Committee on House Administration, Ways and Means Committee, Judiciary Committee, Oversight and Government Reform Committee
Introduced
In Committee
On Floor
Passed Chamber
Enacted
This legislation, known as the "No Corruption in Government Act," introduces significant reforms aimed at increasing transparency and accountability for Members of Congress. It addresses potential conflicts of interest and seeks to enhance public trust in government. Its primary objectives include preventing insider trading, extending restrictions on post-employment lobbying, and eliminating automatic pay raises for federal lawmakers. Title I, the "Prohibit Insider Trading Act," bans Members of Congress and their spouses from holding, purchasing, or selling individual stocks, commodities, and other specified financial instruments during the Member's term of service. This prohibition includes synthetic financial products but exempts diversified mutual funds, exchange-traded funds, the Thrift Savings Plan, and U.S. Treasury securities. An exception is made for assets held within a qualified blind trust, and violations incur penalties such as disgorgement of profits and civil fines. Members must annually certify compliance, with biennial audits conducted by an ethics office. Additionally, the bill significantly extends post-employment lobbying restrictions for former Members of Congress, increasing the ban for former Senators from two years to six years, and for former House Representatives from one year to three years. It also repeals the automatic annual adjustment in the pay of Members of Congress, ensuring that any future pay increases must be explicitly approved by law. These provisions aim to further curb potential undue influence and ensure greater accountability.
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 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.
Introduced in House
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.
Commodities marketsFamily relationshipsFinancial services and investmentsGovernment ethics and transparency, public corruptionGovernment information and archivesInflation and pricesMembers of CongressSecuritiesWages and earnings
No Corruption in Government Act
USA119th CongressHR-358| House
| Updated: 1/13/2025
This legislation, known as the "No Corruption in Government Act," introduces significant reforms aimed at increasing transparency and accountability for Members of Congress. It addresses potential conflicts of interest and seeks to enhance public trust in government. Its primary objectives include preventing insider trading, extending restrictions on post-employment lobbying, and eliminating automatic pay raises for federal lawmakers. Title I, the "Prohibit Insider Trading Act," bans Members of Congress and their spouses from holding, purchasing, or selling individual stocks, commodities, and other specified financial instruments during the Member's term of service. This prohibition includes synthetic financial products but exempts diversified mutual funds, exchange-traded funds, the Thrift Savings Plan, and U.S. Treasury securities. An exception is made for assets held within a qualified blind trust, and violations incur penalties such as disgorgement of profits and civil fines. Members must annually certify compliance, with biennial audits conducted by an ethics office. Additionally, the bill significantly extends post-employment lobbying restrictions for former Members of Congress, increasing the ban for former Senators from two years to six years, and for former House Representatives from one year to three years. It also repeals the automatic annual adjustment in the pay of Members of Congress, ensuring that any future pay increases must be explicitly approved by law. These provisions aim to further curb potential undue influence and ensure greater accountability.
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 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.
Introduced in House
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.
Commodities marketsFamily relationshipsFinancial services and investmentsGovernment ethics and transparency, public corruptionGovernment information and archivesInflation and pricesMembers of CongressSecuritiesWages and earnings