Bill > S3649

This bill, titled the "Restore Trust in Congress Act," aims to prohibit Members of Congress, their spouses, and their dependent children from owning or trading "covered investments," which include securities, commodities, futures, and similar financial instruments, with certain exceptions like widely held investment funds, U.S. Treasury bonds, and state or municipal bonds. The bill defines "covered individual" as a Member of Congress, their spouse, or dependent child, and establishes deadlines for these individuals to divest any prohibited investments, generally 180 days for current Members and 90 days for new Members or their family members. It also outlines exceptions, such as for investments held in specific types of trusts or for assets acquired through inheritance or marriage, and allows for extensions if divestment is not feasible due to liquidity issues or contractual restrictions. Violators would face penalties, including a fee of ten percent of the investment's value and disgorgement of profits, and these penalties cannot be paid using official congressional office accounts or campaign contributions.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/3649/all-info