,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #aijh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #f1 #bjbe,mr4    
,bur*ett introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committees 
on ,agriculture1 ,h\se ,adm9i/ration1 & 
,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 /ock   
trad+ & own]%ip by ,memb]s ( ,congress &
 _! sp\ses & dep5d5t *ildr51 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,end ,congressional ,/ock  
,trad+ ,act4  #b4 ,b> on /ock trad+ &   
own]%ip by ,memb]s ( ,congress & _!     
sp\ses & dep5d5t *ildr5  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 ,dep5d5t
 *ild ,! t]m dep5d5t *ild has ! mean+   
giv5 t t]m 9 section #acaja ( title #e1 

,unit$ ,/ates ,code4  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 #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 ,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 #acajd7;f77#h7 
( title #e1 ,unit$ ,/ates ,code4  7b7   
,dive/m5t  7#a7 ,9 g5]al ,a ,memb] (    
,congress or a sp\se or dep5d5t *ild ( a
 ,memb] ( ,congress may n 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 or a sp\se or dep5d5t *ild ( a
 ,memb] ( ,congress on ! date ( enactm5t
 ( ?is ,act %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$ge fund1 v5ture      
capital fund1 or o!r privately held     
complex inve/m5t vehicle1 an individual 
:o is a ,memb] ( ,congress or a sp\se or
 dep5d5t *ild ( a ,memb] ( ,congress on 
! date ( enactm5t ( ?is ,act %all       
complete ! dive/m5t ( ! asset by n lat] 
?an #e ye>s aft] ! date ( enactm5t ( ?is
 ,act4  7,b7 ,new ,memb]s  7i7 ,9 g5]al 
,except z provid$ 9 clause 7ii71 an     
individual :o becomes a ,memb] (        
,congress or a sp\se or dep5d5t *ild ( a
 ,memb] ( ,congress aft] ! date (       

enactm5t ( ?is ,act %all complete !     
dive/m5t ( any asset describ$ 9 p>agraph
 7#a7 by n lat] ?an #ij days aft] ! date
 on :i* ! individual becomes a ,memb] ( 
,congress or a sp\se or dep5d5t *ild ( a
 ,memb] ( ,congress4  7ii7 ,c]ta9 assets
 ,= an asset describ$ 9 p>agraph 7#a7 t 
is an int]e/ 9 a h$ge fund1 v5ture      
capital fund1 or o!r privately held     
complex inve/m5t vehicle1 an individual 
:o becomes a ,memb] ( ,congress or a    
sp\se or dep5d5t *ild ( a ,memb] (      
,congress aft] ! date ( enactm5t ( ?is  
,act %all complete ! dive/m5t ( ! asset 
by n lat] ?an #e ye>s aft] ! date on :i*
 ! individual becomes a ,memb] (        
,congress or a sp\se or dep5d5t *ild ( a
 ,memb] ( ,congress4  7,c7 ,dive/m5t (  
assets receiv$ :ile a ,memb] ,an        
individual s]v+ z a ,memb] ( ,congress  
or a sp\se or dep5d5t *ild ( an         
individual s]v+ z a ,memb] ( ,congress  
: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    
receives ! asset4  7c7 ,exceptions ,no?+
 9 ?is section %all be con/ru$ to       
prev5t-- 7#a7 a ,memb] ( ,congress or a 
sp\se or dep5d5t *ild ( 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 or dep5d5t *ild 
( 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 or dep5d5t *ild ( 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 or dep5d5t *ild ( su* ,memb] (    
,congress %all be subject to a civil    
p5alty ( n m ?an #ajj1jjj = 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 any sp\se or dep5d5t *ild (
 a ,memb] ( ,congress1 b only ) respect 
to a dive/m5t ( prop]ty requir$ by !    
,end ,congressional ,/ock ,trad+ ,act & 
only if1 n lat] ?an #fj days aft] !     
dive/m5t ( su* prop]ty1 ! individual    
uses ! proce$s ( ! dive/m5t to obta9    
prop]ty :i* ! individual is au?oriz$ to 
own or trade "u section #b7;c77#a7 ( su*
 ,act1 &  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 z def9$ 9 section #acaja (   
title #e1 ,unit$ ,/ates ,code1 9 ! case 
( ,memb]s ( ,congress & sp\ses & dep5d5t
 *ildr5 ( ,memb]s ( ,congress1 aft]     
judicial (fic]s4  7#c7 ,no effect on    
subsequ5t sale ( prop]ty ,no?+ 9 !      
am5dm5ts made by ?is subsection %all be 
con/ru$ to provide = ! nonrecognition ( 
ga9 ) respect to ! sale ( prop]ty obta9$
 by a ,memb] ( ,congress or any sp\se or
 dep5d5t *ild ( a ,memb] ( ,congress ) !
 proce$s ( a dive/m5t requir$ by ?is    
,act1 z describ$ 9 section              
#ajdc7;b77#a77;,b7 ( ! ,int]nal ,rev5ue 
,code ( #aihf 7z add$ by ?is            
subsection74  7#d7 ,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