Bipartisan Restoring Faith in Government Act
Sponsored By: Representative Rep. Fitzpatrick, Brian K. [R-PA-1]
Introduced
Summary
A ban on Members of Congress and their immediate families owning or trading most securities and derivatives would aim to remove personal financial conflicts from lawmaking. The bill defines covered investments and creates clear rules for divestment, approved blind trusts, enforcement, and related tax consequences.
Show full summary
- Covered individuals would have 90 days to divest prohibited holdings or place them into a supervising-ethics-office approved qualified blind trust. Trustees must divest trust assets within 6 months and annually certify that no asset information was shared with the covered individual.
- The prohibition keeps narrow exceptions to limit disruption: widely held registered investment funds, U.S. Treasury bills, notes, and bonds, state and local bonds, and Thrift Savings Plan investments remain allowed.
- Ethics offices must issue public certificates of compliance and may refer suspected willful violations to the Attorney General. Courts could impose civil penalties up to $50,000, and tax rules would bar deductions for losses from transactions that violate the prohibition.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 0 benefits, 2 costs, 2 mixed.
New limits on investments for Congress families
If enacted, Members of Congress, their spouses, and dependents would be barred from owning or trading most stocks, futures, commodities, and similar derivatives. They could still hold widely held mutual funds, U.S. Treasury bills, notes, or bonds, state or local bonds, and Thrift Savings Plan funds. Covered people would need to sell banned assets or place them in a qualified blind trust. Most would have 90 days to divest after the law takes effect, after becoming covered, or after receiving an asset other than by purchase. A spouse paid with an investment could wait until 90 days after they are contractually allowed to sell.
Public compliance and $50,000 fines for violators
If enacted, Members would have to sign a pledge and provide documents on request to prove compliance. The ethics office would issue compliance certificates and post them on a public website. The office would refer likely willful violators to the Attorney General. The Attorney General could sue, and courts could fine up to $50,000. These fines could not be paid with official office funds or campaign money.
Divestment tax relief but loss deduction ban
If enacted, a covered person could not deduct tax losses from trades or holdings that broke the ban. At the same time, covered people would be treated as eligible for an existing conflict-of-interest tax rule. A divestiture certificate from the Congressional ethics committee would meet that rule’s certificate requirement.
Stricter blind trust rules for Congress
If enacted, the ethics office would have to approve any qualified blind trust used to comply. The trustee would need to sell any placed asset within 6 months and certify each year that no information was shared with the covered person. The trustee could not be a close friend or business partner. If a spouse or dependent stops being covered, they could take back control of assets from the trust.
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Sponsors & CoSponsors
Sponsor
Rep. Fitzpatrick, Brian K. [R-PA-1]
PA • R
Cosponsors
Rep. Ocasio-Cortez, Alexandria [D-NY-14]
NY • D
Sponsored 1/9/2025
Mills
FL • R
Sponsored 1/9/2025
Rep. Krishnamoorthi, Raja [D-IL-8]
IL • D
Sponsored 1/9/2025
Rep. Lawler, Michael [R-NY-17]
NY • R
Sponsored 1/13/2025
Rep. Khanna, Ro [D-CA-17]
CA • D
Sponsored 1/13/2025
Rep. Deluzio, Christopher R. [D-PA-17]
PA • D
Sponsored 1/15/2025
Rep. McGarvey, Morgan [D-KY-3]
KY • D
Sponsored 3/31/2025
Rep. Levin, Mike [D-CA-49]
CA • D
Sponsored 4/17/2025
Rep. Suozzi, Thomas R. [D-NY-3]
NY • D
Sponsored 5/5/2025
Rep. Stansbury, Melanie Ann [D-NM-1]
NM • D
Sponsored 5/13/2025
Rep. Raskin, Jamie [D-MD-8]
MD • D
Sponsored 7/14/2025
Rep. Lee, Summer L. [D-PA-12]
PA • D
Sponsored 10/31/2025
Van Drew
NJ • R
Sponsored 12/3/2025
Rep. Landsman, Greg [D-OH-1]
OH • D
Sponsored 12/16/2025
Roll Call Votes
No roll call votes available for this bill.
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