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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.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_1712
Sponsor: Rep. Liccardo, Sam [D-CA-16]
Process start date: 2025-02-27
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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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.

CATEGORIES

Courts and Law Economy