Restore Trust in Congress Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Restore Trust in Congress Act prohibits Members of Congress, their spouses, and dependents from owning or trading stocks and other covered investments. It establishes definitions for key terms like ‘covered investment’ and ‘covered individual,’ and outlines a process for divestment, including deadlines and potential exemptions for certain trusts. The bill also includes penalties for violations and requires public disclosure of fines assessed.
Key provisions
- Members of Congress, their spouses, and dependents are prohibited from owning or trading stocks and other covered investments.
- The bill defines ‘covered investment’ and ‘covered individual’ to clarify the scope of restrictions.
- A divestment process is established with deadlines for selling covered investments, potentially extended in certain circumstances.
- Exemptions may be granted for family trusts under specific conditions.
- Penalties include fees and disgorgement of profits for violations.
- The bill mandates public disclosure of fines assessed by ethics offices.
- A certificate of divestiture program is created to track compliance.
- The bill addresses assets acquired through special circumstances, such as inheritance.
Who is affected
- Members of Congress
- Spouses of Members of Congress
- Dependent children of Members of Congress
- Financial institutions
Bill text
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Sponsors
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143 on record
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