HOUSE 3003118th CongressReferred to the Committee on House Administration, and in addition to the Committee on 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.

Bipartisan Restoring Faith in Government Act

Last Action: 4/28/2023

Actions

2023-04-28Referred to the Committee on House Administration, and in addition to the Committee on 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.
2023-04-28Referred to the Committee on House Administration, and in addition to the Committee on 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.
2023-04-28Introduced in House
2023-04-28Introduced in House

CRS Summary

As of 2023-04-28 (00)

Bipartisan Restoring Faith in Government Act

This bill prohibits Members of Congress (and their spouses and dependents) from purchasing or selling certain investments, such as individual stocks and related financial instruments that are not diversified investment funds, U.S. Treasury securities, or other specified holdings.

Members must divest prohibited investments within 90 days by selling them or placing them in a qualified blind trust. The bill also restricts communications between trustees and beneficiaries related to investments held in qualified blind trusts.

Members must certify their compliance with the supervising ethics office, which must make the certificates publicly available online.

Violations are subject to specified civil penalties. Additionally, losses stemming from a transaction involving a prohibited investment that violates the provisions of the bill may not be deducted from income taxes.

Cosponsors (7)

Alexandria Ocasio-Cortez (D-NY)
Matt Gaetz (R-FL)
Raja Krishnamoorthi (D-IL)
Cory Mills (R-FL)
Joe Neguse (D-CO)
Michael Lawler (R-NY)
Daniel Goldman (D-NY)

Subjects

Family relationships
Financial services and investments
Government ethics and transparency, public corruption
Government information and archives
Members of Congress
Securities

Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.