,i #aafth ,,congress #b;d ,session ,h4 ,r4 #fdfa ,,in ,,the ,,house ,,of ,,representatives ,april #g1 #bjbj,ms4 ,gabbard introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committees on ,agriculture1 ,oversight and ,reform1 ,house ,administration1 and the ,judiciary1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to prohibit senior ,government officials1 including ,members of ,congress1 from purchasing or selling certain investments1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,integrity for ,public ,officials ,act or the ,,ipo ,act4 #b4 ,definitions ,in this ,act-- 7#a7 the term commodity has the meaning given the term in section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a72 7#b7 the term covered investment-- 7,a7 means investment in a security1 a commodity1 or a future1 or any comparable economic interest acquired through synthetic means such as the use of a derivative2 and 7,b7 does not include-- 7i7 a widely held investment fund described in section #ajb7;f77#h7 of the ,ethics in ,government ,act of #aigh 7#e ,u4,s4,c4 ,app472 or 7ii7 a ,united ,states ,treasury bill1 note1 or bond2 7#c7 the term covered person means-- 7,a7 any individual described in section #aja7;f7 of the ,ethics in ,government ,act of #aigh 7#e ,u4,s4,c4 ,app471 including-- 7i7 any individual in a position on any level of the ,executive ,schedule under subchapter ,,ii of chapter #ec of title #e1 ,united ,states ,code2 7ii7 a political appointee in the ,executive ,office of ,president or in the ,office of the ,vice ,president2 and 7iii7 an individual employed in a position in the executive branch of the ,government of a confidential or policy-determining character under schedule ,c of subpart ,c of part #bac of title #e1 ,code of ,federal ,regulations2 7,b7 an individual employed in a position in the ,senior ,executive ,service2 7,c7 an individual employed in a position at the ,,gs-#ad level or higher2 7,d7 an individual employed in a position not under the ,general ,schedule for which the rate of basic pay is equal to or greater than the minimum rate of basic pay payable for ,,gs-#ad of the ,general ,schedule2 and 7,e7 the spouse of any ,member of ,congress 7as that term is defined in section #aji7ab7 of the ,ethics in ,government ,act of #aigh 7#e ,u4,s4,c4 ,app4772 7#d7 the term future means a financial contract obligating the buyer to purchase an asset or the seller to sell an asset1 such as a physical commodity or a financial instrument1 at a predetermined future date and price2 and 7#e7 the term security has the meaning given the term in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a774 #c4 ,prohibitions 7a7 ,transactions ,except as provided in sections #d and #e1 no covered person may-- 7#a7 purchase or sell any covered investment2 or 7#b7 enter into a transaction that creates a net short position in any security4 7b7 ,positions ,a covered person may not serve as an officer or member of any board of any for-profit association1 corporation1 or other entity4 #d4 ,exceptions 7a7 ,investments held before taking office 7#a7 ,in general ,a covered person may have control over or knowledge of the management of any covered investment held by the covered person as of the day before the date on which the covered person took office 7or in the case of a spouse described in section #b7c77;,e71 the date the applicable ,member of ,congress took office74 7#b7 ,prohibition on purchasing or selling ,a covered person may not buy or sell any investment described in paragraph 7#a7 except in the case of-- 7,a7 placing the investment in a qualified blind trust described in section #e2 or 7,b7 divesting themselves of any investment under subsection 7b74 7b7 ,divestiture ,a covered person may sell a covered investment during the #f-month period beginning on-- 7#a7 the date on which the covered person takes office 7or in the case of a spouse described in section #b7c77;,e71 the date the applicable ,member of ,congress took office72 or 7#b7 the date of enactment of this ,act4 #e4 ,trusts for legislative branch of ,government 7a7 ,in general ,consistent with section #g1 on a case-by-case basis1 the ,select ,committee on ,ethics may authorize a covered person to place their securities holdings in a qualified blind trust approved by the committee under section #ajb7;f7 of the ,ethics in ,government ,act of #aigh 7#e ,u4,s4,c4 ,app474 7b7 ,blind trust ,consistent with section #g1 a blind trust permitted under this section shall meet the criteria in section #ajb7;f77#d77;,b7 of the ,ethics in ,government ,act of #aigh 7#e ,u4,s4,c4 ,app471 unless an alternative arrangement is approved by the ,select ,committee on ,ethics4 #f4 ,administration for legislative branch of ,government 7a7 ,in general ,consistent with section #g1 the provisions of this ,act shall be administered by the ,select ,committee on ,ethics of the ,senate and the ,committee on ,ethics of the ,house of ,representatives4 7b7 ,guidance ,consistent with section #g1 the ,select ,committee on ,ethics of the ,senate and the ,committee on ,ethics of the ,house of ,representatives are authorized to issue guidance on any matter contained in this ,act1 including-- 7#a7 whether a covered person or spouse of a covered person may hold an employee stock option1 or similar instrument1 that had not vested before the date on which the covered person was elected2 and 7#b7 the process and timeline for when a covered person or spouse of a covered person shall no longer serve as an officer or member of any board of any for-profit association1 corporation1 or other entity4 #g4 ,administration for executive and judicial branches of ,government ,with respect to-- 7#a7 a covered person who is an officer or employee of the executive branch of the ,government1 the ,director of the ,office of ,government ,ethics shall carry out sections #e and #f2 and 7#b7 a covered person who is an officer or employee of the judicial branch of the ,government1 the ,judicial ,conference shall carry out such sections4 #h4 ,enforcement ,whoever knowingly fails to comply with this ,act shall be subject to a civil penalty of not less than #aj percent of the value of the covered investment that was purchased or sold or the security in which a net short position was created in violation of this ,act1 as applicable4