,,ii  #aag? ,,congress  #a/ ,session    
,s4 #cjgf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #bf1 #bjba ,mr4
 ,br[n 7= himself1 ,mrs4 ,gillibr&1 ,mr4
 ,m]kley1 & ,mr4 ,w>nock7 introduc$ !   
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to am5d !  
,f$]al ,res]ve ,act to prohibit (fic]s (
 ! ,f$]al ,res]ve f trad+ c]ta9         
securities1 & = o!r purposes4  #a4 ,%ort
 title ,?is ,act may be cit$ z ! ,ban   
,conflict$ ,trad+ at ! ,f$ ,act4  #b4   
,,/ock ,act ,section #d ( ! ,f$]al      
,res]ve ,act 7#ab ,u4,s4,c4 #cda et     
seq47 is am5d$ by add+ at ! end !       
foll[+3  ,title ,i ( ! ,e?ics 9         
,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4    
,app471 sections #i1 #aa1 #ac1 & #ad ( !
 ,,/ock ,act 7,public ,law #aab-aje71 & 
section #ba;,a7i7 ( ! ,securities       
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghu-#a7;i77 %all apply to ,f$]al       
,res]ve bank presid5ts1 vice presid5ts1 
& directors4  4  #c4 ,ban conflict$     

trades ,! ,f$]al ,res]ve ,act 7#ab      
,u4,s4,c4 et seq47 is am5d$ by ins]t+   
aft] section #be;,c 7#ab ,u4,s4,c4 #fcc7
 ! foll[+3  #be;,d4 ,ban conflict$      
trades  7a7 ,def9itions ,9 ?is section--
 7#a7 ! t]m commodity has ! mean+ giv5 !
 t]m 9 section #a;a ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4 #a;a72  7#b7
 ! t]m cov]$ inve/m5t-- 7,a7 means      
inve/m5t 9 a security1 a commodity1     
virtual curr5cy1 or a future1 or any    
comp>able f9ancial int]e/ acquir$ ?r\gh 
syn!tic means su* z ! use ( a d]ivative2
 &  7,b7 does n include-- 7i7 a         
div]sifi$ mutual fund or inve/m5t tru/  
subject to an exemption "u section      
#bjh7;b77#b7 ( title #ah1 ,unit$ ,/ates 
,code1 & section #bfdj4bja ( title #e1  
,code ( ,f$]al ,regulations2 or  7ii7 a 
,unit$ ,/ates ,treasury bill1 note1 or  
bond2  7#c7 ! t]m cov]$ p]son means--   
7,a7 a memb] ( ! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em2 &  7,b7 a        
presid5t or vice presid5t ( a ,f$]al    
,res]ve bank2  7#d7 ! t]m future means a

 f9ancial contract obligat+ ! buy] to   
pur*ase an asset or ! sell] to sell an  
asset1 su* z a physical commodity or a  
f9ancial in/rum5t1 at a pr$et]m9$ future
 date & price2  7#e7 ! t]m security has 
! mean+ giv5 ! t]m 9 section #c7;a7 ( ! 
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a772 &  7#f7 ! t]m      
virtual curr5cy means any cryptocurr5cy1
 su* z co9s or tok5s receiv$ 9          
connection ) initial co9 (f]+s or issu$ 
or di/ribut$ us+ di/ribut$ l$g] or      
block*a9 te*nology4  7b7 ,prohibitions  
,except z provid$ 9 subsections 7c7 &   
7d71 no cov]$ p]son may--  7#a7 pur*ase 
or sell any cov]$ inve/m5t2 or  7#b7    
ent] into a transaction t creates a net 
%ort position 9 any security4  7c7      
,exceptions  7#a7 ,inve/m5ts held be=e  
tak+ (fice  7,a7 ,9 g5]al ,a cov]$ p]son
 may h control ov] or k ( ! managem5t ( 
any cov]$ inve/m5t held by ! cov]$ p]son
 z ( ! day be=e ! date on :i* ! cov]$   
p]son took (fice4  7,b7 ,prohibition on 
pur*as+ or sell+ ,a cov]$ p]son may n   

buy or sell any inve/m5t describ$ 9     
subp>agraph 7,a7 except 9 ! case (--    
7i7 plac+ ! inve/m5t 9 a qualifi$ bl9d  
tru/ describ$ 9 subsection 7d72 or  7ii7
 dive/+ !mselves ( any inve/m5t "u      
p>agraph 7#b74  7#b7 ,dive/iture ,a     
cov]$ p]son may sell a cov]$ inve/m5t   
dur+ ! #f-mon? p]iod beg9n+ on-- 7,a7 ! 
date on :i* ! cov]$ p]son takes (fice or
 beg9s employm5t1 z applicable2  7,b7 ! 
date ( enactm5t ( ?is section2 or  7,c7 
! date on :i* ! cov]$ p]son receives a  
cov]$ inve/m5t ?r\gh gift or inh]itance4
  7#c7 ,approval ,any transaction       
describ$ 9 ?is subsection %all be       
approv$ 9 accordance ) ! rules issu$ "u 
subsection 7f74  7d7 ,tru/s  7#a7 ,9    
g5]al ,on a case-by-case basis1 !       
designat$ ag5cy e?ics (ficial ( ! ,bo>d 
( ,gov]nors may au?orize a cov]$ p]son  
to place _! securities hold+s 9 a       
qualifi$ bl9d tru/ approv$ by ! ,bo>d "u
 section #ajb7;f7 ( ! ,e?ics 9 ,gov]nm5t
 ,act ( #aigh 7#e ,u4,s4,c4 ,app474     
7#b7 ,bl9d tru/ ,a bl9d tru/ p]mitt$ "u 

?is subsection %all meet ! crit]ia 9    
section #ajb7;f77#d77;,b7 ( ! ,e?ics 9  
,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4    
,app471 unless an alt]native arrangem5t 
is approv$ by ! ,bo>d4  7e7             
,adm9i/ration & en=cem5t  7#a7          
,adm9i/ration ,! provisions ( ?is       
section %all be adm9i/]$ by ! ,bo>d4    
7#b7 ,en=cem5t ,:oev] kn[+ly fails to   
comply ) ?is section %all be subject to 
a civil p5alty ( n less ?an #aj p]c5t ( 
! value ( ! cov]$ inve/m5t t 0 pur*as$  
or sold or ! security 9 :i* a net %ort  
position 0 creat$ 9 violation ( ?is     
section1 z applicable4  7f7 ,o!r        
requirem5ts ,n lat] ?an #ij days aft] ! 
date ( enactm5t ( ?is section1 ! ,bo>d  
%all issue rules t require cov]$ p]sons 
& s5ior /aff to--  7#a7 provide #de days
 advance notice & prior approval = any  
inve/m5t transactions2 &  7#b7 hold     
inve/m5ts = a m9imum ( #a ye> f ! date (
 ! transaction4  4