S. 3631 · 117th Congress
Bipartisan Ban on Congressional Stock Ownership Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WarrenSponsor5 cosponsors · 2 D, 3 R
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill prohibits Members of Congress and their spouses from owning or trading stocks, bonds, commodities, futures, or any other form of security. Each current Member must divest within 180 days after the bill is enacted and each new Member must divest within 180 days after becoming a Member.
What it does: CRS summary · Introduced in Senate · Feb 10, 2022
Bipartisan Ban on Congressional Stock Ownership Act of 2022
This bill prohibits Members of Congress and their spouses from owning or trading stocks, bonds, commodities, futures, or any other form of security. Each current Member must divest within 180 days after the bill is enacted and each new Member must divest within 180 days after becoming a Member. However, Members and their spouses have 5 years to divest from specified complex investment vehicles. The bill does not apply to certain investments, such as investments in widely held investment funds that are diversified and do not present a conflict of interest and investments held in government employee retirement plans.
A Member or spouse who violates the bill may be subject to a fine of up to $50,000 for each violation. The bill permits a Member or spouse who is required to divest property under the bill to avoid recognizing gain for income tax purposes from the sale of that property to the extent that the Member or spouse purchases permitted bonds or diversified investment funds within 60 days of the divestiture.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Bipartisan Ban on Congressional Stock Ownership Act of 2022
Latest action (Apr 5, 2022): Committee on Banking, Housing, and Urban Affairs. Hearings held.
Policy area: Congress · Origin: Senate · Introduced: Feb 10, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.