H.R. 358

119 HR 358 IH: No Corruption in Government Act
 U.S. House of Representatives
 2025-01-13
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 358  IN THE HOUSE OF REPRESENTATIVES   January 13, 2025   Mr. Nunn of 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  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   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.
1.
Short title
This Act may be cited as the   No Corruption in Government Act  .
I
Prohibiting Insider Trading by Members of Congress
101.
Short title
This title may be cited as the   Prohibit Insider Trading Act  .
102.
Prohibiting transactions and ownership of certain financial instruments by Members of Congress and their spouses
(a)
In general
 Chapter 131  of title 5, United States Code, is amended by adding after subchapter III the following:
IV
Restrictions Regarding Financial Instruments
13151.
Definitions
In this subchapter:—
(1)
the term  covered financial instrument —
(A)
means—
(i)
any investment in—
(I)
a security (as defined in section 3(a) of Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ));
(II)
a security future (as defined in that section); or
(III)
a commodity (as defined in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a )); and
(ii)
any economic interest comparable to an interest described in subclause (I) that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means; and
(B)
does not include—
(i)
a diversified mutual fund;
(ii)
a diversified exchange-traded fund;
(iii)
any investment in the Thrift Savings Plan; or
(iv)
a United States Treasury bill, note, or bond;
(2)
the term  Member of Congress  has the meaning given that term in section 13101;
(3)
the term  supervising ethics office  has the meaning given that term in section 13101; and
(4)
the term  qualified blind trust  has the meaning given that term in section 13104(f)(3).
13152.
Prohibition on certain transactions and holdings involving covered financial instruments
(a)
Prohibition
Except as provided in subsection (b), a Member of Congress and the Member’s spouse may not, during the term of service of the Member, hold, purchase, or sell any covered financial instrument.
(b)
Exceptions
The prohibition under subsection (a)—
(1)
shall begin to apply with respect to a Member of Congress who commences service as a Member after the date of enactment of this subchapter on the date that is seven days after the first date of the initial term of service; and
(2)
does not apply to a covered financial instrument held in a qualified blind trust operated on behalf of, or for the benefit of, a Member of Congress or the Member’s spouse.
(c)
Penalties
(1)
Disgorgement
A Member of Congress and the Member’s spouse shall disgorge to the general fund of the Treasury any profit from a transaction or holding involving a covered financial instrument that is conducted in violation of this section.
(2)
Income tax
A loss from a transaction or holding involving a covered financial instrument that is conducted in violation of this section may not be deducted from the amount of income tax owed by the applicable Member of Congress or the Member’s spouse.
(3)
Fines
A Member of Congress who holds or conducts a transaction involving a covered financial instrument in violation of this section may be subject to a civil fine as described under section 13106(a).
13153.
Supervising ethics office certification of compliance and audit
(a)
Certification
(1)
In general
Not later than seven days after the beginning of any session of Congress, each Member of Congress shall submit to the supervising ethics office a written certification that the Member and the Member’s spouse has achieved compliance with the requirements of this subchapter.
(2)
Publication
The supervising ethics office shall publish each certification submitted under paragraph (1) on a publicly available website.
(b)
Audit
Not less than every two years, the supervising ethics office shall conduct an audit of the compliance by Members of Congress with the requirements of this subchapter.
  .
(b)
Clerical amendment
The table of sections for such chapter 131 is amended by inserting after the item relating to section 13146 the following:
SUBCHAPTER IV—RESTRICTIONS REGARDING FINANCIAL INSTRUMENTS
13151. Definitions.
13152. Prohibition on certain transactions and holdings involving covered financial instruments.
13153. Supervising ethics office certification of compliance and audit.
  .
(c)
Application
The amendments made by subsection (a) shall begin to apply to Members of Congress and their spouses on the first day of the second session of the One Hundred Nineteenth Congress.
II
Increasing Length of Post-Employment Lobbying Ban
201.
Short title
This title may be cited as the  Ban Members From Lobbying Act .
202.
Increase in length of post-employment ban on lobbying of Congress by former Members
(a)
Length of post-Employment ban
(1)
6-year ban for former Senators
Subparagraph (A) of section 207(e)(1) of title 18, United States Code, is amended by striking  within 2 years after that person leaves office  and inserting  within 6 years after that person leaves office .
(2)
3-year ban for former Members of the House of Representatives
Paragraph (1) of section 207(e) of such title is amended by striking subparagraph (B) and inserting the following:
(B)
Members of the House of Representatives
Any person who is a Member of the House of Representatives and who, within 3 years after that person leaves office, knowingly makes, with the intent to influence, any communication to or appearance before any Member, officer, or employee of either House of Congress and any employee of any other legislative office of the Congress, on behalf of any other person (except the United States) in connection with any matter on which such former Member seeks action by a Member, officer, or employee of either House of Congress, in his or her official capacity, shall be punished as provided in section 216 of this title.
(C)
Officers of the House of Representatives
Any person who is an elected officer of the House of Representatives and who, within 1 year after that person leaves office, knowingly makes, with the intent to influence, any communication to or appearance before any Member, officer, or employee of the House of Representatives, on behalf of any other person (except the United States) in connection with any matter on which such former elected officer seeks action by a Member, officer, or employee of either House of Congress, in his or her official capacity, shall be punished as provided in section 216 of this title.
 .
(b)
Effective date
The amendments made by this section shall apply with respect to any individual who, on or after the date of the enactment of this Act, leaves an office to which section 207(e)(1) of title 18, United States Code, applies.
III
Eliminating Member COLA
301.
Elimination of automatic pay adjustments for Members of Congress
(a)
In general
Paragraph (2) of section 601(a) of the Legislative Reorganization Act of 1946 ( 2 U.S.C. 4501 ) is repealed.
(b)
Technical and conforming amendments
Section 601(a) of such Act ( 2 U.S.C. 4501 ) is amended—
(1)
by striking  (a)(1)  and inserting  (a) ;
(2)
by redesignating subparagraphs (A), (B), and (C) as paragraphs (1), (2), and (3), respectively; and
(3)
by striking  as adjusted by paragraph (2) of this subsection  and inserting  adjusted as provided by law .
(c)
Effective date
This section and the amendments made by this section shall take effect on the date on which the One Hundred Twentieth Congress convenes.