HR 6678 117th Congress House Congress Civil actions and liability Government ethics and transparency, public corruption House Committee on Ethics Members of Congress Securities Senate Select Committee on Ethics

Bipartisan Ban on Congressional Stock Ownership Act of 2022

Introduced: February 9, 2022 Introduced by: Jayapal, Pramila Democratic · Washington See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 24, 2022

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Feb 9, 2022

Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, 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.

Feb 9, 2022

Introduced in House

Plain-English summary Congressional Research Service

Bipartisan Ban on Congressional Stock Ownership Act of 2022

This bill prohibits Members of Congress and their spouses from owning or trading stocks, bonds, commodities, futures, or any other form of security. Each current Member must divest within 180 days after the bill is enacted and each new Member must divest within 180 days after becoming a Member. However, Members and their spouses have 5 years to divest from specified complex investment vehicles. The bill does not apply to certain investments, such as investments in widely held investment funds that are diversified and do not present a conflict of interest and investments held in government employee retirement plans.

A Member or spouse who violates the bill may be subject to a fine of up to $50,000 for each violation. The bill permits a Member or spouse who is required to divest property under the bill to avoid recognizing gain for income tax purposes from the sale of that property to the extent that the Member or spouse purchases permitted bonds or diversified investment funds within 60 days of the divestiture.

What's happening now February 24, 2022

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Committees of jurisdiction 5