In addition to controlling congressional recesses, HB 5068 introduces a five-year ban on lobbying activities for individuals appointed to executive positions and members of Congress. This measure is intended to limit the influence of former government officials in policy-making processes and address concerns regarding conflicts of interest. The bill also proposes the termination of federal retirement coverage for new members of Congress effective upon the date of enactment, reflecting a trend toward increasing accountability in government roles and pensions.
Summary
House Bill 5068, titled the 'Serve the People, Not the Swamp Act', seeks to enforce stricter regulations on congressional operations and to impose a balanced federal budget requirement. The bill prohibits Congress from going into recess unless a concurrent resolution on the budget, resulting in a balanced budget by the last fiscal year covered, is adopted. This aims to ensure that government funding is prioritized and intentional, reducing the risk of government shutdowns caused by budgetary impasses.
Contention
The controversial aspects of HB 5068 arise from its restrictions on lobbying and the termination of benefits. Supporters argue that these provisions will combat corruption and create a more transparent government. However, critics raise concerns about the potential loss of experienced voices in policy discussions, especially those who have moved on to the private sector. Furthermore, the requirement for a balanced budget could lead to conflicts in future funding priorities, particularly in times of economic downturn, where flexibility may be necessary to address urgent issues.
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.