Halting Ownership and Non-Ethical Stock Transactions (HONEST) Act

Halting Ownership and Non-Ethical Stock Transactions (HONEST) Act

This bill generally prohibits the President, Vice President, and Members of Congress (and their spouses and dependents) from owning, acquiring, or selling certain investments, including individual stocks and digital assets. Violations are subject to specified civil penalties.

Under the bill, covered officials and their spouses and dependents may not purchase or sell individual stocks, digital assets, or related financial instruments that are not diversified investment funds, Treasury securities, or certain other holdings.

The bill also prohibits covered officials, their spouses, or their dependents from maintaining a qualified blind trust. The bill requires covered officials to divest from prohibited investments they, their spouse, or their dependent owns or controls. The bill establishes processes for divestment from qualified blind trusts and disposition of certain inherited investments. Violations are subject to specified civil penalties.

Covered officials, their spouses, and their dependents are prohibited from controlling or purchasing prohibited investments until 90 days after the covered official ceases to serve in office.

Each applicable supervising ethics office must make related information (e.g., certain notices of divestiture; descriptions of assets held in trusts; and federal loans, grants, or related benefits that the official received) available online in a searchable format.

Further, the bill imposes penalties on Members of and candidates for Congress and congressional employees for failing to comply with existing financial disclosure requirements.