summary
Introduced
01/25/2022
01/25/2022
In Committee
01/25/2022
01/25/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Ethics in Government Act of 1978 to prohibit transactions involving certain financial instruments by Members of Congress.
AI Summary
This bill, the Banning Insider Trading in Congress Act, amends the Ethics in Government Act of 1978 to prohibit Members of Congress and their spouses from holding, purchasing, or selling any "covered financial instruments," which include securities, security futures, and commodities. There are exceptions for sales completed within 180 days of the bill's enactment or for covered financial instruments held in a qualified blind trust. The bill imposes penalties, including disgorgement of profits, denial of tax deductions for losses, and civil fines, for violations. It also requires Members of Congress to annually certify their compliance and grants supervising ethics committees the authority to implement and enforce the requirements.
Committee Categories
Government Affairs
Sponsors (3)
Last Action
Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 01/25/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/6490/all-info |
| BillText | https://www.congress.gov/117/bills/hr6490/BILLS-117hr6490ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr6490/BILLS-117hr6490ih.pdf.pdf |
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