,,ii #aahth ,,congress #ast ,session ,s4 #fic ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #g1 #bjbc,mr4 ,hawley introduced the following bill2 which was read twice and referred to the ,committee on ,homeland ,security and ,governmental ,affairs ,a ,,bill ,to amend chapter #aca of title #e1 ,united ,states ,code1 to prohibit certain executive branch officials from holding individual stocks1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,eliminating ,executive ,branch ,insider ,trading ,act4 #b4 ,sense of ,congress ,it is the sense of ,congress that executive branch officials should not have a personal financial interest in the outcome of ,government policy decisions4 #c4 ,banning insider trading in the executive branch 7a7 ,in general ,chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,,iv ,banning insider trading in the executive branch #acafa4 ,definitions ,in this subchapter3 7#a7 ,covered financial instrument 7,a7 ,in general ,the term covered financial instrument means-- 7i7 any investment in-- 7,i7 a security 7as defined in section #c7;a7 of ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7772 7,,ii7 a security future 7as defined in that section72 or 7,,iii7 a commodity 7as defined in section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a772 or 7ii7 any economic interest comparable to an interest described in clause 7i7 that is acquired through synthetic means1 such as the use of a derivative1 including an option1 warrant1 or other similar means4 7,b7 ,exclusions ,the term covered financial instrument does not include-- 7i7 a diversified mutual fund2 7ii7 a diversified exchange-traded fund2 7iii7 a ,united ,states ,treasury bill1 note1 or bond2 or 7iv7 compensation from the primary occupation of a covered individual who is a spouse or dependent of an individual described in subparagraphs 7,a7 through 7,e7 of paragraph 7#b74 7#b7 ,covered individual ,the term covered individual means-- 7,a7 the ,president2 7,b7 the ,vice ,president2 7,c7 each officer or employee in the executive branch1 including a special ,government employee as defined in section #bjb of title #ah1 who occupies a position classified ,,gs-#ae or above of the ,general ,schedule or1 in the case of positions not under the ,general ,schedule1 for which the rate of basic pay is equal to or greater than #abj percent of the minimum rate of basic pay payable for ,,gs-#ae of the ,general ,schedule2 7,d7 each member of a uniformed service whose pay grade is at or in excess of ,o-#g under section #bja of title #cg2 7,e7 each officer or employee in any other position determined by the ,director of the ,office of ,government ,ethics to be of equal classification to the positions described in subparagraphs 7,c7 and 7,d72 and 7,f7 the spouse of any individual described in subparagraphs 7,a7 through 7,e74 7#c7 ,qualified blind trust ,the term qualified blind trust has the meaning given the term in section #acajd7;f77#c74 7#d7 ,supervising ethics committee ,the term supervising ethics committee means1 as applicable-- 7,a7 the ,select ,committee on ,ethics of the ,senate2 and 7,b7 the ,committee on ,ethics of the ,house of ,representatives4 #acafb4 ,prohibition on certain transactions and holdings involving covered financial instruments 7a7 ,prohibition ,except as provided in subsection 7b71 covered individual1 or any spouse of a covered individual1 may not1 during the term of service of the covered individual1 hold1 purchase1 or sell any covered financial instrument4 7b7 ,exceptions ,the prohibition under subsection 7a7 shall not apply to-- 7#a7 a sale by a covered individual1 or a spouse of a covered individual1 that is completed by the date that is-- 7,a7 for a covered individual serving on the date of enactment of the ,eliminating ,executive ,branch ,insider ,trading ,act1 #ahj days after that date of enactment2 and 7,b7 for any covered individual who commences service as a covered individual after the date of enactment of ,eliminating ,executive ,branch ,insider ,trading ,act1 #ahj days after the first date of the initial term of service2 or 7#b7 a covered financial instrument held in a qualified blind trust operated on behalf of1 or for the benefit of1 the covered individual or spouse of the covered individual4 7c7 ,penalties 7#a7 ,disgorgement ,a covered individual shall disgorge to the ,treasury of the ,united ,states any profit from a transaction or holding involving a covered financial instrument that is conducted in violation of this section4 7#b7 ,fines ,a covered individual who holds or conducts a transaction involving1 or whose spouse holds or conducts a transaction involving1 a covered financial instrument in violation of this section may be subject to a civil fine assessed by the ,attorney ,general under section #acafc4 #acafc4 ,civil penalties 7a7 ,civil action ,the ,attorney ,general may bring a civil action in any appropriate ,united ,states district court against any covered individual who violates any provision of section #acafb4 7b7 ,civil penalty ,the court in which any action is brought under subsection 7a7 may assess against a covered individual a civil penalty of not more than #aj1jjj or the amount of compensation1 if any1 that the covered individual received for the prohibited conduct1 whichever is greater4 #acafd4 ,audit by ,government ,accountability ,office ,not later than #b years after the date of enactment of the ,eliminating ,executive ,branch ,insider ,trading ,act1 and annually thereafter1 the ,comptroller ,general of the ,united ,states shall-- 7#a7 conduct an audit of the compliance by a representative sample of covered individuals with the requirements of this subchapter2 and 7#b7 submit to the supervising ethics committees a report describing the results of the audit conducted under paragraph 7#a74 4 7b7 ,clerical amendment ,the table of sections for chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,,subchapter ,,iv--,banning insider trading in ,congress #acafa4 ,definitions4 #acafb4 ,prohibition on certain transactions and holdings involving covered financial instruments4 #acafc4 ,civil penalties4#acafd4 ,audit by ,government ,accountability ,office4 4