HR 3182 IH: Prohibiting Members of Congress from Trading Stock

HR 3182 IH: A Bill to amend title 5, United States Code, to prohibit Members of Congress and their spouses from trading stock, and for other purposes.

Section 1: Prohibiting Transactions and Ownership of Certain Financial Instruments by Members of Congress and Their Spouses

An Act to amend title 5, United States Code, to prohibit Members of Congress and their spouses from trading stock, and for other purposes.

1. SECTION 1. PROHIBITING TRANSACTIONS AND OWNERSHIP OF CERTAIN FINANCIAL INSTRUMENTS BY MEMBERS OF CONGRESS AND THEIR SPOUSES
2. PROHIBITION ON HOLDING COVERED FINANCIAL INSTRUMENTS
3. CIVIL FINE FOR VIOLATION

Definitions

In this subchapter:

• The term “covered financial instrument” means any investment in a security (as defined in section 3(a) of the Securities Exchange Act of 1934), a security future, or a commodity (as defined in section 1a of the Commodity Exchange Act). It also includes an economic interest comparable to an interest described in subclause (I) that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means.
• The term “Member of Congress” has the meaning given that term in section 13101
• The term “qualified blind trust” has the meaning given that term in section 13104(f)(3)

PROHIBITION ON HOLDING COVERED FINANCIAL INSTRUMENTS

A Member of Congress and the Member’s spouse may not, during the term of service of the Member, hold, purchase, or sell any covered financial instrument.

CIVIL FINE FOR VIOLATION

A Member of Congress who holds or conducts a transaction involving a covered financial instrument in violation of this section may be subject to a civil fine as described under section 13106(a).