The Restore Trust in Congress Act would prohibit Members of Congress, their spouses, and dependent children from owning or trading individual stocks, commodities, futures, and other comparable investments while in office. The ban includes broad exceptions for widely-held diversified investment funds, government bonds, Treasury securities, small business interests, and real estate used as a personal residence. Current members would have 180 days from enactment to divest their covered investments, while new members would have 90 days after taking office, with possible extensions for illiquid assets. The legislation includes penalties for violations, including a 10 percent fee on the investment value and disgorgement of any trading profits, with the collected penalties going to the U.S. Treasury; members cannot pay these penalties using their official office accounts or campaign contributions. The bill provides tax relief through the existing certificate of divestiture program to help minimize capital gains taxes when members sell their investments.
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