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SENATE 58118th CongressReferred to the Committee on Commerce, Science, and Transportation. (text: CR S355)

A resolution congratulating the Kansas City Chiefs on their victory in Super Bowl LVII in the successful 103rd season of the National Football League.

Last Action
2/13/2023

Actions

  • 2023-01-24Read twice and referred to the Committee on Finance.
  • 2023-01-24Introduced in Senate

CRS Summary

As of 2023-01-24 (00)

Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act

This bill prohibits Members of Congress (or their spouses) from holding or trading certain investments (e.g., individual stocks and related financial instruments other than diversified investment funds or U.S. Treasury securities).

The prohibition does not apply to assets held in a qualified blind trust or to sales by a Member to come into compliance with the bill's requirements. Specifically, the bill allows for sales by current Members during the 180 days following the bill's enactment and for sales by future Members during the 180 days following the commencement of their service.

Any profit made in violation of the prohibition must be disgorged to the Treasury and may subject the Member to a civil fine. Additionally, a loss stemming from a prohibited holding or transaction may not be used as an income tax deduction.

Each Member must submit an annual certification of compliance, and the Government Accountability Office must audit Members' compliance with the bill's provisions.

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.