Federal RuleAug 21
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DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-1712119th CongressWALLET
MEME Act
Sponsored By: Representative Liccardo, Sam T. [D-CA-16]
Introduced
Summary
Ban on public office holders promoting covered financial assets for personal gain. This bill would bar Presidents, Members of Congress, other public officials, and certain high-level aides or relatives from issuing, sponsoring, or promoting defined securities, commodities, digital assets, or their derivatives around their service period and attach civil and criminal penalties.
Show full summary
- Federal officeholders would be prohibited from issuing, sponsoring, or promoting covered assets during their term and for 180 days before and after service. Violations could trigger civil penalties up to $250,000 and disgorgement of profits to the U.S. Treasury.
- Senior Executive Service officials, flag officers at O-7 or above, and their spouses and dependent children are treated as "adjacent individuals" and would face the same transaction ban with limited exceptions and potential liability.
- Investors, competitors, or other harmed parties could sue for damages and equitable relief. The Attorney General can bring civil suits. Criminal penalties include fines or up to five years in prison if conduct causes $1 million or more in public losses or involves bribery or insider trading.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Criminal penalties for knowing violations by officials
If enacted, officials who knowingly break the ban and cause $1,000,000 or more in public losses, or who benefit from the violating asset, could face criminal charges. Punishment could include fines under title 18 and up to five years in prison. The bill ties certain corrupt payments and related securities fraud to existing bribery laws. Prosecutors would not need to prove the person intended to create an investment asset. These criminal rules would take effect upon enactment.
Limits on officials promoting or issuing assets
The bill would bar certain officials from issuing, sponsoring, or promoting investments for pay. It would cover the President, Vice President, public officials, some senior executive staff, and military officers at O-7 or higher, plus their spouse and dependent child. The ban would apply during service, for 180 days before service starts, and for 180 days after it ends. Ads, marketing, and endorsements would count as ongoing violations. This conduct would be treated as an unofficial act for immunity rules. Covered assets would include securities, commodities, and digital assets like cryptocurrency, meme coins, tokens, NFTs, and related funds or derivatives.
Civil fines and investor lawsuits against officials
If enacted, the Attorney General could sue violators in federal court. Courts could fine up to $250,000 per violation and force them to give up profits to the U.S. Treasury, even if the asset was issued before this bill. Investors, competitors, and other harmed parties could sue for money and other relief, even if a contract says otherwise. These enforcement tools would take effect upon enactment.
Sponsors & CoSponsors
Sponsor
Liccardo, Sam T. [D-CA-16]
CA • D
Cosponsors
Rep. Khanna, Ro [D-CA-17]
CA • D
Sponsored 2/27/2025
Del. Norton, Eleanor Holmes [D-DC-At Large]
DC • D
Sponsored 2/27/2025
Rep. Mullin, Kevin [D-CA-15]
CA • D
Sponsored 2/27/2025
Rep. Grijalva, Raúl M. [D-AZ-7]
AZ • D
Sponsored 2/27/2025
Rep. Thanedar, Shri [D-MI-13]
MI • D
Sponsored 2/27/2025
Rep. Torres, Norma J. [D-CA-35]
CA • D
Sponsored 2/27/2025
Rep. Carson, André [D-IN-7]
IN • D
Sponsored 2/27/2025
Rep. Swalwell, Eric [D-CA-14]
CA • D
Sponsored 2/27/2025
Rep. Peters, Scott H. [D-CA-50]
CA • D
Sponsored 2/27/2025
Rep. Soto, Darren [D-FL-9]
FL • D
Sponsored 2/27/2025
Rep. Elfreth, Sarah [D-MD-3]
MD • D
Sponsored 2/27/2025
Rep. Garamendi, John [D-CA-8]
CA • D
Sponsored 2/27/2025
Rep. Barragán, Nanette Diaz [D-CA-44]
CA • D
Sponsored 2/27/2025
Rep. Olszewski, Johnny [D-MD-2]
MD • D
Sponsored 2/27/2025
Rep. Lieu, Ted [D-CA-36]
CA • D
Sponsored 2/27/2025
Rep. Goldman, Daniel S. [D-NY-10]
NY • D
Sponsored 2/27/2025
Rep. Smith, Adam [D-WA-9]
WA • D
Sponsored 2/27/2025
Sylvester Turner
TX • D
Sponsored 2/27/2025
Rep. Tlaib, Rashida [D-MI-12]
MI • D
Sponsored 3/27/2025
Rep. Pettersen, Brittany [D-CO-7]
CO • D
Sponsored 3/27/2025
Rep. Morrison, Kelly [D-MN-3]
MN • D
Sponsored 5/14/2025
Rep. Garcia, Robert [D-CA-42]
CA • D
Sponsored 5/19/2025
Rep. Vargas, Juan [D-CA-52]
CA • D
Sponsored 5/23/2025
Rep. Quigley, Mike [D-IL-5]
IL • D
Sponsored 5/29/2025
Rep. Auchincloss, Jake [D-MA-4]
MA • D
Sponsored 7/10/2025
Rep. Panetta, Jimmy [D-CA-19]
CA • D
Sponsored 7/15/2025
Rep. Bynum, Janelle S. [D-OR-5]
OR • D
Sponsored 7/15/2025
Rep. Budzinski, Nikki [D-IL-13]
IL • D
Sponsored 7/15/2025
Rep. Costa, Jim [D-CA-21]
CA • D
Sponsored 7/16/2025
Rep. Salinas, Andrea [D-OR-6]
OR • D
Sponsored 9/3/2025
Rep. Magaziner, Seth [D-RI-2]
RI • D
Sponsored 9/4/2025
Rep. McGovern, James P. [D-MA-2]
MA • D
Sponsored 9/8/2025
Rep. Foushee, Valerie P. [D-NC-4]
NC • D
Sponsored 9/16/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov