Bill > HR4890

This bill, known as the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act, aims to prevent Members of Congress, their spouses, and dependent children from trading or owning stocks. The legislation requires members to divest or place their existing stock investments in qualified blind trusts within 120 days of enactment, with potential extensions up to 150 days. Members will be prohibited from purchasing new stock investments, with some exceptions for diversified mutual funds, exchange-traded funds, and certain other low-conflict investments. The bill establishes strict rules for blind trusts, including requirements for trustees and communication limitations. Failure to comply will result in escalating civil penalties, starting at the member's monthly salary or 10% of the investment's value. The bill also introduces a $500 fine for failing to report financial transactions and mandates electronic filing and public accessibility of financial disclosure forms. Notably, the restrictions will apply to members of Congress beginning January 31, 2023, and will include provisions for inherited investments and specific exemptions for certain types of financial assets.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/4890/all-info