I
119THCONGRESS
1
STSESSION H. R. 1908
To prohibit stock trading and ownership by Members of Congress and their
spouses and dependent children, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH6, 2025
Mr. B
URCHETTintroduced the following bill; which was referred to the Com-
mittee on Financial Services, and in addition to the Committees on Agri-
culture, 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 con-
cerned
A BILL
To prohibit stock trading and ownership by Members of
Congress and their spouses and dependent children, and
for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘End Congressional 4
Stock Trading Act’’. 5
VerDate Sep 11 2014 00:13 Mar 20, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1908.IH H1908
ssavage on LAPJG3WLY3PROD with BILLS 2
•HR 1908 IH
SEC. 2. BAR ON STOCK TRADING AND OWNERSHIP BY MEM-1
BERS OF CONGRESS AND THEIR SPOUSES 2
AND DEPENDENT CHILDREN. 3
(a) D
EFINITIONS.—In this section: 4
(1) C
OMMODITY.—The term ‘‘commodity’’ has 5
the meaning given that term in section 1a of the 6
Commodity Exchange Act (7 U.S.C. 1a). 7
(2) D
EPENDENT CHILD.—The term ‘‘dependent 8
child’’ has the meaning given that term in section 9
13101 of title 5, United States Code. 10
(3) D
IVERSIFIED.—The term ‘‘diversified’’, 11
with respect to an investment fund, means that the 12
investment fund does not have a stated policy of 13
overly concentrating its investments. 14
(4) M
EMBER OF CONGRESS .—The term ‘‘Mem-15
ber of Congress’’ has the meaning given that term 16
in section 13101 of title 5, United States Code. 17
(5) S
ECURITY.—The term ‘‘security’’ has the 18
meaning given that term in section 3(a) of Securities 19
Exchange Act of 1934 (15 U.S.C. 78c(a)). 20
(6) S
MALL BUSINESS CONCERN .—The term 21
‘‘small business concern’’ has the meaning given 22
that term under section 3 of the Small Business Act 23
(15 U.S.C. 632). 24
(7) W
IDELY HELD INVESTMENT FUND .—The 25
term ‘‘widely held investment fund’’ means a widely 26
VerDate Sep 11 2014 00:13 Mar 20, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1908.IH H1908
ssavage on LAPJG3WLY3PROD with BILLS 3
•HR 1908 IH
held investment fund described in 13104(f)(8) of 1
title 5, United States Code. 2
(b) D
IVESTMENT.— 3
(1) I
N GENERAL.—A Member of Congress or a 4
spouse or dependent child of a Member of Congress 5
may not own an interest in or trade (except as a di-6
vestment) any stock, bond, commodity, future, or 7
other form of security, including an interest in a 8
hedge fund, a derivative, option, or other complex in-9
vestment vehicle. 10
(2) I
MPLEMENTATION.— 11
(A) C
URRENT MEMBERS .— 12
(i) I
N GENERAL.—Except as provided 13
in clause (ii), an individual who is a Mem-14
ber of Congress or a spouse or dependent 15
child of a Member of Congress on the date 16
of enactment of this Act shall complete the 17
divestment of any asset described in para-18
graph (1) by not later than 180 days after 19
the date of enactment of this Act. 20
(ii) C
ERTAIN ASSETS.—For an asset 21
described in paragraph (1) that is an inter-22
est in a hedge fund, venture capital fund, 23
or other privately held complex investment 24
vehicle, an individual who is a Member of 25
VerDate Sep 11 2014 00:13 Mar 20, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1908.IH H1908
ssavage on LAPJG3WLY3PROD with BILLS 4
•HR 1908 IH
Congress or a spouse or dependent child of 1
a Member of Congress on the date of en-2
actment of this Act shall complete the di-3
vestment of the asset by not later than 5 4
years after the date of enactment of this 5
Act. 6
(B) N
EW MEMBERS.— 7
(i) I
N GENERAL.—Except as provided 8
in clause (ii), an individual who becomes a 9
Member of Congress or a spouse or de-10
pendent child of a Member of Congress 11
after the date of enactment of this Act 12
shall complete the divestment of any asset 13
described in paragraph (1) by not later 14
than 90 days after the date on which the 15
individual becomes a Member of Congress 16
or a spouse or dependent child of a Mem-17
ber of Congress. 18
(ii) C
ERTAIN ASSETS.—For an asset 19
described in paragraph (1) that is an inter-20
est in a hedge fund, venture capital fund, 21
or other privately held complex investment 22
vehicle, an individual who becomes a Mem-23
ber of Congress or a spouse or dependent 24
child of a Member of Congress after the 25
VerDate Sep 11 2014 00:13 Mar 20, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H1908.IH H1908
ssavage on LAPJG3WLY3PROD with BILLS 5
•HR 1908 IH
date of enactment of this Act shall com-1
plete the divestment of the asset by not 2
later than 5 years after the date on which 3
the individual becomes a Member of Con-4
gress or a spouse or dependent child of a 5
Member of Congress. 6
(C) D
IVESTMENT OF ASSETS RECEIVED 7
WHILE A MEMBER .—An individual serving as a 8
Member of Congress or a spouse or dependent 9
child of an individual serving as a Member of 10
Congress who receives any asset described in 11
paragraph (1) during the period of such service, 12
such as from an inheritance, shall complete the 13
divestment of the asset by not later than 180 14
days after the date on which the individual re-15
ceives the asset. 16
(c) E
XCEPTIONS.—Nothing in this section shall be 17
construed to prevent— 18
(1) a Member of Congress or a spouse or de-19
pendent child of a Member of Congress from owning 20
or trading— 21
(A) a widely held investment fund, if the 22
widely held investment fund— 23
(i) does not present a conflict of inter-24
est; and 25
VerDate Sep 11 2014 00:13 Mar 20, 2025 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H1908.IH H1908
ssavage on LAPJG3WLY3PROD with BILLS 6
•HR 1908 IH
(ii) is diversified; 1
(B) shares of Settlement Common Stock 2
issued under section 7(g)(1)(A) of the Alaska 3
Native Claims Settlement Act (43 U.S.C. 4
1606(g)(1)(A)); 5
(C) shares of Settlement Common Stock, 6
as defined in section 3 of the Alaska Native 7
Claims Settlement Act (43 U.S.C. 1602); 8
(D) a United States Treasury bill, note, or 9
bond; 10
(E) an investment fund held in a Federal, 11
State, or local government employee retirement 12
plan; 13
(F) an interest in a small business con-14
cern, if the small business concern does not 15
present a conflict of interest; or 16
(G) any asset described in subsection 17
(b)(1) received as compensation from the pri-18
mary occupation of the spouse; or 19
(2) a spouse or dependent child of a Member of 20
Congress from trading any asset described in sub-21
section (b)(1) that is not owned by the spouse or 22
Member of Congress in the course of performing the 23
primary occupation of the spouse. 24
VerDate Sep 11 2014 00:13 Mar 20, 2025 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H1908.IH H1908
ssavage on LAPJG3WLY3PROD with BILLS 7
•HR 1908 IH
(d) CIVILFINES.—The Attorney General or the Spe-1
cial Counsel may bring a civil action in the appropriate 2
United States district court against any Member of Con-3
gress or spouse or dependent child of a Member of Con-4
gress who engages in conduct constituting a violation of 5
this section and, upon proof of such conduct by a prepon-6
derance of the evidence, such Member of Congress or 7
spouse or dependent child of such Member of Congress 8
shall be subject to a civil penalty of not more than 9
$100,000 for each violation. The imposition of a civil pen-10
alty under this subsection does not preclude any other 11
criminal or civil statutory, common law, or administrative 12
remedy, which is available by law to the United States or 13
any other person. 14
(e) N
ONRECOGNITION OF GAIN.— 15
(1) I
N GENERAL.—Paragraph (1) of section 16
1043(b) of the Internal Revenue Code of 1986 is 17
amended— 18
(A) by striking ‘‘and’’ at the end of sub-19
paragraph (A); 20
(B) by redesignating subparagraph (B) as 21
subparagraph (C); 22
(C) by inserting after subparagraph (A) 23
the following new subparagraph: 24
VerDate Sep 11 2014 00:13 Mar 20, 2025 Jkt 059200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H1908.IH H1908
ssavage on LAPJG3WLY3PROD with BILLS 8
•HR 1908 IH
‘‘(B) any Member of Congress or any 1
spouse or dependent child of a Member of Con-2
gress, but only with respect to a divestment of 3
property required by the End Congressional 4
Stock Trading Act and only if, not later than 5
60 days after the divestment of such property, 6
the individual uses the proceeds of the divest-7
ment to obtain property which the individual is 8
authorized to own or trade under section 9
2(c)(1) of such Act, and’’; and 10
(D) by striking ‘‘subparagraph (A)’’ in 11
subparagraph (C), as so redesignated, and in-12
serting ‘‘subparagraph (A) or (B), whichever is 13
applicable’’. 14
(2) C
ERTIFICATE OF DIVESTITURE .—Subpara-15
graph (B) of section 1043(b)(2) of such Code is 16
amended— 17
(A) by striking ‘‘or by’’ and inserting 18
‘‘by’’; and 19
(B) by inserting ‘‘, or by the applicable 20
congressional ethics committee, as defined in 21
section 13101 of title 5, United States Code, in 22
the case of Members of Congress and spouses 23
and dependent children of Members of Con-24
gress,’’ after ‘‘judicial officers’’. 25
VerDate Sep 11 2014 00:13 Mar 20, 2025 Jkt 059200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H1908.IH H1908
ssavage on LAPJG3WLY3PROD with BILLS 9
•HR 1908 IH
(3) NO EFFECT ON SUBSEQUENT SALE OF 1
PROPERTY.—Nothing in the amendments made by 2
this subsection shall be construed to provide for the 3
nonrecognition of gain with respect to the sale of 4
property obtained by a Member of Congress or any 5
spouse or dependent child of a Member of Congress 6
with the proceeds of a divestment required by this 7
Act, as described in section 1043(b)(1)(B) of the In-8
ternal Revenue Code of 1986 (as added by this sub-9
section). 10
(4) E
FFECTIVE DATE.—The amendments made 11
by this subsection shall apply to sales of property 12
after the date of the enactment of this Act. 13
(f) I
NTERPRETIVE GUIDANCE.—The Select Com-14
mittee on Ethics of the Senate and the Committee on Eth-15
ics of the House of Representatives shall issue interpretive 16
guidance regarding relevant terms not defined in this Act 17
or elsewhere in statute. 18
Æ
VerDate Sep 11 2014 00:13 Mar 20, 2025 Jkt 059200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6301 E:\BILLS\H1908.IH H1908
ssavage on LAPJG3WLY3PROD with BILLS