HR 396
TRUST in Congress Act
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Bill overview
The TRUST in Congress Act requires Members of Congress, their spouses, and dependent children to place certain investments – including stocks, commodities, and futures – into a qualified blind trust upon taking office and for 180 days after leaving office. This aims to reduce potential conflicts of interest. Members must certify to the Clerk or Secretary of the Senate that these assets are held in the trust or that they do not own any covered investments.
Key provisions
- Members and their families must place covered investments into a qualified blind trust within 180 days of leaving office.
- Members must place covered investments into a blind trust within 90 days of taking office.
- Spouses and dependent children can also place investments into the trust established by the Member.
- Members cannot dissolve a blind trust containing covered investments until 180 days after leaving office.
- Members must certify to the Clerk or Secretary of the Senate about the trust's existence and asset placement.
- The Act defines ‘covered investment’ to include securities, commodities, and futures.
- The Act excludes certain investment funds and U.S. Treasury securities from the requirement.
- A dependent child receiving income from a covered investment is exempt from the blind trust requirement.
Who is affected
- Members of Congress
- Spouses of Members of Congress
- Dependent children of Members of Congress
- Congressional staff (indirectly, through potential conflicts of interest)
Sponsors
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119th CONGRESS — 1st Session
H. R. 396
IN THE HOUSE OF REPRESENTATIVES
A BILL
To require Members of Congress and their spouses and dependent children to place certain assets into blind trusts, and for other purposes.
This Act may be cited as the Transparent Representation Upholding Service and Trust in Congress Act TRUST in Congress Act
or the
.
In this Act:
The term covered investment—
means investment in a security, a commodity, or a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative; and
does not include—
a widely held investment fund described in section 13104(f)(8) of title 5, United States Code; or
a United States Treasury bill, note, or bond.