Banning Stock Trading for Members of Congress and Spouses
The bill amends the Ethics in Government Act of 1978 to prohibit Members of Congress and their spouses from holding, purchasing, or selling covered financial instruments during their term of service. It defines exclusions such as diversified mutual funds and U.S. Treasury bonds, and establishes penalties including disgorgement of profits and civil fines.
Key points
Members of Congress and their spouses are prohibited from holding, purchasing, or selling stocks, bonds, and other financial instruments.
Exceptions include diversified mutual funds, U.S. Treasury bonds, and assets held in qualified blind trusts.
Violations can result in disgorgement of profits to the Treasury and civil fines, with compliance certifications made public.
The Government Accountability Office will conduct a compliance audit two years after the enactment of the Act.
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