Bill > S1620

This bill, known as the "Modern Emoluments and Malfeasance Enforcement Act" (MEME Act), aims to prevent federally elected officials and high-ranking government employees from engaging in potentially corrupt financial transactions. The bill establishes new legal restrictions on covered individuals (including the President, Vice President, and other public officials) and their close family members from issuing, sponsoring, or promoting financial assets for personal gain, both during and for 180 days before and after their term of service. The legislation defines "covered assets" broadly to include securities, commodities, digital assets like cryptocurrencies, and related financial instruments. Violations can result in significant civil and criminal penalties, including fines up to $250,000, potential imprisonment of up to 15 years, and disqualification from holding future public office. The bill emphasizes that public officials should hold their positions in trust for the public's benefit, not for personal financial advantage, and provides mechanisms for the Attorney General to bring civil actions and prosecute individuals who engage in prohibited financial transactions. The underlying goal is to prevent potential conflicts of interest, reduce opportunities for bribery, and maintain the integrity of public service by curtailing financial exploitation by government officials.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/1620/all-info