US HB253

Members of Congress, their spouses, and dependents are prohibited from owning or trading individual stocks, securities, security futures, commodities, and derivatives

Covered individuals must divest prohibited holdings within 90 days through sale or placement in a qualified blind trust approved by the supervising ethics office

Exceptions allow ownership of diversified mutual funds, U.S. Treasury securities, state and local government bonds, and Thrift Savings Plan investments

Civil penalties up to $50,000 may be imposed for knowing and willful violations, and losses from prohibited transactions cannot be deducted from income taxes

Tax rules under Section 1043 of the Internal Revenue Code for conflict-of-interest sales are extended to apply to divestitures required under this act