Us Congress 2025-2026 Regular Session

Us Congress House Bill HB358 Compare Versions

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Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 358
5	5	To amend title 5, United States Code, to prohibit insider trading by Members
6	6	of Congress and their spouses, to amend title 18, United States Code,
7	7	to extend the length of the post-employment ban on lobbying by Members
8	8	of Congress, to repeal the automatic adjustment in the pay of Members
9	9	of Congress, and for other purposes.
10	10	IN THE HOUSE OF REPRESENTATIVES
11	11	JANUARY13, 2025
12	12	Mr. N
13	13	UNNof Iowa (for himself and Ms. PEREZ) introduced the following bill;
14	14	which was referred to the Committee on House Administration, and in
15	15	addition to the Committees on Ways and Means, the Judiciary, and Over-
16	16	sight and Government Reform, for a period to be subsequently deter-
17	17	mined by the Speaker, in each case for consideration of such provisions
18	18	as fall within the jurisdiction of the committee concerned
19	19	A BILL
20	20	To amend title 5, United States Code, to prohibit insider
21	21	trading by Members of Congress and their spouses, to
22	22	amend title 18, United States Code, to extend the length
23	23	of the post-employment ban on lobbying by Members
24	24	of Congress, to repeal the automatic adjustment in the
25	25	pay of Members of Congress, and for other purposes.
26	26	Be it enacted by the Senate and House of Representa-1
27	27	tives of the United States of America in Congress assembled, 2
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30	30	•HR 358 IH
31	31	SECTION 1. SHORT TITLE. 1
32	32	This Act may be cited as the ‘‘No Corruption in Gov-2
33	33	ernment Act’’. 3
34	34	TITLE I—PROHIBITING INSIDER 4
35	35	TRADING BY MEMBERS OF 5
36	36	CONGRESS 6
37	37	SEC. 101. SHORT TITLE. 7
38	38	This title may be cited as the ‘‘Prohibit Insider Trad-8
39	39	ing Act’’. 9
40	40	SEC. 102. PROHIBITING TRANSACTIONS AND OWNERSHIP 10
41	41	OF CERTAIN FINANCIAL INSTRUMENTS BY 11
42	42	MEMBERS OF CONGRESS AND THEIR 12
43	43	SPOUSES. 13
44	44	(a) I
45	45	NGENERAL.—Chapter 131 of title 5, United 14
46	46	States Code, is amended by adding after subchapter III 15
47	47	the following: 16
48	48	‘‘SUBCHAPTER IV—RESTRICTIONS REGARDING 17
49	49	FINANCIAL INSTRUMENTS 18
50	50	‘‘§ 13151. Definitions 19
51	51	‘‘In this subchapter:— 20
52	52	‘‘(1) the term ‘covered financial instrument’— 21
53	53	‘‘(A) means— 22
54	54	‘‘(i) any investment in— 23
55	55	‘‘(I) a security (as defined in sec-24
56	56	tion 3(a) of Securities Exchange Act 25
57	57	of 1934 (15 U.S.C. 78c(a))); 26
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60	60	•HR 358 IH
61	61	‘‘(II) a security future (as de-1
62	62	fined in that section); or 2
63	63	‘‘(III) a commodity (as defined in 3
64	64	section 1a of the Commodity Ex-4
65	65	change Act (7 U.S.C. 1a)); and 5
66	66	‘‘(ii) any economic interest com-6
67	67	parable to an interest described in sub-7
68	68	clause (I) that is acquired through syn-8
69	69	thetic means, such as the use of a deriva-9
70	70	tive, including an option, warrant, or other 10
71	71	similar means; and 11
72	72	‘‘(B) does not include— 12
73	73	‘‘(i) a diversified mutual fund; 13
74	74	‘‘(ii) a diversified exchange-traded 14
75	75	fund; 15
76	76	‘‘(iii) any investment in the Thrift 16
77	77	Savings Plan; or 17
78	78	‘‘(iv) a United States Treasury bill, 18
79	79	note, or bond; 19
80	80	‘‘(2) the term ‘Member of Congress’ has the 20
81	81	meaning given that term in section 13101; 21
82	82	‘‘(3) the term ‘supervising ethics office’ has the 22
83	83	meaning given that term in section 13101; and 23
84	84	‘‘(4) the term ‘qualified blind trust’ has the 24
85	85	meaning given that term in section 13104(f)(3). 25
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88	88	•HR 358 IH
89	89	‘‘§ 13152. Prohibition on certain transactions and 1
90	90	holdings involving covered financial in-2
91	91	struments 3
92	92	‘‘(a) P
93	93	ROHIBITION.—Except as provided in sub-4
94	94	section (b), a Member of Congress and the Member’s 5
95	95	spouse may not, during the term of service of the Member, 6
96	96	hold, purchase, or sell any covered financial instrument. 7
97	97	‘‘(b) E
98	98	XCEPTIONS.—The prohibition under sub-8
99	99	section (a)— 9
100	100	‘‘(1) shall begin to apply with respect to a 10
101	101	Member of Congress who commences service as a 11
102	102	Member after the date of enactment of this sub-12
103	103	chapter on the date that is seven days after the first 13
104	104	date of the initial term of service; and 14
105	105	‘‘(2) does not apply to a covered financial in-15
106	106	strument held in a qualified blind trust operated on 16
107	107	behalf of, or for the benefit of, a Member of Con-17
108	108	gress or the Member’s spouse. 18
109	109	‘‘(c) P
110	110	ENALTIES.— 19
111	111	‘‘(1) D
112	112	ISGORGEMENT.—A Member of Congress 20
113	113	and the Member’s spouse shall disgorge to the gen-21
114	114	eral fund of the Treasury any profit from a trans-22
115	115	action or holding involving a covered financial in-23
116	116	strument that is conducted in violation of this sec-24
117	117	tion. 25
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120	120	•HR 358 IH
121	121	‘‘(2) INCOME TAX.—A loss from a transaction 1
122	122	or holding involving a covered financial instrument 2
123	123	that is conducted in violation of this section may not 3
124	124	be deducted from the amount of income tax owed by 4
125	125	the applicable Member of Congress or the Member’s 5
126	126	spouse. 6
127	127	‘‘(3) F
128	128	INES.—A Member of Congress who holds 7
129	129	or conducts a transaction involving a covered finan-8
130	130	cial instrument in violation of this section may be 9
131	131	subject to a civil fine as described under section 10
132	132	13106(a). 11
133	133	‘‘§ 13153. Supervising ethics office certification of 12
134	134	compliance and audit 13
135	135	‘‘(a) C
136	136	ERTIFICATION.— 14
137	137	‘‘(1) I
138	138	N GENERAL.—Not later than seven days 15
139	139	after the beginning of any session of Congress, each 16
140	140	Member of Congress shall submit to the supervising 17
141	141	ethics office a written certification that the Member 18
142	142	and the Member’s spouse has achieved compliance 19
143	143	with the requirements of this subchapter. 20
144	144	‘‘(2) P
145	145	UBLICATION.—The supervising ethics of-21
146	146	fice shall publish each certification submitted under 22
147	147	paragraph (1) on a publicly available website. 23
148	148	‘‘(b) A
149	149	UDIT.—Not less than every two years, the su-24
150	150	pervising ethics office shall conduct an audit of the compli-25
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153	153	•HR 358 IH
154	154	ance by Members of Congress with the requirements of 1
155	155	this subchapter.’’. 2
156	156	(b) C
157	157	LERICALAMENDMENT.—The table of sections 3
158	158	for such chapter 131 is amended by inserting after the 4
159	159	item relating to section 13146 the following: 5
160	160	‘‘SUBCHAPTER IV—RESTRICTIONS REGARDING FINANCIAL INSTRUMENTS
161	161	‘‘13151. Definitions.
162	162	‘‘13152. Prohibition on certain transactions and holdings involving covered fi-
163	163	nancial instruments.
164	164	‘‘13153. Supervising ethics office certification of compliance and audit.’’.
165	165	(c) APPLICATION.—The amendments made by sub-6
166	166	section (a) shall begin to apply to Members of Congress 7
167	167	and their spouses on the first day of the second session 8
168	168	of the One Hundred Nineteenth Congress. 9
169	169	TITLE II—INCREASING LENGTH 10
170	170	OF POST-EMPLOYMENT LOB-11
171	171	BYING BAN 12
172	172	SEC. 201. SHORT TITLE. 13
173	173	This title may be cited as the ‘‘Ban Members From 14
174	174	Lobbying Act’’. 15
175	175	SEC. 202. INCREASE IN LENGTH OF POST-EMPLOYMENT 16
176	176	BAN ON LOBBYING OF CONGRESS BY 17
177	177	FORMER MEMBERS. 18
178	178	(a) L
179	179	ENGTH OFPOST-EMPLOYMENTBAN.— 19
180	180	(1) 6-
181	181	YEAR BAN FOR FORMER SENATORS .— 20
182	182	Subparagraph (A) of section 207(e)(1) of title 18, 21
183	183	United States Code, is amended by striking ‘‘within 22
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186	186	•HR 358 IH
187	187	2 years after that person leaves office’’ and inserting 1
188	188	‘‘within 6 years after that person leaves office’’. 2
189	189	(2) 3-
190	190	YEAR BAN FOR FORMER MEMBERS OF 3
191	191	THE HOUSE OF REPRESENTATIVES .—Paragraph (1) 4
192	192	of section 207(e) of such title is amended by striking 5
193	193	subparagraph (B) and inserting the following: 6
194	194	‘‘(B) M
195	195	EMBERS OF THE HOUSE OF REP -7
196	196	RESENTATIVES.—Any person who is a Member 8
197	197	of the House of Representatives and who, with-9
198	198	in 3 years after that person leaves office, know-10
199	199	ingly makes, with the intent to influence, any 11
200	200	communication to or appearance before any 12
201	201	Member, officer, or employee of either House of 13
202	202	Congress and any employee of any other legisla-14
203	203	tive office of the Congress, on behalf of any 15
204	204	other person (except the United States) in con-16
205	205	nection with any matter on which such former 17
206	206	Member seeks action by a Member, officer, or 18
207	207	employee of either House of Congress, in his or 19
208	208	her official capacity, shall be punished as pro-20
209	209	vided in section 216 of this title. 21
210	210	‘‘(C) O
211	211	FFICERS OF THE HOUSE OF REP -22
212	212	RESENTATIVES.—Any person who is an elected 23
213	213	officer of the House of Representatives and 24
214	214	who, within 1 year after that person leaves of-25
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217	217	•HR 358 IH
218	218	fice, knowingly makes, with the intent to influ-1
219	219	ence, any communication to or appearance be-2
220	220	fore any Member, officer, or employee of the 3
221	221	House of Representatives, on behalf of any 4
222	222	other person (except the United States) in con-5
223	223	nection with any matter on which such former 6
224	224	elected officer seeks action by a Member, offi-7
225	225	cer, or employee of either House of Congress, in 8
226	226	his or her official capacity, shall be punished as 9
227	227	provided in section 216 of this title.’’. 10
228	228	(b) E
229	229	FFECTIVEDATE.—The amendments made by 11
230	230	this section shall apply with respect to any individual who, 12
231	231	on or after the date of the enactment of this Act, leaves 13
232	232	an office to which section 207(e)(1) of title 18, United 14
233	233	States Code, applies. 15
234	234	TITLE III—ELIMINATING 16
235	235	MEMBER COLA 17
236	236	SEC. 301. ELIMINATION OF AUTOMATIC PAY ADJUSTMENTS 18
237	237	FOR MEMBERS OF CONGRESS. 19
238	238	(a) I
239	239	NGENERAL.—Paragraph (2) of section 601(a) 20
240	240	of the Legislative Reorganization Act of 1946 (2 U.S.C. 21
241	241	4501) is repealed. 22
242	242	(b) T
243	243	ECHNICAL ANDCONFORMINGAMENDMENTS.— 23
244	244	Section 601(a) of such Act (2 U.S.C. 4501) is amended— 24
245	245	(1) by striking ‘‘(a)(1)’’ and inserting ‘‘(a)’’; 25
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248	248	•HR 358 IH
249	249	(2) by redesignating subparagraphs (A), (B), 1
250	250	and (C) as paragraphs (1), (2), and (3), respectively; 2
251	251	and 3
252	252	(3) by striking ‘‘as adjusted by paragraph (2) 4
253	253	of this subsection’’ and inserting ‘‘adjusted as pro-5
254	254	vided by law’’. 6
255	255	(c) E
256	256	FFECTIVEDATE.—This section and the amend-7
257	257	ments made by this section shall take effect on the date 8
258	258	on which the One Hundred Twentieth Congress convenes. 9
259	259	Æ
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