,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #dhij  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,augu/ #e1 #bjbe,mr4  
,kri%namoor?i 7= himself1 ,mr4 ,cl\d1   
,ms4 ,ocasio-,cortez1 ,mr4 ,neguse1 ,mr4
 ,riley ( ,new ,york1 & ,mrs4 ,kiggans (
 ,virg9ia7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,h\se       
,adm9i/ration1 & 9 addition to !        
,committees on ,ov]sight & ,gov]nm5t    
,re=m1 & ! ,judici>y1 = 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     
prev5t ,memb]s ( ,congress & _! sp\ses &
 dep5d5t *ildr5 f trad+ /ocks & own+    
/ocks1 & = o!r purposes4  #a4 ,%ort     
title ,?is ,act may be cit$ z ! ,end+   
,trad+ & ,hold+s 9 ,congressional ,/ocks
 7,,e?ics7 ,act4  #b4 ,placem5t ( c]ta9 
assets ( ,memb]s ( ,congress & _! sp\ses
 & dep5d5t *ildr5 9 qualifi$ bl9d tru/s 
7a7 ,9 g5]al ,*apt] #aca ( title #e1    

,unit$ ,/ates ,code1 is am5d$ by add+ at
 ! end ! foll[+3  ,,iv ,c]ta9 assets (  
,memb]s ( ,congress & _! sp\ses &       
dep5d5t *ildr5  #acafa4 ,def9itions ,9  
?is title3 7#a7 ,commodity ,! t]m       
commodity has ! mean+ giv5 ! t]m 9      
section #a;a ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #a;a74  7#b7 ,cov]$  
inve/m5t  7,a7 ,9 g5]al ,! t]m cov]$    
inve/m5t means-- 7i7 an inve/m5t 9--    
7,i7 a security2  7,,ii7 a commodity2 or
  7,,iii7 a future2  7ii7 any economic  
int]e/ comp>able to an int]e/ describ$ 9
 clause 7i7 t is acquir$ ?r\gh syn!tic  
means1 su* z ! use ( a d]ivative1       
includ+ an option1 w>rant1 or o!r1      
simil> means2 or  7iii7 any int]e/      
describ$ 9 clause 7i7 or 7ii7 t is held 
directly1 or 9 :i* an individual has an 
indirect1 b5eficial1 or economic int]e/1
 ?r\gh-- 7,i7 an inve/m5t fund or hold+ 
company2  7,,ii7 a tru/ 7o!r ?an a      
qualifi$ bl9d tru/72  7,,iii7 an        
employee b5efit plan2 or  7,,iv7 a      
def]r$ comp5sation plan1 includ+ a c>ri$

 int]e/ or o!r agreem5t ti$ to !        
p]=mance ( an inve/m5t1 o!r ?an a fix$  
ca% paym5t4  7,b7 ,exclusions ,! t]m    
cov]$ inve/m5t does n include--  7i7 a  
div]sifi$ mutual fund 7includ+ any      
hold+s ( su* a fund72  7ii7 a div]sifi$ 
ex*ange-trad$ fund 7includ+ any hold+s (
 su* a fund72  7iii7 a ,unit$ ,/ates    
,treasury bill1 note1 or bond2  7iv7    
comp5sation f ! prim>y occupation ( !   
sp\se ( a ,memb] ( ,congress1 or any    
security t is issu$ or paid by an op]at+
 bus9ess t is ! prim>y employ] ( su* a  
sp\se t is issu$ or paid to su* a sp\se2
  7v7 hold+ & acquir+ any security t is 
issu$ or paid z comp5sation f corporate 
bo>d s]vice by ! sp\se ( a ,memb] (     
,congress1 includ+ ! divid5d re9ve/m5t 9
 ! same security receiv$ f ! corporate  
bo>d s]vice by ! sp\se ( a ,memb] (     
,congress2  7vi7 any cov]$ inve/m5t t is
 trad$ by ! sp\se ( a ,memb] ( ,congress
 9 ! c\rse ( p]=m+ ! prim>y occupation (
 su* a sp\se1 provid$ ! inve/m5t is n   
own$ by a cov]$ p]son2  7vii7 any       

inve/m5t fund held 9 a ,f$]al1 ,/ate1 or
 local gov]nm5t employee retirem5t plan2
  7viii7 a tax-free ,/ate or municipal  
bond2  7ix7 an int]e/ 9 a small bus9ess 
conc]n1 if ! sup]vis+ e?ics (fice       
det]m9es t ! small bus9ess conc]n does n
 pres5t a conflict ( int]e/1 &1 9 ! case
 ( an inve/m5t 9 a family f>m or ran* t 
qualifies z an int]e/ 9 a small bus9ess 
conc]n1 a future or commodity directly  
relat$ to ! f>m+ activities & products (
 ! f>m or ran*2  7x7 hold+              
inve/m5t-grade corporate bonds1 provid$ 
t ! corporate bonds are held by an      
individual :o is a cov]$ p]son on ! date
 ( enactm5t ( ! ,end+ ,trad+ & ,hold+s 9
 ,congressional ,/ocks 7,,e?ics7 ,act2  
7xi7 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  
7xii7 any %>e ( ,settlem5t ,common      
,/ock1 z def9$ 9 section #c ( ! ,alaska 
,native ,claims ,settlem5t ,act 7#dc    
,u4,s4,c4 #afjb74  7#c7 ,cov]$ p]son ,! 

t]m cov]$ p]son means-- 7,a7 a ,memb] ( 
,congress2 &  7,b7 a sp\se or dep5d5t   
*ild ( a ,memb] ( ,congress4  7#d7      
,cu/ody ,! t]m cu/ody has ! mean+ giv5 !
 t]m 9 section #bge4bjf7d7-b7;d7 ( title
 #ag1 ,code ( ,f$]al ,regulations 7z 9  
effect on ! date ( enactm5t ( ! ,end+   
,trad+ & ,hold+s 9 ,congressional ,/ocks
 7,,e?ics7 ,act or a successor          
regulation74  7#e7 ,dep5d5t *ild ,! t]m 
dep5d5t *ild means1 ) respect to any    
,memb] ( ,congress any individual :o    
is-- 7,a7 "u ! age ( #ai2 &  7,b7 a     
dep5d5t ( ! ,memb] ( ,congress )9 !     
mean+ ( section #aeb ( ! ,int]nal       
,rev5ue ,code ( #aihf4  7#f7 ,div]sifi$ 
,! 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  
or s+le c\ntry o!r ?an ! ,unit$ ,/ates4 
7#g7 ,future ,! t]m future means-- 7,a7 
a security future 7z def9$ 9 section    
#c7;a7 ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gh;c7a7772 &  7,b7

 any o!r contract = ! sale ( a commodity
 = future deliv]y4  7#h7 ,illiquid      
inve/m5t ,! t]m illiquid inve/m5t means 
an int]e/ 9 a private fund1 z def9$ 9   
section #bjb7;a77#bi7 ( ! ,inve/m5t     
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#b74  7#i7 ,initial prop]ty ,! t]m
 initial prop]ty means an asset or      
f9ancial int]e/ transf]r$ to a qualifi$ 
bl9d tru/ by1 or on behalf (1 an int]e/$
 p>ty or a relative ( an int]e/$ p>ty1  
reg>dless ( :e!r ! asset or f9ancial    
int]e/ is transf]r$ to ! qualifi$ bl9d  
tru/ on or aft] ! date ( e/abli%m5t ( ! 
qualifi$ bl9d tru/4  7#aj7 ,int]e/$ p>ty
 ,! t]m int]e/$ p>ty has ! mean+ giv5 ! 
t]m 9 section #ajb7;f77#c77;,e74  7#aa7 
,memb] ( ,congress2 sup]vis+ e?ics (fice
 ,! t]ms ,memb] ( ,congress & sup]vis+  
e?ics (fice h ! mean+ giv5 ^? t]ms 9    
section #acaja4  7#ab7 ,qualifi$ bl9d   
tru/ ,! t]m qualifi$ bl9d tru/ means a  
qualifi$ bl9d tru/ 7z def9$ 9 section   
#acajd7;f77#c77 t has be5 approv$ 9     
writ+ by ! applicable sup]vis+ e?ics    

(fice "u section #acajd7;f77#c77;,d74   
7#ac7 ,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#ad7 ,small      
bus9ess conc]n ,! t]m small bus9ess     
conc]n has ! mean+ giv5 ! t]m "u section
 #c ( ! ,small ,bus9ess ,act 7#ae       
,u4,s4,c4 #fcb74  #acafb4 ,trad+ cov]$  
inve/m5ts  7a7 ,ban on trad+ ,except z  
provid$ 9 subsections 7b7 & 7c7-- 7#a7  
effective on ! date ( enactm5t ( ! ,end+
 ,trad+ & ,hold+s 9 ,congressional      
,/ocks 7,,e?ics7 ,act1 a ,memb] (       
,congress %all n pur*ase any cov]$      
inve/m5t2  7#b7 effective on ! date t is
 #ij days aft] ! date ( enactm5t ( !    
,end+ ,trad+ & ,hold+s 9 ,congressional 
,/ocks 7,,e?ics7 ,act1 a ,memb] %all (  
,congress n sell any cov]$ inve/m5t1    
except z provid$ 9 section #bjc7;a77#b72
 &  7#c7 on & aft] ! effective date     
describ$ 9 section #bjc7k71 a cov]$     
p]son t is a sp\se or dep5d5t *ild ( a  
,memb] ( ,congress %all n pur*ase any   

cov]$ inve/m5t or sell any cov]$        
inve/m5t1 except z provid$ 9 section    
#bjc7;a77#b74  7b7 ,optional dive/m5t   
w9d[ ,not)/&+ subsection 7a7-- 7#a7 a   
,memb] ( ,congress :o is sworn z a      
,memb] ( ,congress on or be=e ! date (  
enactm5t ( ! ,end+ ,trad+ & ,hold+s 9   
,congressional ,/ocks 7,,e?ics7 ,act may
 sell a cov]$ inve/m5t )9 #ij days ( !  
date ( enactm5t ( su* ,act1 provid$ t ! 
,memb] ( ,congress may n sell any cov]$ 
inve/m5t at any "t outside ( t p]iod    
:ile ! ,memb] ( ,congress s]ves ! t]m = 
:i* ! ,memb] ( ,congress 0 elect$ or is 
reelect$ or appo9t$ z a ,memb] (        
,congress except z provid$ 9 section    
#bjc7;a77#b72 &  7#b7 a ,memb] (        
,congress :o is sworn z a ,memb] (      
,congress aft] ! date ( enactm5t ( !    
,end+ ,trad+ & ,hold+s 9 ,congressional 
,/ocks 7,,e?ics7 ,act may sell a cov]$  
inve/m5t )9 #ij days ( comm5c+ ! t]m (  
s]vice z a ,memb] ( ,congress1 provid$ t
 ! ,memb] ( ,congress may n sell any    
cov]$ inve/m5t at any "t outside ( t    

p]iod :ile ! ,memb] ( ,congress s]ves ! 
t]m = :i* ! ,memb] ( ,congress 0 elect$ 
or is reelect$ or appo9t$ z a ,memb] (  
,congress except z provid$ 9 section    
#bjc7;a77#b74  7c7 ,exception ,not)/&+  
subsection 7a71 a cov]$ p]son may dive/ 
a cov]$ inve/m5t z direct$ by ! relevant
 sup]vis+ e?ics (fice pursuant to ?is   
,act4  7d7 ,jo9t cov]$ inve/m5t ,any    
cov]$ inve/m5t report$ to ! sup]vis+    
e?ics (fice z jo9tly own$ by a ,memb] ( 
,congress & ! sp\se ( ! ,memb] (        
,congress %all be deem$ to be a cov]$   
inve/m5t ( ! ,memb] ( ,congress =       
purposes ( ?is section4  #acafc4        
,address+ own$ cov]$ inve/m5ts  7a7     
,memb]s ( ,congress  7#a7 ,c]tification 
,n lat] ?an #fj days aft] ! applicable  
effective date describ$ 9 subsection    
7j71 a ,memb] ( ,congress %all submit to
 ! sup]vis+ e?ics (fice a c]tification1 
:i* ! sup]vis+ e?ics (fice %all publi%  
onl9e t c]tifies t--  7,a7 ea* cov]$    
inve/m5t own$ by1 or 9 ! cu/ody (1 !    
,memb] ( ,congress1 or a sp\se or       

dep5d5t *ild ( ! ,memb] ( ,congress1 w1 
by ! applicable deadl9e "u p>agraph     
7#b71 be-- 7i7 dive/$1 z describ$ 9     
p>agraph 7#b77;,b72 or  7ii7 plac$ 9 a  
qualifi$ bl9d tru/1 includ+ ?r\gh !     
e/abli%m5t ( a qualifi$ bl9d tru/ = t   
purpose1 if necess>y1 z describ$ 9      
p>agraph 7#b77;,a72 &  7,b7 no sp\se or 
dep5d5t *ild ( ! ,memb] ( ,congress     
owns1 or has cu/ody (1 cov]$ inve/m5ts )
 a cumulative am\nt equal to m ?an      
#aj1jjj1 9 accordance ) p>agraph 7#f74  
7#b7 ,dive/iture or placem5t 9 qualifi$ 
bl9d tru/  7,a7 ,requirem5t ,subject to 
p>agraphs 7#c7 & 7#f7 & subsection      
7b77#b71 n lat] ?an #abj days aft] !    
applicable effective date describ$ 9    
subsection 7j71 a ,memb] ( ,congress    
%all dive/1 or place 9 a qualifi$ bl9d  
tru/ 7includ+ by e/abli%+ a qualifi$    
bl9d tru/ = t purpose1 if necess>y71 ea*
 cov]$ inve/m5t own$ or 9 ! cu/ody (--  
7i7 ! ,memb] ( ,congress2 or  7ii7 a    
sp\se or dep5d5t *ild ( ! ,memb] (      
,congress4  7,b7 ,dive/iture ,a cov]$   

p]son %all dive/ any cov]$ inve/m5t own$
 by or 9 ! cu/ody ( ! cov]$ p]son t is n
 plac$ 9 a qualifi$ bl9d tru/ n lat] ?an
 ! date describ$ 9 subp>agraph 7,a71    
subject to any ext5sion grant$ "u       
p>agraph 7#c74  7,c7 ,qualifi$ bl9d     
tru/s  7i7 ,m&atory sale ( initial      
prop]ty 9 qualifi$ bl9d tru/  7,i7 ,9   
g5]al ,subject to clause 7ii71 if a     
cov]$ p]son places1 or has plac$ be=e ! 
applicable effective date describ$ 9    
subsection 7j71 #a or m cov]$ inve/m5ts 
9 a qualifi$ bl9d tru/1 ! tru/ee ( !    
qualifi$ bl9d tru/ %all dive/ any su*   
cov]$ inve/m5t n lat] ?an ! date        
specifi$ 9 subclause 7,,ii74  7,,ii7    
,deadl9e ,! date specifi$ 9 ?is         
subclause is--  7aa7 ) respect to a     
cov]$ inve/m5t plac$ 9 a qualifi$ bl9d  
tru/ be=e ! applicable effective date   
describ$ 9 subsection 7j71 #abj days    
aft] su* applicable effective date2 &   
7bb7 ) respect to a cov]$ inve/m5t plac$
 9 a qualifi$ bl9d tru/ on or aft] !    
applicable effective date describ$ 9    

subsection 7j71 #abj days aft] ! date ( 
creation ( ! qualifi$ bl9d tru/1 z dat$ 
by ! execut$ qualifi$ bl9d tru/         
agreem5t4  7,,iii7 ,notice ( compliance 
7aa7 ,9 g5]al ,subject to item 7bb71 ^u 
completion ( ! dive/iture ( all initial 
prop]ty pursuant to subclause 7,i7--    
7,,aa7 ! tru/ee ( a qualifi$ bl9d tru/  
%all submit to ! sup]vis+ e?ics (fice & 
ea* b5efici>y ( ! tru/ a writt5 notice  
/at+ t all initial prop]ty ( ! qualifi$ 
bl9d tru/ has be5 dive/$2 & 7,,bb7 !    
sup]vis+ e?ics (fice %all publi% !      
notice describ$ 9 subitem 7,,aa7 on !   
website ( ! sup]vis+ e?ics (fice4  7bb7 
,cont5ts ,ea* notice describ$ 9 item    
7aa77,,aa7-- 7,,aa7 %all only id5tify ! 
initial prop]ty g5]ally by ref]r+ to !  
complete li/ ( assets describ$ 9 section
 #ajb7;f77#e77;,a77ii7 ( ! ,e?ics 9     
,gov]nm5t ,act 7#e ,u4,s4,c4 ,app472 &  
7,,bb7 may n conta9 any o!r in=mation   
relat+ to any hold+ ( ! qualifi$ bl9d   
tru/ or ! tim+ ( any dive/iture4  7ii7  
,ext5sion ( m&atory sale ( initial      

prop]ty  7,i7 ,reque/ ,a cov]$ p]son may
 apply to ! sup]vis+ e?ics (fice = an   
ext5sion ( ! p]iod describ$ 9 clause    
7i77,i7 if ! size or complexity ( !     
cov]$ inve/m5ts 9 ! qualifi$ bl9d tru/  
w>rant su* ext5sion4  7,,ii7 ,duration  
,an ext5sion grant$ "u subclause 7,i7   
%all n exce$ #ij days4  7,d7 ,illiquid  
inve/m5ts  7i7 ,sale ,n lat] ?an #ij    
days aft] ! date on :i* a cov]$ p]son is
 contractually p]mitt$ to sell an       
illiquid inve/m5t1 ! cov]$ p]son %all   
dive/ ! illiquid inve/m5t4  7ii7        
,prohibition ,a cov]$ p]son may n place 
an illiquid inve/m5t 9 any qualifi$ bl9d
 tru/ "u subp>agraph 7,a74  7,e7        
,tru/ees ,a tru/ee ( a qualifi$ bl9d    
tru/-- 7i7 %all be requir$ to be a      
f9ancial in/itution1 z def9$ 9 section  
#a;a ( ! ,commodity ,ex*ange ,act 7#g   
,u4,s4,c4 #a;a72 &  7ii7 except = a     
f9ancial in/itution1 may n be-- 7,i7 an 
attorney2  7,,ii7 a c]tifi$ public      
acc\ntant2  7,,iii7 a brok]1 z def9$ 9  
section #c7;a7 ( ! ,securities ,ex*ange 

,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a772  
or  7,,iv7 an inve/m5t advisor4  7#c7   
,ext5sion ( assets be+ plac$ 9 qualifi$ 
bl9d tru/s ,if a cov]$ p]son is unable  
to place a cov]$ inve/m5t 9 a qualifi$  
bl9d tru/ by ! date describ$ 9 p>agraph 
7#b77;,a71 ! applicable ,memb] (        
,congress may reque/1 & ! sup]vis+ e?ics
 (fice may grant1 #a or m reasonable    
ext5sions1 subject to ! conditions t--  
7,a7 ! total p]iod ( "t cov]$ by all    
ext5sions grant$ = ! cov]$ inve/m5t %all
 n exce$ #aej days2 &  7,b7 ! p]iod     
cov]$ by a s+le ext5sion %all be n long]
 ?an #de days4  7#d7 ,communications    
reg>d+ exi/+ qualifi$ bl9d tru/s  7,a7  
,9 g5]al ,any direct or indirect        
communication relat+ to a qualifi$ bl9d 
tru/ 9 exi/5ce on ! applicable effective
 date describ$ 9 subsection 7j7 betwe5 a
 tru/ee ( ! qualifi$ bl9d tru/ & an     
int]e/$ p>ty %all be p]missible =       
purposes ( ?is title if !               
communication-- 7i7 7,i7 is made--  7aa7
 9 writ+2 &  7bb7 n lat] ?an #fj days   

aft] t effective date2  7,,ii7 is fil$ )
 ! applicable sup]vis+ e?ics (fice by ! 
p]son initiat+ ! communication n less   
?an #e days be=e ! date ( !             
communication2  7,,iii7 relates to a    
direction or reque/ to ! tru/ee--  7aa7 
to sell all initial prop]ty plac$ 9 !   
qualifi$ bl9d tru/ by any int]e/$ p>ty2 
or  7bb7 to conv]t all ( an asset 9 !   
qualifi$ bl9d tru/ into an inve/m5t o!r 
?an a cov]$ inve/m5t2 &  7ii7 is o!rwise
 p]mitt$ "u section                     
#ajb7;f77#c77;,c77vi74  7#e7            
,communications betwe5 cov]$ p]sons &   
tru/ees relat+ to all qualifi$ bl9d     
tru/s  7,a7 ,notification ,a tru/ee ( a 
qualifi$ bl9d tru/ %all n notify a cov]$
 p]son if--  7i7 ! value ( ! initial    
prop]ty ( ! qualifi$ bl9d tru/ is less  
?an #a1jjj2 or  7ii7 ! tru/ee dive/s any
 prop]ty ( ! qualifi$ bl9d tru/1 o!r ?an
 ! initial prop]ty requir$ to be dive/$ 
pursuant to p>agraph 7#b74  7,b7        
,communication  7i7 ,9 g5]al ,any       
communication betwe5 a cov]$ p]son & !  

tru/ee ( ! relevant qualifi$ bl9d tru/--
 7,i7 %all be 9 writ+2 &  7,,ii7        
submitt$ & approv$ 9 advance ( !        
communication by ! sup]vis+ e?ics (fice4
  7ii7 ,prohibition ,a communication    
describ$ 9 clause 7i7 may n include any 
in=mation relat+ to ! mann] 9 :i* funds 
( ! qualifi$ bl9d tru/ are inve/$1      
includ+ any in=mation relat+ to--  7,i7 
any company 9 :i* ! funds are inve/$2 or
  7,,ii7 any sector 9 :i* ! funds are   
inve/$4  7#f7 ,exception = dep5d5ts ,a  
cov]$ p]son :o is a dep5d5t *ild ( a    
,memb] ( ,congress may h a legal gu>dian
 hold or trade on behalf ( ! dep5d5t    
*ild #a or m cov]$ inve/m5ts provid$ t !
 value ( ! cov]$ inve/m5ts 9 total does 
n exce$ #aj1jjj4  7b7 ,acquisitions dur+
 s]vice  7#a7 ,9 g5]al ,subject to      
p>agraph 7#b71 & any applicable rules   
issu$ pursuant to subsection 7h77#c71   
effective beg9n+ on ! date ( enactm5t ( 
! ,end+ ,trad+ & ,hold+s 9              
,congressional ,/ocks 7,,e?ics7 ,act1 no
 cov]$ p]son may acquire any cov]$      

inve/m5t4  7#b7 ,inh]itances  7,a7 ,9   
g5]al ,subject to subp>agraph 7,b71 a   
cov]$ p]son :o inh]its a cov]$ inve/m5t 
%all come into compliance z requir$ "u  
subsection 7a7 by n lat] ?an #abj days  
aft] ! date on :i* ! cov]$ inve/m5t is  
inh]it$4  7,b7 ,ext5sions ,if a cov]$   
p]son is unable to meet ! requirem5ts ( 
subp>agraph 7,a71 ! applicable ,memb] ( 
,congress may reque/1 & ! sup]vis+ e?ics
 (fice may grant1 #a or m reasonable    
ext5sions1 subject to ! conditions t--  
7i7 ! total p]iod ( "t cov]$ by all     
ext5sions grant$ = ! cov]$ inve/m5t %all
 n exce$ #aej days2 &  7ii7 ! p]iod     
cov]$ by a s+le ext5sion %all be n long]
 ?an #de days4  7c7 ,family tru/s  7#a7 
,9 g5]al ,a sup]vis+ e?ics (fice may    
grant an exemption = a family tru/ only 
if-- 7,a7 no cov]$ p]son--  7i7 is a    
grantor ( ! family tru/2  7ii7          
contribut$ any asset 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]$ p]son4  7#b7 ,reque/s ,a cov]$    
p]son seek+ an exemption "u p>agraph    
7#a7 %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  7#c7 ,publication ,a sup]vis+     
e?ics (fice %all publi% on ! public     
website ( ! sup]vis+ e?ics (fice--  7,a7
 a copy ( ea* reque/ submitt$ "u        
p>agraph 7#b72 &  7,b7 ! writt5 response
 ( ! sup]vis+ e?ics (fice to ea* reque/ 
describ$ 9 subp>agraph 7,a74  7d7 ,m+l+ 
( assets ,a sp\se or dep5d5t *ild ( a   
,memb] ( ,congress may place a cov]$    
inve/m5t 9 a qualifi$ bl9d tru/ e/abli%$
 by ! ,memb] ( ,congress "u subsection  
7a77#a77;,a77ii74  7e7 ,sep>ation f     
s]vice & cool+-,(f p]iod requir$ =      
control ,dur+ ! p]iod beg9n+ on ! date  
on :i* an individual becomes a ,memb] ( 
,congress & end+ on ! date t is #ij days
 aft] ! date on :i* ! individual ceases 

to s]ve z a ,memb] ( ,congress1 ! ,memb]
 ( ,congress1 & any sp\se or dep5d5t    
*ild ( ! ,memb] ( ,congress1 may n--    
7#a7 dissolve any qualifi$ bl9d tru/ 9  
:i* a cov]$ inve/m5t has be5 plac$      
pursuant to subsection 7a77#b72 or  7#b7
 except z provid$ 9 ?is section1 o!rwise
 control a cov]$ inve/m5t1 includ+      
pur*as+ new cov]$ inve/m5ts4  7f7       
,report+ requirem5ts  7#a7 ,sup]vis+    
e?ics (fices ,ea* sup]vis+ e?ics (fice  
%all make available on ! public website 
( ! sup]vis+ e?ics (fice-- 7,a7 a copy  
(--  7i7 ea* c]tification submitt$ to ! 
sup]vis+ e?ics (fice "u subsection      
7a77#a72  7ii7 ea* qualifi$ bl9d tru/   
agreem5t ( ea* cov]$ p]son2  7iii7 ea*  
notice & o!r docum5tation submitt$ to ! 
sup]vis+ e?ics (fice "u ?is section2 &  
7iv7 ea* notice1 rul+1 & o!r            
docum5tation issu$ or receiv$ by !      
sup]vis+ e?ics (fice "u subsection 7c72 
7,b7 a s*$ule ( all assets plac$ 9 a    
qualifi$ bl9d tru/ by ea* cov]$ p]son & 
int]e/$ p>ty2 &  7,c7 a description (   

ea* ext5sion grant$1 & ea* civil p5alty 
impos$1 pursuant to ?is section4  7#b7  
,tru/ees ,ea* tru/ee ( a qualifi$ bl9d  
tru/ e/abli%$ by a cov]$ p]son %all     
submit to ! cov]$ p]son & ! applicable  
sup]vis+ e?ics (fice a writt5 notice 9  
any case 9 :i* ! tru/ee le>ns t an      
int]e/$ p>ty has obta9$ k ( any tru/    
prop]ty o!r ?an ! initial prop]ty ( !   
qualifi$ bl9d tru/4  7#c7 ,memb] (      
,congress ,ea* ,memb] ( ,congress :o is 
a b5efici>y ( a qualifi$ bl9d tru/ %all 
submit to ! applicable sup]vis+ e?ics   
(fice--  7,a7 a copy ( ! execut$        
qualifi$ bl9d tru/ agreem5t by n lat]   
?an #cj days aft] ! date ( execution2   
7,b7 a li/ ( ea* asset & ea* f9ancial   
int]e/ transf]r$ to ! qualifi$ bl9d tru/
 by an int]e/$ p>ty by n lat] ?an #cj   
days aft] ! date ( ! transf]2  7,c7 a   
copy ( ea* notice submitt$ to ! ,memb] (
 ,congress "u p>agraph 7#b7 by n lat]   
?an #cj days aft] ! date ( receipt2     
7,d7 a writt5 notice t an int]e/$ p>ty  
has obta9$ k ( any hold+ ( ! qualifi$   

bl9d tru/ by n lat] ?an ! date t is #cj 
days aft] ! date on :i* ! ,memb] (      
,congress discov]$ t ! k _h be5 obta9$2 
&  7,e7 a writt5 notice ( dissolution ( 
! qualifi$ bl9d tru/ by n lat] ?an #cj  
days aft] ! date ( dissolution4  7#d7   
,f$]al b5efits  7,a7 ,cov]$ paym5t ,9   
?is p>agraph1 ! t]m cov]$ paym5t--  7i7 
means a paym5t ( money or any o!r item (
 value made1 or promis$ to be made1 by !
 ,f$]al ,gov]nm5t2  7ii7 includes--     
7,i7 a loan agreem5t1 contract1 or grant
 made1 or promis$ to be made1 by !      
,f$]al ,gov]nm5t1 includ+ su* an        
agreem5t1 contract1 or grant relat+ to  
agricultural activity2 &  7,,ii7 su* o!r
 types ( paym5t ( money or items ( value
 z ! sup]vis+ e?ics (fice1 may e/abli%1 
by guidance2 &  7iii7 does n include--  
7,i7 any sal>y or comp5sation = s]vice  
p]=m$ z1 or reimbursem5t ( p]sonal      
outlay by1 an (fic] or employee ( !     
,f$]al ,gov]nm5t2 or  7,,ii7 any tax    
refund 7includ+ a refundable tax cr$it74
  7,b7 ,report+ requirem5t ,n lat] ?an  

#cj days aft] ! date ( receipt ( a      
notice ( any application =1 or receipt  
(1 a cov]$ paym5t by a cov]$ p]son      
7includ+ any bus9ess own$ & controll$ by
 ! cov]$ p]son71 b 9 no case lat] ?an   
#de days aft] ! date on :i* ! cov]$     
paym5t is made or promis$ to be made1 ! 
cov]$ p]son %all submit to ! applicable 
sup]vis+ e?ics (fice a report describ+ !
 cov]$ paym5t4  7g7 ,en=cem5t  7#a7     
,dive/iture or placem5t 9 qualifi$ bl9d 
tru/  7,a7 ,9 g5]al ,! applicable       
sup]vis+ e?ics (fice %all provide a     
writt5 notice 7includ+ notice ( !       
pot5tial = civil p5alties "u subp>agraph
 7,b77 to any ,memb] ( ,congress if !   
,memb] ( ,congress1 or sp\se or dep5d5t 
*ild ( ! ,memb] ( ,congress-- 7i7 fails 
to submit a c]tification "u subsection  
7a77#a7 by ! date on :i* ! c]tification 
is requir$ to be submitt$2  7ii7 fails  
to dive/ or place 9 a qualifi$ bl9d tru/
 a cov]$ inve/m5t own$ by1 or 9 ! cu/ody
 ( ! cov]$ p]son1 9 accordance )        
subsection 7a77#b71 subject to any      

ext5sion "u subsection 7a77#c72 or      
7iii7 acquires an int]e/ 9 a cov]$      
inve/m5t 9 violation ( ?is section4     
7,b7 ,civil p5alties  7i7 ,9 g5]al ,9 ! 
ev5t ( cont9u+ noncompliance aft]       
issuance ( ! notice describ$ 9          
subp>agraph 7,a71 ! sup]vis+ e?ics (fice
 %all impose a civil p5alty1 9 ! am\nt  
describ$ 9 clause 7ii71 on a ,memb] (   
,congress to :om a notice is provid$ "u 
clause 7i7 or 7ii7 ( subp>agraph 7,a7-- 
7,i7 on ! date t is #cj days aft] ! date
 ( provision ( ! notice2 &  7,,ii7 dur+ 
! p]iod 9 :i* su* noncompliance         
cont9ues1 n less frequ5tly ?an once e   
#cj days !reaft]4  7ii7 ,am\nt ,! am\nt 
( ea* civil p5alty impos$ on a ,memb] ( 
,congress pursuant to clause 7i7 %all be
 equal to ! great] (--  7,i7 ! mon?ly   
equival5t ( ! annual rate ( pay payable 
to ! ,memb] ( ,congress2 &  7,,ii7 an   
am\nt equal to #aj p]c5t ( ! value ( ea*
 cov]$ inve/m5t t 0 n dive/$ or plac$   
into a qualifi$ bl9d tru/ 9 violation ( 
?is section dur+ ! p]iod cov]$ by !     

p5alty4  7#b7 ,communications ,!        
,attorney ,g5]al ( ! ,unit$ ,/ates %all 
file a civil action seek+ to impose a   
civil p5alty on any cov]$ p]son or      
tru/ee ( a qualifi$ bl9d tru/ :o        
violates subsection 7a77#d71 or o!rwise 
discloses ! cont5ts ( a qualifi$ bl9d   
tru/ to any unau?oriz$ individual1 equal
 to ! great] (-- 7,a7 #aj1jjj p] ea*    
communication2 or  7,b7 #a p]c5t ( !    
value ( ! qualifi$ bl9d tru/ on ! date (
 ! violation4  7h7 ,duties ( sup]vis+   
e?ics (fices ,ea* sup]vis+ e?ics (fice 9
 ! legislative bran* %all--  7#a7 impose
 & collect civil p5alties 9 accordance )
 subsection 7g72  7#b7 e/abli% su*      
proc$ures & /&>d =ms z ! sup]vis+ e?ics 
(fice det]m9es to be appropriate to     
implem5t ?is section2  7#c7 issue su*   
rules & guidel9es z ! sup]vis+ e?ics    
(fice det]m9es to be appropriate = !    
implem5tation & application ( ?is title2
 &  7#d7 publi% on a website all        
docum5ts & communications describ$ 9 ?is
 subsection4  7i7 ,rule ( con/ruction   

,no?+ 9 ?is section %all be con/ru$ to  
prev5t a cov]$ p]son f own+ or trad+--  
7#a7 a div]sifi$ mutual fund2 or  7#b7 a
 publicly trad$1 div]sifi$ ex*ange trad$
 fund4  7j7 ,effective date ,?is section
 %all apply to ea* cov]$ p]son beg9n+ on
 ! date on :i* ! cov]$ p]son 7or )      
respect to a cov]$ p]son t is a sp\se or
 dep5d5t *ild ( a ,memb] ( ,congress1 ! 
date on :i* t ,memb] ( ,congress7       
comm5ces ! fir/ new t]m ( s]vice z a    
,memb] ( ,congress on or aft] ,janu>y   
#ca1 #bjbc4  4  7b7 ,cl]ical am5dm5t ,! 
table ( sections = *apt] #aca ( title   
#e1 ,unit$ ,/ates ,code1 is am5d$ by    
add+ at ! end ! foll[+3  ,,sub*apt]     
,,iv--,c]ta9 assets ( ,memb]s (         
,congress & _! sp\ses & dep5d5t *ildr5  
#acafa4 ,def9itions4 #acafb4 ,trad+     
cov]$ inve/m5ts4 #acafc4 ,address+ own$ 
cov]$ inve/m5ts4  4  7c7 ,te*nical &    
con=m+ am5dm5ts  7#a7 ,title #e ,title  
#e1 ,unit$ ,/ates ,code1 is am5d$--     
7,a7 9 section #acajc7;f7-- 7i7 9       
p>agraph 7#i71 by /rik+ z def9$ 9       

section #acaja ( ?is title2  7ii7 9     
p>agraph 7#aj71 by /rik+ z def9$ 9      
section #acaja ( ?is title2  7iii7 9    
p>agraph 7#aa71 by /rik+ z def9$ 9      
section #acaja ( ?is title2 &  7iv7 9   
p>agraph 7#ab71 by /rik+ z def9$ 9      
section #acaja ( ?is title2 &  7,b7 9   
section #acabb7;f77#b77;,b7--  7i7 by   
/rik+ ,subject to clause 7iv7 ( ?is     
subp>agraph1 be=e ea* place x appe>s &  
ins]t+ ,be=e2 &  7ii7 by /rik+ clause   
7iv74  7#b7 ,lobby+ ,disclosure ,act (  
#aiie ,section #c7d77;,d7 ( ! ,lobby+   
,disclosure ,act ( #aiie 7#b ,u4,s4,c4  
#afjb7d77;,d77 is am5d$ by /rik+        
legislative bran* employee s]v+ 9 a     
position describ$ "u section #acaja7ac7 
( title #e1 ,unit$ ,/ates ,code & ins]t+
 (fic] or employee ( ,congress 7z def9$ 
9 section #acaja ( title #e1 ,unit$     
,/ates ,code74  7#c7 ,securities        
,ex*ange ,act ( #aicd ,section #ba;,a ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #ghu-#a7 is am5d$--  7,a7 9  
subsection 7g77#b77;,b77ii71 by /rik+   

section #acaja7aa7 & ins]t+ section     
#acaja2 &  7,b7 9 subsection 7h77#b7--  
7i7 9 subp>agraph 7,b71 by /rik+ 9      
section #acaja7i7 & ins]t+ "u section   
#acaja2 &  7ii7 9 subp>agraph 7,c71 by  
/rik+ section #acaja7aj7 & ins]t+ 9     
section #acaja4  #c4 ,p5alty = ,,/ock   
,act noncompliance  7a7 ,f9es = failure 
,to report  7#a7 ,9 g5]al ,! ,,/ock ,act
 7,public ,law #aab-aje2 #abf ,/at4     
#bia2 #abf ,/at4 #acaj2 #abg ,/at4 #dch2
 #acb ,/at4 #dafg7 is am5d$ by add+ at !
 end ! foll[+3  #bj4 ,f9es = failure to 
report  7a7 ,9 g5]al ,not)/&+ any o!r   
provision ( law 7includ+ regulations71 a
 report+ individual %all be assess$ a   
f9e1 pursuant to regulations issu$ by ! 
applicable sup]vis+ e?ics (fice 7includ+
 ! ,adm9i/rative ,(fice ( ! ,unit$      
,/ates ,c\rts1 z applicable71 ( #ejj 9  
ea* case 9 :i* ! report+ individual     
fails to file a transaction report      
requir$ "u ?is ,act or an am5dm5t made  
by ?is ,act4  7b7 ,deposit 9 ! ,treasury
 ,! f9es paid "u ?is section %all be    

deposit$ 9 ! miscellane\s receipts ( !  
,treasury4  4  7#b7 ,effective date ,!  
am5dm5ts made by p>agraph 7#a7 %all take
 effect on ! date on :i* ! report+      
individual :o is a ,memb] ( ,congress   
comm5ces ! fir/ new t]m ( s]vice z a    
,memb] ( ,congress on or aft] ,janu>y   
#ca1 #bjbc4  7b7 ,rules1 regulations1   
guidance1 & docum5ts ,n lat] ?an #a ye> 
aft] ! date ( enactm5t ( ?is ,act1 ea*  
sup]vis+ e?ics (fice 7z def9$ 9 section 
#b ( ! ,,/ock ,act 7#e ,u4,s4,c4 ,app4  
#aja note77 7includ+ ! ,adm9i/rative    
,(fice ( ! ,unit$ ,/ates ,c\rts1 z      
applicable7 %all am5d ! rules1          
regulations1 guidance1 docum5ts1 pap]s1 
& o!r records ( ! sup]vis+ e?ics (fice 9
 accordance ) ! am5dm5t made by ?is     
section4  #d4 ,electronic fil+ & onl9e  
public availability ( f9ancial          
disclosure =ms  7a7 ,memb]s ( ,congress 
& congressional /aff ,section #h7;b77#a7
 ( ! ,,/ock ,act 7#e ,u4,s4,c4 ,app4    
#aje note7 is am5d$--  7#a7 9 ! matt]   
prec$+ subp>agraph 7,a71 by ins]t+ 1    

pursuant to sub*apt] ,i ( *apt] #aca (  
"p ,,iv ( title #e1 ,unit$ ,/ates ,code1
 ?r\gh databases ma9ta9$ on ! (ficial   
websites ( ! ,h\se ( ,repres5tatives & !
 ,s5ate aft] enable2 &  7#b7 by /rik+   
subp>agraph 7,b7 & ! undesignat$ matt]  
foll[+ t subp>agraph & ins]t+ ! foll[+3 
7,b7 public access-- 7i7 to ea*--  7,i7 
f9ancial disclosure report fil$ by a    
,memb] ( ,congress or a c&idate =       
,congress2  7,,ii7 transaction          
disclosure report fil$ by a ,memb] (    
,congress or a c&idate = ,congress      
pursuant to subsection 7l7 ( t section2 
&  7,,iii7 notice ( ext5sion1 am5dm5t1  
or bl9d tru/1 ) respect to a report     
describ$ 9 subclause 7,i7 or 7,,ii71    
pursuant to sub*apt] ,i ( *apt] #aca (  
"p ,,iv ( title #e1 ,unit$ ,/ates ,code2
 &  7ii7 9 a mann] t--  7,i7 all[s !    
public to se>*1 sort1 & d[nload data    
conta9$ 9 ! reports describ$ 9 subclause
 7,i7 or 7,,ii7 ( clause 7i7 by crit]ia 
requir$ to be report$1 includ+ by fil]  
"n1 asset1 transaction type1 tick]      

symbol1 notification date1 am\nt (      
transaction1 & date ( transaction2      
7,,ii7 all[s access ?r\gh an application
 programm+ int]face2 &  7,,iii7 is fully
 compliant )-- 7aa7 section #ejh ( !    
,rehabilitation ,act ( #aigc 7#bi       
,u4,s4,c4 #gid;d72 &  7bb7 ! mo/ rec5t  
,web ,cont5t ,accessibility ,guidel9es  
7or successor guidel9es74  4  7b7       
,effective date ,! am5dm5ts made by ?is 
section take effect on ! date t is #ah  
mon?s aft] ! date ( enactm5t ( ?is ,act4
  #e4 ,sev]ability ,if any provision (  
?is ,act1 an am5dm5t made by ?is ,act1  
or ! application ( su* provision or     
am5dm5t to any p]son or circum/ance is  
held to be uncon/itutional1 ! rema9d] ( 
?is ,act & ( ! am5dm5ts made by ?is     
,act1 & ! application ( ! rema9+        
provisions ( ?is ,act & am5dm5ts to any 
p]son or circum/ance1 %all n be affect$4