Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on House Administration, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Restore Trust in Government Act would prohibit the President, Vice President, Members of Congress, and their spouses and dependent children from owning or trading individual stocks, commodities, futures, and similar investments while in office. Covered individuals would have 180 days from the bill's enactment (or 90 days upon taking office) to divest their holdings at fair market value, with limited exceptions for widely diversified investment funds, U.S. Treasury securities, small businesses, and family-owned farms. Those who violate the restrictions would face penalties of 10 percent of the investment's value plus disgorgement of any profits, with these penalties payable to the Treasury and publicly reported. The bill includes provisions allowing exemptions for family trusts, spouses acting in their primary occupations, and extensions for illiquid assets, with ethics offices responsible for issuing divestiture certificates and enforcing compliance.
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