Bill > HR358

This bill, known as the No Corruption in Government Act, introduces three main provisions aimed at reducing potential conflicts of interest and improper financial gains among members of Congress. First, the bill prohibits members of Congress and their spouses from holding, purchasing, or selling specific financial instruments (like individual stocks, securities, and commodities) during their term of service, with exceptions for diversified mutual funds, exchange-traded funds, Thrift Savings Plan investments, and U.S. Treasury securities. Members would be required to submit written certifications of compliance to an ethics office, which would also conduct periodic audits, and any profits from prohibited transactions would be forfeited to the U.S. Treasury. Second, the bill extends the post-employment lobbying ban, increasing the restriction to 6 years for former Senators and 3 years for former House Representatives, which aims to reduce the potential for lawmakers to immediately leverage their congressional connections for private financial gain. Third, the bill eliminates the automatic cost-of-living adjustment (COLA) for congressional pay, removing the mechanism that previously allowed for automatic annual salary increases. These provisions collectively seek to enhance transparency, reduce potential conflicts of interest, and address public concerns about financial impropriety among elected officials.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/358/all-info