,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ajdej  ,,9 ,,! ,,h\se ,,(         
,,repres5tatives  ,septemb] #af1        
#bjbf,mrs4 ,mill]-,meeks introduc$ !    
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,ov]sight & ,gov]nm5t     
,re=m1 & 9 addition to ! ,committees on 
,h\se ,adm9i/ration1 ! ,judici>y1 &     
,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 am5d *apt] #aca 
( title #e1 ,unit$ ,/ates ,code1 to     
prohibit c]ta9 political (ficials f own+
 or trad+ /ocks or trad+ on pr$iction   
m>kets4  #a4 ,%ort title  ,?is ,act may 
be cit$ z ! ,reveal+ ,egregi\s          
,violators ( ,e?ics & ! ,law ,act or !  
,,reveal ,act4  #b4 ,prohibitions relat+
 to pr$iction m>kets & cov]$ inve/m5ts  
7a7 ,re/rictions ,*apt] #aca ( title #e1
 ,unit$ ,/ates ,code1 is am5d$ by add+  
at ! end a new sub*apt]3  ,,iv          
,prohibitions relat+ to pr$iction m>kets

 & cov]$ inve/m5ts  #acaea4 ,def9itions 
,9 ?is sub*apt]3  7#a7 ,commodity ,! t]m
 commodity-- 7,a7 has ! mean+ giv5 ! t]m
 9 section #a;a ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #a;a72 &  7,b7 does n
 include a preci\s metal 7z def9$ 9     
section #ajbg4ajj ( title #ca1 ,code (  
,f$]al ,regulations74  7#b7 ,cov]$      
individual ,! t]m cov]$ individual means
 any ( ! foll[+3  7,a7 ,a ,memb] (      
,congress 7z def9$ 9 section #acaja (   
?is title74  7,b7 ,! ,presid5t4  7,c7 ,!
 ,vice ,presid5t4  7,d7 ,a political    
appo9tee4  7,e7 ,a judicial (fic] 7z    
def9$ 9 section #acaja ( ?is title74    
7,f7 ,a dep5d5t *ild or sp\se ( an      
individual describ$ 9 subp>agraphs 7,a7 
?r\gh 7,e74  7,g7 ,an individual or     
entity ) fiduci>y duties & ! au?ority to
 ent] into or (f] to ent] into an       
agreem5t1 contract1 or transaction )    
respect to pr$iction m>kets or cov]$    
inve/m5ts = any individual describ$ 9   
subp>agraphs 7,a7 ?r\gh 7,f74  7#c7     
,cov]$ inve/m5t ,! t]m cov]$ inve/m5t-- 

7,a7 means an inve/m5t 9 a security1 a  
commodity1 a future1 or any comp>able   
economic int]e/ acquir$ ?r\gh syn!tic   
means1 su* z ! use ( a d]ivative1       
includ+ an option1 w>rant1 or o!r simil>
 means2 &  7,b7 does n include--  7i7 a 
widely held inve/m5t fund describ$ 9    
section #acajd7;f77#h7 t is div]sifi$ & 
publicly trad$ on a national or regional
 /ock ex*ange2  7ii7 a ,unit$ ,/ates    
,treasury bill1 note1 or bond2  7iii7 a 
,/ate or municipal gov]nm5t bill1 note1 
or bond2  7iv7 any comp5sation receiv$  
by ! sp\se or dep5d5t *ild ( a cov]$    
(ficial f _! employ]2  7v7 an int]e/ 9 a
 small bus9ess conc]n2  7vi7 an int]e/ 9
 a limit$ liability company creat$ = !  
sole purpose ( pur*as+ or hold+ real    
e/ate t s]ves z ! p]sonal resid5ce ( !  
,memb] ( ,congress2  7vii7 any %>e (    
,settlem5t ,common ,/ock issu$ "u       
section #g7;g77#a77;,a7 ( ! ,alaska     
,native ,claims ,settlem5t ,act 7#dc    
,u4,s4,c4 #afjf7;g77#a77;,a772 or       
7viii7 any %>e ( ,settlem5t ,common     

,/ock1 z def9$ 9 section #c ( ! ,alaska 
,native ,claims ,settlem5t ,act 7#dc    
,u4,s4,c4 #afjb74  7#d7 ,indep5d5t ag5cy
 ,! t]m indep5d5t ag5cy has ! mean+ giv5
 ! t]m indep5d5t e/abli%m5t z def9$ 9   
section #ajd ( ?is title4  7#e7         
,div]sifi$ ,! t]m div]sifi$1 ) respect  
to an inve/m5t fund1 means su* fund does
 n h a /at$ policy ( conc5trat+ its     
inve/m5ts 9 any indu/ry1 bus9ess1 s+le  
c\ntry o!r ?an ! ,unit$ ,/ates1 or bonds
 ( a s+le ,/ate )9 ! ,unit$ ,/ates      
except = ! ,/ate 9 :i* ! ,memb] (       
,congress resides4  7#f7 ,future ,! t]m 
future means a f9ancial contract        
obligat+ ! buy] to pur*ase an asset or !
 sell] to sell an asset1 su* z a        
physical commodity or a f9ancial        
inve/m5t1 at a pr$et]m9$ future date &  
price4  7#g7 ,political appo9tee ,! t]m 
political appo9tee means an individual--
  7,a7 occupy+ a position describ$ "u   
sections #ecab ?r\gh #ecaf ( ?is title  
7relat+ to ! ,executive ,s*$ule72  7,b7 
s]v+ "u a nonc>e] appo9tm5t 9 ! ,s5ior  

,executive ,s]vice1 z def9$ "u p>agraph 
7#g7 ( section #cacb7;a7 ( ?is title2 or
  7,c7 occupy+ a position 9 ! executive 
bran* ( ! ,gov]nm5t ( a confid5tial or  
policy-det]m9+ "* "u s*$ule ,c ( subp>t 
,c ( "p #bac ( title #e1 ,code ( ,f$]al 
,regulations4  7#h7 ,security ,! t]m    
security has ! mean+ giv5 ! t]m 9       
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
7#i7 ,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#aj7       
,sup]vis+ e?ics (fice ,! t]m sup]vis+   
e?ics (fice--  7,a7 has ! mean+ giv5 !  
t]m 9 section #acaja ( ?is title2 &     
7,b7 9 ! case ( an indep5d5t ag5cy1     
means ! ,(fice ( ,gov]nm5t ,e?ics4      
#acaeb4 ,trad+ on pr$iction m>kets  7a7 
,conduct dur+ ,f$]al s]vice ,no cov]$   
individual may ent] into1 or (f] to ent]
 into an agreem5t1 contract1 or         
transaction t provides = any pur*ase1   
sale1 paym5t1 or deliv]y ( an exclud$   

commodity 7z def9$ 9 section #a;a ( !   
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a771 t is dep5d5t on ! occurr5ce1    
nonoccurr5ce1 or ! ext5t ( ! occurr5ce (
 a specific ev5t or cont+5cy4  7b7 ,rule
 ( con/ruction ,no?+ 9 subsection 7a7   
%all be con/ru$ to apply to insurance = 
:i* ! insur$ holds a lawful insurable   
int]e/4  7c7 ,int]pretative guidance ,! 
sup]vis+ e?ics (fice %all issue         
int]pretive guidance on any relevant t]m
 n def9$ 9 ?is section4  #acaec4 ,trade 
& own]%ip ( cov]$ inve/m5ts  7a7        
,conduct dur+ f$]al s]vice ,except z    
describ$ 9 subsection 7b77#a77;,b7 &    
subsections 7d7 ?r\gh 7f71 no cov]$     
individual may1 directly or indirectly1 
own or trade a cov]$ inve/m5t4  7b7     
,compliance  7#a7 ,requirem5t ,to comply
 ) subsection 7a7-- 7,a7 a cov]$        
individual may n pur*ase a cov]$        
inve/m5t2 &  7,b7 a cov]$ individual    
%all dive/ ( any cov]$ inve/m5t by !    
effective date e/abli%$ 9 p>agraph 7#b7 
at fair m>ket value4  7#b7 ,effective   

date ,! effective date is e/abli%$ z    
foll[s3  7,a7 #ahj days aft] ! date ( ! 
enactm5t ( ?is sub*apt] = an individual 
:o is a cov]$ individual on su* date4   
7,b7 #ij days )9 ! date on :i* an       
individual becomes a cov]$ individual if
 su* date occurs aft] ! date ( enactm5t 
( ?is sub*apt]4  7c7 ,c]tificates (     
dive/iture  7#a7 ,application (         
c]tificate ( dive/iture program ,=      
purposes ( section #ajdc ( ! ,int]nal   
,rev5ue ,code ( #aihf-- 7,a7 ?is section
 %all be treat$ z a ,f$]al conflict (   
int]e/ /atute2  7,b7 any cov]$          
individual describ$ 9 subp>agraphs 7,a71
 7,b71 7,c71 7,d71 7,e71 & 7,g7 (       
section #acaea7b7 %all be treat$ z an   
eligible p]son describ$ 9 section       
#ajdc7;b77#a77;,a7 ( su* ,code2 &  7,c7 
any sp\se or dep5d5t *ild describ$ 9    
section #acaea7b77;,f7 %all be treat$ z 
an eligible p]son describ$ 9 section    
#ajdc7;b77#a77;,b7 ( su* ,code4  7#b7   
,issuance ( c]tificate ( dive/iture     
7,a7 ,9 g5]al ,ea* sup]vis+ e?ics (fice 

%all issue a c]tificate ( dive/iture to 
ea* cov]$ individual requir$ to dive/ "u
 ?is sub*apt] ^u submission ( pro( (    
compliance by su* individual ) !        
requirem5ts to dive/ or any ext5sions   
grant$ by ! sup]vis+ e?ics (fice4  7,b7 
,eligibility ,su* c]tificate %all       
include an id5tification ( ea* specific 
prop]ty eligible = ! application ( !    
c]tificate ( dive/iture program z       
det]m9$ by ! sup]vis+ e?ics (fice4  7d7 
,occupational exception ,a sp\se or     
dep5d5t *ild ( a ,memb] ( ,congress may 
trade any cov]$ inve/m5t if su* cov]$   
inve/m5t is n own$ by a cov]$ individual
 & if su* trade is p]=m$ z a function ( 
! prim>y occupation ( ! sp\se or dep5d5t
 *ild4  7e7 ,tru/s  7#a7 ,qualifi$ bl9d 
tru/ ,any cov]$ inve/m5t held 9 a       
qualifi$ bl9d tru/ z def9$ 9 section    
#acajd7;f77#c7 %all be dive/$ 9         
accordance ) subsection 7b77#a77;,b7 by 
! effective date e/abli%$ 9 subsection  
7b77#b74  7#b7 ,family tru/ ,a sup]vis+ 
e?ics (fice may grant an exemption =    

cov]$ inve/m5ts held 9 a family tru/    
only if-- 7,a7 no cov]$ individual--    
7i7 is a grantor ( ! family tru/2  7ii7 
contribut$ any cov]$ inve/m5t to !      
family tru/2 or  7iii7 has any au?ority 
ov] a tru/ee ( ! family tru/1 includ+ ! 
au?ority to appo9t1 replace1 or direct !
 actions ( su* a tru/ee2 &  7,b7 !      
grantor ( ! family tru/ is or 0 a family
 memb] ( ! cov]$ individual4  7#c7      
,reque/s ,a cov]$ individual seek+ an   
exemption "u p>agraph 7#b7 %all submit  
to ! applicable sup]vis+ e?ics (fice a  
reque/ = ! exemption1 9 writ+1 c]tify+ t
 ! conditions describ$ 9 t p>agraph are 
met4  7f7 ,assets acquir$ 9 special     
circum/ances ,9 ! ev5t t a cov]$        
individual acquires a cov]$ inve/m5t    
aft] ! date ( enactm5t ( ! ,,reveal ,act
 o!r ?an by pur*ase 7su* z by m>riage1  
inh]itance1 divorce settlem5t1 or o!r   
circum/ance71 ! cov]$ individual %all h 
#ij days f ! date on :i* su* inve/m5t 0 
acquir$ to dive/ su* cov]$ inve/m5t at  
fair m>ket value4  7g7 ,ext5sion ,a     

sup]vis+ e?ics (fice may grant a cov]$  
individual an ext5sion ( "t to comply ) 
a dive/m5t deadl9e "u ?is section if a  
cov]$ inve/m5t _c be dive/$ by su*      
deadl9e due to l[ liquidity1 ve/+       
s*$ules1 or contractual re/rictions4    
7h7 ,int]pretative guidance ,! sup]vis+ 
e?ics (fice %all issue int]pretive      
guidance on any relevant t]m n def9$ 9  
?is section4  #acaed4 ,p5alties  7a7 ,9 
g5]al  7#a7 ,p5alties ,any cov]$        
individual :o violates ! re/rictions 9  
section #acaeb or #acaec ( ?is title    
%all1 at ! direction ( ! sup]vis+ e?ics 
(fice-- 7,a7 pay a fee equal to #aj     
p]c5t ( ! value ( ! agreem5t1 contract1 
or transaction 9 violation2 &  7,b7     
disgorge ! pr(its ( any agreem5t1       
contract1 or transaction t violates !   
provisions ( su* section #acaeb or      
#acaec4  7#b7 ,paym5t ( p5alty to       
,treasury ,a p5alty impos$ "u p>agraph  
7#a77;,b7 %all be payable into !        
,treasury4  7b7 ,paym5t re/rictions ,a  
cov]$ individual may n pay any ( !      

p5alties "u ?is section f ! foll[+      
s\rces3 7#a7 ,! ,memb]s'                
,repres5tational ,all[ance4  7#b7 ,!    
,s5ators' ,(ficial ,p]sonnel & ,(fice   
,exp5se ,acc\nt4  7#c7 ,any contribution
 7z def9$ 9 section #cja7h7 ( ! ,f$]al  
,election ,campaign ,act ( #aiga 7#eb   
,u4,s4,c4 #cjaja7h777 accept$ z a       
c&idate1 & any o!r donation receiv$ z   
support = activities ( ! individual z a 
hold] ( ,f$]al (fice4  7#d7 ,any o!r    
s\rce ( funds1 o!r ?an a sal>y1         
available to su* individual ?r\gh       
employm5t or s]vice 9 ! ,f$]al          
,gov]nm5t4  7c7 ,publication ,ea*       
sup]vis+ e?ics (fice %all publi% on a   
publicly available website a description
 (--  7#a7 ea* f9e assess$ by ! sup]vis+
 e?ics (fice pursuant to ?is section2   
7#b7 ! reason :y ea* su* f9e 0 assess$2 
&  7#c7 ! result ( ea* assessm5t4  4    
7b7 ,table ( cont5ts ,! table ( cont5ts 
= *apt] #aca ( title #e1 ,unit$ ,/ates  
,code1 is am5d$ by add+ at ! end !      
foll[+3  ,sub*apt] ,,iv4 ,prohibitions  

relat+ to pr$iction m>kets & cov]$      
inve/m5ts #acaea4 ,def9itions4 #acaeb4  
,trad+ on pr$iction m>kets4 #acaec4     
,trade & own]%ip ( cov]$ inve/m5ts4     
#acaed4 ,p5alties4