,i #aahth ,,congress #ast ,session ,h4 ,r4 #cjjc ,,in ,,the ,,house ,,of ,,representatives ,april #bh1 #bjbc,mr4 ,fitzpatrick 7for himself1 ,ms4 ,ocasio-,cortez1 ,mr4 ,gaetz1 and ,mr4 ,krishnamoorthi7 introduced the following bill2 which was referred to the ,committee on ,house ,administration1 and in addition to the ,committee on ,ways and ,means1 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 amend title #e1 ,united ,states ,code1 to restrict trading and ownership of certain financial instruments by ,members of ,congress and their spouses and dependents1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,bipartisan ,restoring ,faith in ,government ,act4 #b4 ,prohibition of congressional ownership of financial investments 7a7 ,in general ,chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,,iv ,prohibition on ,congressional ,ownership of ,financial ,investments #acaea4 ,definitions ,in this subchapter3 7#a7 ,covered financial instrument ,the term covered financial instrument means-- 7,a7 any investment in-- 7i7 a security 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7772 7ii7 a security future 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7772 or 7iii7 a commodity 7as defined in section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a772 and 7,b7 any economic interest comparable to an interest described in subclause 7,i7 that is acquired through synthetic means1 such as the use of a derivative1 including an option1 warrant1 or other similar means4 7#b7 ,covered individual ,the term covered individual means any of the following3 7,a7 ,a ,member of ,congress4 7,b7 ,the spouse of a ,member of ,congress4 7,c7 ,the dependent of a ,member of ,congress4 7#c7 ,dependent ,the term dependent has the meaning given that term in section #acaja4 7#d7 ,member of ,congress ,the term ,member of ,congress has the meaning given that term in section #acaja4 7#e7 ,qualified blind trust ,the term qualified blind trust has the meaning given that term in section #acajd7;f77#c74 7#f7 ,supervising ethics office ,the term supervising ethics office has the meaning given that term in section #acaja4 #acaeb4 ,limitation on owning or trading certain assets 7a7 ,requirement 7#a7 ,in general ,except as provided in this section1 no covered individual may own or trade a covered financial instrument4 7#b7 ,exceptions ,nothing in this subchapter shall be construed to prevent a covered individual from owning or trading-- 7,a7 a widely held investment fund 7as that term is described in section #acajd7;f77#h77 that is registered as a management company under the ,investment ,company ,act1 as amended 7#ae ,u4,s4,c4 #hj;a-#a et seq472 7,b7 a ,united ,states ,treasury bill1 note1 or bond2 7,c7 any bond issued by a ,state or local government2 or 7,d7 any investment under the ,thrift ,savings ,plan4 7b7 ,compliance 7#a7 ,in general ,to comply with the requirement under subsection 7a71 a covered individual shall divest of a covered financial instrument through sale or placement in a qualified blind trust in accordance with subsection 7c74 7#b7 ,assets acquired through special circumstances ,in the event that a covered individual acquires a covered financial instrument after the date of enactment of the ,bipartisan ,restoring ,faith in ,government ,act other than by purchase1 the covered individual shall have #ij days from the date on which such individual received such instrument to divest of such instrument through any means provided under paragraph 7#a74 7c7 ,time period for compliance 7#a7 ,covered individuals as of date of enactment 7,a7 ,in general ,an individual who is a covered individual as of the date of enactment of ,bipartisan ,restoring ,faith in ,government ,act shall have #ij days following the date of enactment of such ,act to divest of such instrument through any means provided under subsection 7b77#a74 7,b7 ,special rule for spouses ,a covered individual who is a spouse of a ,member of ,congress and who receives any financial instrument as compensation for their primary employment shall divest of such financial instrument not later than #ij days after the date that the spouse is contractually permitted to sell the covered investment4 7#b7 ,covered individuals after date of enactment ,an individual who becomes a covered individual after the date of enactment of the ,bipartisan ,restoring ,faith in ,government ,act shall have #ij days from the date on which such individual becomes a covered individual to divest of such instrument through any means provided under subsection 7b77#a74 7#c7 ,qualified blind trust requirements ,notwithstanding paragraphs 7#a7 and 7#b71 a qualified blind trust may not be established for purposes of complying with this subchapter without the prior approval of the supervising ethics office4 ,with respect to any such trust so approved1 the applicable trustee-- 7,a7 shall divest of any such instrument placed in the trust not later than #f months after the trust is established2 7,b7 shall certify to the applicable supervising ethics office on an annual basis that the trustee has not provided any information on the trust's assets or transactions to the applicable covered individual2 and 7,c7 may not have a close personal or business relationship with the applicable covered individual4 7d7 ,income tax ,a loss from a transaction or holding involving a covered financial instrument that is conducted in violation of this section may not be deducted from the amount of income tax owed by the covered individual4 7e7 ,assets upon separation ,in the case of a spouse or dependent who ceases to be a covered individual1 such spouse or dependent may regain control over any covered financial instrument that was placed into a qualified blind trust pursuant to subsection 7a74 7f7 ,proof of compliance 7#a7 ,submission ,a ,member of ,congress shall submit to the supervising ethics office a pledge of compliance with the requirements of this subchapter1 and shall produce1 upon request of the supervising ethics office1 material or information determined by the supervising ethics committee to be necessary to indicate compliance with the provisions of this subchapter4 7#b7 ,certificate ,the supervising ethics office shall provide each ,member of ,congress in compliance with the provisions of this ,act with a certificate of compliance4 7#c7 ,publication ,the supervising ethics office shall make available1 on a publicly accessible website1 all certificates issued under this subsection4 #acaec4 ,enforcement 7a7 ,referral ,the supervising ethics office shall refer to the ,attorney ,general the name of any covered individual who such office has reasonable cause to believe has willfully failed to comply with the requirements of section #acaeb4 7b7 ,penalty 7#a7 ,in general ,the ,attorney ,general may bring a civil action in any appropriate ,united ,states district court against any covered individual who knowingly and willfully fails to comply with section #acaeb4 ,the court in which such action is brought may assess against such individual a civil penalty in any amount1 not to exceed #ej1jjj4 7#b7 ,limitation ,a covered individual may not pay any penalty resulting from a civil action under paragraph 7#a7 using-- 7,a7 funds from a ,members' ,representational ,allowance or ,senators' ,official ,personnel and ,office ,expense ,account 7as the case may be72 or 7,b7 funds of any political committee under the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaja et seq474 4 7b7 ,application of tax rules for sales of property ,to comply with conflict-of-,interest requirements ,section #ajdc of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7d7 ,application to prohibition on ,congressional ownership of certain assets 7#a7 ,treatment as conflict of interest statute ,for purposes of subsection 7b77#b77;,a71 subchapter ,,iv of chapter #aca of title #e1 ,united ,states ,code1 shall be treated as a ,federal conflict of interest statute4 7#b7 ,covered individuals treated as eligible persons ,for purposes of this section-- 7,a7 the term eligible person shall include covered individuals 7as defined in section #acaea of title #e1 ,united ,states ,code71 and 7,b7 such covered individuals shall be treated as referred to in subsection 7b77#a77;,a7 for purposes of applying subsection 7b77#e77;,a74 7#c7 ,certificates of divestiture issued by ethics committee ,in the case of any covered individual referred to in paragraph 7#b77;,a71 a certificate of divestiture meets the requirement of subsection 7b77#b77;,b7 if such certificate is issued by the applicable ,congressional ethics committee4 4 7c7 ,clerical amendment ,the table of sections for such chapter is amended by inserting after the item relating to section #acadf the following3 ,,subchapter ,,iv--,,prohibition ,,on ,,congressional ,,ownership ,,of ,,financial ,,investments#acaea4 ,definitions4#acaeb4 ,limitation on owning or trading certain assets4#acaec4 ,enforcement4 4