Bill > HR3003

This bill, the Bipartisan Restoring Faith in Government Act, seeks to restrict the trading and ownership of certain financial instruments, such as securities, futures, and commodities, by members of Congress and their spouses and dependents. The bill defines a "covered financial instrument" and a "covered individual" and prohibits covered individuals from owning or trading such instruments, with some exceptions, such as widely held investment funds, Treasury bills, and investments in the Thrift Savings Plan. The bill provides a compliance timeline for covered individuals to divest from prohibited financial instruments, and outlines enforcement mechanisms, including the ability for the Attorney General to bring civil actions against those who knowingly and willfully fail to comply. Additionally, the bill amends the Internal Revenue Code to treat the divestment of prohibited assets as a conflict of interest, allowing covered individuals to defer capital gains taxes on the sales.