatte i Executive Branch 5 desember , 2014 R43660 Maskell, Jack Nylige endringer i eiendoms - og gaveavgiften 15. februar 2013 R42959 Gravelle, Jane G. Recess-avtaler: Ofte Som ked Spørsmål 7 juni 2013 RS21308 Hogue, Henry B. Redusere budsjettunderskuddet: Oversikt over politiske problemer 7. august 2014 R43680 Labonte, Marc Reform of US International Taxation: Alternativer 27. desember 2012 RL34115 Gravelle, Jane G. Flyktning Admissions and Resettlement Politikk 6. mars 2014 RL31269 Bruno, Andorra Regulatory Relief for Banking: Utvalgt Lovgivning i 114. kongres 6. januar 2012 R44035 Hoskins, Sean M. et al. Forskning om gjeldende føderale lovverk og forskrifter: En veiledning for ressurser til kongresspersonalet 19. februar 2014 RL33895 Mansfield, Jerry W. Pensjonsfordeler for medlemmer av kongressen 13. juni 2014 RL30631 Isaacs, Katelin P. Hjemmets staters senators rolle i valg av lavere Federal Court Judges 11. februar 2013 RL34405 Rutkus, Denis Steven Roller og plikter for et medlem av kongressen 9. november 2012 RL33686 Petersen, R. Eric Regler og praksiser om behandling av inntektslovgivning i hus og senat 6. januar 2012 R41408 Lynch, Megan S. Safe Drinking Water Act (SDWA): En oppsummering av loven og dens store krav 5. februar 2014 RL31243 Tiemann, Mary Same-Sex Marriages: Juridiske problemer 6. mai 2013 RL31994 Smith, Alison M. § 179 og Bonusavskrivninger Utgifter for tillatelser: Gjeldende lov, lovgivningsmessige forslag i 112. kongress og økonomiske effekter 10. september 2012 RL31852 Guenther, Gary Utvalgte utgaver i hjemlands sikkerhetspolitikk for 114. kongre ss 7. februar 1989 R44041 Painter, William L. Utvalgt, nylig utgåtte individuelle skattebestemmelser (8220Extenders8221): Kortfattet 17. oktober 2014 R43688 Gravelle, Jane G. Senat Banking: Financial Regulatory Improvement Act 6 januar 2012 IN10278 Hoskins, Sean M. et al. Senatet velges komite for etikk: En kort historie om dens evolusjon og jurisdiksjon 7. mars 2013 RL30650 Straus, Jacob R. Servicemembers Sivilhjelpsloven (SCRA): En forklaring 27. august 2014 RL34575 Mason, R. Chuck Sexhandel: Forslag i 114. kongres for å endre føderal lov om straffelov 6. januar 2012 R44007 Doyle, Charles seksuell vold i institusjoner av høyere utdanning 23. oktober 2014 R43764 McCallion, Gail Feder, Jody Nedleggelse av forbundsregeringen: Årsaker, prosesser og effekter 8. september 2014 RL34680 Brass, Clinton T. Small Business Administration: En Primer på Programmer 2 mai 2013 RL33243 Dilger, Robert Jay Lowry, Sean Små Refineries og Oljefelt Prosessorer: Muligheter og utfordringer 11 august 2014 R43682 Andrews, Anthony et al. Forsikringsfond for sykdomsforsikring (DI): Bakgrunns - og solvensproblemer 6. januar 2012 R43318 Morton, William R. Sosial sikkerhet Reform: Aktuelle spørsmål og lovgivning 28. november 2012 RL33544 Nuschler, Dawn Social Security Reform: Juridisk analyse av trygdeordninger Rettferdighetsproblemer 17. september 2014 RL32822 Lanza, Emily M. Nicola, Thomas J. Sosial sikkerhet: Beregning og historie av skattefordeler 4. august 2014 RL32552 Meyerson, Noah P. Sosial sikkerhet: Store vedtak i hus og senat siden 1935 15. januar 2014 , 2014 RL30920 Sidor, Gary Sosial sikkerhet: Regjeringens pensjonsforskudd 23. april 2014 RL32453 Sidor, Gary Sosial sikkerhet: Tillitskassen 31. juli 2014 RL33028 Nuschler, Dawn Sidor, Gary Social Security: Trust Fund Investeringspraksis 20. august , 2014 RS20607 Nuschler, Dawn Sosial sikkerhet: Hva ville skje dersom tillitskildene løper ut 28. august 2014 RL33514 Meyerson, Noah P. Høyttalere i huset: Valg, 1913-2013 4. januar 2013 RL30 857 Beth, Richard S. Heitshusen, Valerie Special Order Speeches and Other Forms of Non-Legislative Debate in the House November 26, 2012 RS21174 Schneider, Judy Specialty Metal Clause: Oversight Issues and Options for Congress February 6, 2014 RL33751 Grasso, Valerie Bailey Staff Pay Levels for Selected Positions in House Member Offices, 2009-2013 November 3, 2014 R43775 Petersen, R. Eric et al. Staff Pay Levels for Selected Positions in Senators8217 Offices, FY2009-FY2013 November 3, 2014 R43774 Petersen, R. Eric et al. State and Local Economic Sanctions: Constitutional Issues February 20, 2013 RL33948 Garcia, Michael John Garvey, Todd State Minimum Wages: An Overview November 18, 2014 R43792 Bradley, David H. Status of a Member of the House Who Has Been Indicted for or Convicted of a Felony May 8, 2014 RL33229 Maskell, John Statutes of Limitation in Federal Criminal Cases: An Overview October 1, 2012 RL31253 Doyle, Charles Submission of the President8217s Budget in Transition Years May 17, 2012 RS20752 Christensen, Michelle D. Summary Report: FY2014 Supplemental Appropriations August 28, 2014 R43666 Painter, William L. Sunset of Section 215 of the USA PATRIOT Act of 2001 April 15, 2002 Supplemental Security Income (SSI): IncomeResource Limits and Accounts Exempt from Benefit Determinations January 25, 2013 RS20294 Moulta-Ali, Umar Support Offices in the House of Representatives: Roles and Authorities February 5, 2013 RL33220 Brudnick, Ida A. Survivor Benefits for Families of Civilian Federal Employee s and Retirees December 18, 2012 RS21029 Isaacs, Katelin P. Take Care Clause and Executive Discretion in the Enforcement of Law September 4, 2014 R43708 Garvey, Todd Tax Expenditures: Overview and Analysis January 6, 2012 R44012 Marples, Donald J. Tax-Advantaged Accounts for Health Care Expenses: Side-by-Side Comparison, 2013 November 8, 2013 RS21573 Rapaport, Carol Taxation of Internet Sales and Access: Legal Issues December 1, 2014 R43800 Lunder, Erika K. Taxation of Unemployment Benefits February 7, 2013 RS21356 Whittaker, Julie M. Technology Transfer: Use of Federally Funded Research and Development December 3, 2012 RL33527 Schacht, Wendy H. Teenage Pregnancy Prevention: Statistics and Programs May 16, 2014 RS20301 Solomon-Fears, Carmen Telemarketing Regulation: National and State Do Not Call Registries August 14, 2014 R43684 Ruane, Kathleen Ann Temporary Assistance for Needy Families (TANF) Block Grant: A Primer on TANF Financing and Federal Requirements April 2, 2013 RL32748 Falk , Gene Temporary Assistance for Needy Families (TANF) Block Grant: Responses to Frequently Asked Questions September 19, 2014 RL32760 Falk, Gene Temporary Professional, Managerial, and Skilled Foreign Workers: Legislation in the 113th Congress September 30, 2014 R43745 Wasem, Ruth Ellen Tesla8217s Home Battery 8211 An Electricity Storage Breakthrough January 6, 2012 IN10271 Campbell, Richard J. et al. Text and Multimedia Messaging: Issues for Congress January 12, 2012 RL34632 Figliola, Patricia Moloney Stevens, Gina The National Nanotechnology Initiative: Overview, Reauthorization, and Appropriations Issues December 17, 2013 RL34401 Sargent, John F. Jr. Title IX, Sex Discrimination, and Intercollegiate Athletics: A Legal Overview December 7, 2012 RL31709 Feder, Jody Title X (Public Health Service Act) Family Planning Program September 3, 2014 RL33644 Napili, Angela Toxic Substances Control Act (TSCA): A Summary of the Act and Its Major Requirements April 1, 2013 RL31905 Schierow, Linda-Jo Tracking Federal Funds: USAspending. gov and Other Data Sources January 6, 2012 R44027 Gerli, Merete F. Trade Adjustment Assistance for Firms: Economic, Program, and Policy Issues August 4, 2014 RS20210 Harrison, Glennon J. Trade Adjustment Assistance for Workers: Reauthorization Proposals in the 114th Congress, in Brief January 6, 2012 R44009 Collins, Benjamin Trade Agreements: Impact on the U. S. E conomy April 10, 2013 RL31932 Jackson, James K. Trade Promotion Authority (TPA) and the Role of Congress in Trade Policy January 13, 2014 RL33743 Cooper, William H. Traditional and Roth Individual Retirement Accounts (IRAs): A Primer January 30, 2013 RL34397 Topoleski, John J. Turkey: Background and U. S. Relations in Brief May 22, 2002 R44000 Zanotti, Jim U. S. Direct Investment Abroad: Trends and Current Issues December 11, 2013 RS21118 Jackson, James K. U. S. Greenhouse Gas Emissions: Recent Trends and Factors November 24, 2014 R43795 Ramseur, Jonathan L. U. S. International Trade: Trends and Forecasts October 19, 2012 RL33577 Williams, Brock R. Donnelly, J. Michael U. S. National Science Foundation: Experimental Program to Stimulate Competitive Research (EPSCoR) January 19, 2012 RL30930 Matthews, Christine M. U. S. National Science Foundation: Major Research Equipment and Facility Construction April 4, 2012 RS21267 Matthews, Christine M. U. S. Patent and Trademark Office Appropriations Pr ocess: A Brief Explanation August 28, 2014 RS20906 McLoughlin, Glenn J. U. S. Trade Concepts, Performance, and Policy: Frequently Asked Questions November 17, 2014 RL33944 Morrison, Wayne M. et al. U. S. Trade Remedy Laws and Nonmarket Economies: A Legal Overview January 31, 2013 RL33976 Smith, Jane M. U. S. Trade Situation for Fruit and Vegetable Products January 15, 2014 RL34468 Johnson, Renee Unauthorized Alien Students: Issues and Dream Act Legislation June 19, 2012 RL33863 Bruno, Andorra Unauthorized Aliens Residing in the United States: Estimates since 1986 December 13, 2012 RL33874 Wasem, Ruth Ellen Uncertainty in Financial Projections of Social Security January 6, 2012 IN10275 Meyerson, Noah P. Unemployment Insurance: Programs and Benefits February 12, 2014 RL33362 Whittaker, Julie M. Isaacs, Katelin P. Uniformed and Overseas Citizens Absentee Voting Act: Overview and Issues April 21, 2014 RS20764 Coleman, Kevin J. United Kingdom Election November 8, 2000 IN10266 Mix, Derek E. United States as a Net Debtor Nation: Overview of the International Investment Position December 17, 2013 RL32964 Jackson, James K. Using Business Tax Cuts to Stimulate the Economy January 18, 2013 RL 31134 Gravelle, Jane G. Veterans and Homelessness November 13, 2014 RL34024 Perl, Libby Veterans8217 Benefits: The Department of Veterans Affairs and the Duty to Assist Claimants September 26, 2014 R43740 Shedd, Daniel T. Veterans Exposed to Agent Orange: Legislative History, Litigation, and Current Issues November 18, 2014 R43790 Panangala, Sidath Viranga Shedd, Daniel T. Vulnerable Youth: Background and Policies January 13, 2014 RL33975 Fernandes-Alcantara, Adrienne L. Vulnerable Youth: Federal Mentoring Programs and Issues January 20, 2012 RL34306 Fernandes-Alcantara, Adrienne L. What Are the Department of Defense (DOD) Policies on Transgender Service October 24, 1989 IN10264 Kamarck, Kristy N. Wildfire Damages to Homes And Resources: Understanding Causes and Reducing Losses March 12, 2012 RL34517 Bracmort, Kelsi Wildfire Protection in the Wildland-Urban Interface January 30, 2014 RS21880 Bracmort, Kelsi Women in the United States Congress, 1917-2014: Biographical and Committee Assi gnment Information, and Listings by State and Congress October 31, 2014 RL30261 Manning, Jennifer E. Brudnick, Ida A. Work Opportunity Tax Credit (WOTC) February 4, 2013 RL30089 Scott, Christine WTO Dispute Settlement: Status of U. S. Compliance in Pending Cases April 23, 2012 RL32014 Grimmett, Jeanne J. Zivotofsky v. Kerry: The Jerusalem Passport Case October 30, 2014 R43773 Elsea, Jennifer K. Excerpt The practice of granting a companys employees, officers, and directors options to purchase the companys stock has become widespread among American businesses. According to Information Technology Associates, 15 to 20 of public companies offer stock options to employees as a part of their compensation package, and over 10 million employees receive them. During the technology company boom of the 1990s, they were especially important to start-up companies, allowing them to avoid paying large cash salaries to attract talent. Employee stock options have been extolled as innovative compensation plans benefitting companies, stockholders, and employees. They have been condemned as schemes to enrich insiders at the expense of ordinary stockholders and as tax avoidance devices. This report explains the tax treatment of various types of employee stock options recognized by the Internal Revenue Code, examines some of the issues that have arisen because of the real and perceived tax benefits accorded employee stock options, and describes key laws and regulations concerning stock options, and discusses the book-tax gap as it relates to stock options and S. 1375 ( Ending Excessive Corporate Deductions for Stock Options Act ). Suggested Citation Bickley, J. M. (2012). Employee stock options: Tax treatment and tax issues . Washington, DC: Congressional Research Service. STOCK OPTIONS AND OVERTIME PAY CALCULATIONS UNDER THE FAIR LABOR STANDARDS ACT CRS Report for Congress Stock Options and Overtime Pay Calculation Under the Fair Labor Standards Act Updated May 30, 2000 William G. Whittaker Specialist in Labor Economics Domestic Social Policy Division Congressional Research Service 732 The Library of Congress Stock Options and Overtime Pay Calculation Under the Fair Labor Standards Act Summary For covered employees, overtime pay for hours worked in excess of 40 in a single week is calculated, under the Fair Labor Standards Act (FLSA), upon the basis of 1189 times a worker8217s regular rate of pay. Where the worker receives a straight cash wage, the calculation is relatively simple. But, compensation may also include non-cash benefits such as gifts, bona fide profit sharing, etc. and Section 7(e) of the Act explains how such elements are to be treated for regular rate calculation. How stock options and related items of value are to be treated may be less clear. On February 12, 1999, in response to a specific inquiry, the Wage and Hour Division of the Department of Labor dispatched an opinion letter explaining that, under the circumstances set forth in the inquiry, the value of stock options would not be exempt from inclusion in the FLSA regular rate calculation. The letter was precise and limited to a single case, but it provoked concerns in the employer community. Would the denial of exemption apply more broadly and, if so, might employers be subject to suit for back wages earned through overtime work The issue was taken up by the Labor Policy Association (LPA), an industry - oriented interest group based in Washington, D. C. There followed a series of conferences and exchanges of letters and, ultimately, a hearing before the House Subcommittee on Workforce Protections (March 2, 2000). After negotiations between the interested parties, legislation was introduced both in the House and Senate on March 29: H. R. 4109 (Ballenger), and S. 2323 (McConnell). On April 5, Representative Cunningham introduced H. R. 4182. On April 12, having by-passed the hearings process in the Senate, S. 2323 won Senate approval, 95 to 0 with 5 not voting. On May 3, the measure was called up in the House and passed by a vote of 421 to 0 with 13 not voting. The measure was signed by President Clinton (P. L. 106-202) on May 18, 2000. The immediate issue under the pending legislation is relatively narrow: the treatment of stock options for regular rate calculations. If the treatment of stock options (and related instruments) for regular rate purposes is not clarified, industry spokesmen have indicated, the granting of such options to hourly-paid workers is likely to cease 8212 or, at least, to be severely diminished. The exemption created under the pending legislation would remove one impediment to the continuation of such arrangements. Contents An Issue Emerges. 1 Industry Reaction. 2 A Hearing in the House. 4 Crafting a Legislative Solution. 4 Substance of the 8220Stock Option8221 Amendments. 6 The 8220Stock Option8221 Provisions. 6 Retroactive Immunity from Liability. 7 Other. 8 Comment. 8 Stock Options and Overtime Pay Calculation Under the Fair Labor Standards Act The Fair Labor Standards Act of 1938 (FLSA), as amended, is the basic federal statute dealing with minimum wages, overtime pay, and related issues. It requires that covered workers, employed for more than 40 hours in a single week, be paid at a rate of 1189 times their regular rate of pay. Since not all compensation is in cash, exceptions are made in the statute under Section 7(e) for various types of non-cash benefits (i. e. gifts, bona fide profit sharing plans, bona fide thrift or savings plans, etc.) that need not be included in the regular rate calculation. How stock options and related non-cash compensation are to be treated for regular rate purposes may not be entirely clear. In early 1999, the Department of Labor (DOL) issued an opinion letter suggesting that stock options might, under certain circumstances, be included as part of the regular rate calculation. 1 By implication, the opinion letter also raised the specter of potential retroactive liability for employers who had made stock options available to their employees. The result was a measure of concern among employers and a call for clarification. On March 2, 2000, the House Subcommittee on Workforce Protections conducted a hearing on the general issue of stock options and overtime pay calculation. Subsequently, on March 29, Senator Mitch McConnell (R-KY) introduced legislation to amend the FLSA to provide a clearer definition of regular rate where stock options are concerned (S. 2323). Parallel legislation (H. R. 4109) was introduced in the House by Representative Cass Ballenger (R-NC). 2 On April 12, without a hearing on the proposed legislation, S. 2323 was passed by the Senate: 95 yeas with 5 not voting. On May 3, the bill was called up in the House and approved by a vote of 421 to 0 with 13 not voting. It was signed by President Clinton on May 18, 2000 (P. L. 106-202). An Issue Emerges Early in 1999, inquiry was made to the Wage and Hour Division of the Department of Labor with respect to a particular case in which stock options were to be offered to employees. Could they, legitimately, be omitted from the calculation of 1 As a supplement to regulations developed through the rulemaking process, DOL periodically issues 8220opinion letters8221 designed to help fit statutory requirements to specific workplace situations. Thus, one has, in sequence: the statute, the implementing regulation, and 8220opinion letters.8221 The latter normally deal with individual cases. 2 See also H. R. 4182 (Cunningham), introduced on April 5, 2000. a worker8217s regular rate of pay In an opinion letter of February 12, 1999, DOL reviewed the particular circumstances set forth in the inquiry and stated: 8220No, the proposed stock option plan does not qualify for any of the exclusions from the regular 3 rate as defined in Section 7(e)(1) of the FLSA.8221 The advisory letter then responded to questions concerning stock option plans and the regular rate: i. e. questions dealing with calculation of value, terms of the option, when it must be exercised, etc. And, the letter closed by noting that 8220this opinion is based exclusively on the facts and circumstances8221 set forth in the inquiry. 8220Existence of any other factual or historical background not contained in your request might require a different conclusion than the one expressed herein.8221 4 Industry Reaction When the opinion letter of February 12 came to the attention of the Labor Policy Association (LPA), an industry-oriented interest group based in Washington, D. C. it provoked various concerns. Following consultation with member firms, LPA president Jeffrey McGuiness wrote to Secretary of Labor Alexis Herman asserting that 8220this new DOL policy will make it very difficult for companies to offer stock options to non-exempt employees8221 8212 that is, those employees not exempt from the overtime pay provisions of the FLSA. McGuiness stated the problem as follows: Under the ruling, employers must undertake an excessively complicated series of calculations to pay overtime on the profit earned by the hourly employees. For example, if a company were to give options to 10,000 non-exempt employees, all of whom worked some overtime, the company would have to do the following: 8226determine the exercise date for each share of stock exercised by each employee 8226determine the profit each employee made on the stock as of the exercise date 8226determine the overtime hours worked by each employee during the weeks the employee held the options 8226calculate the additional overtime owed to each employee and 8226cut a check for the additional overtime. Because employees can exercise options at any time during the life of the program, many of which allow employees to hold options for up to ten years, the overtime 5 calculations will become excessively cumbersome. Some days later, Representative William C. Goodling (R-Pa.), Chairman of the Committee on Education and the Workforce, wrote to Secretary Herman to protest that 8220confusing and overly-complicated wage and hour regulations already discourage many employers from fully motivating and rewarding their employees for 3 Section 7(e) of the FLSA defines 8220regular rate8221 for overtime pay calculation purposes and discusses the types of non-cash income that the regular rate shall not be deemed to include. 4 Opinion Letter from Daniel F. Sweeney, Office of Enforcement Policy, Wage and Hour Division, U. S. Department of Labor. February 12, 1999. 5 Jeffrey C. McGuiness to Alexis Herman, January 11, 2000. hard work. The Department8217s interpretation on stock option plans,8221 he added, 8220further compounds the problem.8221 6 Other exchanges followed. While it was argued that stock options for hourly - paid workers constituted a win-win situation, it was also noted that following that policy could subject employers to 8220unanticipated overtime expenses.8221 7 Unless the ambiguities raised by the opinion letter were clarified, it was suggested, employers would likely cease offering their hourly-paid employees stock options. DOL responded that it had 8220not ruled that stock option plans must always be reflected in overtime payments. Nor,8221 affirmed Wage and Hour Administrator T. Michael Kerr, 8220have we ruled that stock option plans cannot be structured to meet the requirements 8 of Section 7(e) of the Act. 8221 At that point, DOL sought to develop 8220a better understanding of how the law does or should apply to the broad variety of stock option plans8221 and undertook 8220extensive discussions with a broad range of groups. to identify the factors relevant to whether a stock option plan should or should not be included in the regular rate.8221 9 Meanwhile, interest groups similarly began to organize. The Employment Policy Foundation, educational arm of the LPA, suggested that the DOL position on stock 10 options could penalize millions of workers. The Coalition To Promote Employee Stock Ownership (organized in January 2000 in response to the DOL opinion letter) urged Congress 8220to develop legislation that allows companies to continue to offer stock options and other equity participation programs to non-exempt (hourly) 11 workers.8221 Meanwhile, Secretary Herman acknowledged that 8220the workplace is constantly changing, and that to maintain the spirit of the law, sometimes the letter of the law must change.8221 She affirmed: 8220If all interested parties work together in a 6 William C. Goodling to Alexis Herman, January 27, 2000. The letter was co-signed by three subcommittee chairmen from the Committee on Education and the Workforce. 7 James A. Klein, president, Association of Private Pension and Welfare Plans, to Alexis Herman, January 24, 2000. Under date of January 31, 2000, Representative Cunningham had circulated a 8220Dear Colleague8221 letter advising the Members of the issue and urging a legislative solution. On February 15, 2000, together with other Members, he took up the issue in a letter to Secretary Herman. See Bureau of National Affairs, Daily Labor Report, February 17, 2000: A12-A13. (Hereafter cited as DLR.) 8 T. Michael Kerr to Representative Cass Ballenger, Chairman, Subcommittee on Workforce Protections, February 28, 2000. 9 Ibid. 10 News Release, Employment Policy Foundation, March 2, 2000. 11 News Release, Coalition To Promote Employee Stock Ownership, March 2, 2000. The Coalition is identified as 8220composed of more than 100 companies and trade associations dedicated to working with Congress, the Administration and other groups to preserve the ability of non-exempt employees to receive the benefits of equity participation in their companies.8221 constructive way, we can arrive at a solution that will benefit both employees and their employers.8221 12 A Hearing in the House On March 2, a hearing on the stock option issue was conducted by the Subcommittee on Workforce Protections with Representative Ballenger as chairman. The hearing dealt only with the concept of stock options for hourly-paid workers no legislative language had yet been presented. Several industry spokespersons were among the witnesses. Randall MacDonald, Vice President of GTE and a member of the Board of Directors of the LPA, outlined how stock option plans work and pointed to certain 8220legal liabilities8221 in the wake of the opinion letter. Even if the Department of Labor decides not to enforce the policy outlines in the advisory opinion, the Fair Labor Standards Act provides a private right of action. Courts often view advisory opinion letters as indicative of how the Wage and Hour Division, which is the expert agency with regard to federal wage and hour matters, interprets the law and the regulations it enforces. Consequently, courts could still consider the letter as primary guidance in interpreting the FLSA. This means that employers who have tried to narrow the gap and give similar benefits to exempt and nonexempt employees could find themselves the subject of huge class - 13 action lawsuits based on this policy. Under questioning by the Subcommittee, Administrator Kerr acknowledged the need to resolve the current conflict promptly and expressed a willingness to cooperate with 14 the Subcommittee in developing an appropriate amendment to the FLSA. Crafting a Legislative Solution Through the next two weeks, negotiations continued between DOL and congressional staff, 8220complicated by differences over how to define the types of programs that would be covered by a new statutory exemption.8221 By some estimates, 8220between 7 million and 10 million nonmanagement workers receive some form of stock options.8221 But, DOL found that there 8220is not a lot of information8221 about the 12 News Release, U. S. Department of Labor, 8220Statement of Alexis M. Herman on Stock Options and the FLSA,8221 March 2, 2000. During the early weeks of 2000, the role of opinion letters had surfaced on two fronts: the stock option case, discussed here, and OSHA coverage of employees who work from their homes 8212 each, controversial. On February 15, 2000, Representative David McIntosh (R-IN), chairman, Government Reform Subcommittee on National Economic Growth, Natural Resources and Regulatory Affairs, conducted a hearing on the use of opinion letters. See Bureau of National Affairs, DLR, February 16, 2000: AA1-AA2, E1-E2. 13 Statement of J. Randall MacDonald before the House Subcommittee on Workforce Protections, March 2, 2000. 14 DLR, March 3, 2000: AA1-AA2. Kerr is quoted as having said that 8220the best solution would be to address this matter legislatively.8221 practice. 15 On March 22, Secretary Herman appeared before the House Appropriations Subcommittee on Labor, Health and Human Services, and Education, and, as recounted in the Daily Labor Report, restating her commitment 8220to resolving 16 the matter in a 8216way that is advantageous to American workers.82178221 A week later, on March 29, Secretary Herman joined with a bipartisan group of House and Senate Members to announce introduction of corrective legislation: S. 2323 (McConnell) and H. R. 4109 (Ballenger). The Daily Labor Report noted that the legislation, the Worker Economic Opportunity Act, 8220appears to be on a fast track.8221 It added: 8220Introduction of the measure was greeted with great fanfare, particularly from groups representing high tech employers, such as those in the information technology sector, that increasingly are relying on stock options to attract and retain employees.8221 17 The Senate would act first. Bypassing the hearings process, S. 2323 was called up for floor consideration on April 12. Senator McConnell opened discussion of the bill by declaring that 8220everybody wins with this proposal.8221 He pointed to 8220our 19308217s vintage labor laws8221 and stated: 8220It would be a travesty for us to let old laws steal this chance for the average employee to share in his or her company8217s economic growth.8221 He urged passage of the legislation so that 8220our 8216New Deal8217 labor laws8221 will not 8220strangle the benefits our 8216New Economy8217 offers to American workers.8221 Senator McConnell placed in the Record an endorsement from the U. S. Chamber of Commerce for S. 2323 and noted: 8220. this legislation includes a broad 8216safe harbor8217 that specifies that employers have no liability because of any stock options or similar programs that they have given to employees in the past.8221 18 Various Senators spoke in support of the legislation none in opposition. And, no questions critical of the proposal were raised. Senator Christopher Dodd (D-CT) advised that 8220the Clinton-Gore administration is a strong backer8221 of the legislation. Senator James Jeffords (R-VT) pointed out that stock option programs aid employers as 8220a key tool for employee recruitment, motivation and retention.8221 Senator Mike Enzi (R-WY) envisioned 8220secretaries, factory workers, janitors, mailroom clerks 8212 everybody8221 with stock options and argued that 8220the line is dimming on who is the employer and who is the employee.8221 Senator Edward Kennedy (D-MA) spoke in support of the FLSA, noting the 8220fundamental role8221 it has played 8220in ensuring a fairer standard of living for all American workers8221 and he warned Congress 8220to ensure that any changes in this important law do not undermine the wage and hour protections guaranteed to workers under the act.8221 He would support S. 2323, he said, 8220because it helps ensure that employers cannot misuse the act as an excuse to exclude rank and file workers from the stock option plans.8221 15 DLR, March 20, 2000: C1-C2. Italics added. The estimate is by the National Center for Employee Ownership. 16 DLR, March 29, 2000: A1-A2. 17 DLR, March 30, 2000: A12-A13. 18 Senate debate is summarized from: Congressional Record, April 12, 2000, p. S2575- S2586. Without dissenting argument, debate ended and the roll was called. S. 2323 was approved by a vote of 95 yeas with 5 members not voting. 19 On May 3, 2000, the bill was called up in the House. Support for the proposal was bipartisan. Major Owens (D-N. Y.), rising in behalf of the bill, expressed his full concurrence 8220that speculative stock options should not be subject to overtime and that invoking the requirements of the law at this late date ex post facto would be unfair 20 and unwise.8221 Representative Ballenger pointed to the bill as a means through which 8220to protect the stock option programs for rank and file employees.8221 And, he affirmed: 82208221Allowing hard-working rank and file employees to share in the growth of their companies is good for morale, good for families, and good for the country.8221 2 1 Following a brief debate during which no dissent was offered, the House voted 421 to 0 to pass the legislation (13 not voting). 22 On May 18, 2000, the bill was signed by President Clinton (P. L. 106-202). Substance of the 8220Stock Option8221 Amendments In the Fair Labor Standards Act, Section 7(e) defines 8220regular rate8221 for purposes of calculating overtime pay at 1189 times a worker8217s 8220regular rate.8221 Under it, there are seven sub-paragraphs that set forth what the regular rate 8220shall not be deemed to include.8221 The proposed legislation (S. 2323 and H. R. 4109) would add to that list an eighth paragraph. 23 The 8220Stock Option8221 Provisions The new Section 7(e)(8) excludes 8220any value or income derived from employer - provided grants or rights provided pursuant to a stock option, stock appreciation right, or bona fide employee stock purchase program which is not otherwise excludable under any of paragraphs (1) through (7) if82128221. It then sets forth a series of qualifiers: (A)grants are made pursuant to a program, the terms and conditions of which are communicated to participating employees either at the beginning of the employee8217s participation in the program or at the time of the grant (B)in the case of stock options and stock appreciation rights, the grant or right cannot be exercisable for a period of at least 6 months after the time of grant (except that grants or rights may become exercisable 19 Congressional Record, April 12, 2000: S2586. 20 Congressional Record, May 3, 2000, p. H2443. 21 Congressional Record, May 3, 2000, p. H2446. 22 Congressional Record, May 3, 2000, p. H2467. 23 The proponents of the legislation have placed in the Congressional Record (April 12, 2000, p. S2576-S2581), a statement of legislative intent and a section-by-section analysis of the proposal. because of an employee8217s death, disability, retirement, or a change in corporate ownership, or other circumstances permitted by r egulation), and the exercise price is at least 85 percent of the fair market value of the stock at the time of grant (C)exercise of any grant or right is voluntary and (D)any determinations regarding the award of, and the amount of, employer-provided grants or rights that are based on performance are8212 (i)made based upon meeting previously established performance criteria (which may include hours of work, efficiency, or productivity) of any business unit consisting of at least 10 employees or of a facility, except that, any determinations may be based on length of service or minimum schedule of hours or days of work or (ii)made based upon the past performance (which may include any criteria) of one or more employees in a given period so long as the determination is in the sole discretion of the employer and not pursuant to any prior contract. Further, the proposed legislation modifies Section 7(h). The authors explain the purpose, here, as technical, 8220to make clear that the amounts excluded under Section 7(e) of the bill are not counted toward an employer8217s minimum wage requirement under Section 6 of the Fair Labor Standards Act and that the amounts excluded under Section 7(e)(1)-(4) and new Section 7(e)(8) are not counted toward overtime pay 24 under Section 7 of the Act.8221 Retroactive Immunity from Liability In order to avoid the possibility of an employee suit for back pay for overtime (based on the assumption (a) that a stock option program had been in effect, (b) that its value had not been taken into account when the worker8217s regular rate was calculated, and (c) that the Department were to enforce the thrust of the stock option opinion letter beyond the single case with which it dealt), the proposed legislation contains a clause providing retroactive immunity from such liability. No employer shall be liable under the Fair Labor Standards Act of 1938 for any failure to include in an employee8217s regular rate. any income or value derived from employer-provided grants or rights obtained pursuant to any stock option, stock appreciation right, or employee stock purchase program if8212 24 Congressional Record, April 12, 2000: S2581. (1)the grants or rights were obtained before the effective date described in Subsection (c) 25 (2)the grants or rights were obtained within the 12-month period beginning on the effective date described in Subsection (c), so long as such program was in existence on the date of enactment of this Act and will require shareholder approval to modify such program to comply with Section 7(e)(8). or (3)such program is provided under a collective bargaining agreement that is in effect on the effective date described in Subsection (c). Other The Secretary of Labor is given authority to 8220promulgate such regulations as may be necessary to carry out the amendments8221 set forth in the legislation. Finally, the entire package of amendments will become effective 90 days after the date of enactment. Comment From the hearing of the Subcommittee on Workforce Protections and from statements of proponents of the legislation, it seems clear that, in the wake of the DOL opinion letter of February 12, 1999, clarification was deemed necessary. Whether clarification could be achieved through the rulemaking process with greater flexibility than through legislation may be less clear. Nor is it clear that the pending legislative approach is necessarily the only possible option. 8220The Labor Department endorsed a narrow, targeted legislative fix confined to the particular issue raised in the opinion letter,8221 observed the Daily Labor Report, 8220while business groups pushed for a broad FLSA exemption that would recognize that stock ownership programs are fashioned in numerous different ways.8221 26 But both the Department and the authors of the pending legislation appear to have opted for legislation. The immediate issue of the pending legislation is not whether or not employers should institute stock option programs for their employees 8212 or whether such initiatives are wise public policy. The legislation would merely clarify the treatment of stock options for regular rate purposes under the FLSA. However, in the absence of such clarification, industry witnesses have argued that such stock option programs would likely be curtailed. With adoption of the legislation, an institutional impediment to these programs is removed. 25 Section (c) would make the amendments effective 90 days after the date of enactment. 26 DLR, March 29, 2000: A2.The Use of Blind Trusts by Federal Officials CRS Report for Congress The Use of Blind Tr usts By Feder a l Officials Jack Maskell Legislative Attorney American Law Division Summary A blind trust, as discussed in this report, is a device employed by a federal official to hold, administer and manage the private financial assets, investments and ownerships of the official, and his or her spouse and dependant children, as a method of conflict of interest avoidance. In establishing a qualified blind trust upon the approval of the appropriate supervisory ethics entity, the official transfers, without restriction, control and management of private assets to an independent trustee who may not communicate information about the identity of the holdings in the trust to the official. The trust is considered 8220blind8221 because eventually, through the sale of transferred assets and the purchase of new ones, the public officer will be shielded from knowledge of the identity of the specific assets in the trust. Without such knowledge, conflict of interest issues would be avoided because no particular asset in the trust could act as an influence upon the official duties that the officer performs for the Government. This report provides a brief discussion of the use of 8220blind trusts8221 by federal officials in the context of conflict of interest regulation and avoidance. Initially, it should be noted that there is no federal statute which expressly requires that particular federal officials place assets into a 8220blind trust8221 upon entering public service with the Federal Government. Rather, the use of a 8220blind trust8221 is one of several methods of conflict of interest avoidance under federal law and regulation. There are now uniform statutory requirements for the establishment and maintenance of blind trusts, and federal officials who are to use such devices, either voluntarily or as a remedial measure for identified conflicts of interest, must receive from their supervisory ethics office prior approval of the proposed trustee and the trust instrument to qualify the blind trust for ethics purposes. Background: Conflicts of Interest, Disclosure and Disqualification. The body of federal law and regulation concerning conflicts of interest and the private assets and investments of federal officials is generally directed at the concern, as expressed by the Supreme Court, 8220that an impairment of impartial judgment can occur in even the most well-meaning men when their personal economic interests are affected by Congressional Research Service 732 The Library of Congress the business they transact on behalf of the Government.8221 1 The underlying principle of federal conflict of interest regulation thus embodies the axiom 8220that a public servant owes undivided loyalty to the Government,8221 2 and that official decisions, advice and recommendations of officers of the Government be made in the public interest and not be tainted, even unintentionally, with influence from private or personal financial interests. 3 It is assumed, of course, that persons in or entering into Government service will own and possess financial assets, instruments and property to a somewhat similar extent as those comparably situated in the general population. Federal officers and employees are not, however, expected to divest themselves of all their worldly goods to avoid conflicts of interest. Rather, with respect to a federal official8217s personal ownership of assets, financial instruments, and income-producing property, the principal methods of conflict of interest regulation under federal law are disqualification and disclosure. Disqualification. The principal federal conflict of interest law provides that an official who administers federal law should not take any official action on, or make recommendations concerning any particular governmental matter in which that official, or one closely associated with the official, has a personal 8220financial interest.8221 4 That is, federal officials in the executive branch of Government, other than the President or Vice President, 5 must generally 8220recuse8221 or disqualify themselves from participating in any particular governmental matter in which they have a financial interest, or in which their spouse, dependant children, partner, or business with which they are associated, has a financial interest. Executive branch officials may also be required, under regulations promulgated by the Office of Government Ethics OGE, to recuse themselves from certain governmental matters affecting an even broader category of persons or entities with whom they have a 8220covered relationship.8221 6 Disclosure. To enforce conflict of interest provisions, to deter the ownership of assets which may raise ethical problems, and to provide public information and assurances concerning the ethical conduct of high-level Government officials, the identity and categories of amount of one8217s assets, ownerships, and property (as well as other detailed financial information), must be publicly disclosed by high-level federal officials upon entering Government and every year thereafter, under the provisions of the Ethics in Government Act of 1978. 7 Generally, the identity of the assets and ownerships of a covered official, such as stocks, bonds, interests in income-producing real property, stock 1 United States v. Mississippi Valley Generating Co. 364 U. S. 520, 549 (1960). 2 H. Rept. 87-748, 87th Congress, 1st Session, at 3 (1961), on revised conflict of interest laws. 3 H. Rept 87-748, supra at 4-6: 8220The attainment of one or more of these ends is impaired whenever there exists, or appears to exist an actual or potential conflict between the private interests of a Government employee and his duties as an official.8221 See also, Association of the Bar of the City of New York, Conflict of Interest and Federal Service, at 3-4 (1960). 4 18 U. S.C. 167 208. 5 18 U. S.C. 167 202(c) now expressly exempts the President and Vice President from 167 208. 6 5 C. F.R. 167167 2635.501, 2635.502. 7 P. L. 95-521, as amended see now 5 U. S.C. app. 167167 101 et seq. In addition to public disclosures required by law of high-ranking officials, confidential disclosures to employing agencies may be required from certain rank-and-file federal employees. 5 C. F.R. 167 2634.901 et seq. options, futures, mutual fund shares, and partnership shares, even those interests held in a 8220trust8221 managed by an independent trustee for the benefit of the official, are required to be disclosed by the public official in his or her disclosure reports, unless the trust meets one of the three exceptions in the law, including a 8220qualified blind trust.8221 8 For elected federal officials, that is, Members of Congress, the President and Vice President, public financial disclosure and the attendant publicity is the principal method of conflict of interest regulation, as such constitutional officers are not required by statute to disqualify or recuse themselves from the performance of their constitutional duties. 9 Remedial Measures for Conflicting Assets. Financial disclosure reports from covered officials, including the original entrance reports and the annual reports filed by May 15, are to be reviewed by supervisory ethics personnel to identify potential ethics and conflict problems, and to resolve any conflict of interest issues that may be raised by the ownership of certain assets by a particular public official. Remedial action which may be required by ethics officials to resolve identified conflicts of interest with respect to certain assets may include divestiture, establishment of a qualified blind trust, procurement of conflict of interest waivers, specific written recusal instruments, and requests for voluntary transfer or reassignment. 10 Although there is not a general divestiture requirement for federal officials entering Government service, 11 the regulation of federal conflict of interest law in the executive branch provides that certain financial interests may, as noted above, necessitate some remedial measure, including divestiture, for the official to come into compliance with federal conflict of interest laws or regulations. 12 Regulations issued by the Office of Government Ethics indicate that when the ownership of a particular asset would require, under federal law or regulation, an executive branch employee8217s disqualification or recusal from matters 8220so central or critical8221 to his or her job that it would 8220materially impair 8221 the employee8217s ability to perform the official duties of the office, or where it 8 5 U. S.C. app. 167 102(f)(1). The three exceptions are for (1) a 8220qualified blind trust,8221 (2) a trust created by a third party when the official has no knowledge of the assets in the trust, and (3) a 8220qualified diversified trust.8221 5 U. S.C. app. 167167 102(f)(2), (3)-(7), and (8). 9 Even before express statutory exemption (18 U. S.C. 167 202(c)), the disqualification law was interpreted not to apply to the President and Vice President since a statutory recusal rule might interfere with such officers8217 constitutional duties. See Department of Justice letter opinion to Chairman of the Senate Rules and Administration Committee, September 20, 1974. The recusal law has never applied to Members of Congress since a forced disqualification would be tantamount to a disenfranchisement and loss of representation for the Members8217 constituents. 10 5 U. S.C. app. 167106(b)(3) 5 C. F.R. 167 2634.605(b)(5)(ii). 11 While there is no law generally requiring federal employees to divest holdings, some statutes, often organic acts establishing an agency, may prohibit officials of such entities from having financial interests in the business or sector which the agency oversees. Also, an agency may by regulation prohibit or restrict ownership of certain assets by its officers and employees where, because of the mission of the agency, such interests would 8220cause a reasonable person to question the impartiality and objectivity with which agency programs are administered.8221 5 C. F.R. 167 2635.403(a). In such instances, these provisions may, in effect, require the divestiture of particular assets and holdings of certain individuals in or to be appointed to such positions. 12 5 U. S.C. app. 167 106(b)(3) see also 5 C. F.R. 167 2634.605(b)(4),(5). could adversely affect the agency8217s mission because another employee could not easily be substituted for the disqualified employee, then the official may be required by the supervisory ethics office to 8220divest8221 that particular asset. 13 Blind Trust as Remedial or Voluntary Measure. In some instances, the establishment of a 8220qualified blind trust8221 may be used as a conflict of interest avoidance device as an alternative to outright 8220divestiture8221 of particular assets or other measures. In addition to regular reviews and possible remediations, officials who are appointed by the President with the advice and consent of the Senate, must file a disclosure statement within five days of nomination. The statement is to be reviewed and any remedial action proposed by agency or department ethics officials, then reviewed and approved by the Office of Government Ethics, and then forwarded to the appropriate Senate committee. 14 In the executive review process, an 8220ethics agreement8221 may be entered into whereby the official, to avoid conflicts issues with respect to particular assets, agrees to certain remedial action, including the transfer of assets to a qualified blind trust, instead of divestiture or specific disqualification agreements. 15 The Senate committee initially reviewing such nomination, or the Senate as a whole, may also require from the nominee an agreement for the disposition of certain assets, including their sale or transfer to a blind trust as a condition of favorable action on the nomination regardless of, or in addition to, any executive branch actions and agreements. 16 In addition to the establishment of a blind trust as a remedial measure for specific conflicts of interest, blind trusts may also be created by officials on their own initiative to avoid potential conflict issues andor to ease reporting burdens. Blind trusts may be used by such Government officials even when the disqualification requirements of federal law do not apply to them, such as for Members of Congress, the President, and the Vice President. If such trusts meet the requirements of 8220qualified blind trusts8221 under federal law, then disclosure may be simplified for such officials, identifying only the trust and overall income from it, as opposed to all individual underlying assets and transactions. Requirements of a Qualified Blind Trust. The nature of a 8220blind trust,8221 generally, is such that the federal official will have no control over, will receive no communications about, and will (eventually as existing assets are sold and new ones obtained by the trustee) have no knowledge of the identity of the specific assets held in the trust. As such, once a blind trust is established and new assets obtained, an official will not need to (and will not be able to) identify the particular assets 13 5 C. F.R. 167 2635.403(b). When divestiture is required, an employee should be afforded a 8220reasonable amount of time8221 to dispose of the asset and may be able to ameliorate potential unfair tax burdens from such required sale by receiving a certificate of divestiture postponing capital gains taxes. 5 C. F.R. 167167 2635.403(d),(e), and 2634.1001 et. seq. 14 5 U. S.C. app. 167 101(b) 5 C. F.R 167 2634.602(a),(c)(1)(vi) 5 C. F.R 167 2634.605(c). 15 5 C. F.R. 1672634.605(c)(2)(iii)(B). 16 Any 8220conditions8221 must be agreed to before a vote, as a confirmation vote itself may not be 8220conditional.8221 Riddick and Fruman, Riddick8217s Senate Procedure, S. Doc. 101-28, at 940 (1992). in the 8220blind trust8221 in future financial disclosure reports, 17 and such assets will not be considered 8220financial interests8221 of the official for disqualification purposes. 18 The conflict of interest theory under which the blind trust provisions operate is that since the Government officer will not know the identity of the specific assets in the trust, those financial interests could not act as influences on his or her official decisions, thus avoiding real or apparent conflicts. 19 Assets originally placed into the trust will, of course, be known to the official, and therefore will generally continue to be 8220financial interests8221 of the public official for conflict of interest purposes until the trustee notifies the official 8220that such asset has been disposed of, or has a value of less than 1,000.8221 20 For a blind trust to be effective as a conflict of interest avoidance device the law recognizes that the official must be shielded from knowledge and control of the assets in the trust by making the trust truly 8220blind,8221 and by assuring that the trustee is actually independent of and autonomous from direction or influence of the reporting official. The statute therefore: (1) requires the trustee to be an independent professional and not be 8220associated8221 or 8220affiliated8221 with the official or any interested party (2) requires assets to be placed in the trust with no restrictions upon their sale or disposition at the discretion of the trustee (3) prohibits communications from the trustee to interested parties (other than to notify when an original asset has been disposed of or becomes valued at less than 1,000, and to give information on the overall value and income of the entire trust) (4) prohibits interested parties from attempting to learn the identification of the assets in the trust and (5) limits communications from the official to the trustee (other than instructions on distributions from the trust) except when in writing concerning general financial needs, new prohibitions on the holding of an asset, or new requirements to sell an original asset 8220due to the subsequent assumption of duties8221 of the reporting o fficial. Prior to 1978, there was no federal law or regulation providing rules on 8220blind trusts8221 for federal officials and their use was widely inconsistent, sometimes being created only at the insistence of a Senate committee as a requirement for approval of a nomination. The structure and effectiveness of such trusts varied widely, and there existed no oversight or enforcement mechanisms concerning their operations. 21 With the passage of the Ethics in Government Act in 1978, there were for the first time specific requirements and uniform guidelines for the establishment, maintenance, operation and enforcement of 8220blind trusts8221 for federal officials. Among the specific requirements and features of a 8220qualified blind trust8221 under federal law are the following: Prior approval. Before a trust may be a 8220qualified blind trust8221 for conflict of interest purposes, the officer must receive prior approval of the trust instrument and the 17 5 U. S.C. app. 167102(f)(2)(A). 18 5 U. S.C. app. 167 102(f)(4)(A) 5 C. F.R. 167 2634.401(ii). 19 S. Rept. 95-639, 95 th Cong. 2d Sess. Report of the Committee on Governmental Affairs, 8220Blind Trusts,8221 at 2-5, 13 (1978) 5 C. F.R. 167 2634.401(b). 20 5 U. S.C. app. 167102(f)(4)(A) 5 C. F.R. 167 2634.401(a)(ii). An exception to this rule is provided in certain circumstances for well-diversified, marketable assets placed in a trust when the assets are not in the primary area of official responsibility of the Government officer. Note other requirements for this exception at 5 U. S.C. app. 167 102(f)(4)(B)(i)(I) - (V). 21 S. Rept. 95-639, supra at 6-7. See also OGE Opinion 86 x 12, September 8, 1986. trustee from the appropriate supervisory ethics office (5 U. S.C. app. 167 102(f)(3)(D)), that is, the Office of Government Ethics in the executive branch and the Senate Select Committee on Ethics or the House Committee on Standards of Official Conduct. Initial filing. After the trust is established the official, within 30 days, must file the executed trust agreement and a list of all assets originally transferred to the trust, and their categories of value, to the supervisory ethics office. 5 U. S.C. app. 167102(f)(5)(A). Independent trustee. The trustee must be a financial institution, a C. P.A. an attorney, a broker, or an investment advisor who is independent of the federal official or any person interested in the trust, and whose officers or employees are similarly independent. Such independence requires that the trustee and trust employees not be able to be influenced by the official or other interested parties in investment decisions, and not be 8220associated8221 or 8220affiliated8221 with, nor an employee, partner of or a relative of, the public official or any interested party to the trust. 5 U. S.C. app. 167 102(f)(3)(A). Unconditional transfer. The trust instrument must provide that the trustee of a blind trust has the freedom to be able to sell or dispose of any assets in the corpus of the trust at his or her discretion, unless a restriction on particular assets is expressly approved by the supervisory ethics office. 5 U. S.C. app. 167102(f)(3)(B). Prohibited assets. Assets originally transferred to the trust are still to be considered 8220financial interests8221 of the official for conflict of interest purposes until disposed of or their value becomes less than 1,000. 5 U. S.C. app. 167102(f)(4)(A). The trust should not contain in its inception any assets which the public official is expressly prohibited from holding by federal law or regulation. 5 U. S.C. app. 167102(f)(3)(C)(ii) see OGE Advisory Opinion 86 x 12, September 8, 1986. No communications. The trustee is prohibited from consulting or communicating with the beneficiaries or other interested parties in the trust concerning the identity of any asset in the trust, except to inform the officer when an original asset has been disposed of or its value has become less than 1,000, as required by law. The trustee is to prepare the tax return for the trust, and no reports concerning the holdings of the trust, but rather only information on the value and income of the trust as a whole, may be made to the official and interested parties. 5 U. S.C. app. 167167102(f)(3)(C), 102(f)(6)(A). The beneficiaries of the blind trust may not communicate with the trustee (other than for instructions for distributions from the trust) except in writing concerning (1) general financial needs or income of interested parties (2) notifications of a 8220law or regulation subsequently applicable8221 prohibiting the holding of an asset, or (3) directions to sell all of an original asset which now creates a real or apparent conflict of interest 8220due to the subsequent assumption of duties8221 of the reporting official. 5 U. S.C. app. 167 102(f)(3)(C)(vi). No peeking. The beneficiaries of the blind trust may not attempt to gain information about the identity of any assets held in the trust 5 U. S.C. app. 167167 Enforcement. The Attorney General is authorized to bring civil action for violations of these laws concerning communications and disclosures between trustees and blind trusts beneficiaries. 5 U. S.C. app. 167102(f)(6)(c).