No Stock Act
Sponsored By: Senator Kirsten Gillibrand
Introduced
Summary
Ban on conflicted financial holdings for top officials. This bill would bar covered officials and their spouses and dependent children from buying, selling, or holding defined securities, futures, commodities, and many digital assets. It would require quick divestment for existing holdings, create public reporting rules for extension requests, and set monetary penalties for violations.
Show full summary
- Covered officials — such as the President, the Vice President, Members of Congress, Supreme Court justices, and senior Federal Reserve officials — would have to sell covered financial interests within 120 days of becoming covered or of enactment. They would also be prohibited from serving as officers or board members of for‑profit entities while covered and face a 120 day cooling‑off period after leaving covered status.
- Families and trusts would be directly affected. The bill treats a spouse and dependent child as covered persons, excludes spouse compensation, diversified registered funds, and U.S. Treasury securities, and expressly applies the ban to assets held in trusts where the official is the beneficial owner.
- Ethics offices and enforcement would change. Supervising ethics offices must post extension requests and decisions within 30 days, and violations can trigger a monetary fine of at least 10 percent of the value of the covered asset.
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 0 benefits, 5 costs, 0 mixed.
Fines for knowing violations
If enacted, an ethics office could fine a covered official who knowingly breaks the rules. The fine would be at least 10 percent of the value of the covered investment or the security involved. For example, a $100,000 violating holding would lead to at least a $10,000 fine.
Forced sale and compliance rules
If enacted, covered officials would have to sell covered investments within 120 days after becoming covered or after enactment. Inherited covered investments must be sold within 120 days of inheritance, but short extensions are allowed. No single extension may exceed 45 days and total extensions may not exceed 150 days. Ethics offices would have to post extension requests and decisions within 30 days. Covered officials would also need to give a written certificate to their supervising ethics office saying they complied. The bill would name which official or body can issue formal divestiture certificates for different groups.
No corporate boards for officials
If enacted, covered officials could not serve as an officer or board member of any for‑profit entity. The rule would take effect on enactment and would block paid corporate governance roles while the person is a covered official.
Trading ban for top officials
If enacted, covered officials would be barred from holding, buying, selling, or transacting in many investments. The rule would cover stocks, futures, commodities, many cryptocurrencies, NFTs, and synthetic positions like options. It would also cover investments held in trusts and would apply to the official, their spouse, and dependent children. The ban would also bar creating a net short position and would include a 120‑day cooling off after leaving office.
Change to lobbying disclosure wording
If enacted, the bill would change one phrase in the Lobbying Disclosure Act. The new wording would explicitly refer to officers or employees of Congress. This would alter which congressional staff are covered by certain lobbying rules.
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Sponsors & CoSponsors
Sponsor
Kirsten Gillibrand
NY • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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