,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #idbi  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #bd1 #bjbf,ms4  
,goodl&] 7= h]self & ,mr4 ,fitzpatrick7 
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 = 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 #e to prohibit       
,memb]s ( ,congress & _! sp\ses &       
dep5d5ts f own+ or trad+ /ocks1 & = o!r 
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,! ,public ,s]vice         
,acc\ntability ,act4  #b4 ,re/rictions  
on trade & own]%ip ( cov]$ inve/m5ts    
7a7 ,table ( cont5ts ,! table ( cont5ts 
= *apt] #aca ( title #e1 ,unit$ ,/ates  
,code1 is am5d$ by add+ at ! end !      
foll[+3  ,sub*apt] ,,iv--,re/rictions on
 trade & own]%ip ( cov]$ inve/m5ts      
#acaea4 ,def9itions4 #acaeb4 ,trade &   

own]%ip ( cov]$ inve/m5ts4 #acaec4      
,p5alties4  7b7 ,re/rictions ,*apt] #aca
 ( title #e1 ,unit$ ,/ates ,code1 is    
am5d$ by add+ at ! end a new sub*apt]3  
,,iv ,re/rictions on trade & own]%ip (  
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-- 7i7 a preci\s metal 7z def9$ 
9 section #ajbg4ajj ( title #ca1 ,code (
 ,f$]al ,regulations72 or  7ii7         
insurance = :i* ! insur$ holds a lawful 
insurable int]e/4  7#b7 ,cov]$          
individual ,! t]m cov]$ individual means
 any ( ! foll[+3  7,a7 ,a ,memb] (      
,congress & an (fic] or employee (      
,congress 7z def9$ 9 section #acaja74   
7,b7 ,a dep5d5t *ild z def9$ 9 su*      
section #acaja or a sp\se ( a ,memb] (  
,congress4  7,c7 ,a judicial employee & 
judicial (fic] 7z ^? t]ms are def9$ 9   
section #acaja74  7,d7 ,an (fic] or     
employee describ$ 9 section             

#acajc7;f77#c74  7,e7 ,a special        
,gov]nm5t employee 7z t t]m is def9$ 9  
section #bjb7;a7 ( title #ah74  7,f7 ,a 
s5ior executive 7z t t]m is def9$ 9     
section #cacb7;a774  7,g7 ,any          
individual employ$ 9 a position describ$
 "u sections #ecab ?r\gh #ecaf ( title  
#e 7relat+ to ! ,executive ,s*$ule74    
7,h7 ,any individual employ$ 9 a        
position ( a confid5tial or             
policy-det]m9+ "* "u s*$ule ,c ( subp>t 
,c ( "p #bac ( title #e1 ,code ( ,f$]al 
,regulations1 or successor regulation4  
7,i7 ,! ,presid5t4  7,j7 ,! ,vice       
,presid5t4  7,k7 ,a dep5d5t *ild z def9$
 9 su* section #acaja or a sp\se ( !    
,presid5t4  7,l7 ,a dep5d5t *ild z def9$
 9 su* section #acaja or a sp\se ( !    
,vice ,presid5t4  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 ,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#e7 ,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#f7 ,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#g7 ,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#h7 ,sup]vis+ e?ics  
(fice ,! t]m sup]vis+ e?ics (fice has ! 
mean+ giv5 ! t]m 9 section #acaja4      
#acaeb4 ,trade & own]%ip ( cov]$        
inve/m5ts  7a7 ,conduct dur+ f$]al      
s]vice ,except z describ$ 9 subsection  
7b77#a77;,b7 & subsections 7d7 & 7e71 no
 cov]$ individual may-- 7#a7 directly or

 indirectly1 own or trade a cov]$       
inve/m5t2 or  7#b7 ent] into1 or (f] to 
ent] into1 an agreem5t1 contract1 swap1 
or transaction t provides = any pur*ase1
 sale1 paym5t1 or deliv]y ( an exclud$  
commodity t is dep5d5t on ! occurr5ce1  
nonoccurr5ce1 or ! ext5t ( ! occurr5ce (
 a specific ev5t or cont+5cy4  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 = an individual 
:o is a cov]$ individual on ! date (    
enactm5t ( ,! ,public ,s]vice           
,acc\ntability ,act4  7,b7 #ij days )9 !
 date on :i* an individual becomes a    
cov]$ individual if su* date occurs aft]
 ! date ( enactm5t ( ,! ,public ,s]vice 
,acc\ntability ,act4  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,k71 or 7,l7 ( section #acaea7b7
 %all be treat$ z an eligible p]son     
describ$ 9 section #ajdc7;b77#a77;,a7 ( 
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 
,tru/s ,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  7e7 ,assets acquir$ 9 special 
circum/ances ,9 ! ev5t t a cov]$        
individual acquires a cov]$ inve/m5t    
aft] ! date ( enactm5t ( ! ,! ,public   
,s]vice ,acc\ntability ,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  7f7 ,int]pretative guidance ,!  
sup]vis+ e?ics (fice %all issue         
int]pretive guidance on any relevant t]m
 n def9$ 9 ?is sub*apt]4  #acaec4       
,p5alties  7a7 ,9 g5]al  7#a7 ,p5alties 
,any cov]$ individual :o violates !     
re/rictions on trad+ or own]%ip ( cov]$ 
inve/m5ts 9 section #acaeb %all1 at !   
direction ( ! sup]vis+ e?ics (fice--    
7,a7 pay a f9e ( equal to #aj p]c5t ( ! 
value ( ! cov]$ inve/m5t2 &  7,b7       
disgorge ! pr(its ( any transaction t   

violates ! provisions ( ?is sub*apt]4   
7#b7 ,paym5t ( p5alty to ,treasury ,a   
p5alty impos$ "u p>agraph 7#a77;,b7 %all
 be payable into ! ,treasury ( ! ,unit$ 
,/ates4  7b7 ,paym5t re/rictions ,a     
,memb] ( ! ,congress may n pay any ( !  
p5alties "u ?is section by us+ am\nts 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$]al (fice4  7c7 ,publication 
,ea* sup]vis+ e?ics (fice %all publi% on
 a publicly available website a         
description (-- 7#a7 ea* f9e assess$ 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  7c7 ,rule ( con/ruction  
,?is ,act & ! am5dm5ts made by ?is ,act 

%all n be con/ru$ to apply to any       
individual occupy+ a position "u !      
,g5]al ,s*$ule4