The Prohibited Financial Transactions Bill

Direct Link: S. 1668

Section 1. Short title

(a) This Act may be cited as the "Prohibited Financial Transactions Bill."

(b)

The table of sections for chapter 11 of title 18, United States Code, is amended by inserting after the item relating to section 227 the following:

Section 2. Prohibited financial transactions

(a) In general.—The following persons may not engage in any conduct that would create a financial interest described in subsection (c)

The President, Vice President, and members of Congress.

Individuals appointed to Senate-confirmed positions.

(b) Certain conduct prohibited.—A person subject to subsection (a) may not engage in any conduct that would create a financial interest described in subsection (c)

Subsection (c): Financial interests

(1) A financial interest is created when an individual engages in conduct that includes the issuance, sponsorship, or endorsement of a financial instrument.

(2) For purposes of this section, a financial instrument includes—

Any security or instrument that represents an investment in, or a claim to, any property or asset.

Any interest in, or claim to, any revenue stream, including, but not limited to, royalties, dividends, and interest.

Section 3. Criminal liability

(a) General rule.—A person subject to subsection (b)(1) who engages in conduct that would create a financial interest described in subsection (c)(1) is guilty of a felony and liable for a fine under this title, or imprisonment for not more than 5 years, or both.

(b)

Monetary equivalent.—A monetary equivalent for any thing of value received as a result of conduct described in subsection (a) shall be determined in accordance with the value of such property.

Section 4. Exemptions

(a) In general.—A person subject to subsection (b)(1) may not incur criminal liability under this section if such person intended to create a financial interest described in subsection (c)

The issuance, sponsorship, or endorsement of the financial instrument.

Section 5. Liability and immunity

(a) Conduct deemed an unofficial act—For purposes of any immunities to civil and criminal liability, conduct related to a prohibited financial transaction under this section shall be deemed an unofficial act and beyond the scope of official duties of the relevant covered individual.

Section 6. Clerical amendment

The table of sections for chapter 11 of title 18, United States Code, is amended by inserting after the item relating to section 227 the following: blockquote> 227A. Prohibited financial transactions.