The bill amends the Code of Ethics for public officers and employees by introducing new definitions and restrictions aimed at enhancing ethical standards and accountability. Key insertions include definitions for "Interested person" and "Single interested person," which clarify the relationships of individuals with financial interests in public decisions. The bill also revises existing definitions, such as "dependent child" and "major decision-making position," to ensure comprehensive coverage of roles within the public sector. Additionally, it outlines prohibited activities, emphasizing the importance of independence and confidentiality, and prohibits conflicts of interest, the acceptance of employment that could impair judgment, and the disclosure of confidential information for personal gain.

Furthermore, the bill establishes stricter regulations on the acceptance of gifts, prohibiting public officials from accepting cash gifts, debt forgiveness, or gifts valued over $50 from interested persons, unless a reciprocal exchange of equal or greater value occurs. It sets an aggregate limit of $250 on gifts from a single interested person within a calendar year. The bill also includes provisions to prevent conflicts of interest related to post-employment activities, requiring transparency in business relationships when representing others before state agencies, and mandates that contracts with state agencies be awarded through an open process. Overall, the bill aims to strengthen ethical standards and prevent conflicts of interest among public officials and their associates, with the new provisions taking effect immediately upon passage.