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119-hr-3182119th CongressWALLET

To amend title 5, United States Code, to prohibit Members of Congress and their spouses from trading stock, and for other purposes.

Sponsored By: Representative Bresnahan, Robert P. [R-PA-8]

Introduced

Summary

Ban on certain financial instruments for Members of Congress. This bill would bar Members and their spouses from buying, selling, or holding specified "covered financial instruments" during a Member's term, while allowing narrow grandfathering and qualified blind trust exceptions.

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  • Members and their spouses would be prohibited from holding, purchasing, or selling covered financial instruments during the term of service.
  • "Covered financial instruments" would include investments in securities, commodity interests, and synthetic economic interests such as derivatives, options, and warrants, but would exclude diversified mutual funds, diversified exchange-traded funds, investments in the Thrift Savings Plan, and U.S. Treasury bills, notes, and bonds.
  • Instruments owned immediately before a Member's term and assets held in a qualified blind trust would be exempt from the ban.
  • Violations would be subject to civil fines under the statute's existing civil-fine provisions, and the rules would be added as a new Subchapter IV in Chapter 131 of Title 5 and apply starting on the first day of the 120th Congress.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 1 costs, 0 mixed.

No stock trading for Congress and spouses

If enacted, Members of Congress and their spouses would not be allowed to buy, sell, or hold most covered investments while serving. Covered investments would include stocks, security futures, commodities, and similar bets like options or warrants. It would not cover diversified mutual funds, diversified ETFs, the Thrift Savings Plan, or U.S. Treasury bills, notes, or bonds. Investments owned before the term would be allowed, and assets in a qualified blind trust would be allowed. Violations could lead to a civil fine under existing law. The rules would start on the first day of the One Hundred Twentieth Congress.

Sponsors & CoSponsors

Sponsor

Bresnahan, Robert P. [R-PA-8]

PA • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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