Bill > S2877

This bill aims to ban stock trading and other financial transactions for high-ranking government officials, including members of Congress, the President, Vice President, Supreme Court Justices, Federal Reserve Board members, and their spouses and dependent children. The bill prohibits covered individuals from holding, purchasing, selling, or trading any "covered financial interests," which include securities, futures, commodities, cryptocurrencies, and similar financial instruments. Additionally, these officials cannot serve on the board of any for-profit entity and must divest themselves of existing financial interests within 120 days of becoming a covered individual or the bill's enactment. The legislation requires individuals to submit a compliance certificate to their supervising ethics office and mandates that these offices publicly disclose extension requests and their outcomes. Individuals who knowingly fail to comply with the bill's provisions will be fined at least 10% of the value of the financial interest involved in the violation. The bill also applies to financial interests held in trusts where the covered individual is a beneficial owner, with some specific exceptions for diversified investment funds, spouse compensation, U.S. Treasury securities, and certain stablecoins.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/2877/all-info