H.R. 396 — TRUST in Congress Act

This section requires a Member of Congress, and any spouse or dependent child (as defined in 5 U.S.C. §13101) of such Member, to place any covered investment into a qualified blind trust (as defined in 5 U.S.C. §13104(f)(3)) not later than 180 days after enactment (for Members in office on the enactment date) or 90 days after assuming office (for subsequent Members). Covered investment means an investment in a security, commodity (as defined in 7 U.S.C. §1a), future, or comparable economic interest acquired synthetically (e.g., via derivatives), excluding (i) widely held investment funds (as described in 5 U.S.C. §13104(f)(8)) or (ii) U.S. Treasury bills, notes, or bonds. Spouses or dependent children may use the Member's trust; neither the trust nor investments may be dissolved or controlled until 180 days after the Member ceases to be a Member of Congress (as defined in 5 U.S.C. §13101). Members must certify compliance (or lack of covered investments) to the Clerk of the House or Secretary of the Senate within 15 days, with certifications publicly posted online. An exception applies if a spouse or dependent child receives primary occupation compensation from the covered investment.