1. Short title This Act may be cited as the Integrity for Public Officials Act or the IPO Act . 2. Definitions In this Act— (1) the term commodity has the meaning given the term in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ); (2) the term covered investment — (A) means investment in a security, a commodity, or a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative; and (B) does not include— (i) a widely held investment fund described in section 102(f)(8) of the Ethics in Government Act of 1978 (5 U.S.C. App.); or (ii) a United States Treasury bill, note, or bond; (3) the term covered person means— (A) any individual described in section 101(f) of the Ethics in Government Act of 1978 (5 U.S.C. App.), including— (i) any individual in a position on any level of the Executive Schedule under subchapter II of chapter 53 of title 5, United States Code; (ii) a political appointee in the Executive Office of President or in the Office of the Vice President; and (iii) an individual employed in a position in the executive branch of the Government of a confidential or policy-determining character under schedule C of subpart C of part 213 of title 5, Code of Federal Regulations; (B) an individual employed in a position in the Senior Executive Service; (C) an individual employed in a position at the GS–14 level or higher; (D) an individual employed in a position not under the General Schedule for which the rate of basic pay is equal to or greater than the minimum rate of basic pay payable for GS–14 of the General Schedule; and (E) the spouse of any Member of Congress (as that term is defined in section 109(12) of the Ethics in Government Act of 1978 (5 U.S.C. App.)); (4) the term future means a financial contract obligating the buyer to purchase an asset or the seller to sell an asset, such as a physical commodity or a financial instrument, at a predetermined future date and price