H.R. 3182 would ban Members of Congress and their spouses from buying, selling, or holding individual stocks, commodities, and similar financial instruments while serving in office. The bill allows important exceptions for diversified mutual funds, exchange-traded funds, Thrift Savings Plan investments, and U.S. Treasury securities, which are considered less prone to conflicts of interest. Members who already own individual stocks before taking office may keep them, and the restrictions can be avoided by placing investments in a qualified blind trust managed by an independent trustee. The bill imposes civil fines on members who violate these trading restrictions. The legislation would take effect on the first day of the 120th Congress, giving current members time to adjust their portfolios before the restrictions apply.
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