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119-hr-6731119th CongressWALLET

Restore Trust in Government Act

Sponsored By: Representative Magaziner, Seth [D-RI-2]

Introduced

Summary

Broad ban on owning or trading covered investments. This bill would bar Members of Congress, the President, the Vice President, and certain family members from owning or trading securities, commodities, futures, or similar derivatives during federal service while creating limited exceptions and a divestment process.

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  • Covered officials would need to divest prohibited holdings. Individuals covered on enactment would get 180 days to divest and those who become covered later would get 90 days.
  • Some investments stay allowed. Exceptions include diversified publicly traded funds, U.S. Treasury securities, state or municipal bonds, employer compensation for a spouse or dependent child, small business interests, certain real estate LLCs used as personal residences, and Alaska Native settlement stock.
  • Trust rules and family holdings are tightly limited. Qualified blind trusts must be divested by the deadline and family trusts can qualify for an exemption only if the covered individual is not a grantor, contributor, or trustee authority and the grantor is a family member with written certification.
  • Enforcement adds penalties and limits on tax breaks. Violations can trigger a 10% penalty of the investment value plus disgorgement of profits payable to the Treasury, the supervising ethics office can grant limited extensions and must publish fines, and losses on instruments bought in violation cannot be deducted.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 0 costs, 3 mixed.

Fines and reporting for officials

If enacted, the bill would let supervising ethics offices order a covered person who broke the rules to pay a penalty equal to 10% of the covered investment's value and to give up any profit from the violating trade. Disgorged profits would go to the U.S. Treasury. Members of Congress could not pay these penalties from certain public or campaign funds, and ethics offices would have to publish each fine, the reason, and the result on a public website. Each supervising ethics office would also publish guidance on any important terms not defined in the new rules to help covered people comply.

Tax rules for divestitures and losses

If enacted, the bill would let covered officials get a certificate of divestiture from their supervising ethics office for use under the tax code (IRC section 1043) once they prove they sold required assets or received an approved extension. The certificate would list the specific property eligible for the tax program. The bill would also bar covered individuals from claiming income tax deductions for losses tied to transactions or holdings that violated the ownership rules, raising after-tax costs for such violations.

New investment ban for officials

If enacted, the bill would bar covered officials from owning or trading many investments while in federal service. Covered people would include Members of Congress, the President, the Vice President, their spouses and dependent children, and certain trustees. Allowed holdings would include widely held diversified public funds, U.S. Treasury and state or local bonds, some small-business and farm interests, and single-purpose LLCs holding a Member's personal residence. People covered on enactment would have 180 days to divest forbidden assets. People who become covered later, or who get assets by marriage or inheritance after enactment, would generally have 90 days to divest. Ethics offices could grant limited family-trust exemptions and short extensions for low liquidity, vesting, or contract limits, and there is a narrow occupational exception for a spouse or dependent child who trades for their primary job.

Sponsors & CoSponsors

Sponsor

Magaziner, Seth [D-RI-2]

RI • D

Cosponsors

  • Rep. Stansbury, Melanie A. [D-NM-1]

    NM • D

    Sponsored 10/1/2026

  • Rep. Jayapal, Pramila [D-WA-7]

    WA • D

    Sponsored 12/16/2025

  • Rep. Morelle, Joseph D. [D-NY-25]

    NY • D

    Sponsored 12/16/2025

  • Rep. Jeffries, Hakeem S. [D-NY-8]

    NY • D

    Sponsored 12/16/2025

  • Rep. Clark, Katherine M. [D-MA-5]

    MA • D

    Sponsored 12/16/2025

  • Rep. Aguilar, Pete [D-CA-33]

    CA • D

    Sponsored 12/16/2025

  • Rep. Ansari, Yassamin [D-AZ-3]

    AZ • D

    Sponsored 12/17/2025

  • Rep. Randall, Emily [D-WA-6]

    WA • D

    Sponsored 12/17/2025

  • Rep. Johnson, Julie [D-TX-32]

    TX • D

    Sponsored 12/17/2025

  • Rep. Whitesides, George [D-CA-27]

    CA • D

    Sponsored 12/17/2025

  • Rep. Mannion, John W. [D-NY-22]

    NY • D

    Sponsored 12/17/2025

  • Rep. Torres, Norma J. [D-CA-35]

    CA • D

    Sponsored 12/17/2025

  • Rep. Ross, Deborah K. [D-NC-2]

    NC • D

    Sponsored 12/17/2025

  • Rep. Lynch, Stephen F. [D-MA-8]

    MA • D

    Sponsored 12/18/2025

  • Rep. Crow, Jason [D-CO-6]

    CO • D

    Sponsored 12/18/2025

  • Rep. Olszewski, Johnny [D-MD-2]

    MD • D

    Sponsored 12/18/2025

  • Rep. Walkinshaw, James R. [D-VA-11]

    VA • D

    Sponsored 12/18/2025

  • Rep. Courtney, Joe [D-CT-2]

    CT • D

    Sponsored 12/23/2025

  • Rep. Sewell, Terri A. [D-AL-7]

    AL • D

    Sponsored 12/23/2025

  • Rep. Neguse, Joe [D-CO-2]

    CO • D

    Sponsored 12/23/2025

  • Rep. Elfreth, Sarah [D-MD-3]

    MD • D

    Sponsored 1/6/2026

  • Rep. Hoyle, Val T. [D-OR-4]

    OR • D

    Sponsored 1/6/2026

  • Rep. Larson, John B. [D-CT-1]

    CT • D

    Sponsored 1/6/2026

  • Rep. Garamendi, John [D-CA-8]

    CA • D

    Sponsored 1/6/2026

  • Rep. DeGette, Diana [D-CO-1]

    CO • D

    Sponsored 1/6/2026

  • Rep. Cleaver, Emanuel [D-MO-5]

    MO • D

    Sponsored 1/6/2026

  • Rep. Budzinski, Nikki [D-IL-13]

    IL • D

    Sponsored 1/6/2026

  • Rep. Deluzio, Christopher R. [D-PA-17]

    PA • D

    Sponsored 1/6/2026

  • Rep. Tlaib, Rashida [D-MI-12]

    MI • D

    Sponsored 1/6/2026

  • Rep. Kennedy, Timothy M. [D-NY-26]

    NY • D

    Sponsored 1/7/2026

  • Rep. Foster, Bill [D-IL-11]

    IL • D

    Sponsored 1/7/2026

  • Rep. Ramirez, Delia C. [D-IL-3]

    IL • D

    Sponsored 1/7/2026

  • Rep. Foushee, Valerie P. [D-NC-4]

    NC • D

    Sponsored 1/7/2026

  • Rep. Raskin, Jamie [D-MD-8]

    MD • D

    Sponsored 1/7/2026

  • Rep. Subramanyam, Suhas [D-VA-10]

    VA • D

    Sponsored 1/7/2026

  • Rep. Scanlon, Mary Gay [D-PA-5]

    PA • D

    Sponsored 1/7/2026

  • Rep. Thanedar, Shri [D-MI-13]

    MI • D

    Sponsored 1/8/2026

  • Rep. Norcross, Donald [D-NJ-1]

    NJ • D

    Sponsored 1/8/2026

  • Rep. Titus, Dina [D-NV-1]

    NV • D

    Sponsored 1/8/2026

  • Rep. Menendez, Robert [D-NJ-8]

    NJ • D

    Sponsored 1/13/2026

  • Rep. DeLauro, Rosa L. [D-CT-3]

    CT • D

    Sponsored 1/13/2026

  • Rep. McBride, Sarah [D-DE-At Large]

    DE • D

    Sponsored 1/13/2026

  • Rep. Latimer, George [D-NY-16]

    NY • D

    Sponsored 1/13/2026

  • Rep. Craig, Angie [D-MN-2]

    MN • D

    Sponsored 1/13/2026

  • Rep. Salinas, Andrea [D-OR-6]

    OR • D

    Sponsored 1/13/2026

  • Rep. Barragán, Nanette Diaz [D-CA-44]

    CA • D

    Sponsored 1/14/2026

  • Rep. Dexter, Maxine [D-OR-3]

    OR • D

    Sponsored 1/14/2026

  • Rep. Kelly, Robin L. [D-IL-2]

    IL • D

    Sponsored 1/14/2026

  • Rep. McGovern, James P. [D-MA-2]

    MA • D

    Sponsored 1/14/2026

  • Rep. Krishnamoorthi, Raja [D-IL-8]

    IL • D

    Sponsored 1/14/2026

  • Rep. Soto, Darren [D-FL-9]

    FL • D

    Sponsored 1/15/2026

  • Rep. Lieu, Ted [D-CA-36]

    CA • D

    Sponsored 1/20/2026

  • Rep. McCollum, Betty [D-MN-4]

    MN • D

    Sponsored 1/21/2026

  • Rep. Cohen, Steve [D-TN-9]

    TN • D

    Sponsored 1/22/2026

  • Rep. Friedman, Laura [D-CA-30]

    CA • D

    Sponsored 1/22/2026

  • Rep. Keating, William R. [D-MA-9]

    MA • D

    Sponsored 1/22/2026

  • Rep. Tonko, Paul [D-NY-20]

    NY • D

    Sponsored 1/22/2026

  • Rep. Levin, Mike [D-CA-49]

    CA • D

    Sponsored 1/22/2026

  • Rep. McGarvey, Morgan [D-KY-3]

    KY • D

    Sponsored 1/22/2026

  • Rep. Castor, Kathy [D-FL-14]

    FL • D

    Sponsored 1/22/2026

  • Rep. Bell, Wesley [D-MO-1]

    MO • D

    Sponsored 1/22/2026

  • Rep. Casar, Greg [D-TX-35]

    TX • D

    Sponsored 1/27/2026

  • Rep. McClain Delaney, April [D-MD-6]

    MD • D

    Sponsored 1/27/2026

  • Rep. Moulton, Seth [D-MA-6]

    MA • D

    Sponsored 2/2/2026

  • Rep. Carbajal, Salud O. [D-CA-24]

    CA • D

    Sponsored 2/2/2026

  • Rep. Riley, Josh [D-NY-19]

    NY • D

    Sponsored 2/3/2026

  • Rep. Castro, Joaquin [D-TX-20]

    TX • D

    Sponsored 2/25/2026

  • Del. Norton, Eleanor Holmes [D-DC-At Large]

    DC • D

    Sponsored 3/3/2026

  • Rep. Pettersen, Brittany [D-CO-7]

    CO • D

    Sponsored 3/25/2026

  • Rep. Grijalva, Adelita S. [D-AZ-7]

    AZ • D

    Sponsored 3/25/2026

  • Rep. Chu, Judy [D-CA-28]

    CA • D

    Sponsored 3/25/2026

  • Rep. Ruiz, Raul [D-CA-25]

    CA • D

    Sponsored 4/15/2026

  • Rep. Brown, Shontel M. [D-OH-11]

    OH • D

    Sponsored 4/15/2026

  • Rep. Vargas, Juan [D-CA-52]

    CA • D

    Sponsored 4/21/2026

  • Rep. Pingree, Chellie [D-ME-1]

    ME • D

    Sponsored 5/12/2026

  • Rep. Meng, Grace [D-NY-6]

    NY • D

    Sponsored 5/20/2026

  • Rep. Goldman, Daniel S. [D-NY-10]

    NY • D

    Sponsored 5/20/2026

  • Rep. Landsman, Greg [D-OH-1]

    OH • D

    Sponsored 6/2/2026

  • Rep. Kaptur, Marcy [D-OH-9]

    OH • D

    Sponsored 6/15/2026

  • Rep. Gomez, Jimmy [D-CA-34]

    CA • D

    Sponsored 7/14/2026

  • Rep. Trahan, Lori [D-MA-3]

    MA • D

    Sponsored 7/20/2026

  • Rep. Menefee, Christian D. [D-TX-18]

    TX • D

    Sponsored 7/21/2026

  • Rep. Schrier, Kim [D-WA-8]

    WA • D

    Sponsored 7/21/2026

  • Rep. DelBene, Suzan K. [D-WA-1]

    WA • D

    Sponsored 7/22/2026

  • Rep. Pou, Nellie [D-NJ-9]

    NJ • D

    Sponsored 7/22/2026

  • Rep. Sherman, Brad [D-CA-32]

    CA • D

    Sponsored 7/22/2026

  • Rep. Rivas, Luz M. [D-CA-29]

    CA • D

    Sponsored 7/22/2026

  • Rep. Pocan, Mark [D-WI-2]

    WI • D

    Sponsored 7/23/2026

  • Rep. Frankel, Lois [D-FL-22]

    FL • D

    Sponsored 7/23/2026

  • Rep. Scholten, Hillary J. [D-MI-3]

    MI • D

    Sponsored 7/23/2026

  • Rep. Balint, Becca [D-VT-At Large]

    VT • D

    Sponsored 8/3/2026

  • Rep. McClellan, Jennifer L. [D-VA-4]

    VA • D

    Sponsored 8/3/2026

  • Rep. Leger Fernandez, Teresa [D-NM-3]

    NM • D

    Sponsored 8/3/2026

  • Rep. Sorensen, Eric [D-IL-17]

    IL • D

    Sponsored 9/3/2026

  • Rep. Tokuda, Jill N. [D-HI-2]

    HI • D

    Sponsored 9/10/2026

Roll Call Votes

No roll call votes available for this bill.

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