Proposals to Limit Financial Activities of Members of Congress: Background and Analysis of Legislative Proposals

Changes from October 24, 2023 to February 23, 2024

This page shows textual changes in the document between the two versions indicated in the dates above. Textual matter removed in the later version is indicated with ~~red strikethrough~~ and textual matter added in the later version is indicated with blue.

Proposals to Limit Financial Activities of
~~October 24, 2023~~February 23, 2024
Members of Congress: Background and
Jacob R. Straus
Analysis of Legislative Proposals
Specialist on the Congress Specialist on the Congress

In recent years, Members of Congress have proposed reforms that would prohibit the purchase, In recent years, Members of Congress have proposed reforms that would prohibit the purchase,
sale, or ownership of certain financial instruments by Members of Congress and other specified sale, or ownership of certain financial instruments by Members of Congress and other specified

congressional officers and employees. In the 117th Congress (2021-2022), the Committee on congressional officers and employees. In the 117th Congress (2021-2022), the Committee on
House Administration held a hearing on these proposals, with Members and witnesses focused on legislative proposals to House Administration held a hearing on these proposals, with Members and witnesses focused on legislative proposals to
require divestiture, limit the sale or purchase of certain assets, and enhance public disclosure. require divestiture, limit the sale or purchase of certain assets, and enhance public disclosure.
Members of the House of Representatives and Senate are not currently required by law or by House or Senate rules to divest Members of the House of Representatives and Senate are not currently required by law or by House or Senate rules to divest
themselves of assets or holdings upon taking office. Legislation has been introduced to propose limitations on the financial themselves of assets or holdings upon taking office. Legislation has been introduced to propose limitations on the financial
activities of Members of Congress as a potential means to address real or perceived conflicts of interest. Analysis of activities of Members of Congress as a potential means to address real or perceived conflicts of interest. Analysis of
introduced legislation reveals several options should the House and/or Senate desire to limit financial activities for Members introduced legislation reveals several options should the House and/or Senate desire to limit financial activities for Members
of Congress and covered officers and staff. These measures propose to prohibit or limit covered individuals from the holding, of Congress and covered officers and staff. These measures propose to prohibit or limit covered individuals from the holding,
purchase, sale, and/or active management of certain types of financial assets; to define the assets that would be included and purchase, sale, and/or active management of certain types of financial assets; to define the assets that would be included and
excluded from filing requirements; to allow or require certain assets to be placed in qualified blind trusts; to broaden public excluded from filing requirements; to allow or require certain assets to be placed in qualified blind trusts; to broaden public
access to Member financial disclosure statements and other filings; and to amend penalties for noncompliance. access to Member financial disclosure statements and other filings; and to amend penalties for noncompliance.
This report examines bills and resolutions introduced to date between the 115th Congress (2017-2018) and the 118th Congress This report examines bills and resolutions introduced to date between the 115th Congress (2017-2018) and the 118th Congress
(2023-2024) that would limit or prohibit Members of Congress from owning, buying, or selling certain assets. The report (2023-2024) that would limit or prohibit Members of Congress from owning, buying, or selling certain assets. The report
provides an overview of current financial disclosure requirements for Members of Congress and covered congressional provides an overview of current financial disclosure requirements for Members of Congress and covered congressional
employees, analyzes bills that would limit or prohibit certain financial activities by Members of Congress, and discusses the employees, analyzes bills that would limit or prohibit certain financial activities by Members of Congress, and discusses the
most common approaches included in the introduced legislation. most common approaches included in the introduced legislation.

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Introduction
Federal government officials and employees, including Members of Congress, when taking Federal government officials and employees, including Members of Congress, when taking
official action, are expected to place “loyalty to the Constitution, laws and ethical principles official action, are expected to place “loyalty to the Constitution, laws and ethical principles
above private gain.”1 In 1978, Congress used this guiding principle to enact the Ethics in above private gain.”1 In 1978, Congress used this guiding principle to enact the Ethics in
Government Act (EIGA), which created the current government ethics program to “preserve and Government Act (EIGA), which created the current government ethics program to “preserve and
promote the integrity of public officials and institutions.”2 promote the integrity of public officials and institutions.”2
Two current federal laws—the EIGA and the Stop Trading on Congressional Knowledge Two current federal laws—the EIGA and the Stop Trading on Congressional Knowledge
(STOCK) Act—require financial disclosures that can be used to understand covered federal (STOCK) Act—require financial disclosures that can be used to understand covered federal
officials’ financial holdings and activities.3 As one scholar noted, “the Ethics in Government Act officials’ financial holdings and activities.3 As one scholar noted, “the Ethics in Government Act
of 1978 [is] a reflection of one of our nation’s most fundamental aspirations for government: that of 1978 [is] a reflection of one of our nation’s most fundamental aspirations for government: that
official decisions should be made in the interests of the common good, not in the narrow self-official decisions should be made in the interests of the common good, not in the narrow self-
interests of the individuals in power.”4 interests of the individuals in power.”4
Since at least the 115th Congress (2017-2018), legislation has been introduced that proposes to Since at least the 115th Congress (2017-2018), legislation has been introduced that proposes to
restrict the financial activities of Members of the House of Representatives and Senate. Broadly, restrict the financial activities of Members of the House of Representatives and Senate. Broadly,
these proposals seek to go beyond disclosure—as required under the EIGA and the STOCK Act—these proposals seek to go beyond disclosure—as required under the EIGA and the STOCK Act—
to place limitations on ownership and transactions. Additionally, in 2022, the House to place limitations on ownership and transactions. Additionally, in 2022, the House
Administration Committee held a hearing on proposals introduced in the 117th Congress (see Administration Committee held a hearing on proposals introduced in the 117th Congress (see
Table A-3 for a list of legislation introduced in the 117th Congress).5 for a list of legislation introduced in the 117th Congress).5
Laws Governing Financial Disclosure
This section provides a brief background on the Ethics in Government Act (EIGA) and the Stop This section provides a brief background on the Ethics in Government Act (EIGA) and the Stop
Trading on Congressional Knowledge (STOCK) Act. Trading on Congressional Knowledge (STOCK) Act.

1 Code of Ethics for Government Service (H.Con.Res. 975 (1958), 72 Stat. B12). The standards included in the Code of 1 Code of Ethics for Government Service (H.Con.Res. 975 (1958), 72 Stat. B12). The standards included in the Code of
Ethics for Government Service are still recognized as continuing ethics guidance in the House and Senate. They are not Ethics for Government Service are still recognized as continuing ethics guidance in the House and Senate. They are not
legally binding, however, because the code was adopted by congressional resolution, not by public law. The Code of legally binding, however, because the code was adopted by congressional resolution, not by public law. The Code of
Ethics for Government Service is cited by many House and Senate investigations. For example, see U.S. Ethics for Government Service is cited by many House and Senate investigations. For example, see U.S. ~~Congress,~~
Cong., House Committee on Standards of Official Conduct, House Committee on Standards of Official Conduct, Investigation of Certain Allegations Related to Voting on the
Medicare Prescription Drug, Improvement, and Modernization Act of 2003, report, 108th Cong., 2nd sess., H.Rept. 108-, report, 108th Cong., 2nd sess., H.Rept. 108-
722 (2004), p. 38. 722 (2004), p. 38.
2 P.L. 95-521, 92 Stat. 1824 (1978); 5 U.S.C. §§13101-13111. 2 P.L. 95-521, 92 Stat. 1824 (1978); 5 U.S.C. §§13101-13111.
3 EIGA, 5 U.S.C. §§13101-13111; and P.L. 112-105, 126 Stat. 291 (2012). 3 EIGA, 5 U.S.C. §§13101-13111; and P.L. 112-105, 126 Stat. 291 (2012).
4 Beth Nolan, “Removing Conflicts from the Administration of Justice: Conflicts of Interest and Independent Counsels 4 Beth Nolan, “Removing Conflicts from the Administration of Justice: Conflicts of Interest and Independent Counsels
Under the Ethics in Government Act,” Under the Ethics in Government Act,” Georgetown Law Journal, vol. 79, no. 1 (October 1990), p. 2. , vol. 79, no. 1 (October 1990), p. 2.
5 U.S. 5 U.S. ~~Congress~~Cong., Committee on House Administration, , Committee on House Administration, Examining Stock Trading Reform for Congress, hearing, 117th , hearing, 117th
Cong., 2nd sess. (April 7, 2022), at https://www.govinfo.gov/content/pkg/CHRG-117hhrg47699/pdf/CHRG-Cong., 2nd sess. (April 7, 2022), at https://www.govinfo.gov/content/pkg/CHRG-117hhrg47699/pdf/CHRG-
117hhrg47699.pdf; https://cha.house.gov/committee-activity/hearings/examining-stock-trading-reforms-congress; and 117hhrg47699.pdf; https://cha.house.gov/committee-activity/hearings/examining-stock-trading-reforms-congress; and
https://democrats-cha.house.gov/committee-activity/hearings/examining-stock-trading-reforms-congress. See also, https://democrats-cha.house.gov/committee-activity/hearings/examining-stock-trading-reforms-congress. See also,
CRS Testimony TE10073, CRS Testimony TE10073, Examining Stock Trading Reforms For Congress, by Jacob R. Straus; and CRS Insight , by Jacob R. Straus; and CRS Insight
IN11860, IN11860, Stock Trading in Congress: 117th Congress Proposals to Limit or Prohibit Certain Financial Transactions, ,
by Jacob R. Straus. by Jacob R. Straus.
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Proposals to Limit Member of Congress Financial Activities

Ethics in Government Act
As amended,6 the EIGA requires covered employees, including Members of Congress, As amended,6 the EIGA requires covered employees, including Members of Congress,
congressional officers, and selected congressional staff,7 to file annual financial disclosure congressional officers, and selected congressional staff,7 to file annual financial disclosure
statements that report “income, gifts, liabilities, property—both real property and business-related statements that report “income, gifts, liabilities, property—both real property and business-related
personal property—positions in business enterprises and other organizations and also any personal property—positions in business enterprises and other organizations and also any
agreements relating to post-Government employment.”8 Representatives, Delegates, the Resident agreements relating to post-Government employment.”8 Representatives, Delegates, the Resident
Commissioner, Senators, House and Senate officers, and other specified covered employees are Commissioner, Senators, House and Senate officers, and other specified covered employees are
required to file annual financial disclosures statements with the Clerk of the House of required to file annual financial disclosures statements with the Clerk of the House of
Representatives and the House Ethics Committee,9 or the Secretary of the Senate and Senate Representatives and the House Ethics Committee,9 or the Secretary of the Senate and Senate
Select Committee on Ethics,10 respectively.11 The House Ethics Committee and the Senate Select Select Committee on Ethics,10 respectively.11 The House Ethics Committee and the Senate Select
Committee on Ethics each provide guidance for financial disclosure filing.12 Committee on Ethics each provide guidance for financial disclosure filing.12
STOCK Act
On April 4, 2012, President Barack Obama signed the STOCK Act into law.13 The STOCK Act, On April 4, 2012, President Barack Obama signed the STOCK Act into law.13 The STOCK Act,
as amended, affirms that Members of Congress, congressional employees, and other federal as amended, affirms that Members of Congress, congressional employees, and other federal

6 P.L. 101-194, 103 Stat. 1724 (1989); P.L. 112-105, 126 Stat. 291 (2012); 5 U.S.C. 6 P.L. 101-194, 103 Stat. 1724 (1989); P.L. 112-105, 126 Stat. 291 (2012); 5 U.S.C. ~~5 U.S.C.~~ §§13101-13111. §§13101-13111.
7 5 U.S.C. §13101(12)-(13); and 5 U.S.C. §13103(f)(9)-(10). The House 7 5 U.S.C. §13101(12)-(13); and 5 U.S.C. §13103(f)(9)-(10). The House Ethics Manual defines financial disclosure defines financial disclosure
filers as “all Members of the House and those House employees earning―above GS-15, that is, at least 120% of the filers as “all Members of the House and those House employees earning―above GS-15, that is, at least 120% of the
federal GS-15 base level salary, for at least 60 days during the calendar year.” U.S. federal GS-15 base level salary, for at least 60 days during the calendar year.” U.S. ~~Congress~~Cong., House Committee on , House Committee on
Standards of Official Conduct, Standards of Official Conduct, House Ethics Manual, “Who Must File,” 110th Cong., 2nd sess., 2008, p. 252. For , “Who Must File,” 110th Cong., 2nd sess., 2008, p. 252. For
CY2023, “the GS-15, step 1, basic pay rate ... is $117,518. The applicable 120% calculation for that rate is therefore CY2023, “the GS-15, step 1, basic pay rate ... is $117,518. The applicable 120% calculation for that rate is therefore
$141,022, or a monthly salary of equal to or more than $11,752. This rate is referred to as the ‘senior staff rate.’” U.S. $141,022, or a monthly salary of equal to or more than $11,752. This rate is referred to as the ‘senior staff rate.’” U.S.
~~Congress~~Cong., House, Committee on Ethics, “The 2023 Outside Earned Income Limit and Salaries Triggering the Financial , House, Committee on Ethics, “The 2023 Outside Earned Income Limit and Salaries Triggering the Financial
Disclosure Requirement and Post-Employment Restrictions Applicable to House Officers and Employees,” Disclosure Requirement and Post-Employment Restrictions Applicable to House Officers and Employees,” Pink Sheet, ,
February 3, 2023, p. 2, at https://ethics.house.gov/sites/ethics.house.gov/files/documents/February 3, 2023, p. 2, at https://ethics.house.gov/sites/ethics.house.gov/files/documents/
FINAL%202023%20Annual%20Pay%20Memo.pdf. The Senate uses the same definition for filers. See U.S. FINAL%202023%20Annual%20Pay%20Memo.pdf. The Senate uses the same definition for filers. See U.S. ~~Congress~~Cong., ,
Senate, Select Committee on Ethics, “Chapter 5: Financial Disclosure,” Senate, Select Committee on Ethics, “Chapter 5: Financial Disclosure,” Senate Ethics Manual, 2003 edition, p. 125, at , p. 125, at
https://www.ethics.senate.gov/public/index.cfm/files/serve?File_id=f2eb14e3-1123-48eb-9334-https://www.ethics.senate.gov/public/index.cfm/files/serve?File_id=f2eb14e3-1123-48eb-9334-
8c4717102a6e.pdf#page=137. 8c4717102a6e.pdf#page=137.
8 5 U.S.C. §13109(f)(9)-(10). U.S. 8 5 U.S.C. §13109(f)(9)-(10). U.S. ~~Congress~~Cong., House Committee on the Judiciary, , House Committee on the Judiciary, Ethics in Government Act of 1977, ,
report to accompany H.R. 1, 95th Cong., 1st sess., November 2, 1977, H.Rept. 95-800 (1977), p. 16. For further report to accompany H.R. 1, 95th Cong., 1st sess., November 2, 1977, H.Rept. 95-800 (1977), p. 16. For further
clarification on the definition of Members of clarification on the definition of Members of ~~Congress~~Cong. and officers or employees of the and officers or employees of the ~~Congress~~Cong., see 5 U.S.C. , see 5 U.S.C.
§13101(12)-(13). §13101(12)-(13).
9 U.S. 9 U.S. ~~Congress~~Cong., House, Office of the Clerk of the House of Representatives, House, Office of the Clerk of the House of Representatives, Financial Disclosure Reports, at , at
https://disclosures-clerk.house.gov/PublicDisclosure/FinancialDisclosure; and U.S. https://disclosures-clerk.house.gov/PublicDisclosure/FinancialDisclosure; and U.S. ~~Congress~~Cong., House, Committee on , House, Committee on
Ethics, “Financial Disclosure,” at https://ethics.house.gov/financial-disclosure. Ethics, “Financial Disclosure,” at https://ethics.house.gov/financial-disclosure.
10 Senate Rule XXXIV. U.S. 10 Senate Rule XXXIV. U.S. ~~Congress~~Cong., Senate, Secretary of the Senate, “Senate Public Financial Disclosure (Senate , Senate, Secretary of the Senate, “Senate Public Financial Disclosure (Senate
Rule 34),” Rule 34),” Public Disclosure, at https://www.senate.gov/pagelayout/legislative/g_three_sections_with_teasers/, at https://www.senate.gov/pagelayout/legislative/g_three_sections_with_teasers/
lobbyingdisc.htm; and U.S. lobbyingdisc.htm; and U.S. ~~Congress~~Cong., Senate, Select Committee on Ethics, “Financial Disclosure,” at , Senate, Select Committee on Ethics, “Financial Disclosure,” at
https://www.ethics.senate.gov/public/index.cfm/financialdisclosure. https://www.ethics.senate.gov/public/index.cfm/financialdisclosure.
11 Once financial forms are filed with the appropriate House or Senate office, the Ethics Committees can review 11 Once financial forms are filed with the appropriate House or Senate office, the Ethics Committees can review
documents for compliance with EIGA. If a potential conflict of interest has been identified, however, the remediation documents for compliance with EIGA. If a potential conflict of interest has been identified, however, the remediation
process is implemented differently in the three branches of government. For example, executive branch officials can be process is implemented differently in the three branches of government. For example, executive branch officials can be
required to recuse themselves from a matter due to a real or perceived financial conflict of interest, as there is almost required to recuse themselves from a matter due to a real or perceived financial conflict of interest, as there is almost
always another individual within the agency who can act in the absence of an agency decisionmaker. 18 U.S.C. always another individual within the agency who can act in the absence of an agency decisionmaker. 18 U.S.C.
§208(a); 5 C.F.R. §2634.605(b)(6). For more information, see U.S. Office of Government Ethics, §208(a); 5 C.F.R. §2634.605(b)(6). For more information, see U.S. Office of Government Ethics, Effective Screening
Arrangements for Recusal Obligations, DO-04-012, Washington, DC, June 1, 2004, at https://www.oge.gov/Web/, DO-04-012, Washington, DC, June 1, 2004, at https://www.oge.gov/Web/
OGE.nsf/0/A633CAF20D2571F5852585BA005BED3D/$FILE/DO-04-012.pdf. In the executive branch, other OGE.nsf/0/A633CAF20D2571F5852585BA005BED3D/$FILE/DO-04-012.pdf. In the executive branch, other
remediation options exist besides recusal. These can include divestiture, issuance of waivers, creation of blind or remediation options exist besides recusal. These can include divestiture, issuance of waivers, creation of blind or
diversified trusts, reassignment, and/or resignation. For a discussion of recusal and the Federal Vacancies Reform Act diversified trusts, reassignment, and/or resignation. For a discussion of recusal and the Federal Vacancies Reform Act
of 1998 (Vacancies Act; 5 U.S.C. §§3345-3349c), see CRS Report R44997, of 1998 (Vacancies Act; 5 U.S.C. §§3345-3349c), see CRS Report R44997, The Vacancies Act: A Legal Overview, by , by
Valerie C. Brannon. For a discussion of conflicts of interest in the executive branch, see CRS Report R47320, Valerie C. Brannon. For a discussion of conflicts of interest in the executive branch, see CRS Report R47320,
Financial Disclosure in the U.S. Government: Frequently Asked Questions, by Jacob R. Straus. For a discussion of (continued...) (continued...)
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officials are not exempt from “insider trading” laws and regulations.14 Under the STOCK Act officials are not exempt from “insider trading” laws and regulations.14 Under the STOCK Act
amendments to the EIGA, covered individuals—primarily those who already file financial amendments to the EIGA, covered individuals—primarily those who already file financial
disclosure statements, including Members of Congress, officers, and covered congressional disclosure statements, including Members of Congress, officers, and covered congressional
employees—must report financial transactions (e.g., sales and purchases of stocks, bonds, employees—must report financial transactions (e.g., sales and purchases of stocks, bonds,
commodity futures, and other securities) that exceed $1,000 within 45 days of the transactions.15 commodity futures, and other securities) that exceed $1,000 within 45 days of the transactions.15
Periodic transaction reports are filed in the same manner as the covered individuals’ annual Periodic transaction reports are filed in the same manner as the covered individuals’ annual
financial disclosures. For Members of Congress, both their financial disclosure forms and their financial disclosures. For Members of Congress, both their financial disclosure forms and their

Financial Disclosure in the U.S. Government: Frequently Asked Questions, by Jacob R. Straus. For a discussion of
conflicts of interest in the judiciary, see CRS Legal Sidebar LSB10949, conflicts of interest in the judiciary, see CRS Legal Sidebar LSB10949, Financial Disclosure and the Supreme Court, ,
by Whitney K. Novak. by Whitney K. Novak.
For Members of For Members of ~~Congress~~Cong., a required recusal policy is potentially problematic. Only Members of , a required recusal policy is potentially problematic. Only Members of ~~Congress~~Cong. can can
represent their constituencies by speaking and voting in congressional committees and on the House or Senate floor. represent their constituencies by speaking and voting in congressional committees and on the House or Senate floor.
Further, House rules note that “every member … shall vote on each question put, unless having a direct personal or Further, House rules note that “every member … shall vote on each question put, unless having a direct personal or
pecuniary interest in the event of such question.” U.S. pecuniary interest in the event of such question.” U.S. ~~Congress~~Cong., House, “Rule III, clause 1,”, House, “Rule III, clause 1,” Rules of the House of
Representatives One Hundred Eighteenth Congress, p. 4, at https://rules.house.gov/sites/, p. 4, at https://rules.house.gov/sites/
republicans.rules118.house.gov/files/documents/Rules and Resources/118-House-Rules-Clerk.pdf#page=8. republicans.rules118.house.gov/files/documents/Rules and Resources/118-House-Rules-Clerk.pdf#page=8.
Historically, some legislatures, including the House of Representatives, have had recusal policies. For example, in the Historically, some legislatures, including the House of Representatives, have had recusal policies. For example, in the
~~1st Congress~~1st Cong. (1789-1791), the House adopted a rule that stated: “No member shall vote on any question, in the event of (1789-1791), the House adopted a rule that stated: “No member shall vote on any question, in the event of
which he is immediately and particularly interested.” (which he is immediately and particularly interested.” (Annals of Congress, 1st Cong., 1st sess. (April 7, 1789), pp. 103-, 1st Cong., 1st sess. (April 7, 1789), pp. 103-
104). Similarly, Thomas Jefferson in his 1801 version of 104). Similarly, Thomas Jefferson in his 1801 version of A Manual of Parliamentary Practice (which today is included (which today is included
as “Jefferson’s Manual” in as “Jefferson’s Manual” in Constitution, Jefferson’s Manual and Rules of the House of Representatives, available at , available at
https://www.govinfo.gov/content/pkg/HMAN-117/xml/HMAN-117.xml), wrotehttps://www.govinfo.gov/content/pkg/HMAN-117/xml/HMAN-117.xml), wrote: “Where the private interests of a “Where the private interests of a
member are concerned in a bill or question, he is to withdraw. And where such an interest has appeared, his voice has member are concerned in a bill or question, he is to withdraw. And where such an interest has appeared, his voice has
been disallowed, even after a division. In a case so contrary not only to the law of decency, but to the fundamental been disallowed, even after a division. In a case so contrary not only to the law of decency, but to the fundamental
principles of the social compact, which denies to any man to be a judge in his own cause, it is for the honour of the principles of the social compact, which denies to any man to be a judge in his own cause, it is for the honour of the
House that this rule of immemorial observance should be strictly adhered to.” (Thomas Jefferson, House that this rule of immemorial observance should be strictly adhered to.” (Thomas Jefferson, A Manual of
Parliamentary Practice: Composed Originally for the Use of the Senate of the United States (Philadelphia: Parrish, (Philadelphia: Parrish,
Dunning, & Means, 1853), p. 44, at https://hdl.handle.net/2027/uva.x004967171?urlappend=%3Bseq=46%3Bownerid=Dunning, & Means, 1853), p. 44, at https://hdl.handle.net/2027/uva.x004967171?urlappend=%3Bseq=46%3Bownerid=
27021597767321586-50). 27021597767321586-50).
12 U.S. 12 U.S. ~~Congress~~Cong., House, Committee on Ethics, “Financial Disclosure Guidance,” at https://ethics.house.gov/forms/fd-, House, Committee on Ethics, “Financial Disclosure Guidance,” at https://ethics.house.gov/forms/fd-
guidance; and U.S. guidance; and U.S. ~~Congress~~Cong., Senate, Select Committee on Ethics, “Chapter 5: Financial Disclosure,” Senate Ethics , Senate, Select Committee on Ethics, “Chapter 5: Financial Disclosure,” Senate Ethics
Manual, 2003 edition, at https://www.ethics.senate.gov/public/index.cfm/files/serve?File_id=f2eb14e3-1123-48eb-Manual, 2003 edition, at https://www.ethics.senate.gov/public/index.cfm/files/serve?File_id=f2eb14e3-1123-48eb-
9334-8c4717102a6e.pdf#page=135. 9334-8c4717102a6e.pdf#page=135.
13 P.L. 112-105, 126 Stat. 291 (2012). The STOCK Act was renamed the 13 P.L. 112-105, 126 Stat. 291 (2012). The STOCK Act was renamed the ~~Representative~~Rep. Louise McIntosh Slaughter Louise McIntosh Slaughter
Stop Trading on Congressional Knowledge Act by P.L. 115-277 (132 Stat. 4167 (2018)). Stop Trading on Congressional Knowledge Act by P.L. 115-277 (132 Stat. 4167 (2018)).
14 For more information on insider trading, see CRS In Focus IF11966, 14 For more information on insider trading, see CRS In Focus IF11966, Insider Trading, by Jay B. Sykes. The STOCK , by Jay B. Sykes. The STOCK
Act (P.L. 112-105, §13) also prohibits Members, officers, and employees who file financial disclosure statements from Act (P.L. 112-105, §13) also prohibits Members, officers, and employees who file financial disclosure statements from
participating in initial public offerings (IPOs). In a February 2019 memorandum to House Members, officers, and participating in initial public offerings (IPOs). In a February 2019 memorandum to House Members, officers, and
employees, the House Ethics Committee noted that “while interpretation and enforcement of the STOCK Act regarding employees, the House Ethics Committee noted that “while interpretation and enforcement of the STOCK Act regarding
participation in IPOs is chiefly within the jurisdiction of the SEC and Department of Justice, the opinion of the participation in IPOs is chiefly within the jurisdiction of the SEC and Department of Justice, the opinion of the
Committee is that, as drafted, the STOCK Act prohibits only the filer from participating in IPOs, but not the filer’s Committee is that, as drafted, the STOCK Act prohibits only the filer from participating in IPOs, but not the filer’s
spouse or dependent child, assuming the assets used for the purchase and the securities purchased are wholly owned by spouse or dependent child, assuming the assets used for the purchase and the securities purchased are wholly owned by
the spouse or dependent child, separate and independent of the filer.” See U.S. the spouse or dependent child, separate and independent of the filer.” See U.S. ~~Congress~~Cong., House Committee on Ethics, , House Committee on Ethics,
Summary of Activities One Hundred Sixteenth Congress, 116th Cong., 2nd sess., December 31, 2020, H.Rept. 116-703, , 116th Cong., 2nd sess., December 31, 2020, H.Rept. 116-703,
p. 47, note 18. (Hereinafter House Ethics Committee, p. 47, note 18. (Hereinafter House Ethics Committee, Summary of Activities, 116th , 116th ~~Congress~~Cong.). ).
15 P.L. 112-105, §6(a). Covered filers are required by the EIGA to “report on their annual FD Statement each purchase, 15 P.L. 112-105, §6(a). Covered filers are required by the EIGA to “report on their annual FD Statement each purchase,
sale, or exchange transaction involving real property held for investment, stocks, bonds, commodities futures, or other sale, or exchange transaction involving real property held for investment, stocks, bonds, commodities futures, or other
securities (including cryptocurrencies and options) made by the filer, their spouse, or dependent child when the amount securities (including cryptocurrencies and options) made by the filer, their spouse, or dependent child when the amount
of the transaction exceeds $1,000. For sales transactions, the $1,000 threshold is based on the total dollar value of the of the transaction exceeds $1,000. For sales transactions, the $1,000 threshold is based on the total dollar value of the
transaction, not the gain or loss made on the sale.” See House Ethics Committee, transaction, not the gain or loss made on the sale.” See House Ethics Committee, Summary of Activities, 116th , 116th
~~Congress~~Cong., p. 44. For more information, see U.S. , p. 44. For more information, see U.S. ~~Congress~~Cong., House, Committee on Ethics, “Reminder of STOCK Act , House, Committee on Ethics, “Reminder of STOCK Act
Requirements, Prohibition Against Insider Trading & New Certification Requirements,” June 11, 2020, at Requirements, Prohibition Against Insider Trading & New Certification Requirements,” June 11, 2020, at
https://ethics.house.gov/sites/ethics.house.gov/files/wysiwyg_uploaded/STOCK%20Act%206.11.2020%20Final.pdf; https://ethics.house.gov/sites/ethics.house.gov/files/wysiwyg_uploaded/STOCK%20Act%206.11.2020%20Final.pdf;
and U.S. and U.S. ~~Congress~~Cong., Senate, Select Committee on Ethics, “STOCK Act Requirements for Senate Staff,” June 15, 2012, , Senate, Select Committee on Ethics, “STOCK Act Requirements for Senate Staff,” June 15, 2012,
at https://www.ethics.senate.gov/public/_cache/files/e63d0a27-19b2-4bf3-b26e-9073ff179e3e/stock-act-requirements-at https://www.ethics.senate.gov/public/_cache/files/e63d0a27-19b2-4bf3-b26e-9073ff179e3e/stock-act-requirements-
for-senate-staff-1-.pdf. for-senate-staff-1-.pdf.
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periodic transactions reports are available for public inspection from the Clerk of the House (for periodic transactions reports are available for public inspection from the Clerk of the House (for
Representatives) or the Secretary of the Senate (for Senators).16 Representatives) or the Secretary of the Senate (for Senators).16
House of Representatives and Senate Financial Disclosure and
STOCK Act Periodic Transaction Report Access
House of Representatives Financial Disclosure and Periodic Transaction Reports
https://disclosures-clerk.house.gov/PublicDisclosure/FinancialDisclosure https://disclosures-clerk.house.gov/PublicDisclosure/FinancialDisclosure

Senate Financial Disclosure and Periodic Transaction Reports
https://efdsearch.senate.gov/search/home https://efdsearch.senate.gov/search/home
This report is not intended to provide advice to Members of Congress about filing financial This report is not intended to provide advice to Members of Congress about filing financial
disclosure reports or periodic transaction reports. For guidance on the financial disclosure and disclosure reports or periodic transaction reports. For guidance on the financial disclosure and
periodic transaction report filing, please contact the House Ethics Committee or the Senate Select periodic transaction report filing, please contact the House Ethics Committee or the Senate Select
Committee on Ethics.17 Committee on Ethics.17
Proposed Limitations on Financial Activities
Recent legislative proposals have aimed to regulate the financial activities of Members of Recent legislative proposals have aimed to regulate the financial activities of Members of
Congress (and in some cases their spouses and dependent children) and House and Senate staff Congress (and in some cases their spouses and dependent children) and House and Senate staff
who are currently required to file annual financial disclosure statements.18 Analysis of introduced who are currently required to file annual financial disclosure statements.18 Analysis of introduced
legislation reveals several approaches to limit financial transactions by Members of Congress and legislation reveals several approaches to limit financial transactions by Members of Congress and
covered staff. These approaches include proposals to prohibit or limit covered individuals from covered staff. These approaches include proposals to prohibit or limit covered individuals from
the holding, purchase, sale, and/or active management of certain types of financial assets; to the holding, purchase, sale, and/or active management of certain types of financial assets; to
define the assets that would be included and excluded from filing requirements; to allow or define the assets that would be included and excluded from filing requirements; to allow or
require certain assets to be placed in qualified blind trusts; to broaden public access to Member require certain assets to be placed in qualified blind trusts; to broaden public access to Member
financial disclosure statements and other filings; and/or to amend penalties for noncompliance. financial disclosure statements and other filings; and/or to amend penalties for noncompliance.
Prohibit or Limit the Holding, Purchasing, or Selling of Certain
Assets
Members of the House of Representatives, Senators, and covered congressional employees are Members of the House of Representatives, Senators, and covered congressional employees are
not currently required by law or by House or Senate rules to divest themselves of assets or not currently required by law or by House or Senate rules to divest themselves of assets or

16 5 U.S.C. §13107. For Representatives and Senators, periodic transaction reports and financial disclosure reports are 16 5 U.S.C. §13107. For Representatives and Senators, periodic transaction reports and financial disclosure reports are
available for public inspection on the Clerk of the House’s and Secretary of the Senate’s websites, respectively. available for public inspection on the Clerk of the House’s and Secretary of the Senate’s websites, respectively.
Periodic transaction reports and financial disclosure reports for officers and other covered congressional employees are Periodic transaction reports and financial disclosure reports for officers and other covered congressional employees are
not available for public inspection (P.L. 113-7, §1(a)(1), 127 Stat. 438 (2013)). not available for public inspection (P.L. 113-7, §1(a)(1), 127 Stat. 438 (2013)).
17 To contact the House Ethics Committee, see https://ethics.house.gov. To contact the Senate Select Committee on 17 To contact the House Ethics Committee, see https://ethics.house.gov. To contact the Senate Select Committee on
Ethics, see https://www.ethics.senate.gov. Ethics, see https://www.ethics.senate.gov.
18 In addition to measures that would limit Representatives, Senators, and other congressional officials and employees, 18 In addition to measures that would limit Representatives, Senators, and other congressional officials and employees,
some bills also proposed to limit or prohibit specific executive branch officials or federal judges from holding, some bills also proposed to limit or prohibit specific executive branch officials or federal judges from holding,
purchasing, and selling certain assets. Those proposals would have extended ownership prohibitions to all financial purchasing, and selling certain assets. Those proposals would have extended ownership prohibitions to all financial
disclosure filers under the EIGA (H.R. 6461, 116th disclosure filers under the EIGA (H.R. 6461, 116th ~~Congress~~Cong.); prohibited the President, the Vice President, the Chief ); prohibited the President, the Vice President, the Chief
Justice of the United States, Associate Justices of the Supreme Court, members of the Board of Governors of the Justice of the United States, Associate Justices of the Supreme Court, members of the Board of Governors of the
Federal Reserve System, and presidents and vice presidents of Federal Reserve Banks from engaging in certain Federal Reserve System, and presidents and vice presidents of Federal Reserve Banks from engaging in certain
transactions (H.R. 6694 and S. 3612, 117th transactions (H.R. 6694 and S. 3612, 117th ~~Congress~~Cong.); or prohibited stock ownership by executive branch officials ); or prohibited stock ownership by executive branch officials
(President, Vice President, political appointees, and certain senior career employees) and federal judges (H.R. 6684, (President, Vice President, political appointees, and certain senior career employees) and federal judges (H.R. 6684,
117th 117th ~~Congress~~Cong.). ).
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holdings upon taking office,19 although doing so may be an option for remediating real or holdings upon taking office,19 although doing so may be an option for remediating real or
perceived conflicts of interest.20 The perceived conflicts of interest.20 The House Ethics Manual directly addresses the issue of directly addresses the issue of
potential divestiture by a Representative. It statespotential divestiture by a Representative. It states:
Members of Congress enter public service owning assets and having private investment Members of Congress enter public service owning assets and having private investment
interest like other citizens. Members should not “be expected to fully strip themselves of interest like other citizens. Members should not “be expected to fully strip themselves of
worldly good.” Even a selective divestiture of potentially conflicting assets could raise worldly good.” Even a selective divestiture of potentially conflicting assets could raise
problems for a legislator. Unlike many officials in the executive branch, who are concerned problems for a legislator. Unlike many officials in the executive branch, who are concerned
with administration and regulation in a narrow area, a Member of Congress must exercise with administration and regulation in a narrow area, a Member of Congress must exercise
judgment concerning legislation across the entire spectrum of business and economic judgment concerning legislation across the entire spectrum of business and economic
endeavors. Requiring divestiture may also insulate legislators from the personal and endeavors. Requiring divestiture may also insulate legislators from the personal and
economic interests held by their constituencies, or society in general, in governmental economic interests held by their constituencies, or society in general, in governmental
decisions and policy.21 decisions and policy.21
Similarly, the Similarly, the Senate Ethics Manual states states:
The drafters of the original Senate Code of Official Conduct, in the 95th Congress, The drafters of the original Senate Code of Official Conduct, in the 95th Congress,
considered “full and complete public financial disclosure” to be “the heart of the code of considered “full and complete public financial disclosure” to be “the heart of the code of
conduct.” Financial interests and investments of Members and employees, as well as those conduct.” Financial interests and investments of Members and employees, as well as those
of candidates for the Senate, may present conflicts of interest with official duties. Members of candidates for the Senate, may present conflicts of interest with official duties. Members
and employees (with the exception of certain committee staffers) need not, however, divest and employees (with the exception of certain committee staffers) need not, however, divest
themselves of assets upon assuming their positions, nor must Members disqualify themselves of assets upon assuming their positions, nor must Members disqualify
themselves from voting on issues that generally affect their personal financial interests. themselves from voting on issues that generally affect their personal financial interests.
Instead, public financial disclosure provides the mechanism for monitoring and deterring Instead, public financial disclosure provides the mechanism for monitoring and deterring
conflicts.22 conflicts.22
Nearly all introduced House and Senate measures have proposed to prohibit or limit covered Nearly all introduced House and Senate measures have proposed to prohibit or limit covered
officials from holding, purchasing, and selling certain assets. To accomplish these goals, the officials from holding, purchasing, and selling certain assets. To accomplish these goals, the

19 U.S. 19 U.S. ~~Congress~~Cong., House, Committee on Ethics, , House, Committee on Ethics, House Ethics Manual, 117th Cong., 2nd sess., 2022, pp. 234, 247-248, , 117th Cong., 2nd sess., 2022, pp. 234, 247-248,
250, 369; and U.S. 250, 369; and U.S. ~~Congress~~Cong., Senate, Select Committee on Ethics, , Senate, Select Committee on Ethics, Senate Ethics Manual, p. 124. Senate Rule 37(7) , p. 124. Senate Rule 37(7)
generally requires certain committee staff to divest themselves of “any substantial holdings which may be directly generally requires certain committee staff to divest themselves of “any substantial holdings which may be directly
affected by the actions of the employing committee, unless the Ethics Committee after consultation with the affected by the actions of the employing committee, unless the Ethics Committee after consultation with the
employee’s supervisor approves other arrangements.” See employee’s supervisor approves other arrangements.” See Senate Ethics Manual, pp. 70-71, 218-220; and U.S. Senate, , pp. 70-71, 218-220; and U.S. Senate,
Committee on Rules and Administration, “Rule XXXVII: Conflict of Interest,” Committee on Rules and Administration, “Rule XXXVII: Conflict of Interest,” Rules of the Senate, at , at
https://www.rules.senate.gov/rules-of-the-senate. In the Senate, covered Senate staff are required to “divest themselves https://www.rules.senate.gov/rules-of-the-senate. In the Senate, covered Senate staff are required to “divest themselves
of any substantial holdings which may be directly affected by the actions of the employing committee, unless the Ethics of any substantial holdings which may be directly affected by the actions of the employing committee, unless the Ethics
Committee after consultation with the employee’s supervisor approves other arrangements.” Covered staff include Committee after consultation with the employee’s supervisor approves other arrangements.” Covered staff include
“committee staff paid at a rate of pay in excess of $25,000 a year and employed for more than 90 days.” U.S. “committee staff paid at a rate of pay in excess of $25,000 a year and employed for more than 90 days.” U.S. ~~Congress,~~
Cong., Senate, Select Committee on Ethics, Senate, Select Committee on Ethics, Senate Ethics Manual, 108th Cong., 1st sess., S.Pub. 108-1, 2003, pp. 70-71, 124, , 108th Cong., 1st sess., S.Pub. 108-1, 2003, pp. 70-71, 124,
at https://www.ethics.senate.gov/public/_cache/files/f2eb14e3-1123-48eb-9334-8c4717102a6e/2003-senate-ethics-at https://www.ethics.senate.gov/public/_cache/files/f2eb14e3-1123-48eb-9334-8c4717102a6e/2003-senate-ethics-
manual.pdf. manual.pdf.
20 5 U.S.C. §13108(b)(3). That section states “If ... a person designated by a congressional ethics committee ... reaches 20 5 U.S.C. §13108(b)(3). That section states “If ... a person designated by a congressional ethics committee ... reaches
an opinion under paragraph (2)(B) that an individual is not in compliance with applicable law and regulations, the an opinion under paragraph (2)(B) that an individual is not in compliance with applicable law and regulations, the
official or committee staff shall notify the individual of that opinion and, after an opportunity for personal consultation official or committee staff shall notify the individual of that opinion and, after an opportunity for personal consultation
(if practicable), determine and notify the individual of which steps, if any, would in the opinion of such official or (if practicable), determine and notify the individual of which steps, if any, would in the opinion of such official or
committee be appropriate for or[typo/something missing?] assuring compliance with such laws and regulations and the committee be appropriate for or[typo/something missing?] assuring compliance with such laws and regulations and the
date by which such steps should be taken. Such steps may include, as appropriate—(A) divestiture; (B) restitution; (C) date by which such steps should be taken. Such steps may include, as appropriate—(A) divestiture; (B) restitution; (C)
the establishment of a blind trust; (D) request for an exemption under section 208(b) of title 18; or (E) voluntary request the establishment of a blind trust; (D) request for an exemption under section 208(b) of title 18; or (E) voluntary request
for transfer, reassignment, limitation of duties, or resignation.” for transfer, reassignment, limitation of duties, or resignation.”
21 U.S. 21 U.S. ~~Congress~~Cong., House Committee on Ethics, , House Committee on Ethics, House Ethics Manual, 117th Cong., 2nd sess. (2022 print), p. 250, at , 117th Cong., 2nd sess. (2022 print), p. 250, at
https://ethics.house.gov/sites/ethics.house.gov/files/documents/2022/House-Ethics-Manual-2022-Print.pdf#page=166. https://ethics.house.gov/sites/ethics.house.gov/files/documents/2022/House-Ethics-Manual-2022-Print.pdf#page=166.
22 U.S. 22 U.S. ~~Congress~~Cong., Senate Select Committee on Ethics, , Senate Select Committee on Ethics, Senate Ethics Manual, 108th Cong., 1st sess., S.Pub. 108-1 , 108th Cong., 1st sess., S.Pub. 108-1
(2003), pp. 70-71, 124, at https://www.ethics.senate.gov/public/_cache/files/f2eb14e3-1123-48eb-9334-8c4717102a6e/(2003), pp. 70-71, 124, at https://www.ethics.senate.gov/public/_cache/files/f2eb14e3-1123-48eb-9334-8c4717102a6e/
2003-senate-ethics-manual.pdf. Covered Senate staff include “committee staff paid at a rate of pay in excess of $25,000 2003-senate-ethics-manual.pdf. Covered Senate staff include “committee staff paid at a rate of pay in excess of $25,000
a a year and employed for more than 90 days.” They are required to “divest themselves of any substantial holdings which year and employed for more than 90 days.” They are required to “divest themselves of any substantial holdings which
may be directly affected by the actions of the employing committee, unless the Ethics Committee after consultation may be directly affected by the actions of the employing committee, unless the Ethics Committee after consultation
with the employee’s supervisor approves other arrangements.” with the employee’s supervisor approves other arrangements.”
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legislative proposals have sought to amend the EIGA and/or the STOCK Act, create new law, or legislative proposals have sought to amend the EIGA and/or the STOCK Act, create new law, or
amend House Rules. amend House Rules.
Amend Current Law or Create New Law
Several legislative proposals would have amended the EIGA, the STOCK Act, or both.23 Others Several legislative proposals would have amended the EIGA, the STOCK Act, or both.23 Others
would have created new laws to address Members’ and covered legislative branch officials’ would have created new laws to address Members’ and covered legislative branch officials’
financial holdings and transactions. Each proposal to amend current law or create new law has financial holdings and transactions. Each proposal to amend current law or create new law has
generally focused on prohibiting covered individuals from holding, purchasing, or selling covered generally focused on prohibiting covered individuals from holding, purchasing, or selling covered
assets. Each of the proposals would have applied restrictions to Members of Congress, while assets. Each of the proposals would have applied restrictions to Members of Congress, while
some would also have applied proposed restrictions to Members’ spouses and dependents.24 some would also have applied proposed restrictions to Members’ spouses and dependents.24
Fewer would also have covered congressional officers or specified staff members.25 In at least Fewer would also have covered congressional officers or specified staff members.25 In at least
two cases, proposals included provisions that would have applied to Members for a period two cases, proposals included provisions that would have applied to Members for a period after
they departed the House.26 they departed the House.26
Additionally, one proposal would create a new law to prohibit covered officials from financial trading on federal government property or using federal government resources, including computers, internet access, telephones, or other electronic devices.27 Although each measure would have taken the same general approach, some differences exist. For Although each measure would have taken the same general approach, some differences exist. For
example, some bills have proposed to require that Members of Congress file a “certification of example, some bills have proposed to require that Members of Congress file a “certification of
compliance” with their supervising ethics committee, which the committee would then publish on compliance” with their supervising ethics committee, which the committee would then publish on
a publicly available website.a publicly available website.2728 Other measures would have authorized the House Ethics Other measures would have authorized the House Ethics
Committee and the Senate Select Committee on Ethics to issue civil fines, as they deemed Committee and the Senate Select Committee on Ethics to issue civil fines, as they deemed
appropriate, for noncompliance.appropriate, for noncompliance.2829 Still other bills have proposed to authorize the use of qualified Still other bills have proposed to authorize the use of qualified
blind trusts, as a remediation tool, on a case-by-case basis.blind trusts, as a remediation tool, on a case-by-case basis.2930
Amend House Rules
Some proposals would have amended the House standing rules (rather than amending the EIGA Some proposals would have amended the House standing rules (rather than amending the EIGA
and/or the STOCK Act, or creating a new law) to place additional restrictions on Members of the and/or the STOCK Act, or creating a new law) to place additional restrictions on Members of the
House of Representatives. Such changes to House rules could be interpreted as having a House of Representatives. Such changes to House rules could be interpreted as having a
somewhat more limited scope than amending existing laws or creating new ones, as any changes somewhat more limited scope than amending existing laws or creating new ones, as any changes
would only apply to Members of the House while they remained in office, since House rules do would only apply to Members of the House while they remained in office, since House rules do
~~not apply to former House Members or to current or former Senators.30 The proposed limitations~~

23 For measures in the 115th 23 For measures in the 115th ~~Congress, see~~Cong., see Table A-1. For measures in the 116th For measures in the 116th ~~Congress~~Cong., see, see Table A-2. For For
measures in the measures in the 117th Cong., see~~117th Congress, see~~ Table A-3. For measures from the 118th For measures from the 118th ~~Congress~~Cong., se, see Table A-4.
24 115th 24 115th ~~Congress~~Cong.: S. 3718. 116th : S. 3718. 116th ~~Congress~~Cong.: H.R. 6461 and S. 7200. 117th : H.R. 6461 and S. 7200. 117th ~~Congress~~Cong.: H.R. 336, H.R. 6490, S. 3504, H.R. : H.R. 336, H.R. 6490, S. 3504, H.R.
6694, S. 3612, H.R. 6678, S. 3631, H.R. 6844, and S. 3494; 118th 6694, S. 3612, H.R. 6678, S. 3631, H.R. 6844, and S. 3494; 118th ~~Congress~~Cong.: H.R. 345, H.R. 2678, H.R. 1138, H.R. : H.R. 345, H.R. 2678, H.R. 1138, H.R.
1679, H.R. 3003, S. 58, S. 439, S. 1171, S. 2463, and S. 2773. 1679, H.R. 3003, S. 58, S. 439, S. 1171, S. 2463, and S. 2773.
25 116th 25 116th ~~Congress~~Cong.: H.R. 6401 and S. 1393. 117th : H.R. 6401 and S. 1393. 117th ~~Congress~~Cong.: H.R. 1579, S. 564, H.R. 6694, and S. 3612: H.R. 1579, S. 564, H.R. 6694, and S. 3612. 118th Cong.: H.R. 389. .
26 117th 26 117th ~~Congress~~Cong.: H.R. 336 and S. 3494. The creation of a limitation on ownership or sale of certain financial assets : H.R. 336 and S. 3494. The creation of a limitation on ownership or sale of certain financial assets
after a Representative or Senator leaves the House of Representatives or Senate might be parallel to existing “revolving a Representative or Senator leaves the House of Representatives or Senate might be parallel to existing “revolving
door” provisions that restrict covered former government officials from engaging in certain activities for a specified door” provisions that restrict covered former government officials from engaging in certain activities for a specified
period after they leave government service. For more information on the revolving door, see 18 U.S.C. §208 and CRS period after they leave government service. For more information on the revolving door, see 18 U.S.C. §208 and CRS
Report R45946, Report R45946, Executive Branch Service and the “Revolving Door” in Cabinet Departments: Background and Issues
for Congress, by Jacob R. Straus. , by Jacob R. Straus.
27 27 ~~116th Congress~~118th Cong.: H.R. 2383. 28 116th Cong.: H.R. 7200. 117th : H.R. 7200. 117th ~~Congress~~Cong.: H.R. 6490 and S. 3504. 118th : H.R. 6490 and S. 3504. 118th ~~Congress~~Cong.: H.R. 345: H.R. 345., H.R. 1138, H.R. 2678, H.R. 1138, H.R. 2678,
H.R. H.R. 3003, H.R. 6141~~3003~~, S. 58, S. 439, S. 1171, and S. 2773. , S. 58, S. 439, S. 1171, and S. 2773.
2829 115th 115th ~~Congress~~Cong.: S. 3718. 116th : S. 3718. 116th ~~Congress~~Cong.: H.R. 6401, H.R. 6461, and S. 1393. 117th : H.R. 6401, H.R. 6461, and S. 1393. 117th ~~Congress~~Cong.: H.R. 6490 and S. 3504. : H.R. 6490 and S. 3504.
118th 118th ~~Congress: H.R.~~ Cong.: H.R. 389, H.R. 1679, H.R. 2678, H.R. 30031679, H.R. 2678, H.R. 3003, H.R. 6141, S. 1171, and S. 2773. , S. 1171, and S. 2773.
2930 117th 117th ~~Congress~~Cong.: H.R. 6694 and S. 3612. 118th : H.R. 6694 and S. 3612. 118th ~~Congress~~Cong.: H.R. 345, H.R. : H.R. 345, H.R. 389, H.R. 2678, H.R. 3003, S. 1171, and S. 2773. ~~2678, H.R. 3003, S. 1171, and S. 2773.~~
~~30 See also INS v. Chadha (462 U.S. 919 (1983)), holding that the actions of one chamber cannot alter the legal rights of~~
~~those outside the legislative branch. Traditionally, when a Representative or Senator departs the House or Senate, the~~
~~House Ethics Committee or the Senate Select Committee on Ethics loses jurisdiction over the former Member. For~~
~~(continued...)~~
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not apply to former House Members or to current or former Senators.31 The proposed limitations might also be seen as less durable than a statutory amendment, since House rules are considered might also be seen as less durable than a statutory amendment, since House rules are considered
and adopted at the beginning of each Congress, and only apply to the Congress in which they are and adopted at the beginning of each Congress, and only apply to the Congress in which they are
adopted.adopted.3132 Conversely, using a simple resolution to amend House rules would not require Senate Conversely, using a simple resolution to amend House rules would not require Senate
concurrence, which might be considered easier to adopt than a statutory change. concurrence, which might be considered easier to adopt than a statutory change.
Each proposal to amend House rules has focused on Rule XXIII, the House Code of Conduct. Each proposal to amend House rules has focused on Rule XXIII, the House Code of Conduct.3233
These bills and resolutions each proposed to add a new section to Rule XXIII that would stateThese bills and resolutions each proposed to add a new section to Rule XXIII that would state:
A Member, Delegate, or Resident Commissioner may not own the common stock of any A Member, Delegate, or Resident Commissioner may not own the common stock of any
individual corporation.individual corporation.3334
An amendment to House rules to prohibit ownership of individual stocks might require House An amendment to House rules to prohibit ownership of individual stocks might require House
Members to divest themselves of certain assets. House Rules provide that the Code of Conduct is Members to divest themselves of certain assets. House Rules provide that the Code of Conduct is
under the jurisdiction of the House Ethics Committee.under the jurisdiction of the House Ethics Committee.3435 Since the proposed rule change would Since the proposed rule change would
alter the code of conduct, implementation and enforcement would likely reside with the House alter the code of conduct, implementation and enforcement would likely reside with the House
Ethics Committee. Ethics Committee.
A similar proposal to amend Senate rules has not been introduced. A similar proposal to amend Senate rules has not been introduced.3536
Included and Excluded Assets
Regardless of whether the proposal sought to amend current law, create new law, or amend House Regardless of whether the proposal sought to amend current law, create new law, or amend House
rules, each legislative proposal would generally have prohibited covered legislative branch rules, each legislative proposal would generally have prohibited covered legislative branch
officials from holding, purchasing, selling, and/or actively managing certain types of assets. officials from holding, purchasing, selling, and/or actively managing certain types of assets.
Aspects of these measures would have prohibited the purchase or sale of specified financial Aspects of these measures would have prohibited the purchase or sale of specified financial
instruments, required additional disclosure and potential divestment of prohibited assets, and/or instruments, required additional disclosure and potential divestment of prohibited assets, and/or
increased penalties for noncompliance. For specific proposals, see tincreased penalties for noncompliance. For specific proposals, see the Appendix tables. tables.
Most of the proposals would have prohibited Members of Congress from holding, purchasing, or Most of the proposals would have prohibited Members of Congress from holding, purchasing, or
selling certain assets, including commodities, securities, and security futures.selling certain assets, including commodities, securities, and security futures.3637 Currently, Currently,
Congress does not prohibit the ownership of specified financial assets, but some executive branch Congress does not prohibit the ownership of specified financial assets, but some executive branch
~~agencies do.37 For example, the Nuclear Regulatory Commission has a supplement to Standards~~
~~of Ethical Conduct that includes a list of prohibited securities.38~~

31 See also INS v. Chadha (462 U.S. 919 (1983)), holding that the actions of one chamber cannot alter the legal rights of those outside the legislative branch. Traditionally, when a Representative or Senator departs the House or Senate, the House Ethics Committee or the Senate Select Committee on Ethics loses jurisdiction over the former Member. For example, the House Committee on Ethics notes “As a general matter, the Committee’s investigative jurisdiction example, the House Committee on Ethics notes “As a general matter, the Committee’s investigative jurisdiction
extends to current House Members, officers and employees. When a Member, officer, or employee, who is the subject extends to current House Members, officers and employees. When a Member, officer, or employee, who is the subject
of a Committee investigation, resigns, the Committee loses jurisdiction over the individual.” House Ethics Committee, of a Committee investigation, resigns, the Committee loses jurisdiction over the individual.” House Ethics Committee,
Summary of Activities, 116th , 116th ~~Congress~~Cong., p. 14; and House Rule XI, clause 3(a)(2). , p. 14; and House Rule XI, clause 3(a)(2).
3132 For more information on adopting the rules of the House, see CRS Report RL30725, For more information on adopting the rules of the House, see CRS Report RL30725, The First Day of a New
Congress: A Guide to Proceedings on the House Floor, by Christopher M. Davis. , by Christopher M. Davis.
3233 116th 116th ~~Congress~~Cong.: H.R. 3419. 117th : H.R. 3419. 117th ~~Congress~~Cong.: H.R. 459 and H.Res. 873. 118th : H.R. 459 and H.Res. 873. 118th ~~Congress~~Cong.: H.R. 507 and H.Res. 156. : H.R. 507 and H.Res. 156.
3334 For example, see H.R. 459, §5 (117th For example, see H.R. 459, §5 (117th ~~Congress~~Cong.). Similarly, H.Res. 156 (118th ). Similarly, H.Res. 156 (118th ~~Congress~~Cong.) would prohibit the ) would prohibit the
ownership of “the common stock of any individual ownership of “the common stock of any individual public corporation.” ( corporation.” (emphasis added) )
3435 House Rule X(1)(g). House Rule X(1)(g).
3536 Senate rules divide its code of conduct among several rules. These include Senate Rule XXXIV (public financial Senate rules divide its code of conduct among several rules. These include Senate Rule XXXIV (public financial
disclosure), Rule XXXV (gifts), Rule XXXVI (outside earned income), and XXXVII (conflict of interest). For more disclosure), Rule XXXV (gifts), Rule XXXVI (outside earned income), and XXXVII (conflict of interest). For more
information, see U.S. information, see U.S. ~~Congress~~Cong., Senate, Committee on Rules and Administration, “Rules of the Senate,” at , Senate, Committee on Rules and Administration, “Rules of the Senate,” at
https://www.rules.senate.gov/rules-of-the-senate. https://www.rules.senate.gov/rules-of-the-senate.
3637 Commodities are generally defined in Section 1a of the Commodity Exchange Act; 7 U.S.C. §1a. Securities and Commodities are generally defined in Section 1a of the Commodity Exchange Act; 7 U.S.C. §1a. Securities and
security futures are generally defined in Section 3(a) of the Securities Exchange Act of 1934; 15 U.S.C. §78c(a). security futures are generally defined in Section 3(a) of the Securities Exchange Act of 1934; 15 U.S.C. §78c(a).
~~37 For a full list of executive branch agency supplemental ethics regulations, which for some agencies include~~
~~limitations on the ownership of certain assets, see 5 C.F.R. §§13100-10400.~~
~~38 5 C.F.R. §5801.102(b).~~
~~Congressional Research Service~~

7

~~Proposals to Limit Member of Congress Financial Activities~~
Congressional Research Service 7 Proposals to Limit Member of Congress Financial Activities agencies do.38 For example, the Nuclear Regulatory Commission has a supplement to Standards of Ethical Conduct that includes a list of prohibited securities.39
Nearly all proposals would have exempted some types of assets. Most commonly, exemptions Nearly all proposals would have exempted some types of assets. Most commonly, exemptions
would have included U.S. Treasury bills, notes, or bonds and certain “widely held investments.”would have included U.S. Treasury bills, notes, or bonds and certain “widely held investments.”3940
Widely held investments are also generally not reported by covered officials in financial Widely held investments are also generally not reported by covered officials in financial
disclosure reports or in periodic transaction reports if the investments meet three criteria: they are disclosure reports or in periodic transaction reports if the investments meet three criteria: they are
publicly traded, their assets are widely diversified, and “the reporting individual neither exercises publicly traded, their assets are widely diversified, and “the reporting individual neither exercises
control over nor has the ability to exercise control over the financial interests held by the fund.”control over nor has the ability to exercise control over the financial interests held by the fund.”4041
Use of Qualified Blind Trusts
Several proposals would have allowed or required Members of Congress (and their spouses Several proposals would have allowed or required Members of Congress (and their spouses
and/or dependent children) to place covered assets in a qualified blind trust.and/or dependent children) to place covered assets in a qualified blind trust.4142 Qualified blind Qualified blind
trusts are specific instruments established under the EIGA that may be used to remediate real or trusts are specific instruments established under the EIGA that may be used to remediate real or
perceived financial conflicts of interest.perceived financial conflicts of interest.4243 Qualified blind trusts used within the EIGA Qualified blind trusts used within the EIGA
confer on an independent trustee and any other designated fiduciary the sole responsibility confer on an independent trustee and any other designated fiduciary the sole responsibility
to administer the trust and to manage trust assets without participation by, or the knowledge to administer the trust and to manage trust assets without participation by, or the knowledge
of, any interested party or any representative of an interested party. This responsibility of, any interested party or any representative of an interested party. This responsibility
includes the duty to decide when and to what extent the original assets of the trust are to includes the duty to decide when and to what extent the original assets of the trust are to
be sold or disposed of, and in what investments the proceeds of sale are to be reinvested.be sold or disposed of, and in what investments the proceeds of sale are to be reinvested.4344
Under current law, the establishment of a qualified blind trust requires permission from a covered Under current law, the establishment of a qualified blind trust requires permission from a covered
official’s supervising ethics office (e.g., the House Committee on Ethics or the Senate Select official’s supervising ethics office (e.g., the House Committee on Ethics or the Senate Select
Committee on Ethics). Should a qualified blind trust be established to remediate a financial Committee on Ethics). Should a qualified blind trust be established to remediate a financial
conflict of interest, the covered official “gives up the management of the assets to an independent conflict of interest, the covered official “gives up the management of the assets to an independent
trustee, who makes investment decisions of the individual’s benefit without the individual’s trustee, who makes investment decisions of the individual’s benefit without the individual’s
knowledge.”knowledge.”4445 Further, the trustee must 38 For a full list of executive branch agency supplemental ethics regulations, which for some agencies include limitations on the ownership of certain assets, see 5 C.F.R. §§13100-10400. 39 5 C.F.R. §5801.102(b). 40 ~~Further, the trustee must~~
~~be an independent financial institution, lawyer, certified public accountant, broker, or~~
~~investment advisor; there may be no restrictions on the disposal of the trust assets; [and]~~
~~the trust instrument must limit communications between the trustee and interested parties.45~~

39 The Office of Government Ethics (OGE) notes, “an investment fund is widely held if the fund has at least 100 natural The Office of Government Ethics (OGE) notes, “an investment fund is widely held if the fund has at least 100 natural
persons as direct or indirect investors. For example, if a pension plan invests in the ABC Fund, one would count each persons as direct or indirect investors. For example, if a pension plan invests in the ABC Fund, one would count each
plan participant toward the 100-person threshold when determining whether the ABC Fund is widely held.” See U.S. plan participant toward the 100-person threshold when determining whether the ABC Fund is widely held.” See U.S.
Office of Government Ethics, Office of Government Ethics, Confidential Financial Disclosure Guide: OGE Form 450, December 2018, p. 32, at , December 2018, p. 32, at
https://www.oge.gov/Web/OGE.nsf/0/A685AEC70F057115852585B6005A202F/$FILE/https://www.oge.gov/Web/OGE.nsf/0/A685AEC70F057115852585B6005A202F/$FILE/
Confidential%20Fin%20Disc%20Guide_Jan2019.pdf#page=32. Similar guidance exists in OGE’s Confidential%20Fin%20Disc%20Guide_Jan2019.pdf#page=32. Similar guidance exists in OGE’s Public Financial
Disclosure Guide, p. 290, at https://www.oge.gov/Web/OGE.nsf/0/11E9ABAF6E128FF1852585B6005A2030/$FILE/, p. 290, at https://www.oge.gov/Web/OGE.nsf/0/11E9ABAF6E128FF1852585B6005A2030/$FILE/
Public%20Fin%20Disc%20Guide_Jan2019.pdf#page=290. Public%20Fin%20Disc%20Guide_Jan2019.pdf#page=290.
4041 5 U.S.C. §13104(f)(8). For more information, see U.S. 5 U.S.C. §13104(f)(8). For more information, see U.S. ~~Congress~~Cong., House Committee on Ethics, “Reporting of , House Committee on Ethics, “Reporting of
Investment Funds,” Investment Funds,” 2023 Instruction Guide: Financial Disclosure Statements for Calendar Year 2022 Reporting
Period and Periodic Transaction Reports, p. 17, at https://ethics.house.gov/sites/ethics.house.gov/files/documents/, p. 17, at https://ethics.house.gov/sites/ethics.house.gov/files/documents/
Updated%20Final%20Combined%202023%20Instruction%20Guide.pdf; and U.S. Updated%20Final%20Combined%202023%20Instruction%20Guide.pdf; and U.S. ~~Congress~~Cong., Senate Select Committee , Senate Select Committee
on Ethics, on Ethics, Financial Disclosure Instructions and Report for Calendar Year 2022, pp. 15, 24, at , pp. 15, 24, at
https://www.ethics.senate.gov/public/_cache/files/02ccce18-df8d-48cb-bea4-ed14b155cba6/2023-financial-disclosure-https://www.ethics.senate.gov/public/_cache/files/02ccce18-df8d-48cb-bea4-ed14b155cba6/2023-financial-disclosure-
report-booklet-for-cy2022.pdf. report-booklet-for-cy2022.pdf.
4142 116th 116th ~~Congress~~Cong.: H.R. 7200. 117th : H.R. 7200. 117th ~~Congress~~Cong.: H.R. 336, H.R. 1579, H.R. 6694, H.R. 6844, S. 564, S. 3494, and S. : H.R. 336, H.R. 1579, H.R. 6694, H.R. 6844, S. 564, S. 3494, and S.
3612. 118th 3612. 118th ~~Congress~~Cong.: H.R. 345, H.R. : H.R. 345, H.R. 389, H.R. 3003, and S. 2773. 3003, and S. 2773.
4243 5 C.F.R. §2634.401. 5 C.F.R. §2634.401.
4344 5 C.F.R. §2634.401(a). 5 C.F.R. §2634.401(a).
4445 U.S. U.S. ~~Congress~~Cong., Senate Select Committee on Ethics, , Senate Select Committee on Ethics, Qualified Blind Trusts, 114th Cong., 1st sess., September 2015, p. , 114th Cong., 1st sess., September 2015, p.
~~1, at https://www.ethics.senate.gov/public/_cache/files/286a4cf9-5aab-40ef-9a6c-bf2278e79e38/qualified-blind-trusts-~~
~~guide—october-2020.pdf. (Hereinafter Senate Select Committee on Ethics, Qualified Blind Trusts).~~
~~45 U.S. Congress, House Committee on Ethics, “Trusts,” Specific Disclosure Requirements, at https://ethics.house.gov/~~
~~financial-dislosure/specific-disclosure-requirements.~~
~~Congressional Research Service~~

8

~~Proposals to Limit Member of Congress Financial Activities~~
1, (continued...) Congressional Research Service 8 Proposals to Limit Member of Congress Financial Activities be an independent financial institution, lawyer, certified public accountant, broker, or investment advisor; there may be no restrictions on the disposal of the trust assets; [and] the trust instrument must limit communications between the trustee and interested parties.46
One study indicated that qualified blind trusts are designed to “reduce any real and apparent One study indicated that qualified blind trusts are designed to “reduce any real and apparent
conflicts of interest that might arise between financial interests held by … employees and their conflicts of interest that might arise between financial interests held by … employees and their
official responsibilities.”official responsibilities.”4647 Conversely, qualified blind trusts may be considered expensive to Conversely, qualified blind trusts may be considered expensive to
establish and maintain.establish and maintain.4748 Accordingly, some supervising ethics offices have determined that they Accordingly, some supervising ethics offices have determined that they
are not always an appropriate remedy when other solutions might be available.are not always an appropriate remedy when other solutions might be available.4849
Some legislative proposals would have required Members of Congress (and their spouses and/or Some legislative proposals would have required Members of Congress (and their spouses and/or
dependent children) to either divest or place certain assets in a qualified blind trust.dependent children) to either divest or place certain assets in a qualified blind trust.4950 Those Those
measures proposed that current Members of Congress would be required to divest and/or place measures proposed that current Members of Congress would be required to divest and/or place
covered assets in a qualified blind trust within a specified number of days of enactment. New covered assets in a qualified blind trust within a specified number of days of enactment. New
Members of Congress would have to do the same within a specified number of days after being Members of Congress would have to do the same within a specified number of days after being
sworn in.sworn in.5051 Other proposals would have provided the option of using a qualified blind trust, rather Other proposals would have provided the option of using a qualified blind trust, rather
than requiring its use.than requiring its use.5152
Qualified blind trusts can serve as a way to “immunize” a public official “from potential conflicts Qualified blind trusts can serve as a way to “immunize” a public official “from potential conflicts
of interest stemming from assets held in the trust because the legislator-beneficiary would have of interest stemming from assets held in the trust because the legislator-beneficiary would have
no knowledge of the impact of official actions on [their] personal financial interests.”no knowledge of the impact of official actions on [their] personal financial interests.”5253 Covered Covered
officials who place their assets in qualified blind trusts would be separated from the day-to-day officials who place their assets in qualified blind trusts would be separated from the day-to-day
decisionmaking about their holdings, which may remedy potential conflicts that might arise from decisionmaking about their holdings, which may remedy potential conflicts that might arise from
official decisionmaking that could impact their individual holdings. official decisionmaking that could impact their individual holdings.
Conversely, those who argue against the use of blind trusts say that the “early use of blind trusts Conversely, those who argue against the use of blind trusts say that the “early use of blind trusts
may have originated from a desire to give the public appearance that a policymaker was avoiding may have originated from a desire to give the public appearance that a policymaker was avoiding
conflicts of interest without actually blinding the policymaker to an asset that stood to influence conflicts of interest without actually blinding the policymaker to an asset that stood to influence
the execution of official duties. Legislation establishing qualified blind trust rules has not solved the execution of official duties. Legislation establishing qualified blind trust rules has not solved
this problem.”this problem.”5354
The creation of a significant number of new qualified blind trusts could present administrative The creation of a significant number of new qualified blind trusts could present administrative
challenges to the House and Senate.challenges to the House and Senate.5455 In a scenario where all Representatives, Senators, In a scenario where all Representatives, Senators,
~~Delegates, and the Resident Commissioner were required to create qualified blind trusts within a~~
~~certain number of days of enactment, the review and certification process currently used by the~~
~~House Ethics Committee and the Senate Select Committee on Ethics could be strained. A similar~~

46 at https://www.ethics.senate.gov/public/_cache/files/286a4cf9-5aab-40ef-9a6c-bf2278e79e38/qualified-blind-trusts-guide—october-2020.pdf. (Hereinafter Senate Select Committee on Ethics, Qualified Blind Trusts.) 46 U.S. Cong., House Committee on Ethics, “Trusts,” Specific Disclosure Requirements, at https://ethics.house.gov/financial-dislosure/specific-disclosure-requirements. 47 Perry A. Pirsch, “Blind Trusts as a Model for Campaign Finance Reform,” Perry A. Pirsch, “Blind Trusts as a Model for Campaign Finance Reform,” William & Mary Policy Review, vol. 4, , vol. 4,
no. 1 (Fall 2012), p. 224. no. 1 (Fall 2012), p. 224.
4748 Senate Select Committee on Ethics, Senate Select Committee on Ethics, Qualified Blind Trusts, p. 2. See also National Conference of State Legislators, , p. 2. See also National Conference of State Legislators,
“Blind Trusts,” at https://www.ncsl.org/research/ethics/blind-trusts.aspx. “Blind Trusts,” at https://www.ncsl.org/research/ethics/blind-trusts.aspx.
4849 Senate Select Committee on Ethics, Senate Select Committee on Ethics, Qualified Blind Trusts, p. 2. , p. 2.
4950 117th 117th ~~Congress~~Cong.: H.R. 336 and S. 3494. 118th : H.R. 336 and S. 3494. 118th ~~Congress~~Cong.: H.R. 345, H.R. 3003, and S. 2773. House and Senate staff are : H.R. 345, H.R. 3003, and S. 2773. House and Senate staff are
not included in these proposed blind trust requirements. not included in these proposed blind trust requirements.
5051 For example, H.R. 336 (117th For example, H.R. 336 (117th ~~Congress~~Cong.) would require action with 90 days of enactment for current Members, or 90 ) would require action with 90 days of enactment for current Members, or 90
days of being sworn in for new Members. days of being sworn in for new Members.
5152 117th 117th ~~Congress~~Cong.: H.R. 1579, H.R. 6490, H.R. 6694, S. 564, S. 3504, and S. 3612. 118th : H.R. 1579, H.R. 6490, H.R. 6694, S. 564, S. 3504, and S. 3612. 118th ~~Congress~~Cong.: H.R. 2678 and S. : H.R. 2678 and S.
1171. 1171.
5253 National Conference of State Legislators, “Blind Trusts,” at https://www.ncsl.org/research/ethics/blind-trusts.aspx. National Conference of State Legislators, “Blind Trusts,” at https://www.ncsl.org/research/ethics/blind-trusts.aspx.
5354 Megan J. Ballard, “The Shortsightedness of Blind Trusts,” Megan J. Ballard, “The Shortsightedness of Blind Trusts,” University of Kansas Law Review, vol. 56 (October 2007), , vol. 56 (October 2007),
p. 53. p. 53.
5455 Whether or not the supervising ethics offices currently have the resources necessary for the review of additional Whether or not the supervising ethics offices currently have the resources necessary for the review of additional
filings, including approving new QBTs, could not be fully analyzed by CRS using the limited public information it was filings, including approving new QBTs, could not be fully analyzed by CRS using the limited public information it was
~~able to identify. CRS has not located any public comments or statements from either the House Ethics Committee or~~
~~Senate Select Ethics Committee on the need for additional staff or resources. Without a public record comment from~~
~~the committees, CRS cannot determine whether the House Ethics Committee or~~(continued...) Congressional Research Service 9 Proposals to Limit Member of Congress Financial Activities Delegates, and the Resident Commissioner were required to create qualified blind trusts within a certain number of days of enactment, the review and certification process currently used by the House Ethics Committee and the Senate Select Committee on Ethics could be strained. A similar ~~the Senate Select Committee on Ethics~~
~~currently has adequate resources to carry out potential additional administrative ethics functions pursuant to EIGA and~~
~~the STOCK Act.~~
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9

~~link to page 16~~ ~~Proposals to Limit Member of Congress Financial Activities~~

scenario, albeit with a smaller number of individuals, could occur at the beginning of each scenario, albeit with a smaller number of individuals, could occur at the beginning of each
subsequent Congress, as newly elected Members would have a deadline by which their trust subsequent Congress, as newly elected Members would have a deadline by which their trust
documents would need to be approved. Should Congress enact a proposal to require the use of documents would need to be approved. Should Congress enact a proposal to require the use of
qualified blind trusts, the House Committee on Ethics and the Senate Select Committee on Ethics qualified blind trusts, the House Committee on Ethics and the Senate Select Committee on Ethics
might require additional resources to conduct necessary reviews and certifications.might require additional resources to conduct necessary reviews and certifications.5556
Public Access to Disclosure Filings
Current law requires Members of Congress to file public financial disclosure and periodic Current law requires Members of Congress to file public financial disclosure and periodic
transaction reports.transaction reports.5657 For Representatives and Senators, periodic transaction reports and financial For Representatives and Senators, periodic transaction reports and financial
disclosure reports are available for public inspection on the Clerk of the House’s and Secretary of disclosure reports are available for public inspection on the Clerk of the House’s and Secretary of
the Senate’s websites, respectively.the Senate’s websites, respectively.5758 Periodic transaction reports and financial disclosure reports Periodic transaction reports and financial disclosure reports
for officers and other covered congressional employees are not available on the Clerk of the for officers and other covered congressional employees are not available on the Clerk of the
House’s or Secretary of the Senate’s websites.House’s or Secretary of the Senate’s websites.5859
Several proposals would have required additional public access to certain financial disclosure- Several proposals would have required additional public access to certain financial disclosure-
and periodic transaction report-related information. Generally, the measures proposed two and periodic transaction report-related information. Generally, the measures proposed two
methods to potentially increase access to financial disclosure documents and periodic transaction methods to potentially increase access to financial disclosure documents and periodic transaction
forms: requiring public access changes and requiring placement of proposed forms for forms: requiring public access changes and requiring placement of proposed forms for
certification of compliance for proposed divestiture of assets on public certification of compliance for proposed divestiture of assets on public ~~webpages.59~~
~~Penalties for Noncompliance~~
~~Most legislative proposals would have changed available penalties for noncompliance. These~~
~~proposals suggested two basic penalty strategies: fining individuals for noncompliance and/or~~
~~publishing the names of individuals who are found in violation of the law on a public webpage.~~
~~As noted in the Appendix tables, proposed penalties have included~~

55web pages.60 able to identify. CRS has not located any public comments or statements from either the House Ethics Committee or Senate Select Ethics Committee on the need for additional staff or resources. Without a public record comment from the committees, CRS cannot determine whether the House Ethics Committee or the Senate Select Committee on Ethics currently has adequate resources to carry out potential additional administrative ethics functions pursuant to EIGA and the STOCK Act. 56 The House and Senate do not currently appear to publish data on the number of qualified blind trusts reviewed or The House and Senate do not currently appear to publish data on the number of qualified blind trusts reviewed or
certified. The House Ethics Committee and the Senate Select Committee on Ethics, however, do report the total number certified. The House Ethics Committee and the Senate Select Committee on Ethics, however, do report the total number
of financial disclosure and periodic transaction reports that they receive annually. Using data from the 116th of financial disclosure and periodic transaction reports that they receive annually. Using data from the 116th ~~Congress~~Cong.
(2019-2020), the House reported that it received 6,331 financial disclosure reports and 3,722 periodic transaction (2019-2020), the House reported that it received 6,331 financial disclosure reports and 3,722 periodic transaction
reports filed by Members, officers, and employees of the House. The Senate Select Committee on Ethics reported that reports filed by Members, officers, and employees of the House. The Senate Select Committee on Ethics reported that
it received 3,712 public financial disclosure and periodic disclosure of financial transactions reports in 2020 and 3,876 it received 3,712 public financial disclosure and periodic disclosure of financial transactions reports in 2020 and 3,876
public financial disclosure and periodic disclosure of financial transaction reports in 2021. House Ethics Committee, public financial disclosure and periodic disclosure of financial transaction reports in 2021. House Ethics Committee,
Summary of Activities, 116th , 116th ~~Congress~~Cong., p. 7; U.S. , p. 7; U.S. ~~Congress~~Cong., Senate, Select Committee on Ethics, “Annual Report of the , Senate, Select Committee on Ethics, “Annual Report of the
Select Committee on Ethics 117th Congress, First Session,” January 29, 2021, at https://www.ethics.senate.gov/public/Select Committee on Ethics 117th Congress, First Session,” January 29, 2021, at https://www.ethics.senate.gov/public/
_cache/files/691e5e65-5b73-4e95-8cdb-de056570cb34/annual-report-for-2020.pdf; and U.S. _cache/files/691e5e65-5b73-4e95-8cdb-de056570cb34/annual-report-for-2020.pdf; and U.S. ~~Congress~~Cong., Senate, Select , Senate, Select
Committee on Ethics, “Annual Report of the Select Committee on Ethics 117th Congress, Second Session,” January 31, Committee on Ethics, “Annual Report of the Select Committee on Ethics 117th Congress, Second Session,” January 31,
2022, at https://www.ethics.senate.gov/public/_cache/files/9a2ce840-718c-409b-891f-42f5ebf6f365/annual-report-for-2022, at https://www.ethics.senate.gov/public/_cache/files/9a2ce840-718c-409b-891f-42f5ebf6f365/annual-report-for-
2021.pdf. 2021.pdf.
5657 5 U.S.C. §13103; P.L. 112-105, §8, 126 Stat. 295 (2012). 5 U.S.C. §13103; P.L. 112-105, §8, 126 Stat. 295 (2012).
5758 5 U.S.C. §13107. Forms can be accessed at U.S. 5 U.S.C. §13107. Forms can be accessed at U.S. ~~Congress~~Cong., House, Office of the Clerk of the House of , House, Office of the Clerk of the House of
Representatives, “Financial Disclosure Reports,” at https://disclosures-clerk.house.gov/PublicDisclosure/Representatives, “Financial Disclosure Reports,” at https://disclosures-clerk.house.gov/PublicDisclosure/
FinancialDisclosure; and U.S. FinancialDisclosure; and U.S. ~~Congress~~Cong., Senate, Secretary of the Senate, “Senate Public Financial Disclosure (Senate , Senate, Secretary of the Senate, “Senate Public Financial Disclosure (Senate
Rule 34),” Rule 34),” Public Disclosure, at https://www.senate.gov/pagelayout/legislative/g_three_sections_with_teasers/, at https://www.senate.gov/pagelayout/legislative/g_three_sections_with_teasers/
lobbyingdisc.htm. lobbyingdisc.htm.
5859 P.L. 113-7, §1(a)(1), 127 Stat. 438 (2013). This law modified the STOCK Act to exempt officers and employees P.L. 113-7, §1(a)(1), 127 Stat. 438 (2013). This law modified the STOCK Act to exempt officers and employees
from public, online disclosure of their financial disclosure and periodic transaction reports. from public, online disclosure of their financial disclosure and periodic transaction reports.
5960 In the 117th In the 117th ~~Congress~~Cong., H.R. 6694 and S. 3612 would have required public access changes. The following proposals , H.R. 6694 and S. 3612 would have required public access changes. The following proposals
would have required placement of proposed certification of compliance forms on public would have required placement of proposed certification of compliance forms on public ~~webpages: H.R. 7200 (116th~~
~~Congress);~~web pages: 116th Cong.: H.R. 7200; 117th Cong.: H.R. 336, H.R. 6490, S. 3494, and S. 3504 H.R. 336, H.R. 6490, S. 3494, and S. 3504 ~~(117th Congress); and~~; and 118th Cong.: H.R. 345, H.R. 1138, H.R. 2678, H.R. H.R. 345, H.R. 1138, H.R. 2678, H.R.
3033, S. 58, S. 439, S. 1171, and S. 27733033, S. 58, S. 439, S. 1171, and S. 2773 ~~(118th Congress)~~. .
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Penalties for Noncompliance Most legislative proposals would have changed available penalties for noncompliance. These proposals suggested two basic penalty strategies: fining individuals for noncompliance and/or publishing the names of individuals who are found in violation of the law on a public web page. As noted in the Appendix tables, proposed penalties have included • specific monetary fines;61~~• specific monetary fines;60~~
• civil penalties of not less than 10% of the value of the covered investment;• civil penalties of not less than 10% of the value of the covered investment;61
•62 • the value of the covered financial instrument sold or purchased;63 • “disgorgement” to the U.S. Treasury of any profit from transactions or “disgorgement” to the U.S. Treasury of any profit from transactions or
holdings; holdings;6264
• penalties equal to the Member’s entire salary for as long as the violation occurs; • penalties equal to the Member’s entire salary for as long as the violation occurs;6365
and/or and/or
• civil penalty equal to the monthly equivalent of the annual rate of pay for the • civil penalty equal to the monthly equivalent of the annual rate of pay for the
Member, after a written notice from the supervising ethics committee to the Member, after a written notice from the supervising ethics committee to the
Member.Member.6466
Additionally, at least one proposal would have required the respective ethics committees to Additionally, at least one proposal would have required the respective ethics committees to
publish the names of individuals found in violation of the proposed amendments.publish the names of individuals found in violation of the proposed amendments.6567
Under current law, a covered individual who willfully fails to file financial disclosure and/or Under current law, a covered individual who willfully fails to file financial disclosure and/or
periodic transaction reports or who files a false report may be subject to certain civil or criminal periodic transaction reports or who files a false report may be subject to certain civil or criminal
actions, generally after the supervising ethics office investigates the circumstances. Should the actions, generally after the supervising ethics office investigates the circumstances. Should the
supervising ethics office find “reasonable cause to believe [the filer] has willfully failed to file or supervising ethics office find “reasonable cause to believe [the filer] has willfully failed to file or
report or willfully falsified or willfully failed to file information required to be reported,” it may report or willfully falsified or willfully failed to file information required to be reported,” it may
refer the case to the Attorney General.refer the case to the Attorney General.6668
Alternatively, the law also provides that the supervising ethics office “may take any appropriate Alternatively, the law also provides that the supervising ethics office “may take any appropriate
personnel or other action in accordance with applicable law or regulation against any individual personnel or other action in accordance with applicable law or regulation against any individual
failing to file a report or falsifying or failing to report information required to be reported.”failing to file a report or falsifying or failing to report information required to be reported.”6769
For Congress, the House Committee on Ethics and the Senate Select Committee on Ethics For Congress, the House Committee on Ethics and the Senate Select Committee on Ethics
provide additional interpretation of penalties for financial disclosure. The House incorporates the provide additional interpretation of penalties for financial disclosure. The House incorporates the
~~financial disclosure requirements into Rule XXVI.68 The Senate incorporates financial disclosure~~
~~requirements into Rule XXXIV.69 Both committees, using identical language, also note that “in~~
~~addition to Committee action, the EIGA authorize[s] the Attorney General of the United States to~~

60 61 Proposed monetary fines have ranged from $500 (H.R. 6694 and S. 3612, 117th Proposed monetary fines have ranged from $500 (H.R. 6694 and S. 3612, 117th ~~Congress~~Cong.) to not more than $1 ) to not more than $1
million (S. 3451, 115th million (S. 3451, 115th ~~Congress~~Cong.). Other proposed fines have included $). Other proposed fines have included $1,000 (H.R. 389, 118th Cong.), $10,000 (H.R. 2678 and S. 1171, 118th 10,000 (H.R. 2678 and S. 1171, 118th
~~Congress)~~Cong.), $25,000 (H.R. 6141, 118th Cong.), and $50,000 (H.R. 6678 and S. 3631, 117th and $50,000 (H.R. 6678 and S. 3631, 117th ~~Congress~~Cong.; and H.R. ; and H.R. ~~1679~~1679, and H.R. 3003, 118th and H.R. 3003, 118th ~~Congress~~Cong.). ).
6162 115th 115th ~~Congress~~Cong.: S. 3718. 116th : S. 3718. 116th ~~Congress~~Cong.: H.R. 6401, H.R. 6461, and S. 1393. 117th : H.R. 6401, H.R. 6461, and S. 1393. 117th ~~Congress~~Cong.: H.R. 1579, S. 564, : H.R. 1579, S. 564,
H.R. 6694, and S. 3612. 118th H.R. 6694, and S. 3612. 118th ~~Congress: H.R.~~ Cong.: H.R. 389, H.R. 2678, S. 1171, and S. 2463. 2678, S. 1171, and S. 2463.
~~62 117th Congress~~63 118th Cong.: H.R. 6141. 64 117th Cong.: H.R. 6490 and S. 3504. 118th : H.R. 6490 and S. 3504. 118th ~~Congress~~Cong.: H.R. 1138, S. 58, S. 439, and S. 2463. : H.R. 1138, S. 58, S. 439, and S. 2463.
6365 117th 117th ~~Congress~~Cong.: H.R. 6844. : H.R. 6844.
6466 117th 117th ~~Congress~~Cong.: S. 3949. 118th : S. 3949. 118th ~~Congress~~Cong.: S. 2773. : S. 2773.
6567 117th 117th ~~Congress~~Cong.: H.R. 6844. : H.R. 6844.
6668 5 U.S.C. §13106(b). The EIGA specifies that “the Attorney General may bring a civil action in any appropriate 5 U.S.C. §13106(b). The EIGA specifies that “the Attorney General may bring a civil action in any appropriate
United States district court against any individual who knowingly and willfully falsifies or who knowingly and United States district court against any individual who knowingly and willfully falsifies or who knowingly and
willfully fails to file or report any information that such individual is required to report pursuant to section [13104] of willfully fails to file or report any information that such individual is required to report pursuant to section [13104] of
this title. The court in which such action is brought may assess against such individual a civil penalty in any amount, this title. The court in which such action is brought may assess against such individual a civil penalty in any amount,
not to exceed $50,000.” 5 U.S.C. §13106(a)(1). not to exceed $50,000.” 5 U.S.C. §13106(a)(1).
6769 5 U.S.C. §13106(c). Congressional Research Service 11 Proposals to Limit Member of Congress Financial Activities financial disclosure requirements into Rule XXVI.70 The Senate incorporates financial disclosure requirements into Rule XXXIV.71 Both committees, using identical language, also note that “in addition to Committee action, the EIGA authorize[s] the Attorney General of the United States to ~~5 U.S.C. §13106(c).~~
~~68 U.S. Congress, House, “Rule XXVI-Financial Disclosure,”~~ ~~Constitution, Jefferson’s Manual, and Rules of the House~~
~~of Representatives of the United States One Hundred Seventeenth Congress, 116th Cong., 2nd sess., 2021, H.Doc. 116-~~
~~177, 2021, §1103, p. 1021, at https://www.govinfo.gov/content/pkg/HMAN-117/pdf/HMAN-117.pdf#page=1036.~~
~~69 U.S. Congress, Senate, Committee on Rules and Administration, “Rules of the Senate,” at~~
~~https://www.rules.senate.gov/rules-of-the-senate.~~
~~Congressional Research Service~~

11

~~Proposals to Limit Member of Congress Financial Activities~~

seek a civil penalty ... against an individual who knowingly and willfully falsifies or fails to file seek a civil penalty ... against an individual who knowingly and willfully falsifies or fails to file
or report any required information.”or report any required information.”7072
Considerations for Congress
Since at least the 115th Congress, Members of Congress have introduced legislation that seeks to Since at least the 115th Congress, Members of Congress have introduced legislation that seeks to
limit or prohibit Representatives and Senators and other legislative branch staff from engaging in limit or prohibit Representatives and Senators and other legislative branch staff from engaging in
certain financial activities. These bills have included several proposals. Specifically, the bills have certain financial activities. These bills have included several proposals. Specifically, the bills have
proposed amendments to the EIGA and/or STOCK Act, the creation of new law, or amendments proposed amendments to the EIGA and/or STOCK Act, the creation of new law, or amendments
to House rules. Taken together, the legislative proposals include a range of options to limit or to House rules. Taken together, the legislative proposals include a range of options to limit or
prohibit certain financial activities. These include prohibiting the holding, purchasing, selling, prohibit certain financial activities. These include prohibiting the holding, purchasing, selling,
and active management of covered assets; requiring the use of qualified blind trusts to remediate and active management of covered assets; requiring the use of qualified blind trusts to remediate
real or perceived financial conflicts of interest; increasing public access for financial disclosure real or perceived financial conflicts of interest; increasing public access for financial disclosure
documents; and amending penalties for noncompliance. Each of these options likely has documents; and amending penalties for noncompliance. Each of these options likely has
advantages and disadvantages should Congress choose to implement a particular measure as advantages and disadvantages should Congress choose to implement a particular measure as
introduced or incorporate various concepts into another measure. introduced or incorporate various concepts into another measure.
Policymakers may wish to consider the scope of the proposals, the proposed benefits of a Policymakers may wish to consider the scope of the proposals, the proposed benefits of a
particular action, any potential administrative adjustments that might be necessary to implement a particular action, any potential administrative adjustments that might be necessary to implement a
modification of ethics laws, and the potential costs to covered officials to comply with the modification of ethics laws, and the potential costs to covered officials to comply with the
proposed laws. Subsequently, Congress might consider several questions. These might include the proposed laws. Subsequently, Congress might consider several questions. These might include the
following: following:
• Should new requirements apply only to Members of Congress, or also to their • Should new requirements apply only to Members of Congress, or also to their
spouses and dependent children? spouses and dependent children?
• Should congressional officers and staff be subject to the same disclosure and • Should congressional officers and staff be subject to the same disclosure and
public access considerations as Members of Congress? public access considerations as Members of Congress?
• What penalties are appropriate for violations of new or existing requirements and • What penalties are appropriate for violations of new or existing requirements and
are proposed penalties sufficient to achieve congressional aims? are proposed penalties sufficient to achieve congressional aims?
• What is the financial cost for establishing qualified blind trusts and how might • What is the financial cost for establishing qualified blind trusts and how might
covered officials pay for the establishment of such trusts? covered officials pay for the establishment of such trusts?

70 U.S. 70 U.S. ~~Congress~~Cong., House, “Rule XXVI-Financial Disclosure,” Constitution, Jefferson’s Manual, and Rules of the House of Representatives of the United States One Hundred Seventeenth Congress, 116th Cong., 2nd sess., 2021, H.Doc. 116-177, 2021, §1103, p. 1021, at https://www.govinfo.gov/content/pkg/HMAN-117/pdf/HMAN-117.pdf#page=1036. 71 U.S. Cong., Senate, Committee on Rules and Administration, “Rules of the Senate,” at https://www.rules.senate.gov/rules-of-the-senate. 72 U.S. Cong., House Committee on Standards of Official Conduct, , House Committee on Standards of Official Conduct, House Ethics Manual, “Failure to File or Filing , “Failure to File or Filing
False Disclosure Information,” 110th Cong., 2nd sess., 2008, p. 265; and U.S. False Disclosure Information,” 110th Cong., 2nd sess., 2008, p. 265; and U.S. ~~Congress~~Cong., Senate Select Committee on , Senate Select Committee on
Ethics, Ethics, Senate Ethics Manual, committee print, 108th Cong., 1st sess., S.Prt. 108-1, 2003, p. 127. , committee print, 108th Cong., 1st sess., S.Prt. 108-1, 2003, p. 127.
Congressional Research Service Congressional Research Service

12 12

Proposals to Limit Member of Congress Financial Activities

Appendix. Current and Past Legislative Efforts to
Limit Member of Congress Financial Activities
In recent Congresses, Members have introduced legislation that would have restricted or In recent Congresses, Members have introduced legislation that would have restricted or
prohibited Representatives and Senators—and in some cases other covered officials, employees, prohibited Representatives and Senators—and in some cases other covered officials, employees,
and individuals—from engaging in certain financial activities. The following tables summarize and individuals—from engaging in certain financial activities. The following tables summarize
legislation introduced legislation introduced in each Congress since the 115th Congress (2017-2018). For each identified measure, the since the 115th Congress (2017-2018). For each identified measure, the
tables include the bill or resolution number, the affected congressional officials/employees, the tables include the bill or resolution number, the affected congressional officials/employees, the
proposed action, the timeline for implementation, proposed penalties, and covered and exempted proposed action, the timeline for implementation, proposed penalties, and covered and exempted
assets. For organizational ease, each table lists companion measures together. assets. For organizational ease, each table lists companion measures together.
To identify bills or resolutions for each Congress, CRS searched Congress.gov using subject To identify bills or resolutions for each Congress, CRS searched Congress.gov using subject
headers “Government Ethics” + “Members of Congress” + “Securities,” as well as relevant headers “Government Ethics” + “Members of Congress” + “Securities,” as well as relevant
keywords. CRS supplemented this search by examining House dear colleague letters and Member keywords. CRS supplemented this search by examining House dear colleague letters and Member
press releases for similar legislation.press releases for similar legislation.7173 It is possible that other measures that might address similar It is possible that other measures that might address similar
policy matters but use different wording were not captured by this search. policy matters but use different wording were not captured by this search.

7173 Jennifer Manning, Senior Research Librarian, conducted the searches. Jennifer Manning, Senior Research Librarian, conducted the searches.
Congressional Research Service Congressional Research Service

13 13

link to page 17 link to page 17
Legislation Introduced in the 115th Congress (2017-2018)
In the 115th Congress, Members introduced three bills or resolutions In the 115th Congress, Members introduced three bills or resolutions (Table A-1) to limit or prohibit Members of Congress and covered to limit or prohibit Members of Congress and covered
congressional employees from engaging in certain financial activities. None of these measures were passed by the House or Senate. congressional employees from engaging in certain financial activities. None of these measures were passed by the House or Senate.
Table A-1. 115th Congress: Proposals to Limit or Prohibit Certain Financial Activities
Affected
Congressional
Bill or Resolution
Officials/Employees
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.R. 5458 H.R. 5458
Members of Congress Members of Congress
Amend EIGA to Amend EIGA to
Applies to Applies to
— —
— —
— —
Member Financial Member Financial
require periodic require periodic
transactions after transactions after
Transparency Act Transparency Act
transaction reports transaction reports
enactment enactment
within 7 days within 7 days
S. 3451 S. 3451
Members of Congress Members of Congress
Prohibit purchase Prohibit purchase
— —
Fine of not more than — Fine of not more than —
Widely held Widely held
Congressional Anti- Congressional Anti-
or sale of individual or sale of individual
$1 mil ion or not $1 mil ion or not
investment funds investment funds
Corruption Act Corruption Act
securities securities
more than 5 years more than 5 years
imprisonment imprisonment
S. 3718 S. 3718
Members of Congress Members of Congress
Prohibit purchase Prohibit purchase
May divest May divest
Civil penalty of not Civil penalty of not
Securities, Securities,
Widely held Widely held
Ban Conflicted Trading Ban Conflicted Trading
and congressional and congressional
or sale of specified or sale of specified
covered assets for less than 10% of the covered assets for less than 10% of the
commodities, or commodities, or
investment funds; investment funds;
Act Act
employees who file under investments or employees who file under investments or
6 months after 6 months after
value of the covered value of the covered
futures, and any futures, and any
U.S. Treasury bil s, U.S. Treasury bil s,
EIGA EIGA
transactions that transactions that
enactment for enactment for
asset asset
comparable comparable
notes, or bonds notes, or bonds
create a net short create a net short
Members, or after Members, or after
economic interests economic interests
position position
taking office for taking office for
acquired through acquired through
newly elected newly elected
synthetic means synthetic means
Members Members
such as the use of such as the use of
derivatives derivatives
Source: CRS summary and analysis of proposed legislation. CRS summary and analysis of proposed legislation.

CRS-14 CRS-14

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Legislation Introduced in the 116th Congress (2019-2020)
In the 116th Congress, Members introduced five bills or resolutionIn the 116th Congress, Members introduced five bills or resolutions (Table A-2) to limit or prohibit Members of Congress and covered to limit or prohibit Members of Congress and covered
congressional employees from engaging in certain financial activities. None of these measures were passed by the House or Senate. congressional employees from engaging in certain financial activities. None of these measures were passed by the House or Senate.
Table A-2. 116th Congress: Proposals to Limit or Prohibit Certain Financial Activities
Affected
Congressional
Bill or Resolution
Officials/Employees
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.R. 3419 H.R. 3419
Member, Delegate, or Member, Delegate, or
Amends House Rule Amends House Rule
Effective Effective
— —
Common stock of — Common stock of —
HUMBLE Act HUMBLE Act
Resident Commissioner Resident Commissioner
XXIII to prohibit XXIII to prohibit
immediately before immediately before
any individual any individual
ownership of common ownership of common
noon on January 3, noon on January 3,
public public
stock stock
2021 2021
corporation corporation
H.R. 6401 H.R. 6401
Members of Congress Members of Congress
Prohibit purchase or Prohibit purchase or
May divest covered Civil penalty of not May divest covered Civil penalty of not
Securities, Securities,
Widely held investment Widely held investment
Ban Conflicted Ban Conflicted
and congressional and congressional
sale of specified sale of specified
investment for 6 investment for 6
less than 10% of the less than 10% of the
commodities, or commodities, or
funds; U.S. Treasury funds; U.S. Treasury
Trading Act Trading Act
employees who file employees who file
investments or investments or
months after months after
value of the covered futures value of the covered futures
bil s, notes, or bonds bil s, notes, or bonds

under EIGA under EIGA
transactions that transactions that
enactment for enactment for
asset asset
create a net short create a net short
current Members, current Members,
S. 1393 S. 1393
position position
or after taking or after taking
Ban Conflicted Ban Conflicted
office for new office for new
Trading Act Trading Act
Members Members
H.R. 6461 H.R. 6461
Members of Congress Members of Congress
Prohibit purchase or Prohibit purchase or
May divest covered Civil penalty of not May divest covered Civil penalty of not
Securities, Securities,
Widely held investment Widely held investment
IPO Act IPO Act
and spouses and spouses
sale of covered sale of covered
investment for 6 investment for 6
less than 10% of the less than 10% of the
commodities, or commodities, or
funds; U.S. Treasury funds; U.S. Treasury
investments or investments or
months after months after
value of the covered futures, and any value of the covered futures, and any
bil s, notes, or bonds bil s, notes, or bonds
transactions that transactions that
enactment for enactment for
asset asset
comparable comparable
May maintain control of May maintain control of
create a net short create a net short
current Members, current Members,
economic economic
covered investments covered investments
position position
or after taking or after taking
interests acquired interests acquired
held as of the day before held as of the day before
office for new office for new
through synthetic through synthetic
the date on which the the date on which the
Members Members
means such as the covered person took means such as the covered person took
use of derivatives use of derivatives
office office
CRS-15 CRS-15

Affected
Congressional
Bill or Resolution
Officials/Employees
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.R. 7200 H.R. 7200
Members of Congress, Members of Congress,
Require placement of Require placement of
Within 90 days of Within 90 days of
— —
Securities, Securities,
Widely held investment Widely held investment
TRUST in Congress spouses, and dependent TRUST in Congress spouses, and dependent
covered investments in enactment for covered investments in enactment for
commodities, or commodities, or
funds; U.S. Treasury funds; U.S. Treasury
Act Act
children children
a qualified blind trust a qualified blind trust
current Members current Members
futures, and any futures, and any
bil s, notes, or bonds bil s, notes, or bonds

or within 90 days or within 90 days
comparable comparable
of taking office for of taking office for
economic economic
House and Senate House and Senate
new Members new Members
interests acquired interests acquired
publication of publication of
through synthetic through synthetic
certifications on a certifications on a
means such as the means such as the
public website public website
use of derivatives use of derivatives
Source: CRS summary and analysis of proposed legislation. CRS summary and analysis of proposed legislation.

CRS-16 CRS-16

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Legislation Introduced in the 117th Congress (2021-2022)
In the 117th Congress, Members introduced 14 bills or resolutions In the 117th Congress, Members introduced 14 bills or resolutions (Table A-3) to limit or prohibit Members of Congress and covered to limit or prohibit Members of Congress and covered
congressional employees from engaging in certain financial activities. None of these measures were passed by the House or Senate. congressional employees from engaging in certain financial activities. None of these measures were passed by the House or Senate.
Table A-3. 117th Congress: Proposals to Limit or Prohibit Certain Financial Activities
Affected
Congressional
Bill or Resolution
Officials/Employees
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.Res. 873 H.Res. 873
Members of Congress, Members of Congress,
Amend House Rule Amend House Rule
— —
— —
Common stock of any Common stock of any
— —
No Option for Stock No Option for Stock
Delegates, and Resident Delegates, and Resident
XXIII to prohibit XXIII to prohibit
individual public individual public
Trading and Trading and
Commissioner Commissioner
ownership of ownership of
corporation corporation
Ownership as a Ownership as a
common stock common stock
Check to Keep Check to Keep
Congress Clean Congress Clean
Resolution Resolution
H.R. 459 H.R. 459
Members of Congress, Members of Congress,
Amend House Rule Amend House Rule
Effective Effective
— —
Common stock of any Common stock of any
— —
HUMBLE Act HUMBLE Act
Delegates, and Resident Delegates, and Resident
XXIII to prohibit XXIII to prohibit
immediately immediately
individual public individual public
Commissioner Commissioner
ownership of ownership of
before noon on before noon on
corporation corporation
common stock common stock
January 3, 2023 January 3, 2023
H.R. 336 H.R. 336
Members of Congress, Members of Congress,
Require placement Require placement
Within 90 days of Within 90 days of
— —
Securities, Securities,
Widely held Widely held
TRUST in Congress TRUST in Congress
spouses, and dependent spouses, and dependent
of covered of covered
enactment for enactment for
commodities, or commodities, or
investment funds; investment funds;
Act Act
children children
investments in a investments in a
current Members current Members
futures and any futures and any
U.S. Treasury bil s, U.S. Treasury bil s,
qualified blind trust qualified blind trust
or within 90 days or within 90 days
comparable economic comparable economic
notes, or bonds notes, or bonds

of taking office for of taking office for
interests acquired interests acquired
new Members new Members
through synthetic through synthetic
House and Senate House and Senate
means such as the use means such as the use
publication of publication of
of derivatives of derivatives
certifications on a certifications on a
public website public website
CRS-17 CRS-17

Affected
Congressional
Bill or Resolution
Officials/Employees
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.R. 1579 H.R. 1579
Members of Congress and Prohibit purchase or Members of Congress and Prohibit purchase or
— —
Civil penalty of not Civil penalty of not
Securities, Securities,
Widely held Widely held
Ban Conflicted Ban Conflicted
congressional employees congressional employees
sale of covered sale of covered
less than 10% of the less than 10% of the
commodities, or commodities, or
investments; U.S. investments; U.S.
Trading Act Trading Act
who file financial who file financial
investments; investments;
value of the covered futures and any value of the covered futures and any
Treasury bil s, Treasury bil s,

disclosure reports under disclosure reports under
covered officials may covered officials may
asset asset
comparable economic comparable economic
notes, or bonds notes, or bonds
the EIGA the EIGA
place securities place securities
interests acquired interests acquired
S. 564 S. 564
holdings in qualified holdings in qualified
through synthetic through synthetic
Ban Conflicted Ban Conflicted
blind trust blind trust
means such as the use means such as the use
Trading Act Trading Act
of derivatives of derivatives
H.R. 6490 H.R. 6490
Members of Congress and Amend EIGA to Members of Congress and Amend EIGA to
Within 180 days of Disgorge to the Within 180 days of Disgorge to the
Securities, Securities,
Diversified mutual Diversified mutual
Banning Insider Banning Insider
spouses spouses
prohibit holding, prohibit holding,
enactment for enactment for
Treasury any profit Treasury any profit
commodities, or commodities, or
funds, diversified funds, diversified
Trading in Congress Trading in Congress
purchase, or sale of purchase, or sale of
current Members current Members
from the transaction futures, and any from the transaction futures, and any
exchange-traded exchange-traded
Act Act
covered financial covered financial
or within 180 days or within 180 days
or holding; or holding;
comparable economic comparable economic
funds, U.S. Treasury funds, U.S. Treasury

instruments; instruments;
of taking office for of taking office for
prohibition on prohibition on
interests acquired interests acquired
bil s, notes, or bil s, notes, or
covered officials may new Members covered officials may new Members
deduction of a loss deduction of a loss
through synthetic through synthetic
bonds; or bonds; or
S. 3504 S. 3504
place holdings in place holdings in
from a covered from a covered
means such as the use means such as the use
compensation from compensation from
Banning Insider Banning Insider
qualified blind trust qualified blind trust
transaction or transaction or
of derivatives of derivatives
the primary the primary
Trading in Congress Trading in Congress
holding; and civil fine holding; and civil fine
occupation of a occupation of a
Act Act

assessed by assessed by
Member’s spouse Member’s spouse
House and Senate House and Senate
supervising ethics supervising ethics
or dependent or dependent
publication of publication of
committee committee
certifications on a certifications on a
public website public website
CRS-18 CRS-18

Affected
Congressional
Bill or Resolution
Officials/Employees
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.R. 6694 H.R. 6694
Members of Congress, Members of Congress,
Amend EIGA to Amend EIGA to
— —
Fine pursuant to Fine pursuant to
Commodities, Commodities,
Widely held Widely held
STOCK Act 2.0 STOCK Act 2.0
senior congressional staff, senior congressional staff,
prohibit purchase or prohibit purchase or
regulations issued by securities, futures, regulations issued by securities, futures,
investments; U.S. investments; U.S.

spouses, and dependents spouses, and dependents
sale of covered sale of covered
the supervising the supervising
cryptocurrencies, and cryptocurrencies, and
Treasury bil s, Treasury bil s,
financial instruments financial instruments
ethics office of $500 ethics office of $500
any comparable any comparable
notes, or bonds notes, or bonds
S. 3612 S. 3612
in each case the in each case the
economic interests economic interests
STOCK Act 2.0 STOCK Act 2.0

covered person fails covered person fails
acquired through acquired through
Covered officials Covered officials
to file a report to file a report
synthetic means such synthetic means such
may place securities may place securities
as the use of as the use of
holdings in qualified holdings in qualified

derivatives derivatives
blind trusts blind trusts
Amend STOCK Act Amend STOCK Act

to create fines for to create fines for
failure to report failure to report
Amend the STOCK Amend the STOCK
($500 for each ($500 for each
Act to require public Act to require public
case), and require case), and require
access to covered access to covered
deposit of fines in deposit of fines in
officials’ financial officials’ financial
the Treasury the Treasury
disclosure and disclosure and
periodic transaction periodic transaction

reports reports
Civil penalty of not Civil penalty of not
less than 10% of the less than 10% of the
value of the covered value of the covered
investment that was investment that was
purchased or sold, purchased or sold,
or the security in or the security in
which a net short which a net short
position was created position was created
CRS-19 CRS-19

Affected
Congressional
Bill or Resolution
Officials/Employees
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.R. 6844 H.R. 6844
Members of Congress, Members of Congress,
Prohibit ownership Prohibit ownership
Divestment within Divestment within
Penalty equal to the Penalty equal to the
Securities, Securities,
Diversified mutual Diversified mutual
Restoring Trust in Restoring Trust in
spouses, and dependents spouses, and dependents
of specified assets of specified assets
90 days of 90 days of
Member’s entire Member’s entire
commodities, or commodities, or
funds; diversified funds; diversified
Public Service Act Public Service Act
and require and require
enactment for enactment for
federal salary, for as federal salary, for as
futures, or any futures, or any
exchange-traded exchange-traded
divestment of divestment of
current Members current Members
long as the violation long as the violation
comparable economic comparable economic
funds; U.S. Treasury funds; U.S. Treasury
covered instruments or within 90 days covered instruments or within 90 days
continues continues
interests acquired interests acquired
bil s, notes, or bil s, notes, or
of taking office for of taking office for
Publication by the Publication by the
through synthetic through synthetic
bonds; bonds;
new Members new Members
Ethics Committee of means such as the use Ethics Committee of means such as the use
compensation from compensation from
individuals found to individuals found to
of derivatives, including primary occupation of derivatives, including primary occupation
be in violation be in violation
investment funds, investment funds,
of Member’s spouse of Member’s spouse
trusts, employee trusts, employee
or dependent; and or dependent; and
benefit plans, or benefit plans, or
investment funds investment funds
deferred compensation held in a federal, deferred compensation held in a federal,
plans plans
state, or local state, or local
government government
employee employee
retirement plan retirement plan
S. 3494 S. 3494
Members of Congress, Members of Congress,
Amend the EIGA to Amend the EIGA to
Certification Certification
Written notice by Written notice by
Securities, Securities,
Diversified mutual Diversified mutual
Ban Congressional Ban Congressional
spouses, and dependents spouses, and dependents
require the require the
within 30 days of within 30 days of
supervising ethics supervising ethics
commodities, or commodities, or
funds; diversified funds; diversified
Stock Trading Act Stock Trading Act
divestment or divestment or
enactment for enactment for
office to Member office to Member
futures, or any futures, or any
exchange-traded exchange-traded
placement of placement of
current Members current Members
with warning of with warning of
comparable economic comparable economic
funds; U.S. Treasury funds; U.S. Treasury
covered investments or within 30 days covered investments or within 30 days
potential violation potential violation
interests acquired interests acquired
bil s, notes, or bil s, notes, or
in qualified blind in qualified blind
of taking office for of taking office for
to correct actions to correct actions
through synthetic through synthetic
bonds; bonds;
trusts trusts
new Members new Members
Civil penalty equal Civil penalty equal
means such as the use means such as the use
compensation from compensation from

to the monthly to the monthly
of derivatives, including primary occupation of derivatives, including primary occupation
investment funds, investment funds,
of Member’s spouse of Member’s spouse
House and Senate House and Senate
Divest or place Divest or place
equivalent of the equivalent of the
trusts, employee trusts, employee
or dependent; and or dependent; and
publication of publication of
covered covered
annual rate of pay annual rate of pay
benefit plans, or benefit plans, or
investment funds investment funds
certifications on a certifications on a
instruments in a instruments in a
payable to the payable to the
deferred compensation held in a federal, deferred compensation held in a federal,
public website public website
qualified blind qualified blind
Member of Member of
plans plans
state, or local state, or local
trust within 120 trust within 120
Congress, if filings Congress, if filings
government government
days of enactment days of enactment
are not corrected are not corrected
employee employee
or within 120 days or within 120 days
after the supervising after the supervising
retirement plan retirement plan
of taking office for of taking office for
ethics office gives 30 ethics office gives 30
new Members new Members
days’ notice of days’ notice of
noncompliance noncompliance
CRS-21 CRS-21

Affected
Congressional
Bill or Resolution
Officials/Employees
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
S. 3550 S. 3550
Members of Congress Members of Congress
Prohibit purchase or Prohibit purchase or
— —
— —
Individual securities Individual securities
Widely held Widely held
Ethics Reform Act Ethics Reform Act
sale of individual sale of individual
investment funds investment funds
securities securities
Source: CRS summary and analysis of proposed legislation. CRS summary and analysis of proposed legislation.

CRS-22 CRS-22

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Legislation Introduced in the 118th Congress (2023-2024)
In the 118th Congress (through In the 118th Congress (through ~~October 10, 2023~~January 25, 2024), Members have introduced ), Members have introduced 1017 bills or resolutions bills or resolutions (Table A-4) to limit or prohibit Members of to limit or prohibit Members of
Congress and covered congressional employees from engaging in certain financial activities. As of Congress and covered congressional employees from engaging in certain financial activities. As of ~~October 10, 2023~~January 25, 2024, none of these measures , none of these measures
have been passed by the House or Senate. have been passed by the House or Senate.
Table A-4. 118th Congress: Proposals to Limit or Prohibit Certain Financial Activities
Through Through ~~August 14, 2023~~January 25, 2024
Affected
Bill or Resolution
Congressional Party
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.Res. 156 H.Res. 156
Members of Congress, Members of Congress,
Amend House Rule Amend House Rule
— —
— —
Common stock of Common stock of
— —
No Option for Stock No Option for Stock
Delegates, and Resident Delegates, and Resident
XXIII to prohibit XXIII to prohibit
any individual any individual
Trading and Trading and
Commissioner Commissioner
ownership of ownership of
corporation corporation
Ownership as a Ownership as a
common stock common stock
Check to Keep Check to Keep
Congress Clean (NO Congress Clean (NO
STOCK) Resolution STOCK) Resolution
H.R. 345 H.R. 345
Members of Congress, Members of Congress,
Require placement Require placement
Within 90 days of Within 90 days of
— —
Securities, Securities,
Widely held Widely held
TRUST in Congress TRUST in Congress
spouses, and dependent spouses, and dependent
of covered of covered
enactment for enactment for
commodities, or commodities, or
investments; U.S. investments; U.S.
Act Act
children children
investments in investments in
current Members current Members
futures, or any futures, or any
Treasury bil s, notes, Treasury bil s, notes,
qualified blind qualified blind
or within 90 days or within 90 days
comparable comparable
or bonds; or or bonds; or
trusts; Clerk of the trusts; Clerk of the
of taking office for of taking office for
economic interests economic interests
compensation compensation
House and House and
new Members new Members
acquired through acquired through
through a covered through a covered
Secretary of the Secretary of the
synthetic means such synthetic means such
investment from the investment from the
Senate post Senate post
as the use of as the use of
primary occupation primary occupation
certifications on a certifications on a
derivatives derivatives
of a Member’s of a Member’s
public website public website
spouse or dependent spouse or dependent
CRS-23 Affected Bill or Resolution Congressional Party Proposed Action Timeline Proposed Penalty Covered Assets Exempted Assets H.R. 389~~H.R. 507~~
Members of Congress, Members of Congress,
Amend Amend ~~House Rule~~
~~Immediately~~
—
~~Common stock of~~
—
~~HUMBLE Act~~EIGA to Purchase Fine of $1,000 after Securities, Widely held PORTFOLIO
Delegates, and Resident Delegates, and Resident
~~XXIII to prohibit~~
~~before noon on~~
~~any individual~~
~~Commissioner~~
~~ownership of~~
~~January 3, 2025~~
~~corporation~~
~~common stock~~
~~CRS-23~~

~~Affected~~
~~Bill or Resolution~~
~~Congressional Party~~
~~Proposed Action~~
~~Timeline~~
~~Proposed Penalty~~
~~Covered Assets~~
~~Exempted Assets~~
~~H.R. 2678~~
~~Members of Congress,~~
~~Amend the EIGA to~~
~~At enactment:~~
~~Civil penalty of equal~~
~~Securities,~~
~~Diversified mutual~~
~~Ending Trading and~~
~~spouses, and dependent~~
~~prohibit holding,~~
~~Immediate ban on~~
~~to the greater of the~~
~~commodities, or~~
~~funds; diversified~~
~~Holdings in~~
~~children~~
~~purchase, or sale of~~
~~purchase of~~
~~monthly equivalent of futures, or any~~
~~exchange-traded~~
~~Congressional Stocks~~
~~covered financial~~
~~covered~~
~~the annual rate of pay comparable~~
~~funds; U.S. Treasury~~
~~(ETHICS) Act~~
~~instruments;~~
~~investments for~~
~~for the Member or~~
~~economic interests~~
~~bil s, notes, or bonds;~~

~~covered officials~~
~~Members; 90 days~~
~~amount equal to 10%~~
~~acquired through~~
~~compensation or~~
~~may divest or place~~
~~for spouse and~~
~~of the value of each~~
~~synthetic means~~
~~security paid from~~
~~S. 1171~~
~~covered~~
~~dependent~~
~~covered investment~~
~~(such as the use of a~~
~~the primary~~
~~Ending Trading and~~
~~investments in~~
~~children~~
~~not divested or~~
~~derivative, option, or~~
~~occupation of a~~
~~Holdings in~~
~~qualified blind~~
~~placed in a qualified~~
~~warrant); directly or~~
~~Member’s spouse;~~
~~Congressional Stocks~~
~~90 days after~~
~~trusts; supervising~~
~~blind trust;~~
~~indirectly held~~
~~federal, state, or local~~
~~(ETHICS) Act~~
~~enactment: ban on~~
~~ethics committee~~
~~sale of covered~~
~~Attorney General~~
~~investment funds or~~
~~government~~
~~publishes~~
~~investments~~
~~authorized to file civil holding companies,~~
~~employee retirement~~
~~certification on a~~
~~action against~~
~~trusts, employee~~
~~plans; tax-free state~~
~~public website~~
~~Within 90 days of~~
~~benefit plans, or~~
~~or municipal bonds;~~
~~enactment for a~~
~~individual who~~
~~deferred~~
~~Alaska Native Claims~~
~~Member or within discloses the~~
~~compensation plans~~
~~Settlement Act~~
~~90 days of taking~~
~~contents of a~~
~~Settlement Common~~
~~office for a future~~
~~qualified blind trust~~
~~Stock~~
~~Member:~~
~~($10,000 per~~
~~permitted to sell~~
~~communication or~~
~~covered~~
~~1% of the value of the~~
~~investments~~
~~qualified blind trust)~~
~~Certify~~
~~compliance with~~
~~supervising ethics~~
~~office within 60~~
~~days of new~~
~~Congress~~
~~beginning~~
~~CRS-24~~

~~Affected~~
~~Bill or Resolution~~
~~Congressional Party~~
~~Proposed Action~~
~~Timeline~~
~~Proposed Penalty~~
~~Covered Assets~~
~~Exempted Assets~~prohibit purchase prohibition being notified by commodities, futures, investment funds, (Preventing Commissioner; or ownership of beginning 60 days supervising ethics cryptocurrency or assets held in Opportunistic congressional employees covered after enactment office digital assets, or any qualified blind trust Returns on Trades investments or the date on comparable or qualified and Futures by which an economic interests diversified trust; Officials, Leadership, individual Violations that acquired through diversified mutual and Individuals in Covered persons becomes a continue over 30 synthetic means funds, diversified Office) Act may comply with covered person days incur additional (such as the use of exchange-traded requirements by fees equal to $1,000 derivatives, options, funds; U.S. Treasury placing assets in a plus 10% of the value or warrants) bil s, notes, or bonds; qualified blind trust Divestment of the covered state or municipal requirement instruments government bil s; beginning within Supervising ethics Thrift Savings Plan 180 days of office shall make (TSP); compensation enactment or the notices public not received by spouse date on which an later than 30 days or dependent child individual after receipt from their primary becomes a employer; investment covered person fund in a federal, Supervising ethics state, or local office may grant government temporary waivers retirement plan; or under certain interest in a small circumstances; business concern or waivers shall be family-owned published within 30 business (that does days not present a conflict of interest) H.R. 507 Members of Congress, Amend House Rule Immediately — Common stock of — HUMBLE Act Delegates, and Resident XXIII to prohibit before noon on any individual Commissioner ownership of January 3, 2025 corporation common stock CRS-24 Affected Bill or Resolution Congressional Party Proposed Action Timeline Proposed Penalty Covered Assets Exempted Assets H.R. 1138 Members of Congress and Prohibit ownership Applies first day Disgorge to the Securities, Diversified mutual Prohibit Insider spouses or trading of of second session Treasury any profit commodities, or funds; diversified Trading Act covered of the 118th from the transaction futures, or any exchange-traded investments Congress (January or holding; comparable funds; Thrift Savings 3, 2024) for prohibition on economic interests Plan (TSP); U.S. current Members; deduction of a loss acquired through Treasury bil s, notes, within 7 days of from a covered synthetic means or bonds taking office for transaction or (such as the use of new Members; holding; and civil fine derivatives, options, annual assessed by or warrants) certification of supervising ethics compliance to committee supervisory ethics office, which publishes certification on website
H.R. 1679 H.R. 1679
Members of Congress and Prohibit ownership Members of Congress and Prohibit ownership
Depending on Depending on
Civil fines of not Civil fines of not
Stocks, bonds, Stocks, bonds,
Widely held Widely held
Bipartisan Ban on Bipartisan Ban on
spouses spouses
or sale of covered or sale of covered
type of asset, type of asset,
more than $50,000 more than $50,000
commodities, futures, investments; U.S. commodities, futures, investments; U.S.
Congressional Stock Congressional Stock
investments investments
divest within 180 divest within 180
per violation if per violation if
or other forms of or other forms of
Treasury bil s, notes, Treasury bil s, notes,
Ownership Act of Ownership Act of
days or 5 years of days or 5 years of
determined by a U.S. determined by a U.S.
securities, including securities, including
or bonds; federal, or bonds; federal,
2023 2023
enactment for enactment for
district court after district court after
interests in hedge interests in hedge
state, or local state, or local
current Members current Members
the Attorney General funds, derivatives, the Attorney General funds, derivatives,
government government
or within 180 or within 180
brings a civil action brings a civil action
options, or other options, or other
employee retirement employee retirement
days or 5 years of days or 5 years of
complex investment complex investment
plans; interest in a plans; interest in a
taking office for taking office for
vehicles vehicles
small business small business
new Members new Members
concern; concern;
compensation from compensation from
spouse’s primary spouse’s primary
occupation; Alaska occupation; Alaska
Native Claims Native Claims
Settlement Act Settlement Act
Settlement Common Settlement Common
Stock Stock
CRS-25 Affected Bill or Resolution Congressional Party Proposed Action Timeline Proposed Penalty Covered Assets Exempted Assets H.R. 2383~~H.R. 1138~~
~~Members of Congress and Prohibit ownership~~
~~Applies first day~~
~~Disgorge to the~~
~~Securities,~~
~~Diversified mutual~~
~~Prohibit Insider~~
~~spouses~~
~~or trading of~~
~~of second session~~
~~Treasury any profit~~
~~commodities, or~~
~~funds; diversified~~
~~Trading Act~~
~~covered~~
~~of the 118th~~
~~from the transaction~~
~~futures, or any~~
~~exchange-traded~~
~~investments~~
~~Congress (January or holding;~~
~~comparable~~
~~funds; Thrift Savings~~
~~3, 2024) for~~
~~prohibition on~~
~~economic interests~~
~~Plan (TSP); U.S.~~
~~current Members;~~
~~deduction of a loss~~
~~acquired through~~
~~Treasury bil s, notes,~~
~~within 7 days of~~
~~from a covered~~
~~synthetic means~~
~~or bonds~~
~~taking office for~~
~~transaction or~~
~~(such as the use of~~
~~new Members;~~
~~holding; and civil fine~~
~~derivatives, options,~~
~~annual~~
~~assessed by~~
~~or warrants)~~
~~certification of~~
~~supervising ethics~~
~~compliance to~~
~~committee~~
~~supervisory ethics~~
~~office, which~~
~~publishes~~
~~certification on~~
~~website~~
~~CRS-25~~

~~link to page 30~~ Members of Congress; Prohibit financial 90 days after Fines of not more Stocks, bonds, Thrift Savings Plan Prohibition of congressional employees trading activities on enactment than $1,000 or the commodities, futures, (TSP) Financial Trading on federal government value of the financial cryptocurrency or Government property or with activity, whichever is other digital assets, Property Act federal government greater; knowing or other securities resources violations fined not (interest in a hedge more than $5,000, fund, derivative, imprisoned not more option or other Supervising ethics than 3 years, or both complex investment office shall issue vehicle) regulations Individuals found in violation shall be subject to disciplinary action, including potential removal, as determined by employing agency CRS-26 Affected Bill or Resolution Congressional Party Proposed Action Timeline Proposed Penalty Covered Assets Exempted Assets H.R. 2678 Members of Congress, Amend the EIGA to At enactment: Civil penalty of equal Securities, Diversified mutual Ending Trading and spouses, and dependent prohibit holding, Immediate ban on to the greater of the commodities, or funds; diversified Holdings in children purchase, or sale of purchase of monthly equivalent of futures, or any exchange-traded Congressional Stocks covered financial covered the annual rate of pay comparable funds; U.S. Treasury (ETHICS) Act instruments; investments for for the Member or economic interests bil s, notes, or bonds; covered officials Members; 90 days amount equal to 10% acquired through compensation or may divest or place for spouse and of the value of each synthetic means security paid from S. 1171 covered dependent covered investment (such as the use of a the primary Ending Trading and investments in children not divested or derivative, option, or occupation of a Holdings in qualified blind placed in a qualified warrant); directly or Member’s spouse; Congressional Stocks 90 days after trusts; supervising blind trust; indirectly held federal, state, or local (ETHICS) Act enactment: ban on ethics committee sale of covered Attorney General investment funds or government publishes investments authorized to file civil holding companies, employee retirement certification on a action against trusts, employee plans; tax-free state public website Within 90 days of benefit plans, or or municipal bonds; enactment for a individual who deferred Alaska Native Claims Member or within discloses the compensation plans Settlement Act 90 days of taking contents of a Settlement Common office for a future qualified blind trust Stock Member: ($10,000 per permitted to sell communication or covered 1% of the value of the investments qualified blind trust) Certify compliance with supervising ethics office within 60 days of new Congress beginning CRS-27 link to page 33
Affected
Bill or Resolution
Congressional Party
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.R. 3003 H.R. 3003
Members of Congress, Members of Congress,
Amend EIGA to Amend EIGA to
Divestment must Divestment must
Civil fines of not Civil fines of not
Commodities, Commodities,
Widely held Widely held
Bipartisan Restoring Bipartisan Restoring
spouses, and dependent spouses, and dependent
prohibit ownership prohibit ownership
occur within 90 occur within 90
more than $50,000 if more than $50,000 if
securities, futures, securities, futures,
investments; U.S. investments; U.S.
Faith in Government Faith in Government
children children
of covered financial of covered financial
days of enactment determined by a U.S. days of enactment determined by a U.S.
and any comparable and any comparable
Treasury bil s, notes, Treasury bil s, notes,
Act Act
instruments; instruments;
for current for current
district court after district court after
economic interests economic interests
or bonds; state or or bonds; state or
covered officials covered officials
Members or Members or
the Attorney General acquired through the Attorney General acquired through
local government local government
shall divest of shall divest of
within 90 days of within 90 days of
brings a civil action brings a civil action
synthetic means such synthetic means such
bonds; Thrift Savings bonds; Thrift Savings
covered financial covered financial
taking office for taking office for

as the use of as the use of
Plan (TSP) Plan (TSP)
instruments or instruments or
new Members new Members
derivatives derivatives
investments investments
place them in place them in
Prohibit a Member of Prohibit a Member of
qualified blind qualified blind
Congress from Congress from
trusts; submit a trusts; submit a
paying a civil penalty paying a civil penalty
“pledge of “pledge of
for for ~~non-compliance~~noncompliance
compliance” to the compliance” to the
with the amended with the amended
supervising ethics supervising ethics
law from a Members’ law from a Members’
office office
Representational Representational
Allowance (MRA) in Allowance (MRA) in
House and Senate House and Senate
the House or the the House or the
publication of publication of
Senators’ Official Senators’ Official
certifications on a certifications on a
Personnel and Office Personnel and Office
public website public website
Expense Accoun Expense Accounta H.R. 6141 Members of Congress and Amend EIGA to On the day of $25,000 per violation Securities as defined United States Insider Trading spouses prohibit purchase enactment or the value of the in Section 3(a) of the Treasury bil s, notes, Prevention Act or sale of covered covered financial Securities and or bonds; exchange investments instruments sold or Exchange Act of traded funds; mutual purchased, whichever 1934 (15 U.S.C. funds; or any is higher as §78c(a)) investment held in a determined by the federal, state, or local supervising ethics government office employee retirement plan CRS-28 Affected Bill or Resolution Congressional Party Proposed Action Timeline Proposed Penalty Covered Assets Exempted Assets H.R. 6842 Members of Congress, Amend EIGA to 120 days after Supervising Ethics Commodities, Investment fund STOCK Act 2.0 spouses, and dependents prohibit ownership, enactment for Office fine of not less securities, futures, registered as an purchase, or sale of current Members than 10% of the value cryptocurrencies, and investment company covered financial or within 120 of the covered any comparable under 15 U.S.C. S. 3555 interests days of taking financial interest economic interests §80a-3 (Investment STOCK Act 2.0 office for new acquired through Company Act of Members synthetic means such 1940) and that is Amend the STOCK as the use of diversified under 5 Act to require derivatives C.F.R. §2640.102; public access to compensation from covered officials’ the primary financial disclosure occupation of the and periodic spouse of a covered transaction reports individual, or any security that issued or paid by the employer of the spouse of a covered individual; U.S. Treasury bil s, notes, or bonds
S. 58/S. 439 S. 58/S. 439
Members of Congress and Amend EIGA to Members of Congress and Amend EIGA to
180 days of 180 days of
Disgorge to the Disgorge to the
Commodities, Commodities,
Diversified mutual Diversified mutual
Preventing Elected Preventing Elected
spouses spouses
prohibit ownership prohibit ownership
enactment for enactment for
Treasury any profit Treasury any profit
securities, futures, securities, futures,
funds; diversified funds; diversified
Leaders from Owning Leaders from Owning
or trading of or trading of
current Members current Members
from the transaction from the transaction
and any comparable and any comparable
exchange-traded exchange-traded
Securities and Securities and
covered covered
or within 180 or within 180
or holding; or holding;
economic interests economic interests
funds; funds; ~~United States~~U.S. Treasury
Investments (PELOSI) Investments (PELOSI)
investments investments
days of taking days of taking
prohibition on prohibition on
acquired through acquired through
~~Treasury~~ bil s, notes, bil s, notes,
or bonds; Act Act

office for new office for new
deduction of a loss deduction of a loss
synthetic means such synthetic means such
~~or bonds; and~~and compensation
Members Members
from a covered from a covered
as the use of as the use of
~~compensation from~~from primary
House and Senate House and Senate
transaction or transaction or
derivatives derivatives
~~primary occupation~~occupation of a
publication of publication of
holding; and civil fine holding; and civil fine
~~of a Member’s~~Member’s spouse or
certifications on a certifications on a
assessed by assessed by
~~spouse or~~ dependent dependent
public website public website
supervising ethics supervising ethics
committee committee
CRS- CRS-2629

Affected
Bill or Resolution
Congressional Party
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
S. 2463 S. 2463
Members of Congress, Members of Congress,
Amend EIGA to Amend EIGA to
Later of 180 days Later of 180 days
Disgorge to the Disgorge to the
Commodities, Commodities,
Diversified mutual Diversified mutual
Ban Stock Trading for spouses, and dependent Ban Stock Trading for spouses, and dependent
prohibit ownership prohibit ownership
of enactment or of enactment or
Treasury any profit Treasury any profit
securities, futures, securities, futures,
funds diversified funds diversified
Government Officials Government Officials
children children
or trading covered or trading covered
the date which the date which
from the transaction from the transaction
and any comparable and any comparable
exchange-traded exchange-traded
Act Act
investments and to investments and to
the covered the covered
or holding; fine of not economic interests or holding; fine of not economic interests
funds; U.S. Treasury funds; U.S. Treasury
require divestiture require divestiture
individual assumes less than 10% of the individual assumes less than 10% of the
acquired through acquired through
bil s, notes, or bonds; bil s, notes, or bonds;
of covered financial of covered financial
office or office or
value of the covered value of the covered
synthetic means such synthetic means such
compensation from compensation from
interest interest
employment employment
financial investment financial investment
as the use of as the use of
primary occupation primary occupation
derivatives derivatives
of covered individual of covered individual
S. 2773 S. 2773
Members of Congress, Members of Congress,
Amend EIGA to Amend EIGA to
Certification Certification
Civil penalties equal Civil penalties equal
Commodities, Commodities,
Diversified mutual Diversified mutual Ban Congressional
spouses, and dependent spouses, and dependent
require divestiture require divestiture
required within required within
to the monthly to the monthly
securities, futures, securities, futures,
funds; diversified funds; diversified
Stock Trading Act children children
or placement of or placement of
30 days of 30 days of
equivalent of the equivalent of the
and any comparable and any comparable
exchange-traded exchange-traded
assets in a blind assets in a blind
enactment for enactment for
annual rate of pay for annual rate of pay for
economic interests economic interests
funds; U.S. Treasury funds; U.S. Treasury
trust trust
Members of Members of
Members of Members of
acquired through acquired through
bil s, notes, or bonds; bil s, notes, or bonds;
Congress, or Congress, or
Congress Congress
synthetic means such synthetic means such
compensation from compensation from
within 30 days of within 30 days of
as the use of as the use of
primary occupation primary occupation
becoming a becoming a
derivatives, options, derivatives, options,
of Member’s spouse of Member’s spouse
Member of Member of
and warrants, and warrants,
or dependent child; or dependent child;
Congress; Congress;
including investment including investment
investments in investments in
divestiture or divestiture or
funds, trusts, funds, trusts,
federal, state, or local federal, state, or local
blind trust blind trust
employee benefit employee benefit
government government
required with 120 required with 120
plans, or deferred plans, or deferred
employee retirement employee retirement
days of enactment days of enactment
compensation plans compensation plans
plans plans
for Members of for Members of
Congress, or Congress, or
within 120 days of within 120 days of
becoming a becoming a
Member of Member of
Congress Congress
Source: CRS summary and analysis of proposed legislation. CRS summary and analysis of proposed legislation.
Notes: Also introduced in the 118th Congress is a resolution (H.Res. 938) that would express the House of Representatives’ support for a comprehensive political reform plan, which would include a ban on Members of Congress holding and trading individual stocks during their tenures. a. For more information on Members’ Representational Allowance (MRA) in the House or the Senators’ Official Personnel and Office Expense Account, see CRS a. For more information on Members’ Representational Allowance (MRA) in the House or the Senators’ Official Personnel and Office Expense Account, see CRS
Report R40962, Report R40962, Members’ Representational Allowance: History and Usage, by Ida A. Brudnick; and CRS Report R44399, , by Ida A. Brudnick; and CRS Report R44399, Senators’ Official Personnel and Office Expense
Account (SOPOEA): History and Usage, by Ida A. Brudnick. , by Ida A. Brudnick.

CRS- CRS-2730

Proposals to Limit Member of Congress Financial Activities

Author Information

Jacob R. Straus Jacob R. Straus

Specialist on the Congress Specialist on the Congress

Disclaimer
This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan
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