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PORTFOLIO Act

USA118th CongressHR-389| House 
| Updated: 1/17/2023
David Schweikert

David Schweikert

Republican Representative

Arizona

Committee on House Administration, Ways and Means Committee, Judiciary Committee, Oversight and Government Reform Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Preventing Opportunistic Returns on Trades and Futures by Officials, Leadership, and Individuals in Office Act or the PORTFOLIO Act This bill generally prohibits federal employees and officials from owning or trading in synthetic assets (i.e., tokenized derivatives). It also establishes financial disclosure requirements with respect to cryptocurrency. Specifically, the bill prohibits federal employees, Members of Congress, the President, and Vice President from owning or trading investments in a security, a commodity, a future, cryptocurrency, or any comparable economic interest acquired through synthetic means, such as through a derivative. Such investments must be divested through gift or donation, cashing out, or a qualified blind trust. The appropriate ethics office may grant temporary exemptions in certain situations, such as for preexisting complex financial arrangements from which investments cannot be withdrawn, and may assess fees for violations. The Department of Justice may also bring civil actions for violations. The bill also (1) incorporates cryptocurrency and other digital assets into current financial disclosure requirements; (2) modifies the categories and timelines for financial disclosures; and (3) requires agencies, ethics offices, and the Department of Justice to regularly report on violations of this bill and other related requirements.
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Bill from Previous Congress

HR 117-9216
PORTFOLIO Act
Jan 17, 2023
Introduced in House
Jan 17, 2023
Referred to the Committee on Oversight and Accountability, and in addition to the Committees on the Judiciary, House Administration, and 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.
  • Bill from Previous Congress

    HR 117-9216
    PORTFOLIO Act


  • January 17, 2023
    Introduced in House


  • January 17, 2023
    Referred to the Committee on Oversight and Accountability, and in addition to the Committees on the Judiciary, House Administration, and 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.

Government Operations and Politics

Advanced technology and technological innovationsCivil actions and liabilityCommodities marketsComputers and information technologyCongressional officers and employeesCongressional oversightCurrencyDigital mediaFamily relationshipsFederal officialsFinancial services and investmentsGovernment employee pay, benefits, personnel managementGovernment ethics and transparency, public corruptionGovernment information and archivesMembers of CongressPostal servicePresidents and presidential powers, Vice PresidentsSecurities

PORTFOLIO Act

USA118th CongressHR-389| House 
| Updated: 1/17/2023
Preventing Opportunistic Returns on Trades and Futures by Officials, Leadership, and Individuals in Office Act or the PORTFOLIO Act This bill generally prohibits federal employees and officials from owning or trading in synthetic assets (i.e., tokenized derivatives). It also establishes financial disclosure requirements with respect to cryptocurrency. Specifically, the bill prohibits federal employees, Members of Congress, the President, and Vice President from owning or trading investments in a security, a commodity, a future, cryptocurrency, or any comparable economic interest acquired through synthetic means, such as through a derivative. Such investments must be divested through gift or donation, cashing out, or a qualified blind trust. The appropriate ethics office may grant temporary exemptions in certain situations, such as for preexisting complex financial arrangements from which investments cannot be withdrawn, and may assess fees for violations. The Department of Justice may also bring civil actions for violations. The bill also (1) incorporates cryptocurrency and other digital assets into current financial disclosure requirements; (2) modifies the categories and timelines for financial disclosures; and (3) requires agencies, ethics offices, and the Department of Justice to regularly report on violations of this bill and other related requirements.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 117-9216
PORTFOLIO Act
Jan 17, 2023
Introduced in House
Jan 17, 2023
Referred to the Committee on Oversight and Accountability, and in addition to the Committees on the Judiciary, House Administration, and 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.
  • Bill from Previous Congress

    HR 117-9216
    PORTFOLIO Act


  • January 17, 2023
    Introduced in House


  • January 17, 2023
    Referred to the Committee on Oversight and Accountability, and in addition to the Committees on the Judiciary, House Administration, and 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.
David Schweikert

David Schweikert

Republican Representative

Arizona

Committee on House Administration, Ways and Means Committee, Judiciary Committee, Oversight and Government Reform Committee

Government Operations and Politics

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Advanced technology and technological innovationsCivil actions and liabilityCommodities marketsComputers and information technologyCongressional officers and employeesCongressional oversightCurrencyDigital mediaFamily relationshipsFederal officialsFinancial services and investmentsGovernment employee pay, benefits, personnel managementGovernment ethics and transparency, public corruptionGovernment information and archivesMembers of CongressPostal servicePresidents and presidential powers, Vice PresidentsSecurities