,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #gbfd  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,febru>y #f1 #bjbd,ms4
 ,tlaib 7= h]self & ,ms4 ,bu%7 introduc$
 ! foll[+ bill2 :i* 0 ref]r$ to !       
,committee on ,f9ancial ,s]vices1 & 9   
addition to ! ,committees on ,h\se      
,adm9i/ration1 ,agriculture1 & ,ways &  
,means1 = a p]iod to be subsequ5tly     
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to prohibit c]ta9 def5se      
indu/ry /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 ! ,/op    
,politicians ,pr(it+ f ,w> ,act ( #bjbd4
  #b4 ,ban on c]ta9 def5se indu/ry /ock 
trad+ & own]%ip by ,memb]s ( ,congress1 
sp\ses1 & dep5d5t *ildr5  7a7           
,def9itions ,9 ?is ,act3 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 ,cov]$  

def5se contractor ,! t]m cov]$ def5se   
contractor means a p]son1 o!r ?an an    
in/itution ( high] education 7z def9$ "u
 section #aja ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajja77 or a    
non-pr(it m$ical treatm5t facility1 t   
has ent]$ into a contract1 transaction1 
or o!r agreem5t ) ! ,dep>tm5t ( ,def5se4
  7#c7 ,div]sifi$ ,! t]m div]sifi$1 )   
respect to a fund1 tru/1 or plan1 means 
t ! fund1 tru/1 or plan does n h a /at$ 
policy ( conc5trat+ its inve/m5ts 9 any 
indu/ry1 bus9ess1 s+le c\ntry o!r ?an ! 
,unit$ ,/ates1 or bonds ( a s+le ,/ate4 
7#d7 ,memb] ( ,congress ,! t]m ,memb] ( 
,congress has ! mean+ giv5 t t]m 9      
section #acaja ( title #e1 ,unit$ ,/ates
 ,code4  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 ,widely held
 inve/m5t fund ,! t]m widely held       
inve/m5t fund means a widely held       
inve/m5t fund describ$ 9 #acajd7;f77#h7 
( title #e1 ,unit$ ,/ates ,code4  7b7   

,dive/m5t ( assets  7#a7 ,9 g5]al       
,except z provid$ 9 subsection 7c71 no  
,memb] ( ,congress1 sp\se ( a ,memb] (  
,congress1 or dep5d5t *ild ( a ,memb] ( 
,congress may h a f9ancial int]e/ 9 a   
cov]$ def5se contractor1 or may own an  
int]e/ 9 or trade 7except z a dive/m5t7 
any /ock1 bond1 commodity1 future1 or   
o!r =m ( security ! value ( :i* is      
significantly bas$ ^u a cov]$ def5se    
contractor or an entity 9 ! def5se      
indu/rial base1 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 or dep5d5t *ild ( su*  
an individual1 %all complete ! dive/m5t 
( any asset describ$ 9 p>agraph 7#a7 by 
n lat] ?an #abj 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 or      
dep5d5t *ild ( su* an individual1 %all  
complete ! dive/m5t ( ! asset by n lat] 
?an #ahj days aft] ! date ( enactm5t (  
?is ,act4  7iii7 ,application ,?is      
subp>agraph %all apply to a cov]$ def5se
 contractor t is p]=m+ or has p]=m$ a   
contract = ! ,dep>tm5t ( ,def5se dur+ ! 
#e-ye> p]iod prec$+ ! date ( ! enactm5t 
( ?is ,act4  7,b7 ,new memb]s  7i7 ,9   
g5]al ,except z provid$ 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 #abj 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 or
 dep5d5t *ild ( su* an individual1 %all 
complete ! dive/m5t ( ! asset by n lat] 
?an #ahj days aft] ! date on :i* !      
individual becomes a ,memb] ( ,congress4
  7iii7 ,application ,?is subp>agraph   
%all apply to a cov]$ def5se contractor 
t is p]=m+ or has p]=m$ a contract = !  
,dep>tm5t ( ,def5se dur+ ! #e-ye> p]iod 
prec$+ ! date on :i* ! individual       
becomes a ,memb] ( ,congress4  7,c7     
,dive/m5t ( assets receiv$ :ile a memb] 
,an individual s]v+ z a ,memb] (        
,congress1 or ! sp\se or dep5d5t *ild ( 
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 #abj days aft] ! date on :i* !     
individual or sp\se receives ! asset4   
7,d7 ,qualifi$ bl9d tru/ prohibit$      
,plac+ an asset describ$ 9 p>agraph 7#a7
 9 a qualifi$ bl9d tru/ 7z t t]m is     

def9$ 9 section #acajd7;f77#c7 ( title  
#e1 ,unit$ ,/ates ,code71 or any o!r    
bl9d tru/1 %all n qualify z a dive/m5t  
"u su* p>agraph = purposes ( compliance 
) ! requirem5ts ( ?is ,act4  7c7        
,exceptions ,no?+ 9 ?is section %all be 
con/ru$ to prev5t-- 7#a7 a ,memb] (     
,congress or _! sp\se or dep5d5t *ild 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$2 &  7iii7 9 !
 lit]ature x di/ributes to prospective &
 curr5t inve/ors or p>ticipants1 does n 
indicate ! objective or practice (      
conc5trat+ its inve/m5ts 9 cov]$ def5se 
contractors or entities 9 ! def5se      
indu/rial base1 if ! ,memb] ( ,congress1
 or ! sp\se or dep5d5t *ild ( su* an    
individual1 nei!r ex]cises control nor  
has ! ability to ex]cise control ov] !  
f9ancial int]e/s held 9 ! fund2  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$]al1 ,/ate1 or local   
gov]nm5t employee retirem5t plan2 or    
7,f7 an int]e/ 9 an inve/m5t fund       
regi/]$ z an inve/m5t company "u section
 #c ( ! ,inve/m5t ,company ,act ( #aidj 
7#ae ,u4,s4,c4 #hj;a-#c7 t is div]sifi$2
 &  7#b7 a sp\se or dep5d5t *ild ( a    
,memb] ( ,congress f trad+ any asset    
describ$ 9 subsection 7b77#a7 t is n    
own$ by ! sp\se1 *ild1 or ,memb] (      
,congress 9 ! c\rse ( p]=m+ ! prim>y    
occupation ( ! sp\se or *ild4  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 or dep5d5t *ild :o engages 9      
conduct con/itut+ a violation ( ?is     
section &1 ^u pro( ( su* conduct by a   

prepond]ance ( ! evid5ce1 su* ,memb] (  
,congress1 sp\se1 or *ild 7z ! case may 
be7 %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 ! ,/op ,politicians ,pr(it+ f
 ,w> ,act ( #bjbd1 &  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$-- 7,a7 by /rik+ or by & ins]t+
 by2 &  7,b7 by ins]t+ 1 or by !        
applicable congressional e?ics committee
 7z t t]m is def9$ 9 section #acaja (   
title #e71 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 ,act4