No CRS summary available for this bill.
This section establishes restrictions on the trade and ownership of covered investments by adding subchapter IV to chapter 131 of title 5, United States Code. In new §13151, the section defines key terms, including (1) covered individual, meaning a Member of Congress, their spouse or dependent child, or certain trusts for such persons; (2) covered investment, meaning a security, commodity, future, or synthetic economic interest (excluding diversified publicly traded funds, U.S. Treasury securities, state or municipal bonds, spousal/dependent compensation, interests in small business concerns as defined in 15 U.S.C. §632, certain residential real estate LLCs, and Alaska Native Claims Settlement Act settlement common stock); and (3) other terms such as diversified, future, security, and supervising ethics office. In new §13152, the section (1) prohibits covered individuals from directly or indirectly owning or trading covered investments (with exceptions for spousal/dependent occupational trading and certain trusts); (2) requires divestiture of such investments at fair market value within 180 days of enactment for current covered individuals or 90 days of becoming covered thereafter; (3) applies the Internal Revenue Code certificate of divestiture program (26 U.S.C. §1043) to such divestitures, with supervising ethics offices issuing certificates upon proof of compliance; and (4) authorizes supervising ethics office exemptions for family trusts meeting specified conditions (text incomplete in provided amendment).