HR396119th Congress

TRUST in Congress Act

Sponsored By: Representative Magaziner

Introduced

Summary

Require Members of Congress to place covered investments, and those of their spouses and dependent children, into qualified blind trusts. It would also require public certification when trusts are set up and limit control of trust assets for a short period after leaving office.

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  • Members of Congress would need to transfer covered investments into a qualified blind trust within either 180 days after enactment or 90 days after taking office.
  • Spouses and dependent children must place covered investments in the Member's trust and may mix assets in the same trust. Investments tied to a spouse's or child's primary job pay are exempt.
  • After leaving Congress, a Member and their spouse or dependent child could not dissolve the trust or control trust-held investments for 180 days.
  • House Members must certify trust establishment to the Clerk and Senators must certify to the Secretary of the Senate within 15 days, and those certifications must be posted on the chamber websites.
  • "Covered investments" include securities, commodities, futures, and similar synthetic interests but exclude widely held investment funds and U.S. Treasury bills, notes, and bonds.

Bill Overview

Analyzed Economic Effects

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

Public certifications of blind trusts

If enacted, each House Member would have to certify to the Clerk within 15 days after setting up a qualified blind trust. Senators would certify to the Secretary of the Senate within 15 days. The certification would say the trust is set up and all covered investments were placed in it, or that none are owned. The Clerk and Secretary would post these certifications on their public websites.

Blind trusts for Members and families

If enacted, Members of Congress and their spouses and dependent children would have to put covered investments into a qualified blind trust. Current Members would have 180 days after enactment; new Members would have 90 days after taking office. A spouse or child could use the Member’s trust. Covered investments would include stocks, commodities, futures, and similar derivatives, but not widely held funds or U.S. Treasury bills, notes, or bonds. If a spouse or child is paid through an investment tied to their primary job, that investment would be exempt. After a Member leaves Congress, they could not dissolve or control the trust for 180 days.

Sponsors & CoSponsors

Sponsor

Magaziner

RI • D

Cosponsors

  • Roy

    TX • R

    Sponsored 1/14/2025

  • Adams

    NC • D

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  • Beyer

    VA • D

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  • Casar

    TX • D

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  • Ciscomani

    AZ • R

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  • Cleaver

    MO • D

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  • Craig

    MN • D

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  • Crane

    AZ • R

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  • Crow

    CO • D

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  • Davids (KS)

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    WA • D

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  • Levin

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  • Mace

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    MN • D

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    IN • D

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    WA • D

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  • Pettersen

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  • Salinas

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  • Sherrill

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  • Stanton

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  • Stevens

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    MI • D

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  • Harder (CA)

    CA • D

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