H.R. 358 — No Corruption in Government Act

This section establishes restrictions in new 5 U.S.C. subchapter IV prohibiting Members of Congress and their spouses from holding, purchasing, or selling covered financial instruments—defined as securities (as defined in 15 U.S.C. 78c(a)), security futures, commodities (as defined in 7 U.S.C. 1a), or comparable synthetic interests (e.g., derivatives such as options or warrants), excluding diversified mutual funds, diversified exchange-traded funds, Thrift Savings Plan investments, and U.S. Treasury bills, notes, or bonds—during a Member's term of service. The prohibition takes effect seven days after the start of a new Member's initial term and does not apply to qualified blind trusts; violations require disgorgement of profits to the Treasury general fund, disallow income tax deductions for losses, and impose civil fines under 5 U.S.C. 13106(a). It further requires each Member to certify compliance to the supervising ethics office within seven days after the start of each congressional session (with certifications published online) and directs biennial compliance audits by that office. The provision includes a conforming amendment to the table of sections for 5 U.S.C. Chapter 131 and applies beginning on the first day of the second session of the 119th Congress.

This section increases the post-employment ban on lobbying Congress under 18 U.S.C. 207(e)(1) as follows: (1) for former Senators, to 6 years after leaving office (from 2 years); and (2) for former Members of the House of Representatives, to 3 years after leaving office (from 1 year), while retaining the 1-year ban for former elected officers of the House. The changes apply to individuals leaving office on or after the date of enactment.

This section repeals the automatic annual pay adjustment for Members of Congress (i.e., Senators, House Members, Delegates, and the Resident Commissioner from Puerto Rico), Senate President pro tempore and majority/minority leaders, House majority/minority leaders, and the Speaker of the House under 2 U.S.C. 4501(a)(2). (Thus, such pay rates, previously adjusted by the percentage change in the Employment Cost Index capped by General Schedule adjustments under 5 U.S.C. 5303, will henceforth be adjusted only as provided by law.) The repeal and conforming amendments take effect upon the convening of the 120th Congress.