US HB3388

Members of Congress and their spouses would be prohibited from holding, purchasing, or selling covered financial instruments including individual stocks, securities, security futures, and commodities during the member's term of service

Current members would have 180 days from enactment to divest existing holdings; new members would have 180 days from the start of their first term

Exemptions include diversified mutual funds, diversified exchange-traded funds, U.S. Treasury securities, and compensation from a spouse or dependent child's primary occupation

Violations would require disgorgement of profits to the U.S. Treasury, plus civil fines of 10% of the value of undivested covered financial instruments for each 30-day period of noncompliance

Members must submit annual written certifications of compliance to their chamber's ethics committee, which would be published online; the Government Accountability Office must audit compliance within 2 years of enactment