Bill > HR253

This bill establishes comprehensive restrictions on financial trading and ownership for Members of Congress, their spouses, and dependents. Specifically, the "Bipartisan Restoring Faith in Government Act" prohibits covered individuals from owning or trading most financial instruments, including securities, futures, and commodities, with a few key exceptions such as widely held investment funds, U.S. Treasury bills, government bonds, and Thrift Savings Plan investments. Covered individuals must divest these restricted financial instruments within 90 days of the bill's enactment, either by selling them or placing them in a qualified blind trust that meets strict oversight requirements. The supervising ethics office will monitor compliance and can refer individuals to the Attorney General for potential civil penalties up to $50,000 for willful non-compliance. The bill also modifies tax rules to provide special treatment for required asset sales, ensuring that Members of Congress can divest investments without immediate tax consequences. The goal is to prevent potential conflicts of interest and increase transparency in congressional financial activities by limiting legislators' ability to trade based on insider knowledge or potentially compromising financial interests.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/253/all-info