Bill > S1498

This bill, known as the Halting Ownership and Non-Ethical Stock Transactions (HONEST) Act, introduces comprehensive restrictions on financial trading for Members of Congress, the President, and the Vice President, along with their spouses and dependent children. The legislation prohibits covered persons from purchasing or selling specific types of investments, including securities, commodities, futures, and digital assets, with some exceptions such as diversified mutual funds and government bonds. Covered persons must divest existing investments within specified timeframes, typically by the start of a new term of service, and are barred from acquiring new covered investments during their time in office. The bill establishes a 90-day cooling-off period after leaving office during which no new investments can be made, and imposes significant civil penalties for non-compliance, including fines equal to the greater of the person's monthly salary or 10% of the value of non-divested investments. Additionally, the legislation requires electronic filing and public accessibility of financial disclosure reports, mandates reporting of certain federal payments, and eliminates the use of qualified blind trusts. The goal is to prevent potential conflicts of interest and increase transparency in government officials' financial activities.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/1498/all-info