Bill > HR3388

This bill, known as the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act, aims to prohibit Members of Congress and their spouses from holding, purchasing, or selling certain financial instruments during a Member's term of service. Specifically, the bill defines "covered financial instruments" as individual stocks, securities, futures, commodities, and derivative investments, while excluding diversified mutual funds, exchange-traded funds, U.S. Treasury securities, and a spouse's primary occupational compensation. Members of Congress would have 180 days from the bill's enactment to divest from such financial instruments. The bill establishes penalties for non-compliance, including mandatory disgorgement of profits to the U.S. Treasury and potential civil fines assessed by the Senate or House Ethics Committees. Members must annually certify their compliance, and these certifications will be publicly published. The bill also mandates that the Government Accountability Office conduct an audit of Congressional compliance within two years of enactment, with the results to be submitted to the ethics committees. The legislation provides a mechanism for Members to request extensions for divestment if they are making a good faith effort to comply, and allows for appeals of fine assessments through a privileged floor vote in their respective congressional chamber.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/3388/all-info