Banning Stock Ownership and Trading for Members of Congress and Families.
The "Restore Trust in Congress Act" strictly prohibits Members of Congress, their spouses, and dependents from owning or trading individual stocks, commodities, or derivatives. This measure aims to eliminate conflicts of interest and bolster public confidence in the legislative branch. Covered individuals must divest existing prohibited investments within 180 days, making them eligible for Certificates of Divestiture under the Internal Revenue Code.
Key points
Members of Congress and their immediate families are banned from owning or trading most individual securities, futures, and commodities.
Existing prohibited investments must be divested (sold) within 180 days of the law's enactment.
Exemptions apply to widely diversified investment funds, government bonds, small businesses, and investments related to a spouse's or dependent child's primary occupation.
Violations incur a penalty equal to 10% of the investment value plus the disgorgement of all profits made from the illegal transaction to the Treasury.
Status:
Introduced
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