Ban on Investments for Senior Federal Officials and Their Families
This act introduces new rules for senior federal employees, their spouses, and dependent children. It prohibits them from holding, purchasing, or selling certain financial instruments to prevent conflicts of interest. The goal is to increase public trust in government by ensuring that officials' decisions are not driven by personal financial gain.
Key points
Senior federal employees, their spouses, and dependent children are prohibited from holding or trading specific stocks, bonds, or commodities.
Exceptions include diversified mutual funds, U.S. Treasury bonds, and assets held in qualified blind trusts.
Violations lead to disgorgement of profits, financial penalties, and inability to deduct losses from income tax.
Officials must annually certify compliance, and these certifications will be publicly available.
Ethics offices will oversee compliance and impose fines, with their actions being transparent.
Expired
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