Restore Trust in Congress Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Restore Trust in Congress Act prohibits current and former members of Congress, their spouses, and dependents from owning or trading stocks and other investments considered "covered investments." It establishes a process for divestment, including deadlines and potential penalties for non-compliance. The bill aims to reduce potential conflicts of interest and increase public trust in Congress by restricting financial holdings of its members.
Key provisions
- Members of Congress, their spouses, and dependents are prohibited from owning or trading ‘covered investments’.
- ‘Covered investments’ include stocks, commodities, and certain financial instruments, with exceptions for diversified investment funds and some government bonds.
- A 180-day or 90-day divestment timeline is established, depending on when an individual becomes a covered individual.
- A ‘certificate of divestiture’ program will be used to track and verify compliance.
- Exemptions may be granted for family trusts under specific conditions.
- Penalties include fees and disgorgement of profits for violations.
- Restrictions on paying penalties from campaign funds are included.
- Supervising ethics offices will issue interpretive guidance and publish details of fines assessed.
Who is affected
- Members of Congress
- Spouses of Members of Congress
- Dependents of Members of Congress
Bill text
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Sponsors
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3 on record
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