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The bill has a number of additional provisions, including one major exemption: The frequent reporting will not include transactions in widely held investment funds that are publicly traded, have diversified assets and are not controlled by the covered government official.

The bill also adds stronger ethical and legal provisions.

It would deny federal retirement benefits to the president, vice president, or an elected official of a state or local government convicted of certain felonies. It also would prohibit senior executives of mortgage giants Fannie Mae or Freddie Mac from receiving bonuses while the companies are under government control. And it would expand the definition of public corruption crimes and increase maximum penalties.

It also requires officials to disclose the mortgages on their primary residences, a provision that has been exempt from reporting requirements.