,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cfca  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,february #aj1 
#bjbb,ms4 ,warren 7for herself1 ,mr4    
,daines1 ,mrs4 ,blackburn1 ,ms4         
,stabenow1 ,mr4 ,warnock1 and ,mr4      
,graham7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,finance  ,a ,,bill  ,to 
prohibit stock trading and ownership by 
,members of ,congress and spouses of    
,members of ,congress1 and for other    
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,bipartisan ,ban on 
,congressional ,stock ,ownership ,act of
 #bjbb4  #b4 ,bar on stock trading and  
ownership by ,members of ,congress and  
spouses  7a7 ,definitions ,in this      
section3 7#a7 ,commodity ,the term      
commodity has the meaning given that    
term in section #a;a of the ,commodity  
,exchange ,act 7#g ,u4,s4,c4 #a;a74     
7#b7 ,congressional ethics committee    
,the term congressional ethics committee
 has the meaning given that term in     

section #aji of the ,ethics in          
,government ,act of #aigh 7#e ,u4,s4,c4 
,app474  7#c7 ,diversified ,the term    
diversified1 with respect to an         
investment fund1 means that the         
investment fund does not have a stated  
policy of overly concentrating its      
investments4  7#d7 ,member of ,congress 
,the term ,member of ,congress has the  
meaning given that term in section #aji 
of the ,ethics in ,government ,act of   
#aigh 7#e ,u4,s4,c4 ,app474  7#e7       
,security ,the term security has the    
meaning given that term in section      
#c7;a7 of ,securities ,exchange ,act of 
#aicd 7#ae ,u4,s4,c4 #gh;c7a774  7#f7   
,small business concern ,the term small 
business concern has the meaning given  
that term under section #c of the ,small
 ,business ,act 7#ae ,u4,s4,c4 #fcb74   
7#g7 ,widely held investment fund ,the  
term widely held investment fund means a
 widely held investment fund described  
in section #ajb7;f77#h7 of the ,ethics  
in ,government ,act of #aigh 7#e        

,u4,s4,c4 ,app474  7b7 ,divestment  7#a7
 ,in general ,except as provided in     
subsection 7c71 no ,member of ,congress 
or spouse of a ,member of ,congress may 
own an interest in or trade 7except as a
 divestment7 any stock1 bond1 commodity1
 future1 or other form of security1     
including an interest in a hedge fund1 a
 derivative1 option1 or other complex   
investment vehicle4  7#b7               
,implementation  7,a7 ,current ,members 
7i7 ,in general ,except as provided in  
clause 7ii71 an individual who is a     
,member of ,congress on the date of     
enactment of this ,act1 or the spouse of
 such an individual1 shall complete the 
divestment of any asset described in    
paragraph 7#a7 by not later than #ahj   
days after the date of enactment of this
 ,act4  7ii7 ,certain assets ,for an    
asset described in paragraph 7#a7 that  
is an interest in a hedge fund1 venture 
capital fund1 or other privately-held   
complex investment vehicle1 an          
individual who is a ,member of ,congress

 on the date of enactment of this ,act1 
or the spouse of such an individual1    
shall complete the divestment of the    
asset by not later than #e years after  
the date of enactment of this ,act4     
7,b7 ,new ,members  7i7 ,in general     
,except as provided in clause 7ii71 an  
individual who becomes a ,member of     
,congress after the date of enactment of
 this ,act1 or who is the spouse of such
 an individual1 shall complete the      
divestment of any asset described in    
paragraph 7#a7 by not later than #ahj   
days after the date on which the        
individual becomes a ,member of         
,congress4  7ii7 ,certain assets ,for an
 asset described in paragraph 7#a7 that 
is an interest in a hedge fund1 venture 
capital fund1 or other privately-held   
complex investment vehicle1 an          
individual who becomes a ,member of     
,congress after the date of enactment of
 this ,act1 or who is the spouse of such
 an individual1 shall complete the      
divestment of the asset by not later    

than #e years after the date on which   
the individual becomes a ,member of     
,congress4  7,c7 ,divestment of assets  
received while a ,member ,an individual 
serving as a ,member of ,congress1 or   
the spouse of such an individual1 who   
receives any asset described in         
paragraph 7#a7 during the period of such
 service1 such as from an inheritance1  
shall complete the divestment of the    
asset by not later than #ahj days after 
the date on which the individual or     
spouse receives the asset4  7c7         
,exceptions ,nothing in this section    
shall be construed to prevent-- 7#a7 a  
,member of ,congress or spouse of a     
,member of ,congress from owning or     
trading-- 7,a7 a widely held investment 
fund1 if the widely held investment     
fund-- 7i7 does not present a conflict  
of interest2 and  7ii7 is diversified2  
7,b7 shares of ,settlement ,common      
,stock issued under section             
#g7;g77#a77;,a7 of the ,alaska ,native  
,claims ,settlement ,act 7#dc ,u4,s4,c4 

#afjf7;g77#a77;,a772  7,c7 shares of    
,settlement ,common ,stock1 as defined  
in section #c of the ,alaska ,native    
,claims ,settlement ,act 7#dc ,u4,s4,c4 
#afjb72  7,d7 a ,united ,states         
,treasury bill1 note1 or bond2  7,e7 an 
investment fund held in a ,federal1     
,state1 or local government employee    
retirement plan2  7,f7 an interest in a 
small business concern1 if the small    
business concern does not present a     
conflict of interest2 or  7,g7 any asset
 described in subsection 7b77#a7        
received as compensation from the       
primary occupation of the spouse2 or    
7#b7 a spouse of a ,member of ,congress 
from trading any asset described in     
subsection 7b77#a7 that is not owned by 
the spouse or ,member of ,congress in   
the course of performing the primary    
occupation of the spouse4  7d7 ,civil   
fines ,the ,attorney ,general or the    
,special ,counsel may bring a civil     
action in the appropriate ,united       
,states district court against any      

,member of ,congress or spouse of a     
,member of ,congress who engages in     
conduct constituting a violation of this
 section and1 upon proof of such conduct
 by a preponderance of the evidence1    
such ,member of ,congress or spouse     
shall be subject to a civil penalty of  
not more than #ej1jjj for each          
violation4 ,the imposition of a civil   
penalty under this subsection does not  
preclude any other criminal or civil    
statutory1 common law1 or administrative
 remedy1 which is available by law to   
the ,united ,states or any other person4
  7e7 ,nonrecognition of gain  7#a7 ,in 
general ,paragraph 7#a7 of section      
#ajdc7;b7 of the ,internal ,revenue     
,code of #aihf is amended-- 7,a7 by     
striking and at the end of subparagraph 
7,a72  7,b7 by redesignating            
subparagraph 7,b7 as subparagraph 7,c72 
7,c7 by inserting after subparagraph    
7,a7 the following new subparagraph3    
7,b7 any ,member of ,congress or ,member
 of ,congress-elect1 but only with      

respect to a divestment of property     
required by the ,bipartisan ,ban on     
,congressional ,stock ,ownership ,act of
 #bjbb1 and  2 and  7,d7 by striking    
subparagraph 7,a7 in subparagraph 7,c71 
as so redesignated1 and inserting       
subparagraph 7,a7 or 7,b71 whichever is 
applicable4  7#b7 ,certificate of       
divestiture ,subparagraph 7,b7 of       
section #ajdc7;b77#b7 of such ,code is  
amended-- 7,a7 by striking or by and    
inserting by2 and  7,b7 by inserting 1  
or by the applicable congressional      
ethics committee1 in the case of        
,members of ,congress1 ,members of      
,congress-elect1 and spouses of ,members
 of ,congress and ,members of           
,congress-elect after judicial officers4
  7#c7 ,effective date ,the amendments  
made by this subsection shall apply to  
sales of property after the date of the 
enactment of this ,act4  7f7            
,interpretive guidance ,the ,select     
,committee on ,ethics of the ,senate and
 the ,committee on ,ethics of the ,house

 of ,representatives shall issue        
interpretive guidance regarding relevant
 terms not defined in this ,act or      
elsewhere in statute4