Bipartisan Restoring Faith in Government Act

This bill, known as the "Bipartisan Restoring Faith in Government Act," aims to restrict financial activities of Members of Congress, their spouses, and dependents. It establishes a new subchapter in title 5, United States Code, to prohibit these covered individuals from owning or trading specific covered financial instruments , which include securities, security futures, commodities, and comparable synthetic interests like derivatives. However, the legislation provides several exceptions, allowing covered individuals to own or trade widely held investment funds, U.S. Treasury bills, notes, or bonds, bonds issued by State or local governments, and investments under the Thrift Savings Plan. To comply with the prohibition, individuals must divest prohibited assets through sale or by placing them into a qualified blind trust within 90 days of the bill's enactment or becoming a covered individual. Special provisions apply for assets acquired without purchase or for spouses' employment compensation, also requiring divestment within 90 days. Qualified blind trusts established for compliance require prior approval from the supervising ethics office, and the trustee must divest assets within six months and certify annually that no information on trust assets or transactions has been provided to the covered individual. The bill also stipulates that losses from transactions violating these rules cannot be deducted for income tax purposes. Willful failure to comply can lead to a referral to the Attorney General, who may bring a civil action resulting in a penalty of up to $50,000, which cannot be paid using official or campaign funds.