I
119THCONGRESS
1
STSESSION H. R. 358
To amend title 5, United States Code, to prohibit insider trading by Members
of Congress and their spouses, to amend title 18, United States Code,
to extend the length of the post-employment ban on lobbying by Members
of Congress, to repeal the automatic adjustment in the pay of Members
of Congress, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY13, 2025
Mr. N
UNNof Iowa (for himself and Ms. PEREZ) introduced the following bill;
which was referred to the Committee on House Administration, and in
addition to the Committees on Ways and Means, the Judiciary, and Over-
sight and Government Reform, for a period to be subsequently deter-
mined by the Speaker, in each case for consideration of such provisions
as fall within the jurisdiction of the committee concerned
A BILL
To amend title 5, United States Code, to prohibit insider
trading by Members of Congress and their spouses, to
amend title 18, United States Code, to extend the length
of the post-employment ban on lobbying by Members
of Congress, to repeal the automatic adjustment in the
pay of Members of Congress, 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
VerDate Sep 11 2014 18:01 Feb 05, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H358.IH H358
ssavage on LAPJG3WLY3PROD with BILLS 2
•HR 358 IH
SECTION 1. SHORT TITLE. 1
This Act may be cited as the ‘‘No Corruption in Gov-2
ernment Act’’. 3
TITLE I—PROHIBITING INSIDER 4
TRADING BY MEMBERS OF 5
CONGRESS 6
SEC. 101. SHORT TITLE. 7
This title may be cited as the ‘‘Prohibit Insider Trad-8
ing Act’’. 9
SEC. 102. PROHIBITING TRANSACTIONS AND OWNERSHIP 10
OF CERTAIN FINANCIAL INSTRUMENTS BY 11
MEMBERS OF CONGRESS AND THEIR 12
SPOUSES. 13
(a) I
NGENERAL.—Chapter 131 of title 5, United 14
States Code, is amended by adding after subchapter III 15
the following: 16
‘‘SUBCHAPTER IV—RESTRICTIONS REGARDING 17
FINANCIAL INSTRUMENTS 18
‘‘§ 13151. Definitions 19
‘‘In this subchapter:— 20
‘‘(1) the term ‘covered financial instrument’— 21
‘‘(A) means— 22
‘‘(i) any investment in— 23
‘‘(I) a security (as defined in sec-24
tion 3(a) of Securities Exchange Act 25
of 1934 (15 U.S.C. 78c(a))); 26
VerDate Sep 11 2014 18:01 Feb 05, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H358.IH H358
ssavage on LAPJG3WLY3PROD with BILLS 3
•HR 358 IH
‘‘(II) a security future (as de-1
fined in that section); or 2
‘‘(III) a commodity (as defined in 3
section 1a of the Commodity Ex-4
change Act (7 U.S.C. 1a)); and 5
‘‘(ii) any economic interest com-6
parable to an interest described in sub-7
clause (I) that is acquired through syn-8
thetic means, such as the use of a deriva-9
tive, including an option, warrant, or other 10
similar means; and 11
‘‘(B) does not include— 12
‘‘(i) a diversified mutual fund; 13
‘‘(ii) a diversified exchange-traded 14
fund; 15
‘‘(iii) any investment in the Thrift 16
Savings Plan; or 17
‘‘(iv) a United States Treasury bill, 18
note, or bond; 19
‘‘(2) the term ‘Member of Congress’ has the 20
meaning given that term in section 13101; 21
‘‘(3) the term ‘supervising ethics office’ has the 22
meaning given that term in section 13101; and 23
‘‘(4) the term ‘qualified blind trust’ has the 24
meaning given that term in section 13104(f)(3). 25
VerDate Sep 11 2014 18:01 Feb 05, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H358.IH H358
ssavage on LAPJG3WLY3PROD with BILLS 4
•HR 358 IH
‘‘§ 13152. Prohibition on certain transactions and 1
holdings involving covered financial in-2
struments 3
‘‘(a) P
ROHIBITION.—Except as provided in sub-4
section (b), a Member of Congress and the Member’s 5
spouse may not, during the term of service of the Member, 6
hold, purchase, or sell any covered financial instrument. 7
‘‘(b) E
XCEPTIONS.—The prohibition under sub-8
section (a)— 9
‘‘(1) shall begin to apply with respect to a 10
Member of Congress who commences service as a 11
Member after the date of enactment of this sub-12
chapter on the date that is seven days after the first 13
date of the initial term of service; and 14
‘‘(2) does not apply to a covered financial in-15
strument held in a qualified blind trust operated on 16
behalf of, or for the benefit of, a Member of Con-17
gress or the Member’s spouse. 18
‘‘(c) P
ENALTIES.— 19
‘‘(1) D
ISGORGEMENT.—A Member of Congress 20
and the Member’s spouse shall disgorge to the gen-21
eral fund of the Treasury any profit from a trans-22
action or holding involving a covered financial in-23
strument that is conducted in violation of this sec-24
tion. 25
VerDate Sep 11 2014 18:01 Feb 05, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H358.IH H358
ssavage on LAPJG3WLY3PROD with BILLS 5
•HR 358 IH
‘‘(2) INCOME TAX.—A loss from a transaction 1
or holding involving a covered financial instrument 2
that is conducted in violation of this section may not 3
be deducted from the amount of income tax owed by 4
the applicable Member of Congress or the Member’s 5
spouse. 6
‘‘(3) F
INES.—A Member of Congress who holds 7
or conducts a transaction involving a covered finan-8
cial instrument in violation of this section may be 9
subject to a civil fine as described under section 10
13106(a). 11
‘‘§ 13153. Supervising ethics office certification of 12
compliance and audit 13
‘‘(a) C
ERTIFICATION.— 14
‘‘(1) I
N GENERAL.—Not later than seven days 15
after the beginning of any session of Congress, each 16
Member of Congress shall submit to the supervising 17
ethics office a written certification that the Member 18
and the Member’s spouse has achieved compliance 19
with the requirements of this subchapter. 20
‘‘(2) P
UBLICATION.—The supervising ethics of-21
fice shall publish each certification submitted under 22
paragraph (1) on a publicly available website. 23
‘‘(b) A
UDIT.—Not less than every two years, the su-24
pervising ethics office shall conduct an audit of the compli-25
VerDate Sep 11 2014 18:01 Feb 05, 2025 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H358.IH H358
ssavage on LAPJG3WLY3PROD with BILLS 6
•HR 358 IH
ance by Members of Congress with the requirements of 1
this subchapter.’’. 2
(b) C
LERICALAMENDMENT.—The table of sections 3
for such chapter 131 is amended by inserting after the 4
item relating to section 13146 the following: 5
‘‘SUBCHAPTER IV—RESTRICTIONS REGARDING FINANCIAL INSTRUMENTS
‘‘13151. Definitions.
‘‘13152. Prohibition on certain transactions and holdings involving covered fi-
nancial instruments.
‘‘13153. Supervising ethics office certification of compliance and audit.’’.
(c) APPLICATION.—The amendments made by sub-6
section (a) shall begin to apply to Members of Congress 7
and their spouses on the first day of the second session 8
of the One Hundred Nineteenth Congress. 9
TITLE II—INCREASING LENGTH 10
OF POST-EMPLOYMENT LOB-11
BYING BAN 12
SEC. 201. SHORT TITLE. 13
This title may be cited as the ‘‘Ban Members From 14
Lobbying Act’’. 15
SEC. 202. INCREASE IN LENGTH OF POST-EMPLOYMENT 16
BAN ON LOBBYING OF CONGRESS BY 17
FORMER MEMBERS. 18
(a) L
ENGTH OFPOST-EMPLOYMENTBAN.— 19
(1) 6-
YEAR BAN FOR FORMER SENATORS .— 20
Subparagraph (A) of section 207(e)(1) of title 18, 21
United States Code, is amended by striking ‘‘within 22
VerDate Sep 11 2014 00:11 Feb 07, 2025 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H358.IH H358
ssavage on LAPJG3WLY3PROD with BILLS 7
•HR 358 IH
2 years after that person leaves office’’ and inserting 1
‘‘within 6 years after that person leaves office’’. 2
(2) 3-
YEAR BAN FOR FORMER MEMBERS OF 3
THE HOUSE OF REPRESENTATIVES .—Paragraph (1) 4
of section 207(e) of such title is amended by striking 5
subparagraph (B) and inserting the following: 6
‘‘(B) M
EMBERS OF THE HOUSE OF REP -7
RESENTATIVES.—Any person who is a Member 8
of the House of Representatives and who, with-9
in 3 years after that person leaves office, know-10
ingly makes, with the intent to influence, any 11
communication to or appearance before any 12
Member, officer, or employee of either House of 13
Congress and any employee of any other legisla-14
tive office of the Congress, on behalf of any 15
other person (except the United States) in con-16
nection with any matter on which such former 17
Member seeks action by a Member, officer, or 18
employee of either House of Congress, in his or 19
her official capacity, shall be punished as pro-20
vided in section 216 of this title. 21
‘‘(C) O
FFICERS OF THE HOUSE OF REP -22
RESENTATIVES.—Any person who is an elected 23
officer of the House of Representatives and 24
who, within 1 year after that person leaves of-25
VerDate Sep 11 2014 18:01 Feb 05, 2025 Jkt 059200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H358.IH H358
ssavage on LAPJG3WLY3PROD with BILLS 8
•HR 358 IH
fice, knowingly makes, with the intent to influ-1
ence, any communication to or appearance be-2
fore any Member, officer, or employee of the 3
House of Representatives, on behalf of any 4
other person (except the United States) in con-5
nection with any matter on which such former 6
elected officer seeks action by a Member, offi-7
cer, or employee of either House of Congress, in 8
his or her official capacity, shall be punished as 9
provided in section 216 of this title.’’. 10
(b) E
FFECTIVEDATE.—The amendments made by 11
this section shall apply with respect to any individual who, 12
on or after the date of the enactment of this Act, leaves 13
an office to which section 207(e)(1) of title 18, United 14
States Code, applies. 15
TITLE III—ELIMINATING 16
MEMBER COLA 17
SEC. 301. ELIMINATION OF AUTOMATIC PAY ADJUSTMENTS 18
FOR MEMBERS OF CONGRESS. 19
(a) I
NGENERAL.—Paragraph (2) of section 601(a) 20
of the Legislative Reorganization Act of 1946 (2 U.S.C. 21
4501) is repealed. 22
(b) T
ECHNICAL ANDCONFORMINGAMENDMENTS.— 23
Section 601(a) of such Act (2 U.S.C. 4501) is amended— 24
(1) by striking ‘‘(a)(1)’’ and inserting ‘‘(a)’’; 25
VerDate Sep 11 2014 18:01 Feb 05, 2025 Jkt 059200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H358.IH H358
ssavage on LAPJG3WLY3PROD with BILLS 9
•HR 358 IH
(2) by redesignating subparagraphs (A), (B), 1
and (C) as paragraphs (1), (2), and (3), respectively; 2
and 3
(3) by striking ‘‘as adjusted by paragraph (2) 4
of this subsection’’ and inserting ‘‘adjusted as pro-5
vided by law’’. 6
(c) E
FFECTIVEDATE.—This section and the amend-7
ments made by this section shall take effect on the date 8
on which the One Hundred Twentieth Congress convenes. 9
Æ
VerDate Sep 11 2014 18:01 Feb 05, 2025 Jkt 059200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6301 E:\BILLS\H358.IH H358
ssavage on LAPJG3WLY3PROD with BILLS