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Ban on Financial Transactions for Officials and Their Families

This new act aims to prevent the use of public office for personal financial gain. It prohibits officials and their close relatives from promoting and profiting from specific financial assets, including cryptocurrencies. This is intended to increase public trust and reduce corruption.
Key points
The ban applies to the President, Vice President, public officials, and their spouses and dependent children.
It covers transactions involving securities, commodities, cryptocurrencies, and other digital assets.
Violations can lead to significant financial penalties (up to $250,000) and disgorgement of profits.
In cases of substantial public loss or financial benefit, imprisonment up to five years is possible.
Citizens can sue officials for damages resulting from prohibited transactions.
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Status: Introduced
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Additional Information
Print number: 119_HR_1712
Sponsor: Rep. Liccardo, Sam [D-CA-16]
Process start date: 2025-02-27
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

MEME Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_1712.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-02-27.

What are the main provisions?

Key points include:

  • The ban applies to the President, Vice President, public officials, and their spouses and dependent children.
  • It covers transactions involving securities, commodities, cryptocurrencies, and other digital assets.
  • Violations can lead to significant financial penalties (up to $250,000) and disgorgement of profits.
  • In cases of substantial public loss or financial benefit, imprisonment up to five years is possible.
  • Citizens can sue officials for damages resulting from prohibited transactions.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Liccardo, Sam [D-CA-16].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-22.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Courts and Law Economy