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US HB358
Bill
Status
1/13/2025
Primary Sponsor
Zachary Nunn
Click for details
AI Summary
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Members of Congress and their spouses are prohibited from holding, purchasing, or selling covered financial instruments (individual stocks, securities, commodities) during the member's term of service, with exceptions for diversified mutual funds, ETFs, Thrift Savings Plan investments, Treasury bonds, and qualified blind trusts
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Violations require disgorgement of profits to the Treasury, disallow tax deductions for losses, and may result in civil fines; members must submit written compliance certifications within 7 days of each congressional session, with biennial audits by ethics offices
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Post-employment lobbying ban extended from 2 years to 6 years for former Senators, and from 1 year to 3 years for former House members
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Automatic cost-of-living adjustments (COLA) for congressional salaries are eliminated, requiring future pay increases to be explicitly enacted by law
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Introduced January 13, 2025 by Rep. Nunn (R-IA) and Rep. Perez, with insider trading provisions taking effect at the start of the second session of the 119th Congress and pay provisions taking effect when the 120th Congress convenes
Legislative Description
No Corruption in Government Act Prohibit Insider Trading Act
Congress
Last Action
Referred to the Committee on House Administration, and in addition to the Committees on Ways and Means, the Judiciary, and Oversight and Government Reform, 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 concerned.
1/13/2025