“A bill to ban stock trading for certain senior Government officials, and for other purposes.”
No CRS summary available for this bill.
This section adds a new subchapter IV to chapter 131 of title 5, United States Code, banning conflicted interests by prohibiting covered individuals from holding, purchasing, selling, transacting in, or creating net short positions in covered financial interests (i.e., securities, futures, commodities, cryptocurrencies and similar digital assets, or comparable synthetic economic interests, excluding diversified investment funds, spousal primary occupation compensation or employer securities, U.S. Treasuries, and payment stablecoins); from serving as an officer or board member of a for-profit entity; and, during a 120-day cooling-off period after ceasing to be a covered individual, from engaging in such activities. Covered individuals include Members of Congress, the President, Vice President, Chief Justice, Associate Justices, Federal Reserve Board Governors, Federal Reserve bank presidents and vice presidents, and their spouses and dependent children under age 19. The section requires divestiture of covered financial interests held prior to federal service or enactment within 120 days (with extensions totaling up to 150 additional days in 45-day increments for inherited interests); mandates certification of compliance to the supervising ethics office; requires public website disclosure of extension requests and decisions within 30 days; and authorizes fines of at least 10% of the value of any violating interest. (Thus, the prohibitions apply to beneficial interests in trusts, including qualified blind trusts.)