S. 3649 — Restore Trust in Congress Act

This section prohibits covered individuals—including Members of Congress, their spouses, dependent children, and certain trusts—from directly or indirectly owning or trading covered investments (i.e., securities, commodities, futures, or synthetic equivalents, excluding diversified publicly traded funds, U.S. Treasuries, state/municipal bonds, small business concerns as defined in 15 U.S.C. 632, certain real estate LLCs, and Alaska Native Claims Settlement Act stock) by adding subchapter IV (§§13151-13153) to chapter 131 of title 5, U.S. Code. (Thus, such individuals must divest existing covered investments at fair market value within 180 days of enactment if currently covered or 90 days if becoming covered later, with supervising ethics offices authorized to issue certificates of divestiture eligible for Internal Revenue Code §1043 tax treatment.) The section further permits spousal or dependent-child trading as part of their primary occupation (if not owned by a covered individual); requires divestiture of qualified blind trusts by the applicable deadline; and allows supervising ethics office exemptions for family trusts only if no covered individual is a grantor or contributor.