S. 1879

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1879 Introduced in Senate (IS)]

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119th CONGRESS
1st Session
S. 1879

To amend chapter 131 of title 5, United States Code, to require Members 
of Congress and their spouses and dependent children to place certain 
assets into blind trusts, and for other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

May 22, 2025

Mr. Ossoff (for himself, Mr. Kelly, Ms. Baldwin, Ms. Duckworth, Mr. 
Schatz, Mrs. Shaheen, Mr. Warnock, Mr. Bennet, and Mrs. Gillibrand) 
introduced the following bill; which was read twice and referred to the 
Committee on Homeland Security and Governmental Affairs

_______________________________________________________________________

A BILL

To amend chapter 131 of title 5, United States Code, to require Members 
of Congress and their spouses and dependent children to place certain 
assets into blind trusts, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Ban Congressional Stock Trading 
Act''.

SEC. 2. PLACEMENT OF CERTAIN ASSETS OF MEMBERS OF CONGRESS, SPOUSES, 
AND DEPENDENT CHILDREN IN QUALIFIED BLIND TRUSTS.

(a) In General.--Chapter 131 of title 5, United States Code, is 
amended by adding at the end the following:

``Subchapter IV--Certain Assets of Members of Congress, Spouses, and 
Dependent Children

``Sec. 13161. Definitions
``In this title:
``(1) Commodity.--The term `commodity' has the meaning 
given the term in section 1a of the Commodity Exchange Act (7 
U.S.C. 1a).
``(2) Covered investment.--
``(A) In general.--The term `covered investment' 
means--
``(i) an investment in a security, a 
commodity, or a future; and
``(ii) any economic interest comparable to 
an interest described in clause (i) that is 
acquired through synthetic means, such as the 
use of a derivative, including an option, 
warrant, or other, similar means.
``(B) Inclusions.--The term `covered investment' 
includes an investment or economic interest described 
in subparagraph (A) that is held directly, or in which 
an individual has an indirect, beneficial, or economic 
interest, through--
``(i) an investment fund;
``(ii) a trust (other than a qualified 
blind trust);
``(iii) an employee benefit plan; or
``(iv) a deferred compensation plan, 
including a carried interest or other agreement 
tied to the performance of an investment, other 
than a fixed cash payment.
``(C) Exclusions.--The term `covered investment' 
does not include--
``(i) a diversified mutual fund (including 
any holdings of such a fund);
``(ii) a diversified exchange-traded fund 
(including any holdings of such a fund);
``(iii) a United States Treasury bill, 
note, or bond;
``(iv) compensation from the primary 
occupation of a spouse or dependent child of a 
Member of Congress; or
``(v) any investment fund held in a 
Federal, State, or local government employee 
retirement plan.
``(D) Clarification.--An investment that achieves 
compliance with applicable environmental, social, and 
governance criteria shall not be considered to be a 
covered investment solely by reason of that compliance.
``(3) Current.--The term `current', with respect to a 
Member of Congress, means an individual who is serving as a 
Member of Congress on the date of enactment of the Ban 
Congressional Stock Trading Act.
``(4) Dependent child.--The term `dependent child' means, 
with respect to any Member of Congress, any individual--
``(A) who has not attained the age of 19; and
``(B) who is a dependent, within the meaning of 
section 152 of the Internal Revenue Code of 1986, of 
the Member of Congress.
``(5) Diversified.--The term `diversified', with respect to 
a fund, trust, or plan, means that the fund, trust, or plan 
does not have a stated policy of concentrating its investments 
in any industry, business, single country other than the United 
States, or bonds of a single State.
``(6) Future.--The term `future' means--
``(A) a security future (as defined in section 3(a) 
of the Securities Exchange Act of 1934 (15 U.S.C. 
78c(a))); and
``(B) any other contract for the sale of a 
commodity for future delivery.
``(7) Initial property.--The term `initial property' means 
an asset or financial interest transferred to a qualified blind 
trust by, or on behalf of, an interested party or a relative of 
an interested party, regardless of whether the asset or 
financial interest is transferred to the qualified blind trust 
on or after the date of establishment of the qualified blind 
trust.
``(8) Interested party.--The term `interested party' has 
the meaning given the term in section 13104(f)(3)(E).
``(9) Member of congress.--The term `Member of Congress' 
has the meaning given the term in section 13101.
``(10) New.--The term `new', with respect to a Member of 
Congress, means an individual who--
``(A) is not a current Member of Congress; but
``(B) commences service as a Member of Congress 
after the date of enactment of the Ban Congressional 
Stock Trading Act.
``(11) Qualified blind trust.--The term `qualified blind 
trust' means a qualified blind trust (as defined in section 
13104(f)(3)) that has been approved in writing by the 
applicable supervising ethics office under section 
13104(f)(3)(D).
``(12) Security.--The term `security' has the meaning given 
the term in section 3(a) of the Securities Exchange Act of 1934 
(15 U.S.C. 78c(a)).
``(13) Supervising ethics office.--The term `supervising 
ethics office' has the meaning given the term in section 13101.
``Sec. 13162. Placement of certain assets in qualified blind trusts
``(a) Current Members of Congress.--
``(1) Certification.--Not later than 30 days after the date 
of enactment of the Ban Congressional Stock Trading Act, each 
current Member of Congress shall submit to the applicable 
supervising ethics office a certification that, as applicable--
``(A) for each covered investment owned by the 
Member of Congress or a spouse or dependent child of 
the Member of Congress, the Member of Congress, or the 
applicable spouse or dependent child of the Member of 
Congress, will--
``(i) divest the covered investment; or
``(ii) place the covered investment in a 
qualified blind trust, including by 
establishing a qualified blind trust for that 
purpose, if necessary; or
``(B) neither the Member of Congress nor any spouse 
or dependent child of the Member of Congress owns a 
covered investment.
``(2) Divestiture or placement in qualified blind trust.--
``(A) Requirement.--Subject to paragraph (3), not 
later than 120 days after the date of enactment of the 
Ban Congressional Stock Trading Act, each current 
Member of Congress shall divest, or place in a 
qualified blind trust (including by establishing a 
qualified blind trust for that purpose, if necessary), 
each covered investment owned by the Member of Congress 
or a spouse or dependent child of the Member of 
Congress.
``(B) Divestiture.--A current Member of Congress 
shall divest a covered investment held by the Member of 
Congress or a spouse or dependent child of the Member 
of Congress if--
``(i) the Member of Congress, or the 
applicable spouse or dependent child of the 
Member of Congress, is unable to place the 
covered investment in a qualified blind trust 
by the date described in subparagraph (A); and
``(ii) the Member of Congress fails to 
obtain an extension pursuant to paragraph (3).
``(3) Extensions.--If a current Member of Congress, or a 
spouse or dependent child of the Member of Congress, is unable 
to place a covered investment in a qualified blind trust by the 
date described in paragraph (2)(A), the Member of Congress may 
request, and the supervising ethics office may grant, 1 or more 
reasonable extensions, subject to the conditions that--
``(A) the total period of time covered by all 
extensions granted to the Member of Congress for the 
covered investment shall not exceed 180 days; and
``(B) the period covered by a single extension 
shall be not longer than 45 days.
``(b) New Members of Congress.--
``(1) Certification.--Not later than 30 days after the date 
on which an individual becomes a new Member of Congress, the 
new Member of Congress shall submit to the applicable 
supervising ethics office a certification that, as applicable--
``(A) for each covered investment owned by the 
Member of Congress or a spouse or dependent child of 
the Member of Congress, the Member of Congress, or the 
applicable spouse or dependent child of the Member of 
Congress, will--
``(i) divest the covered investment; or
``(ii) place the covered investment in a 
qualified blind trust, including by 
establishing a qualified blind trust for that 
purpose, if necessary; or
``(B) neither the Member of Congress nor a spouse 
or dependent child of the Member of Congress owns a 
covered investment.
``(2) Divestiture or placement in qualified blind trust.--
``(A) Requirement.--Subject to paragraph (3), not 
later than 120 days after the date on which an 
individual becomes a new Member of Congress, the 
individual shall divest, or place in a qualified blind 
trust (including by establishing a qualified blind 
trust for that purpose, if necessary), each covered 
investment owned by the Member of Congress or a spouse 
or dependent child of the Member of Congress.
``(B) Divestiture.--A new Member of Congress shall 
divest a covered investment held by the Member of 
Congress or a spouse or dependent child of the Member 
of Congress if--
``(i) the Member of Congress, or the 
applicable spouse or dependent child of the 
Member of Congress, is unable to place the 
covered investment in a qualified blind trust 
by the date described in subparagraph (A); and
``(ii) the Member of Congress fails to 
obtain an extension pursuant to paragraph (3).
``(3) Extensions.--If a new Member of Congress, or a spouse 
or dependent child of the Member of Congress, is unable to 
place a covered investment in a qualified blind trust by the 
date described in paragraph (2)(A), the Member of Congress may 
request, and the supervising ethics office may grant, 1 or more 
reasonable extensions, subject to the conditions that--
``(A) the total period of time covered by all 
extensions granted to the Member of Congress for the 
covered investment shall not exceed 180 days; and
``(B) the period covered by a single extension 
shall be not longer than 45 days.
``(c) Acquisitions During Service.--
``(1) In general.--Subject to paragraph (2), and any 
applicable rules issued pursuant to subsection (h)(3), 
effective beginning on the date of enactment of the Ban 
Congressional Stock Trading Act, a Member of Congress, and a 
spouse or dependent child of the Member of Congress, may not 
acquire a covered investment.
``(2) Inheritances.--
``(A) In general.--Subject to subparagraph (B), a 
Member of Congress or a spouse or dependent child of a 
Member of Congress who inherits a covered investment 
shall divest or place the covered investment in a 
qualified blind trust by not later than 120 days after 
the date on which the covered investment is inherited.
``(B) Extensions.--If a Member of Congress, or a 
spouse or dependent child of the Member of Congress, is 
unable to place a covered investment in a qualified 
blind trust by the date described in subparagraph (A), 
the Member of Congress may request, and the supervising 
ethics office may grant, 1 or more reasonable 
extensions, subject to the conditions that--
``(i) the total period of time covered by 
all extensions granted to the Member of 
Congress for the covered investment shall not 
exceed 180 days; and
``(ii) the period covered by a single 
extension shall be not longer than 45 days.
``(d) Mingling of Assets.--A spouse or dependent child of a Member 
of Congress may place a covered investment in a qualified blind trust 
established by the Member of Congress under subsection (a)(1)(A)(ii) or 
(b)(1)(A)(ii).
``(e) Separation From Service and Cooling-Off Period Required for 
Control.--During the period beginning on the date on which an 
individual becomes a Member of Congress and ending on the date that is 
180 days after the date on which the individual ceases to serve as a 
Member of Congress, the Member of Congress, and any spouse or dependent 
child of the Member of Congress, may not--
``(1) dissolve any qualified blind trust in which a covered 
investment has been placed pursuant to subsection (a), (b), 
(c)(2), or (d); or
``(2) except as provided in this section, otherwise control 
a covered investment.
``(f) Reporting Requirements.--
``(1) Supervising ethics offices.--Each supervising ethics 
office shall make available on the public website of the 
supervising ethics office--
``(A) a copy of--
``(i) each certification submitted to the 
supervising ethics office under subsection 
(a)(1) or (b)(1);
``(ii) each qualified blind trust agreement 
of each Member of Congress;
``(iii) each notice and other documentation 
submitted to the supervising ethics office 
under paragraph (2) or (3); and
``(iv) each notice, rule, and other 
documentation issued or received by the 
supervising ethics office under subsection (g);
``(B) a schedule of all assets placed in a 
qualified blind trust by each Member of Congress and 
interested party; and
``(C) a description of each extension granted, and 
each civil penalty imposed, pursuant to this section.
``(2) Trustees.--Each trustee of a qualified blind trust 
established by a Member of Congress shall submit to the Member 
of Congress and the applicable supervising ethics office a 
written notice in any case in which the trustee--
``(A) learns that--
``(i) an interested party has obtained 
knowledge of any trust property other than the 
initial property of the qualified blind trust; 
or
``(ii) the value of the initial property of 
the qualified blind trust is less than $1,000; 
or
``(B) divests any initial property of the qualified 
blind trust.
``(3) Members of congress.--Each Member of Congress who is 
a beneficiary of a qualified blind trust shall submit to the 
applicable supervising ethics office--
``(A) a copy of the executed qualified blind trust 
agreement by not later than 30 days after the date of 
execution;
``(B) a list of each asset and each financial 
interest transferred to the qualified blind trust by an 
interested party by not later than 30 days after the 
date of the transfer;
``(C) a copy of each notice submitted to the Member 
of Congress under paragraph (2) by not later than 30 
days after the date of receipt;
``(D) a written notice that an interested party has 
obtained knowledge of any holding of the qualified 
blind trust by not later than the date that is 30 days 
after the date on which the Member of Congress 
discovered that the knowledge had been obtained; and
``(E) a written notice of dissolution of the 
qualified blind trust by not later than 30 days after 
the date of dissolution.
``(g) Enforcement.--
``(1) In general.--The applicable supervising ethics office 
shall provide a written notice (including notice of the 
potential for civil penalties under paragraph (2)) to any 
Member of Congress who fails--
``(A) to submit a certification under subsection 
(a)(1) or (b)(1) by the date on which the certification 
is required to be submitted; or
``(B) to place 1 or more covered investments owned 
by the Member of Congress or a spouse or dependent 
child of the Member of Congress in a qualified blind 
trust in accordance with subsection (a)(2), (b)(2), 
(c)(2)(C)(i)(II), or (c)(2)(A) by the applicable 
deadline, subject to any extension under subsection 
(a)(3), (b)(3), or (c)(2)(B).
``(2) Civil penalties.--
``(A) In general.--A supervising ethics office 
shall impose a civil penalty, in the amount described 
in subparagraph (B), on a Member of Congress to whom a 
notice is provided under subparagraph (A) or (B) of 
paragraph (1)--
``(i) on the date that is 30 days after the 
date of provision of the notice; and
``(ii) not less frequently than once every 
30 days thereafter.
``(B) Amount.--The amount of each civil penalty 
imposed on a Member of Congress pursuant to 
subparagraph (A) shall be equal to the monthly 
equivalent of the annual rate of pay payable to the 
Member of Congress.
``(h) Authorization of Supervising Ethics Offices.--Each 
supervising ethics office in the legislative branch may--
``(1) impose and collect civil penalties in accordance with 
subsection (g);
``(2) establish such procedures and standard forms as the 
supervising ethics office determines to be appropriate to 
implement this section;
``(3) issue rules in accordance with this section to 
establish new, and supplement existing, definitions applicable 
to this section; and
``(4) publish on a website all documents and communications 
described in this subsection.''.
(b) Clerical Amendment.--The table of sections for chapter 131 of 
title 5, United States Code, is amended by adding at the end the 
following:

``subchapter iv--certain assets of members of congress, spouses, and 
dependent children

``13161. Definitions.
``13162. Placement of certain assets in qualified blind trusts.''.
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