Bill > HR1712

This bill, known as the Modern Emoluments and Malfeasance Enforcement Act (MEME Act), aims to prevent federal elected officials from using their public positions for private financial gain by prohibiting certain financial transactions. The bill defines "covered individuals" as the President, Vice President, public officials, and their spouses or dependent children, and establishes restrictions on issuing, sponsoring, or promoting financial assets for personal profit. The legislation covers a wide range of financial instruments, including securities, commodities, digital assets like cryptocurrencies, and derivatives, and applies both during and for 180 days before and after an official's term of service. Violations can result in significant civil penalties up to $250,000, mandatory disgorgement of profits to the U.S. Treasury, and potential criminal charges including fines and up to five years imprisonment for actions causing substantial financial loss or benefiting from prohibited transactions. The bill also allows private parties who suffer harm to bring legal actions and includes provisions addressing potential bribery, insider trading, and other forms of financial misconduct by public officials. The underlying intent is to ensure that government officials serve the public interest rather than their personal financial interests and to prevent corruption and unethical financial exploitation of public office.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/1712/all-info