Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1908 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 1908
5	5	To prohibit stock trading and ownership by Members of Congress and their
6	6	spouses and dependent children, and for other purposes.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	MARCH6, 2025
9	9	Mr. B
10	10	URCHETTintroduced the following bill; which was referred to the Com-
11	11	mittee on Financial Services, and in addition to the Committees on Agri-
12	12	culture, House Administration, and Ways and Means, for a period to be
13	13	subsequently determined by the Speaker, in each case for consideration
14	14	of such provisions as fall within the jurisdiction of the committee con-
15	15	cerned
16	16	A BILL
17	17	To prohibit stock trading and ownership by Members of
18	18	Congress and their spouses and dependent children, and
19	19	for other purposes.
20	20	Be it enacted by the Senate and House of Representa-1
21	21	tives of the United States of America in Congress assembled, 2
22	22	SECTION 1. SHORT TITLE. 3
23	23	This Act may be cited as the ‘‘End Congressional 4
24	24	Stock Trading Act’’. 5
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27	27	•HR 1908 IH
28	28	SEC. 2. BAR ON STOCK TRADING AND OWNERSHIP BY MEM-1
29	29	BERS OF CONGRESS AND THEIR SPOUSES 2
30	30	AND DEPENDENT CHILDREN. 3
31	31	(a) D
32	32	EFINITIONS.—In this section: 4
33	33	(1) C
34	34	OMMODITY.—The term ‘‘commodity’’ has 5
35	35	the meaning given that term in section 1a of the 6
36	36	Commodity Exchange Act (7 U.S.C. 1a). 7
37	37	(2) D
38	38	EPENDENT CHILD.—The term ‘‘dependent 8
39	39	child’’ has the meaning given that term in section 9
40	40	13101 of title 5, United States Code. 10
41	41	(3) D
42	42	IVERSIFIED.—The term ‘‘diversified’’, 11
43	43	with respect to an investment fund, means that the 12
44	44	investment fund does not have a stated policy of 13
45	45	overly concentrating its investments. 14
46	46	(4) M
47	47	EMBER OF CONGRESS .—The term ‘‘Mem-15
48	48	ber of Congress’’ has the meaning given that term 16
49	49	in section 13101 of title 5, United States Code. 17
50	50	(5) S
51	51	ECURITY.—The term ‘‘security’’ has the 18
52	52	meaning given that term in section 3(a) of Securities 19
53	53	Exchange Act of 1934 (15 U.S.C. 78c(a)). 20
54	54	(6) S
55	55	MALL BUSINESS CONCERN .—The term 21
56	56	‘‘small business concern’’ has the meaning given 22
57	57	that term under section 3 of the Small Business Act 23
58	58	(15 U.S.C. 632). 24
59	59	(7) W
60	60	IDELY HELD INVESTMENT FUND .—The 25
61	61	term ‘‘widely held investment fund’’ means a widely 26
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64	64	•HR 1908 IH
65	65	held investment fund described in 13104(f)(8) of 1
66	66	title 5, United States Code. 2
67	67	(b) D
68	68	IVESTMENT.— 3
69	69	(1) I
70	70	N GENERAL.—A Member of Congress or a 4
71	71	spouse or dependent child of a Member of Congress 5
72	72	may not own an interest in or trade (except as a di-6
73	73	vestment) any stock, bond, commodity, future, or 7
74	74	other form of security, including an interest in a 8
75	75	hedge fund, a derivative, option, or other complex in-9
76	76	vestment vehicle. 10
77	77	(2) I
78	78	MPLEMENTATION.— 11
79	79	(A) C
80	80	URRENT MEMBERS .— 12
81	81	(i) I
82	82	N GENERAL.—Except as provided 13
83	83	in clause (ii), an individual who is a Mem-14
84	84	ber of Congress or a spouse or dependent 15
85	85	child of a Member of Congress on the date 16
86	86	of enactment of this Act shall complete the 17
87	87	divestment of any asset described in para-18
88	88	graph (1) by not later than 180 days after 19
89	89	the date of enactment of this Act. 20
90	90	(ii) C
91	91	ERTAIN ASSETS.—For an asset 21
92	92	described in paragraph (1) that is an inter-22
93	93	est in a hedge fund, venture capital fund, 23
94	94	or other privately held complex investment 24
95	95	vehicle, an individual who is a Member of 25
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98	98	•HR 1908 IH
99	99	Congress or a spouse or dependent child of 1
100	100	a Member of Congress on the date of en-2
101	101	actment of this Act shall complete the di-3
102	102	vestment of the asset by not later than 5 4
103	103	years after the date of enactment of this 5
104	104	Act. 6
105	105	(B) N
106	106	EW MEMBERS.— 7
107	107	(i) I
108	108	N GENERAL.—Except as provided 8
109	109	in clause (ii), an individual who becomes a 9
110	110	Member of Congress or a spouse or de-10
111	111	pendent child of a Member of Congress 11
112	112	after the date of enactment of this Act 12
113	113	shall complete the divestment of any asset 13
114	114	described in paragraph (1) by not later 14
115	115	than 90 days after the date on which the 15
116	116	individual becomes a Member of Congress 16
117	117	or a spouse or dependent child of a Mem-17
118	118	ber of Congress. 18
119	119	(ii) C
120	120	ERTAIN ASSETS.—For an asset 19
121	121	described in paragraph (1) that is an inter-20
122	122	est in a hedge fund, venture capital fund, 21
123	123	or other privately held complex investment 22
124	124	vehicle, an individual who becomes a Mem-23
125	125	ber of Congress or a spouse or dependent 24
126	126	child of a Member of Congress after the 25
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129	129	•HR 1908 IH
130	130	date of enactment of this Act shall com-1
131	131	plete the divestment of the asset by not 2
132	132	later than 5 years after the date on which 3
133	133	the individual becomes a Member of Con-4
134	134	gress or a spouse or dependent child of a 5
135	135	Member of Congress. 6
136	136	(C) D
137	137	IVESTMENT OF ASSETS RECEIVED 7
138	138	WHILE A MEMBER .—An individual serving as a 8
139	139	Member of Congress or a spouse or dependent 9
140	140	child of an individual serving as a Member of 10
141	141	Congress who receives any asset described in 11
142	142	paragraph (1) during the period of such service, 12
143	143	such as from an inheritance, shall complete the 13
144	144	divestment of the asset by not later than 180 14
145	145	days after the date on which the individual re-15
146	146	ceives the asset. 16
147	147	(c) E
148	148	XCEPTIONS.—Nothing in this section shall be 17
149	149	construed to prevent— 18
150	150	(1) a Member of Congress or a spouse or de-19
151	151	pendent child of a Member of Congress from owning 20
152	152	or trading— 21
153	153	(A) a widely held investment fund, if the 22
154	154	widely held investment fund— 23
155	155	(i) does not present a conflict of inter-24
156	156	est; and 25
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159	159	•HR 1908 IH
160	160	(ii) is diversified; 1
161	161	(B) shares of Settlement Common Stock 2
162	162	issued under section 7(g)(1)(A) of the Alaska 3
163	163	Native Claims Settlement Act (43 U.S.C. 4
164	164	1606(g)(1)(A)); 5
165	165	(C) shares of Settlement Common Stock, 6
166	166	as defined in section 3 of the Alaska Native 7
167	167	Claims Settlement Act (43 U.S.C. 1602); 8
168	168	(D) a United States Treasury bill, note, or 9
169	169	bond; 10
170	170	(E) an investment fund held in a Federal, 11
171	171	State, or local government employee retirement 12
172	172	plan; 13
173	173	(F) an interest in a small business con-14
174	174	cern, if the small business concern does not 15
175	175	present a conflict of interest; or 16
176	176	(G) any asset described in subsection 17
177	177	(b)(1) received as compensation from the pri-18
178	178	mary occupation of the spouse; or 19
179	179	(2) a spouse or dependent child of a Member of 20
180	180	Congress from trading any asset described in sub-21
181	181	section (b)(1) that is not owned by the spouse or 22
182	182	Member of Congress in the course of performing the 23
183	183	primary occupation of the spouse. 24
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186	186	•HR 1908 IH
187	187	(d) CIVILFINES.—The Attorney General or the Spe-1
188	188	cial Counsel may bring a civil action in the appropriate 2
189	189	United States district court against any Member of Con-3
190	190	gress or spouse or dependent child of a Member of Con-4
191	191	gress who engages in conduct constituting a violation of 5
192	192	this section and, upon proof of such conduct by a prepon-6
193	193	derance of the evidence, such Member of Congress or 7
194	194	spouse or dependent child of such Member of Congress 8
195	195	shall be subject to a civil penalty of not more than 9
196	196	$100,000 for each violation. The imposition of a civil pen-10
197	197	alty under this subsection does not preclude any other 11
198	198	criminal or civil statutory, common law, or administrative 12
199	199	remedy, which is available by law to the United States or 13
200	200	any other person. 14
201	201	(e) N
202	202	ONRECOGNITION OF GAIN.— 15
203	203	(1) I
204	204	N GENERAL.—Paragraph (1) of section 16
205	205	1043(b) of the Internal Revenue Code of 1986 is 17
206	206	amended— 18
207	207	(A) by striking ‘‘and’’ at the end of sub-19
208	208	paragraph (A); 20
209	209	(B) by redesignating subparagraph (B) as 21
210	210	subparagraph (C); 22
211	211	(C) by inserting after subparagraph (A) 23
212	212	the following new subparagraph: 24
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215	215	•HR 1908 IH
216	216	‘‘(B) any Member of Congress or any 1
217	217	spouse or dependent child of a Member of Con-2
218	218	gress, but only with respect to a divestment of 3
219	219	property required by the End Congressional 4
220	220	Stock Trading Act and only if, not later than 5
221	221	60 days after the divestment of such property, 6
222	222	the individual uses the proceeds of the divest-7
223	223	ment to obtain property which the individual is 8
224	224	authorized to own or trade under section 9
225	225	2(c)(1) of such Act, and’’; and 10
226	226	(D) by striking ‘‘subparagraph (A)’’ in 11
227	227	subparagraph (C), as so redesignated, and in-12
228	228	serting ‘‘subparagraph (A) or (B), whichever is 13
229	229	applicable’’. 14
230	230	(2) C
231	231	ERTIFICATE OF DIVESTITURE .—Subpara-15
232	232	graph (B) of section 1043(b)(2) of such Code is 16
233	233	amended— 17
234	234	(A) by striking ‘‘or by’’ and inserting 18
235	235	‘‘by’’; and 19
236	236	(B) by inserting ‘‘, or by the applicable 20
237	237	congressional ethics committee, as defined in 21
238	238	section 13101 of title 5, United States Code, in 22
239	239	the case of Members of Congress and spouses 23
240	240	and dependent children of Members of Con-24
241	241	gress,’’ after ‘‘judicial officers’’. 25
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244	244	•HR 1908 IH
245	245	(3) NO EFFECT ON SUBSEQUENT SALE OF 1
246	246	PROPERTY.—Nothing in the amendments made by 2
247	247	this subsection shall be construed to provide for the 3
248	248	nonrecognition of gain with respect to the sale of 4
249	249	property obtained by a Member of Congress or any 5
250	250	spouse or dependent child of a Member of Congress 6
251	251	with the proceeds of a divestment required by this 7
252	252	Act, as described in section 1043(b)(1)(B) of the In-8
253	253	ternal Revenue Code of 1986 (as added by this sub-9
254	254	section). 10
255	255	(4) E
256	256	FFECTIVE DATE.—The amendments made 11
257	257	by this subsection shall apply to sales of property 12
258	258	after the date of the enactment of this Act. 13
259	259	(f) I
260	260	NTERPRETIVE GUIDANCE.—The Select Com-14
261	261	mittee on Ethics of the Senate and the Committee on Eth-15
262	262	ics of the House of Representatives shall issue interpretive 16
263	263	guidance regarding relevant terms not defined in this Act 17
264	264	or elsewhere in statute. 18
265	265	Æ
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