,,ii  #aag? ,,congress  #b;d ,session   
,s4 #cfca  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,febru>y #aj1 #bjbb,ms4
 ,w>r5 7= h]self1 ,mr4 ,da9es1 ,mrs4    
,blackburn1 ,ms4 ,/ab5[1 ,mr4 ,w>nock1 &
 ,mr4 ,graham7 introduc$ ! foll[+ bill2 
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,a ,,bill  ,to   
prohibit /ock trad+ & own]%ip by ,memb]s
 ( ,congress & sp\ses ( ,memb]s (       
,congress1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z !         
,bip>tisan ,ban on ,congressional ,/ock 
,own]%ip ,act ( #bjbb4  #b4 ,b> on /ock 
trad+ & own]%ip by ,memb]s ( ,congress &
 sp\ses  7a7 ,def9itions ,9 ?is section3
 7#a7 ,commodity ,! t]m commodity has ! 
mean+ giv5 t t]m 9 section #a;a ( !     
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a74  7#b7 ,congressional e?ics       
committee ,! t]m congressional e?ics    
committee has ! mean+ giv5 t t]m 9      
section #aji ( ! ,e?ics 9 ,gov]nm5t ,act
 ( #aigh 7#e ,u4,s4,c4 ,app474  7#c7    
,div]sifi$ ,! t]m div]sifi$1 ) respect  

to an inve/m5t fund1 means t ! inve/m5t 
fund does n h a /at$ policy ( ov]ly     
conc5trat+ its inve/m5ts4  7#d7 ,memb] (
 ,congress ,! t]m ,memb] ( ,congress has
 ! mean+ giv5 t t]m 9 section #aji ( !  
,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e     
,u4,s4,c4 ,app474  7#e7 ,security ,! t]m
 security has ! mean+ giv5 t t]m 9      
section #c7;a7 ( ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
7#f7 ,small bus9ess conc]n ,! t]m small 
bus9ess conc]n has ! mean+ giv5 t t]m "u
 section #c ( ! ,small ,bus9ess ,act    
7#ae ,u4,s4,c4 #fcb74  7#g7 ,widely held
 inve/m5t fund ,! t]m widely held       
inve/m5t fund means a widely held       
inve/m5t fund describ$ 9 section        
#ajb7;f77#h7 ( ! ,e?ics 9 ,gov]nm5t ,act
 ( #aigh 7#e ,u4,s4,c4 ,app474  7b7     
,dive/m5t  7#a7 ,9 g5]al ,except z      
provid$ 9 subsection 7c71 no ,memb] (   
,congress or sp\se ( a ,memb] (         
,congress may own an int]e/ 9 or trade  
7except z a dive/m5t7 any /ock1 bond1   
commodity1 future1 or o!r =m ( security1

 includ+ an int]e/ 9 a h$ge fund1 a     
d]ivative1 option1 or o!r complex       
inve/m5t vehicle4  7#b7 ,implem5tation  
7,a7 ,curr5t ,memb]s  7i7 ,9 g5]al      
,except z provid$ 9 clause 7ii71 an     
individual :o is a ,memb] ( ,congress on
 ! date ( enactm5t ( ?is ,act1 or !     
sp\se ( su* an individual1 %all complete
 ! dive/m5t ( any asset describ$ 9      
p>agraph 7#a7 by n lat] ?an #ahj days   
aft] ! date ( enactm5t ( ?is ,act4  7ii7
 ,c]ta9 assets ,= an asset describ$ 9   
p>agraph 7#a7 t is an int]e/ 9 a h$ge   
fund1 v5ture capital fund1 or o!r       
privately-held complex inve/m5t vehicle1
 an individual :o is a ,memb] (         
,congress on ! date ( enactm5t ( ?is    
,act1 or ! sp\se ( su* an individual1   
%all complete ! dive/m5t ( ! asset by n 
lat] ?an #e ye>s aft] ! date ( enactm5t 
( ?is ,act4  7,b7 ,new ,memb]s  7i7 ,9  
g5]al ,except z provid$ 9 clause 7ii71  
an individual :o becomes a ,memb] (     
,congress aft] ! date ( enactm5t ( ?is  
,act1 or :o is ! sp\se ( su* an         

individual1 %all complete ! dive/m5t (  
any asset describ$ 9 p>agraph 7#a7 by n 
lat] ?an #ahj days aft] ! date on :i* ! 
individual becomes a ,memb] ( ,congress4
  7ii7 ,c]ta9 assets ,= an asset        
describ$ 9 p>agraph 7#a7 t is an int]e/ 
9 a h$ge fund1 v5ture capital fund1 or  
o!r privately-held complex inve/m5t     
vehicle1 an individual :o becomes a     
,memb] ( ,congress aft] ! date (        
enactm5t ( ?is ,act1 or :o is ! sp\se ( 
su* an individual1 %all complete !      
dive/m5t ( ! asset by n lat] ?an #e ye>s
 aft] ! date on :i* ! individual becomes
 a ,memb] ( ,congress4  7,c7 ,dive/m5t (
 assets receiv$ :ile a ,memb] ,an       
individual s]v+ z a ,memb] ( ,congress1 
or ! sp\se ( su* an individual1 :o      
receives any asset describ$ 9 p>agraph  
7#a7 dur+ ! p]iod ( su* s]vice1 su* z f 
an inh]itance1 %all complete ! dive/m5t 
( ! asset by n lat] ?an #ahj days aft] !
 date on :i* ! individual or sp\se      
receives ! asset4  7c7 ,exceptions ,no?+
 9 ?is section %all be con/ru$ to       

prev5t-- 7#a7 a ,memb] ( ,congress or   
sp\se ( a ,memb] ( ,congress f own+ or  
trad+-- 7,a7 a widely held inve/m5t     
fund1 if ! widely held inve/m5t fund--  
7i7 does n pres5t a conflict ( int]e/2 &
  7ii7 is div]sifi$2  7,b7 %>es (       
,settlem5t ,common ,/ock issu$ "u       
section #g7;g77#a77;,a7 ( ! ,alaska     
,native ,claims ,settlem5t ,act 7#dc    
,u4,s4,c4 #afjf7;g77#a77;,a772  7,c7    
%>es ( ,settlem5t ,common ,/ock1 z def9$
 9 section #c ( ! ,alaska ,native       
,claims ,settlem5t ,act 7#dc ,u4,s4,c4  
#afjb72  7,d7 a ,unit$ ,/ates ,treasury 
bill1 note1 or bond2  7,e7 an inve/m5t  
fund held 9 a ,f$]al1 ,/ate1 or local   
gov]nm5t employee retirem5t plan2  7,f7 
an int]e/ 9 a small bus9ess conc]n1 if !
 small bus9ess conc]n does n pres5t a   
conflict ( int]e/2 or  7,g7 any asset   
describ$ 9 subsection 7b77#a7 receiv$ z 
comp5sation f ! prim>y occupation ( !   
sp\se2 or  7#b7 a sp\se ( a ,memb] (    
,congress f trad+ any asset describ$ 9  
subsection 7b77#a7 t is n own$ by !     

sp\se or ,memb] ( ,congress 9 ! c\rse ( 
p]=m+ ! prim>y occupation ( ! sp\se4    
7d7 ,civil f9es ,! ,attorney ,g5]al or !
 ,special ,c\nsel may br+ a civil action
 9 ! appropriate ,unit$ ,/ates di/rict  
c\rt aga9/ any ,memb] ( ,congress or    
sp\se ( a ,memb] ( ,congress :o engages 
9 conduct con/itut+ a violation ( ?is   
section &1 ^u pro( ( su* conduct by a   
prepond]ance ( ! evid5ce1 su* ,memb] (  
,congress or sp\se %all be subject to a 
civil p5alty ( n m ?an #ej1jjj = ea*    
violation4 ,! imposition ( a civil      
p5alty "u ?is subsection does n preclude
 any o!r crim9al or civil /atutory1     
common law1 or adm9i/rative rem$y1 :i*  
is available by law to ! ,unit$ ,/ates  
or any o!r p]son4  7e7 ,nonrecognition (
 ga9  7#a7 ,9 g5]al ,p>agraph 7#a7 (    
section #ajdc7;b7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$-- 7,a7 by /rik+ &
 at ! end ( subp>agraph 7,a72  7,b7 by  
r$esignat+ subp>agraph 7,b7 z           
subp>agraph 7,c72  7,c7 by ins]t+ aft]  
subp>agraph 7,a7 ! foll[+ new           

subp>agraph3  7,b7 any ,memb] (         
,congress or ,memb] ( ,congress-elect1 b
 only ) respect to a dive/m5t ( prop]ty 
requir$ by ! ,bip>tisan ,ban on         
,congressional ,/ock ,own]%ip ,act (    
#bjbb1 &  2 &  7,d7 by /rik+ subp>agraph
 7,a7 9 subp>agraph 7,c71 z s           
r$esignat$1 & ins]t+ subp>agraph 7,a7 or
 7,b71 :i*ev] is applicable4  7#b7      
,c]tificate ( dive/iture ,subp>agraph   
7,b7 ( section #ajdc7;b77#b7 ( su* ,code
 is am5d$-- 7,a7 by /rik+ or by & ins]t+
 by2 &  7,b7 by ins]t+ 1 or by !        
applicable congressional e?ics          
committee1 9 ! case ( ,memb]s (         
,congress1 ,memb]s ( ,congress-elect1 & 
sp\ses ( ,memb]s ( ,congress & ,memb]s (
 ,congress-elect aft] judicial (fic]s4  
7#c7 ,effective date ,! am5dm5ts made by
 ?is subsection %all apply to sales (   
prop]ty aft] ! date ( ! enactm5t ( ?is  
,act4  7f7 ,int]pretive guidance ,!     
,select ,committee on ,e?ics ( ! ,s5ate 
& ! ,committee on ,e?ics ( ! ,h\se (    
,repres5tatives %all issue int]pretive  

guidance reg>d+ relevant t]ms n def9$ 9 
?is ,act or else:]e 9 /atute4