Committee on House Administration, Ways and Means Committee
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Bipartisan Restoring Faith in Government Act This bill prohibits Members of Congress (and their spouses and dependents) from purchasing or selling certain investments, such as individual stocks and related financial instruments that are not diversified investment funds, U.S. Treasury securities, or other specified holdings. Members must divest prohibited investments within 90 days by selling them or placing them in a qualified blind trust. The bill also restricts communications between trustees and beneficiaries related to investments held in qualified blind trusts. Members must certify their compliance with the supervising ethics office, which must make the certificates publicly available online. Violations are subject to specified civil penalties. Additionally, losses stemming from a transaction involving a prohibited investment that violates the provisions of the bill may not be deducted from income taxes.
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Timeline
Introduced in House
Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, 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.
Introduced in House
Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, 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.
Congress
Family relationshipsFinancial services and investmentsGovernment ethics and transparency, public corruptionGovernment information and archivesMembers of CongressSecurities
Bipartisan Restoring Faith in Government Act
USA118th CongressHR-3003| House
| Updated: 4/28/2023
Bipartisan Restoring Faith in Government Act This bill prohibits Members of Congress (and their spouses and dependents) from purchasing or selling certain investments, such as individual stocks and related financial instruments that are not diversified investment funds, U.S. Treasury securities, or other specified holdings. Members must divest prohibited investments within 90 days by selling them or placing them in a qualified blind trust. The bill also restricts communications between trustees and beneficiaries related to investments held in qualified blind trusts. Members must certify their compliance with the supervising ethics office, which must make the certificates publicly available online. Violations are subject to specified civil penalties. Additionally, losses stemming from a transaction involving a prohibited investment that violates the provisions of the bill may not be deducted from income taxes.
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, 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.
Introduced in House
Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, 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.
Committee on House Administration, Ways and Means Committee
Congress
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Family relationshipsFinancial services and investmentsGovernment ethics and transparency, public corruptionGovernment information and archivesMembers of CongressSecurities