Ban on Stock Trading for Congress Members and Families
New rules aim to prevent conflicts of interest by prohibiting members of Congress, their spouses, and dependent children from trading stocks. Citizens can expect greater transparency and trust in their representatives' actions, as their decisions cannot be perceived as motivated by personal investment gains. The act also introduces stricter penalties for failing to report financial transactions.
Key points
Members of Congress, their spouses, and dependent children will be prohibited from buying or selling stocks, commodities, or futures.
Exceptions to the ban include diversified mutual funds, U.S. Treasury bills, or a spouse's primary occupation compensation.
Existing assets must be divested or placed into qualified blind trusts within 120 days of the act's effective date.
Violations will result in significant financial penalties, including a Member's monthly pay or 10% of the value of unreported assets.
All financial disclosures will be publicly available online in a searchable format, increasing transparency.
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