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

October 24, 2023 – February 23, 2024 R47818

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

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

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
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
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
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,
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
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
(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
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.

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Introduction
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
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
promote the integrity of public officials and institutions.”2
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
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
official decisions should be made in the interests of the common good, not in the narrow self-
interests of the individuals in power.”4
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,
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
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
Laws Governing Financial Disclosure
This section provides a brief background on the Ethics in Government Act (EIGA) and the Stop
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
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
Ethics for Government Service is cited by many House and Senate investigations. For example, see U.S. Cong., 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. 108-722
(2004), p. 38.
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).
4 Beth Nolan, “Removing Conflicts from the Administration of Justice: Conflicts of Interest and Independent Counsels
Under the Ethics in Government Act,” Georgetown Law Journal, vol. 79, no. 1 (October 1990), p. 2.
5 U.S. Cong., Committee on House Administration, Examining Stock Trading Reform for Congress, hearing, 117th
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
https://democrats-cha.house.gov/committee-activity/hearings/examining-stock-trading-reforms-congress. See also,
CRS Testimony TE10073, Examining Stock Trading Reforms For Congress, by Jacob R. Straus; and CRS Insight
IN11860, Stock Trading in Congress: 117th Congress Proposals to Limit or Prohibit Certain Financial Transactions,
by Jacob R. Straus.
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Ethics in Government Act
As amended,6 the EIGA requires covered employees, including Members of Congress,
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
personal property—positions in business enterprises and other organizations and also any
agreements relating to post-Government employment.”8 Representatives, Delegates, the Resident
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
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
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,
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. §§13101-13111.
7 5 U.S.C. §13101(12)-(13); and 5 U.S.C. §13103(f)(9)-(10). The House Ethics Manual 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
federal GS-15 base level salary, for at least 60 days during the calendar year.” U.S. Cong., House Committee on
Standards of Official Conduct, House Ethics Manual, “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
$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.
Cong., 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,” Pink Sheet,
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. Cong.,
Senate, Select Committee on Ethics, “Chapter 5: Financial Disclosure,” Senate Ethics Manual, 2003 edition, p. 125, at
https://www.ethics.senate.gov/public/index.cfm/files/serve?File_id=f2eb14e3-1123-48eb-9334-
8c4717102a6e.pdf#page=137.
8 5 U.S.C. §13109(f)(9)-(10). U.S. Cong., 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 clarification on
the definition of Members of Cong. and officers or employees of the Cong., see 5 U.S.C. §13101(12)-(13).
9 U.S. Cong., House, Office of the Clerk of the House of Representatives, Financial Disclosure Reports, at
https://disclosures-clerk.house.gov/PublicDisclosure/FinancialDisclosure; and U.S. Cong., House, Committee on
Ethics, “Financial Disclosure,” at https://ethics.house.gov/financial-disclosure.
10 Senate Rule XXXIV. U.S. Cong., Senate, Secretary of the Senate, “Senate Public Financial Disclosure (Senate Rule
34),” Public Disclosure, at https://www.senate.gov/pagelayout/legislative/g_three_sections_with_teasers/
lobbyingdisc.htm; and U.S. Cong., Senate, Select Committee on Ethics, “Financial Disclosure,” at
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
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
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.
§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/
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
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, The Vacancies Act: A Legal Overview, by
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...)
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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
disclosure statements, including Members of Congress, officers, and covered congressional
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
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

conflicts of interest in the judiciary, see CRS Legal Sidebar LSB10949, Financial Disclosure and the Supreme Court,
by Whitney K. Novak.
For Members of Cong., a required recusal policy is potentially problematic. Only Members of Cong. can 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 pecuniary interest
in the event of such question.” U.S. Cong., House, “Rule III, clause 1,” Rules of the House of Representatives One
Hundred Eighteenth Congress, p. 4, at https://rules.house.gov/sites/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 1st Cong. (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.”
(Annals of Congress, 1st Cong., 1st sess. (April 7, 1789), pp. 103-104). Similarly, Thomas Jefferson in his 1801 version
of A Manual of Parliamentary Practice (which today is included as “Jefferson’s Manual” in Constitution, Jefferson’s
Manual and Rules of the House of Representatives, available at https://www.govinfo.gov/content/pkg/HMAN-117/xml/
HMAN-117.xml), wrote “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 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 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, Dunning, & Means, 1853), p. 44, at https://hdl.handle.net/2027/
uva.x004967171?urlappend=%3Bseq=46%3Bownerid=27021597767321586-50).
12 U.S. Cong., House, Committee on Ethics, “Financial Disclosure Guidance,” at https://ethics.house.gov/forms/fd-
guidance; and U.S. Cong., 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-
9334-8c4717102a6e.pdf#page=135.
13 P.L. 112-105, 126 Stat. 291 (2012). The STOCK Act was renamed the Rep. Louise McIntosh Slaughter 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, Insider Trading, by Jay B. Sykes. The STOCK
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
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
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
the spouse or dependent child, separate and independent of the filer.” See U.S. Cong., House Committee on Ethics,
Summary of Activities One Hundred Sixteenth Congress, 116th Cong., 2nd sess., December 31, 2020, H.Rept. 116-703,
p. 47, note 18. (Hereinafter House Ethics Committee, Summary of Activities, 116th Cong.).
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
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
transaction, not the gain or loss made on the sale.” See House Ethics Committee, Summary of Activities, 116th Cong., p.
44. For more information, see U.S. Cong., House, Committee on Ethics, “Reminder of STOCK Act 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; and U.S. Cong., 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-for-
senate-staff-1-.pdf.
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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
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

Senate Financial Disclosure and Periodic Transaction Reports
https://efdsearch.senate.gov/search/home
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
periodic transaction report filing, please contact the House Ethics Committee or the Senate Select
Committee on Ethics.17
Proposed Limitations on Financial Activities
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
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
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
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
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
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
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
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
Ethics, see https://www.ethics.senate.gov.
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,
purchasing, and selling certain assets. Those proposals would have extended ownership prohibitions to all financial
disclosure filers under the EIGA (H.R. 6461, 116th Cong.); 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
Federal Reserve System, and presidents and vice presidents of Federal Reserve Banks from engaging in certain
transactions (H.R. 6694 and S. 3612, 117th Cong.); or prohibited stock ownership by executive branch officials
(President, Vice President, political appointees, and certain senior career employees) and federal judges (H.R. 6684,
117th Cong.).
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holdings upon taking office,19 although doing so may be an option for remediating real or
perceived conflicts of interest.20 The House Ethics Manual directly addresses the issue of
potential divestiture by a Representative. It states
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
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
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
endeavors. Requiring divestiture may also insulate legislators from the personal and
economic interests held by their constituencies, or society in general, in governmental
decisions and policy.21
Similarly, the Senate Ethics Manual states
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
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
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 from voting on issues that generally affect their personal financial interests.
Instead, public financial disclosure provides the mechanism for monitoring and deterring
conflicts.22
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

19 U.S. Cong., House, Committee on Ethics, House Ethics Manual, 117th Cong., 2nd sess., 2022, pp. 234, 247-248, 250,
369; and U.S. Cong., Senate, Select Committee on Ethics, Senate Ethics Manual, p. 124. Senate Rule 37(7) 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 employee’s supervisor
approves other arrangements.” See Senate Ethics Manual, pp. 70-71, 218-220; and U.S. Senate, Committee on Rules
and Administration, “Rule XXXVII: Conflict of Interest,” Rules of the Senate, at 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 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. Cong., Senate, Select Committee on Ethics,
Senate Ethics Manual, 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-manual.pdf.
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
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
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)
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.”
21 U.S. Cong., House Committee on Ethics, House Ethics Manual, 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.
22 U.S. Cong., Senate Select Committee on Ethics, Senate Ethics Manual, 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-manual.pdf. Covered Senate staff include “committee staff paid at a rate of pay in excess of $25,000 a
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
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
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
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
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
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
two cases, proposals included provisions that would have applied to Members for a period after
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
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
a publicly available website.28 Other measures would have authorized the House Ethics
Committee and the Senate Select Committee on Ethics to issue civil fines, as they deemed
appropriate, for noncompliance.29 Still other bills have proposed to authorize the use of qualified
blind trusts, as a remediation tool, on a case-by-case basis.30
Amend House Rules
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
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
would only apply to Members of the House while they remained in office, since House rules do

23 For measures in the 115th Cong., see Table A-1. For measures in the 116th Cong., see Table A-2. For measures in the
117th Cong., see Table A-3. For measures from the 118th Cong., see Table A-4.
24 115th Cong.: S. 3718. 116th Cong.: H.R. 6461 and S. 7200. 117th Cong.: 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 Cong.: 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.
25 116th Cong.: H.R. 6401 and S. 1393. 117th Cong.: H.R. 1579, S. 564, H.R. 6694, and S. 3612. 118th Cong.: H.R. 389.
26 117th Cong.: 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 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 Report
R45946, Executive Branch Service and the “Revolving Door” in Cabinet Departments: Background and Issues for
Congress, by Jacob R. Straus.
27 118th Cong.: H.R. 2383.
28 116th Cong.: H.R. 7200. 117th Cong.: H.R. 6490 and S. 3504. 118th Cong.: H.R. 345, H.R. 1138, H.R. 2678, H.R.
3003, H.R. 6141, S. 58, S. 439, S. 1171, and S. 2773.
29 115th Cong.: S. 3718. 116th Cong.: H.R. 6401, H.R. 6461, and S. 1393. 117th Cong.: H.R. 6490 and S. 3504. 118th
Cong.: H.R. 389, H.R. 1679, H.R. 2678, H.R. 3003, H.R. 6141, S. 1171, and S. 2773.
30 117th Cong.: H.R. 6694 and S. 3612. 118th Cong.: H.R. 345, H.R. 389, H.R. 2678, H.R. 3003, S. 1171, and S. 2773.
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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
and adopted at the beginning of each Congress, and only apply to the Congress in which they are
adopted.32 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.
Each proposal to amend House rules has focused on Rule XXIII, the House Code of Conduct.33
These 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
individual corporation.34
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
under the jurisdiction of the House Ethics Committee.35 Since the proposed rule change would
alter the code of conduct, implementation and enforcement would likely reside with the House
Ethics Committee.
A similar proposal to amend Senate rules has not been introduced.36
Included and Excluded Assets
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
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
instruments, required additional disclosure and potential divestment of prohibited assets, and/or
increased penalties for noncompliance. For specific proposals, see the Appendix tables.
Most of the proposals would have prohibited Members of Congress from holding, purchasing, or
selling certain assets, including commodities, securities, and security futures.37 Currently,
Congress does not prohibit the ownership of specified financial assets, but some executive branch

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
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,
Summary of Activities, 116th Cong., p. 14; and House Rule XI, clause 3(a)(2).
32 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.
33 116th Cong.: H.R. 3419. 117th Cong.: H.R. 459 and H.Res. 873. 118th Cong.: H.R. 507 and H.Res. 156.
34 For example, see H.R. 459, §5 (117th Cong.). Similarly, H.Res. 156 (118th Cong.) would prohibit the ownership of
“the common stock of any individual public corporation.” (emphasis added)
35 House Rule X(1)(g).
36 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
information, see U.S. Cong., Senate, Committee on Rules and Administration, “Rules of the Senate,” at
https://www.rules.senate.gov/rules-of-the-senate.
37 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).
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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
would have included U.S. Treasury bills, notes, or bonds and certain “widely held investments.”40
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
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.”41
Use of Qualified Blind Trusts
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.42 Qualified blind
trusts are specific instruments established under the EIGA that may be used to remediate real or
perceived financial conflicts of interest.43 Qualified blind trusts used within the EIGA
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
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
be sold or disposed of, and in what investments the proceeds of sale are to be reinvested.44
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
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
trustee, who makes investment decisions of the individual’s benefit without the individual’s
knowledge.”45 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 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
plan participant toward the 100-person threshold when determining whether the ABC Fund is widely held.” See U.S.
Office of Government Ethics, Confidential Financial Disclosure Guide: OGE Form 450, December 2018, p. 32, at
https://www.oge.gov/Web/OGE.nsf/0/A685AEC70F057115852585B6005A202F/$FILE/
Confidential%20Fin%20Disc%20Guide_Jan2019.pdf#page=32. Similar guidance exists in OGE’s Public Financial
Disclosure Guide, p. 290, at https://www.oge.gov/Web/OGE.nsf/0/11E9ABAF6E128FF1852585B6005A2030/$FILE/
Public%20Fin%20Disc%20Guide_Jan2019.pdf#page=290.
41 5 U.S.C. §13104(f)(8). For more information, see U.S. Cong., House Committee on Ethics, “Reporting of 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/
Updated%20Final%20Combined%202023%20Instruction%20Guide.pdf; and U.S. Cong., Senate Select Committee on
Ethics, Financial Disclosure Instructions and Report for Calendar Year 2022, pp. 15, 24, at
https://www.ethics.senate.gov/public/_cache/files/02ccce18-df8d-48cb-bea4-ed14b155cba6/2023-financial-disclosure-
report-booklet-for-cy2022.pdf.
42 116th Cong.: H.R. 7200. 117th Cong.: H.R. 336, H.R. 1579, H.R. 6694, H.R. 6844, S. 564, S. 3494, and S. 3612. 118th
Cong.: H.R. 345, H.R. 389, H.R. 3003, and S. 2773.
43 5 C.F.R. §2634.401.
44 5 C.F.R. §2634.401(a).
45 U.S. Cong., Senate Select Committee on Ethics, Qualified Blind Trusts, 114th Cong., 1st sess., September 2015, p. 1,
(continued...)
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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
conflicts of interest that might arise between financial interests held by … employees and their
official responsibilities.”47 Conversely, qualified blind trusts may be considered expensive to
establish and maintain.48 Accordingly, some supervising ethics offices have determined that they
are not always an appropriate remedy when other solutions might be available.49
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.50 Those
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
Members of Congress would have to do the same within a specified number of days after being
sworn in.51 Other proposals would have provided the option of using a qualified blind trust, rather
than requiring its use.52
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
no knowledge of the impact of official actions on [their] personal financial interests.”53 Covered
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
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
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
the execution of official duties. Legislation establishing qualified blind trust rules has not solved
this problem.”54
The creation of a significant number of new qualified blind trusts could present administrative
challenges to the House and Senate.55 In a scenario where all Representatives, Senators,

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,” William & Mary Policy Review, vol. 4,
no. 1 (Fall 2012), p. 224.
48 Senate Select Committee on Ethics, Qualified Blind Trusts, p. 2. See also National Conference of State Legislators,
“Blind Trusts,” at https://www.ncsl.org/research/ethics/blind-trusts.aspx.
49 Senate Select Committee on Ethics, Qualified Blind Trusts, p. 2.
50 117th Cong.: H.R. 336 and S. 3494. 118th Cong.: H.R. 345, H.R. 3003, and S. 2773. House and Senate staff are not
included in these proposed blind trust requirements.
51 For example, H.R. 336 (117th Cong.) would require action with 90 days of enactment for current Members, or 90
days of being sworn in for new Members.
52 117th Cong.: H.R. 1579, H.R. 6490, H.R. 6694, S. 564, S. 3504, and S. 3612. 118th Cong.: H.R. 2678 and S. 1171.
53 National Conference of State Legislators, “Blind Trusts,” at https://www.ncsl.org/research/ethics/blind-trusts.aspx.
54 Megan J. Ballard, “The Shortsightedness of Blind Trusts,” University of Kansas Law Review, vol. 56 (October 2007),
p. 53.
55 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
(continued...)
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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
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
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
might require additional resources to conduct necessary reviews and certifications.56
Public Access to Disclosure Filings
Current law requires Members of Congress to file public financial disclosure and periodic
transaction reports.57 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.58 Periodic transaction reports and financial disclosure reports
for officers and other covered congressional employees are not available on the Clerk of the
House’s or Secretary of the Senate’s websites.59
Several proposals would have required additional public access to certain financial disclosure-
and periodic transaction report-related information. Generally, the measures proposed two
methods to potentially increase access to financial disclosure documents and periodic transaction
forms: requiring public access changes and requiring placement of proposed forms for
certification of compliance for proposed divestiture of assets on public web 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
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 Cong.
(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
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,
Summary of Activities, 116th Cong., p. 7; U.S. Cong., 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/_cache/
files/691e5e65-5b73-4e95-8cdb-de056570cb34/annual-report-for-2020.pdf; and U.S. Cong., Senate, Select 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-2021.pdf.
57 5 U.S.C. §13103; P.L. 112-105, §8, 126 Stat. 295 (2012).
58 5 U.S.C. §13107. Forms can be accessed at U.S. Cong., House, Office of the Clerk of the House of Representatives,
“Financial Disclosure Reports,” at https://disclosures-clerk.house.gov/PublicDisclosure/FinancialDisclosure; and U.S.
Cong., Senate, Secretary of the Senate, “Senate Public Financial Disclosure (Senate Rule 34),” Public Disclosure, at
https://www.senate.gov/pagelayout/legislative/g_three_sections_with_teasers/lobbyingdisc.htm.
59 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.
60 In the 117th Cong., 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 web pages: 116th Cong.: H.R.
7200; 117th Cong.: H.R. 336, H.R. 6490, S. 3494, and S. 3504; and 118th Cong.: H.R. 345, H.R. 1138, H.R. 2678, H.R.
3033, S. 58, S. 439, S. 1171, and S. 2773.
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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
• civil penalties of not less than 10% of the value of the covered investment;62
• the value of the covered financial instrument sold or purchased;63
• “disgorgement” to the U.S. Treasury of any profit from transactions or
holdings;64
• penalties equal to the Member’s entire salary for as long as the violation occurs;65
and/or
• 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.66
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.67
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
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
report or willfully falsified or willfully failed to file information required to be reported,” it may
refer the case to the Attorney General.68
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
failing to file a report or falsifying or failing to report information required to be reported.”69
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

61 Proposed monetary fines have ranged from $500 (H.R. 6694 and S. 3612, 117th Cong.) to not more than $1 million
(S. 3451, 115th Cong.). Other proposed fines have included $1,000 (H.R. 389, 118th Cong.), $10,000 (H.R. 2678 and S.
1171, 118th Cong.), $25,000 (H.R. 6141, 118th Cong.), and $50,000 (H.R. 6678 and S. 3631, 117th Cong.; and H.R.
1679, and H.R. 3003, 118th Cong.).
62 115th Cong.: S. 3718. 116th Cong.: H.R. 6401, H.R. 6461, and S. 1393. 117th Cong.: H.R. 1579, S. 564, H.R. 6694,
and S. 3612. 118th Cong.: H.R. 389, H.R. 2678, S. 1171, and S. 2463.
63 118th Cong.: H.R. 6141.
64 117th Cong.: H.R. 6490 and S. 3504. 118th Cong.: H.R. 1138, S. 58, S. 439, and S. 2463.
65 117th Cong.: H.R. 6844.
66 117th Cong.: S. 3949. 118th Cong.: S. 2773.
67 117th Cong.: H.R. 6844.
68 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
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,
not to exceed $50,000.” 5 U.S.C. §13106(a)(1).
69 5 U.S.C. §13106(c).
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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
seek a civil penalty ... against an individual who knowingly and willfully falsifies or fails to file
or report any required information.”72
Considerations for Congress
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
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
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,
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
documents; and amending penalties for noncompliance. Each of these options likely has
advantages and disadvantages should Congress choose to implement a particular measure as
introduced or incorporate various concepts into another measure.
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
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
following:
• Should new requirements apply only to Members of Congress, or also to their
spouses and dependent children?
• Should congressional officers and staff be subject to the same disclosure and
public access considerations as Members of Congress?
• What penalties are appropriate for violations of new or existing requirements and
are proposed penalties sufficient to achieve congressional aims?
• What is the financial cost for establishing qualified blind trusts and how might
covered officials pay for the establishment of such trusts?

70 U.S. 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 Ethics Manual, “Failure to File or Filing
False Disclosure Information,” 110th Cong., 2nd sess., 2008, p. 265; and U.S. Cong., Senate Select Committee on
Ethics, Senate Ethics Manual, committee print, 108th Cong., 1st sess., S.Prt. 108-1, 2003, p. 127.
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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
prohibited Representatives and Senators—and in some cases other covered officials, employees,
and individuals—from engaging in certain financial activities. The following tables summarize
legislation introduced in each Congress since the 115th Congress (2017-2018). For each identified
measure, 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 assets. For organizational ease, each table lists companion measures
together.
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
keywords. CRS supplemented this search by examining House dear colleague letters and Member
press releases for similar legislation.73 It is possible that other measures that might address similar
policy matters but use different wording were not captured by this search.

73 Jennifer Manning, Senior Research Librarian, conducted the searches.
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Legislation Introduced in the 115th Congress (2017-2018)
In the 115th Congress, Members introduced three bills or resolutions (Table A-1) 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.
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
Members of Congress
Amend EIGA to
Applies to
—
—
—
Member Financial
require periodic
transactions after
Transparency Act
transaction reports
enactment
within 7 days
S. 3451
Members of Congress
Prohibit purchase
—
Fine of not more than —
Widely held
Congressional Anti-
or sale of individual
$1 mil ion or not
investment funds
Corruption Act
securities
more than 5 years
imprisonment
S. 3718
Members of Congress
Prohibit purchase
May divest
Civil penalty of not
Securities,
Widely held
Ban Conflicted Trading
and congressional
or sale of specified
covered assets for less than 10% of the
commodities, or
investment funds;
Act
employees who file under investments or
6 months after
value of the covered
futures, and any
U.S. Treasury bil s,
EIGA
transactions that
enactment for
asset
comparable
notes, or bonds
create a net short
Members, or after
economic interests
position
taking office for
acquired through
newly elected
synthetic means
Members
such as the use of
derivatives
Source: CRS summary and analysis of proposed legislation.

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Legislation Introduced in the 116th Congress (2019-2020)
In the 116th Congress, Members introduced five bills or resolutions (Table A-2) 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.
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
Member, Delegate, or
Amends House Rule
Effective
—
Common stock of —
HUMBLE Act
Resident Commissioner
XXIII to prohibit
immediately before
any individual
ownership of common
noon on January 3,
public
stock
2021
corporation
H.R. 6401
Members of Congress
Prohibit purchase or
May divest covered Civil penalty of not
Securities,
Widely held investment
Ban Conflicted
and congressional
sale of specified
investment for 6
less than 10% of the
commodities, or
funds; U.S. Treasury
Trading Act
employees who file
investments or
months after
value of the covered futures
bil s, notes, or bonds

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

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

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

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Legislation Introduced in the 117th Congress (2021-2022)
In the 117th Congress, Members introduced 14 bills or resolutions (Table A-3) 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.
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
Members of Congress,
Amend House Rule
—
—
Common stock of any
—
No Option for Stock
Delegates, and Resident
XXIII to prohibit
individual public
Trading and
Commissioner
ownership of
corporation
Ownership as a
common stock
Check to Keep
Congress Clean
Resolution
H.R. 459
Members of Congress,
Amend House Rule
Effective
—
Common stock of any
—
HUMBLE Act
Delegates, and Resident
XXIII to prohibit
immediately
individual public
Commissioner
ownership of
before noon on
corporation
common stock
January 3, 2023
H.R. 336
Members of Congress,
Require placement
Within 90 days of
—
Securities,
Widely held
TRUST in Congress
spouses, and dependent
of covered
enactment for
commodities, or
investment funds;
Act
children
investments in a
current Members
futures and any
U.S. Treasury bil s,
qualified blind trust
or within 90 days
comparable economic
notes, or bonds

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

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

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

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

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

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

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

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

derivatives
blind trusts
Amend STOCK Act

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

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

Affected
Congressional
Bill or Resolution
Officials/Employees
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.R. 6678
Members of Congress and Prohibit ownership
Divest within 180
Civil fines of not
Stocks, bonds,
Widely held
Bipartisan Ban on
spouses
of specified assets
days or 5 years of
more than $50,000
commodities, futures,
investments, shares
Congressional Stock
and require
enactment for
if determined by a
or “other form of
of Settlement
Ownership Act of
divestment of assets
current Members
U.S. district court
security, including an
Common Stock
2022
except for widely
or within 180 days
after the Attorney
interest in a hedge
issued under the

held investment
or 5 years of
General or Special
fund, a derivative,
Alaska Native
funds
taking office for
Counsel brings a
option, or other
Claims Settlement
S. 3631
new Members,
civil action
complex investment
Act (43 U.S.C.
Bipartisan Ban on
depending on type
vehicle”
§1606(g)(1)(A));
Congressional Stock
of asset
U.S. Treasury bil s,
Ownership Act of
notes, or bonds;
2022
investment funds
held by federal,
state, or local
government
employee
retirement plans;
small business
concern interests;
and compensation
from the primary
occupation of a
spouse
CRS-20

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

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

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

CRS-22

link to page 26
Legislation Introduced in the 118th Congress (2023-2024)
In the 118th Congress (through January 25, 2024), Members have introduced 17 bills or resolutions (Table A-4) to limit or prohibit Members of
Congress and covered congressional employees from engaging in certain financial activities. As of January 25, 2024, none of these measures
have been passed by the House or Senate.
Table A-4. 118th Congress: Proposals to Limit or Prohibit Certain Financial Activities
Through January 25, 2024
Affected
Bill or Resolution
Congressional Party
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.Res. 156
Members of Congress,
Amend House Rule
—
—
Common stock of
—
No Option for Stock
Delegates, and Resident
XXIII to prohibit
any individual
Trading and
Commissioner
ownership of
corporation
Ownership as a
common stock
Check to Keep
Congress Clean (NO
STOCK) Resolution
H.R. 345
Members of Congress,
Require placement
Within 90 days of
—
Securities,
Widely held
TRUST in Congress
spouses, and dependent
of covered
enactment for
commodities, or
investments; U.S.
Act
children
investments in
current Members
futures, or any
Treasury bil s, notes,
qualified blind
or within 90 days
comparable
or bonds; or
trusts; Clerk of the
of taking office for
economic interests
compensation
House and
new Members
acquired through
through a covered
Secretary of the
synthetic means such
investment from the
Senate post
as the use of
primary occupation
certifications on a
derivatives
of a Member’s
public website
spouse or dependent
CRS-23

Affected
Bill or Resolution
Congressional Party
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.R. 389
Members of Congress,
Amend EIGA to
Purchase
Fine of $1,000 after
Securities,
Widely held
PORTFOLIO
Delegates, and Resident
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
Members of Congress and Prohibit ownership
Depending on
Civil fines of not
Stocks, bonds,
Widely held
Bipartisan Ban on
spouses
or sale of covered
type of asset,
more than $50,000
commodities, futures, investments; U.S.
Congressional Stock
investments
divest within 180
per violation if
or other forms of
Treasury bil s, notes,
Ownership Act of
days or 5 years of
determined by a U.S.
securities, including
or bonds; federal,
2023
enactment for
district court after
interests in hedge
state, or local
current Members
the Attorney General funds, derivatives,
government
or within 180
brings a civil action
options, or other
employee retirement
days or 5 years of
complex investment
plans; interest in a
taking office for
vehicles
small business
new Members
concern;
compensation from
spouse’s primary
occupation; Alaska
Native Claims
Settlement Act
Settlement Common
Stock
CRS-25

Affected
Bill or Resolution
Congressional Party
Proposed Action
Timeline
Proposed Penalty
Covered Assets
Exempted Assets
H.R. 2383
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
Members of Congress,
Amend EIGA to
Divestment must
Civil fines of not
Commodities,
Widely held
Bipartisan Restoring
spouses, and dependent
prohibit ownership
occur within 90
more than $50,000 if
securities, futures,
investments; U.S.
Faith in Government
children
of covered financial
days of enactment determined by a U.S.
and any comparable
Treasury bil s, notes,
Act
instruments;
for current
district court after
economic interests
or bonds; state or
covered officials
Members or
the Attorney General acquired through
local government
shall divest of
within 90 days of
brings a civil action
synthetic means such
bonds; Thrift Savings
covered financial
taking office for

as the use of
Plan (TSP)
instruments or
new Members
derivatives
investments
place them in
Prohibit a Member of
qualified blind
Congress from
trusts; submit a
paying a civil penalty
“pledge of
for noncompliance
compliance” to the
with the amended
supervising ethics
law from a Members’
office
Representational
Allowance (MRA) in
House and Senate
the House or the
publication of
Senators’ Official
certifications on a
Personnel and Office
public website
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
Members of Congress and Amend EIGA to
180 days of
Disgorge to the
Commodities,
Diversified mutual
Preventing Elected
spouses
prohibit ownership
enactment for
Treasury any profit
securities, futures,
funds; diversified
Leaders from Owning
or trading of
current Members
from the transaction
and any comparable
exchange-traded
Securities and
covered
or within 180
or holding;
economic interests
funds; U.S. Treasury
Investments (PELOSI)
investments
days of taking
prohibition on
acquired through
bil s, notes, or bonds;
Act

office for new
deduction of a loss
synthetic means such
and compensation
Members
from a covered
as the use of
from primary
House and Senate
transaction or
derivatives
occupation of a
publication of
holding; and civil fine
Member’s spouse or
certifications on a
assessed by
dependent
public website
supervising ethics
committee
CRS-29

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

Proposals to Limit Member of Congress Financial Activities

Author Information

Jacob R. Straus

Specialist on the Congress

Disclaimer
This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan
shared staff to congressional committees and Members of Congress. It operates solely at the behest of and
under the direction of Congress. Information in a CRS Report should not be relied upon for purposes other
than public understanding of information that has been provided by CRS to Members of Congress in
connection with CRS’s institutional role. CRS Reports, as a work of the United States Government, are not
subject to copyright protection in the United States. Any CRS Report may be reproduced and distributed in
its entirety without permission from CRS. However, as a CRS Report may include copyrighted images or
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