,,ii  #aafth ,,congress  #ast ,session  
,s4 #acic  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #i1       
#bjai,mr4 ,merkley 7for himself and ,mr4
 ,brown7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,homeland ,security and  
,governmental ,affairs  ,a ,,bill  ,to  
prohibit ,members of ,congress from     
purchasing or selling certain           
investments1 and for other purposes4    
#a4 ,short title ,this ,act may be cited
 as the ,ban ,conflicted ,trading ,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 a     
sitting ,member of ,congress2 and  7,b7 
an individual employed as an officer or 
employee of ,congress required to file a
 report under the ,ethics in ,government
 ,act of #aigh 7#e ,u4,s4,c4 ,app472    
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 office4   
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 or      

begins employment1 as applicable2 or    
7#b7 the date of enactment of this ,act4
  #e4 ,trusts  7a7 ,in general ,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 ,a blind trust permitted  
under this subsection 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 and enforcement  7a7    
,administration  7#a7 ,in general ,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  7#b7 ,guidance ,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 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 shall no longer serve as 
an officer or member of any board of any
 for-profit association1 corporation1 or
 other entity4  7b7 ,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