Amends Rule XXV (Limitations on Outside Earned Income and Acceptance Gifts) of the Rules of the House of Representatives to allow Members of the House to earn outside income attributable to a calendar year that exceeds 15% of the annual rate of basic pay for level II of the Executive Schedule, as of January 1 of that calendar year. (Currently outside income exceeding 15% of that annual rate is prohibited.)
Amends Rule XXIII (Code of Official Conduct) to prohibit such Members, officers, or employees from deriving any outside earned income resulting from the privilege of their office.
Amends Rule XXXVII (Conflict of Interest) of the Standing Rules of the Senate to allow a Senator compensated at a rate in excess of $25,000 per annum and employed for more than 90 days in a calendar year to: (1) affiliate with a firm, partnership, association, or corporation to provide professional services for compensation; (2) authorize the use of his or her name by such an entity; (3) practice a profession for compensation to any extent during regular office hours of the Senate office in which employed; or (4) serve without compensation as an officer or member of the board of any publicly held or publicly regulated corporation, financial institution, or business entity, under specified conditions. (Currently such affiliation and activities are prohibited.)
Allows a Senator whose rate of basic pay is equal to or greater than 120% of the annual rate of basic pay in effect for grade GS-15 of the General Schedule to: (1) receive compensation for affiliating with or being employed by a firm, partnership, association, corporation, or other entity which provides professional services involving a fiduciary relationship; (2) authorize the use of his or her officer's or employee's name to be used by any such entity; (3) receive compensation for practicing a profession which involves a fiduciary relationship or for teaching, without the prior notification and approval of the Select Committee on Ethics; and (4) serve for compensation as an officer or member of the board of any association, corporation, or other entity. (Currently such affiliation and activities are prohibited.)
Allows a Member of the House, who served as a Member before the enactment of the Legislative Branch Appropriations Act, 2004, to opt out of participating in the Federal Employees' Retirement System (FERS).