Ban on Stock Trading for Congress Members and Their Families.
This Act aims to restore public trust by imposing strict financial restrictions on Members of Congress, their spouses, and dependents. It prohibits them from owning or trading individual stocks, commodities, and derivatives, thereby eliminating potential conflicts of interest and insider trading risks. Citizens benefit from increased confidence that legislative decisions are made based on public interest, not personal financial gain.
Key points
Members of Congress and their families must sell or place most individual stocks and financial instruments into a qualified blind trust within 90 days of the Act's enactment.
The ban excludes widely held investment funds (like mutual funds), U.S. government bonds, and retirement plans (Thrift Savings Plan).
Willful violation carries a civil penalty up to $50,000, which cannot be paid using official government or campaign funds.
Status:
Introduced
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