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119-hr-10450119th CongressWALLET

REVEAL Act

Sponsored By: Representative Miller-Meeks, Mariannette [R-IA-1]

Introduced

Summary

A broad ban on prediction-market transactions and certain investments for top federal officials would bar covered individuals from holding, trading, or entering contracts that hinge on specific event outcomes to reduce conflicts of interest. It would require staged divestment deadlines, create narrow family and occupational exceptions, and set up enforcement with fines and public disclosure.

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  • Families and households: Spouses and dependent children are covered by targeted occupational exceptions and detailed family-trust exemptions that limit how family assets are treated.
  • Covered individuals: Applies to Members of Congress, the President and Vice President, political appointees, judicial officers, their spouses and dependent children, and fiduciaries tied to those people. It would prohibit event-based contracts and ownership or trading of defined "covered investments" while serving and require divestiture within 180 days for holders at enactment and 90 days for those who become covered later.
  • Enforcement and ethics offices: Violations carry a penalty equal to 10% of the value of noncompliant transactions plus disgorgement of profits. Supervising ethics offices would issue certificates of divestiture, grant extensions for liquidity or vesting problems, and publicly report fines and outcomes.

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 1 benefits, 3 costs, 1 mixed.

Tax certificate for required divestitures

If enacted, the bill would let eligible covered individuals use the tax rollover rules in Internal Revenue Code section 1043 when they must divest. Supervising ethics offices would issue a certificate of divestiture after receiving proof that the person complied with divestment requirements or an extension. The certificate must list each specific property covered for the tax treatment. The law maps most named covered officials to the IRC 1043 eligible‑person rules and maps spouses and dependent children into the spouse/dependent category under that code section.

Ban on event‑contingent bets

If enacted, the bill would stop covered individuals from entering contracts or transactions that pay off based on a specific event tied to an excluded commodity. This would block prediction‑market style bets or contracts whose payout depends on whether an event happens. The rule would not apply to insurance contracts where the insured has a lawful insurable interest. The prohibition would be effective on enactment.

Ban on owning certain investments

If enacted, the bill would bar covered individuals from owning or trading covered investments while they serve. You would not be allowed to buy covered investments while covered. If you are already covered when the law is enacted you would have 180 days to divest at fair market value. If you become covered later you would have 90 days to divest. If you get a covered investment after enactment by marriage, inheritance, or divorce, you would have 90 days from that acquisition to divest. Supervising ethics offices could grant limited extensions for low liquidity, vesting schedules, or contract limits, and must issue guidance on unclear terms. Family trust and spouse/dependent exceptions are narrow and require written certification of facts to qualify.

Fines and public disclosure rules

If enacted, covered individuals who break the investment or prediction‑market rules would pay a penalty equal to 10% of the violating transaction's value and would have to give up any profits from the deal. Disgorged profits would be paid into the U.S. Treasury. The law would bar paying these penalties from certain non‑salary sources, like Members' Representational Allowances, Senators' office accounts, campaign donations, or other non‑salary government funds. Each supervising ethics office would have to publish each fine, why it was assessed, and the result on a public website.

Who and what the ban covers

If enacted, the bill would define who is a "covered individual" and what counts as a "covered investment." Covered individuals would include Members of Congress, the President, the Vice President, political appointees, judges, their spouses, dependent children, and certain fiduciaries. "Covered investments" would include securities, commodities, futures, and similar synthetic interests, but the bill lists many common exclusions like certain widely held diversified funds, U.S. Treasury securities, state and municipal bonds, small business interests, some single-purpose LLCs holding a Member's home, and certain Alaska Native stock. The bill would also define "commodity" by reference to existing law and exclude certain precious metals.

Sponsors & CoSponsors

Sponsor

Miller-Meeks, Mariannette [R-IA-1]

IA • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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