,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #iefj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #cj1 #bjbf,ms4  
,mc,donald ,rivet 7= h]self1 ,mr4 ,kiley
 ( ,cali=nia1 ,mr4 ,l&sman1 & ,mr4      
,v9dman7 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 #e to re/rict c]ta9  
f9ancial trade & own]%ip = c]ta9 ,f$]al 
(ficials & _! sp\ses & dep5d5ts1 & = o!r
 purposes4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,no ,pr(it+ f ,public   
,s]vice ,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 f9ancial 

trade & own]%ip #acaea4 ,def9itions4    
#acaeb4 ,f9ancial trade & own]%ip4      
#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 f9ancial
 trade & own]%ip  #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$]al ,regulations72 or  7ii7 a       
pr$iction m>ket contract4  7#b7 ,cov]$  
individual ,! t]m cov]$ individual means
 any ( ! foll[+3  7,a7 ,an (fic] or     
employee ( ,congress 7z def9$ 9 section 
#acaja74  7,b7 ,a judicial employee 7z  
def9$ 9 section #acaja74  7,c7 ,a       
political appo9tee4  7,d7 ,an (fic] or  
employee describ$ 9 section             
#acajc7;f77#c7 :o is n a political      
appo9tee4  7,e7 ,a c&idate z def9$ 9    
section #cja ( ! ,f$]al ,election       

,campaign ,act ( #aiga 7#eb ,u4,s4,c4   
#cjaja74  7#c7 ,cov]$ (ficial ,! t]m    
cov]$ (ficial means any ( ! foll[+3     
7,a7 ,a ,memb] ( ,congress z def9$ 9    
section #acaja ( ?is title4  7,b7 ,a    
judicial (fic] 7z def9$ 9 section       
#acaja74  7,c7 ,! ,presid5t4  7,d7 ,!   
,vice ,presid5t4  7,e7 ,an individual   
occupy+ a position describ$ "u sections 
#ecab ?r\gh #ecaf ( title #e1 ,unit$    
,/ates ,code 7relat+ to ! ,executive    
,s*$ule74  7,f7 ,a dep5d5t *ild z def9$ 
9 su* section #acaja or a sp\se ( any   
individual describ$ 9 subp>agraphs 7,a7 
?r\gh 7,e74  7#d7 ,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

 an inve/m5t describ$ 9 subp>agraph 7,a7
 :i* is held 9 a qualifi$ bl9d tru/2    
7iii7 a div]sifi$ mutual fund 7includ+  
any hold+s ( su* a fund72  7iv7 a       
div]sifi$ ex*ange-trad$ fund 7includ+   
any hold+s ( su* a fund72  7v7 a ,unit$ 
,/ates ,treasury bill1 note1 or bond2   
7vi7 a ,/ate or municipal gov]nm5t bill1
 note1 or bond2  7vii7 any comp5sation  
receiv$ by ! sp\se or dep5d5t *ild ( a  
cov]$ (ficial f _! employ]2  7viii7 an  
int]e/ 9 a small bus9ess conc]n &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  7ix7 an      
int]e/ 9 a limit$ liability company     
creat$ = ! sole purpose ( pur*as+ or    
hold+ real e/ate t s]ves z ! p]sonal    
resid5ces ( ! ,memb] ( ,congress2  7x7  
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  7xi7 

any %>e ( ,settlem5t ,common ,/ock1 z   
def9$ 9 section #c ( ! ,alaska ,native  
,claims ,settlem5t ,act 7#dc ,u4,s4,c4  
#afjb74  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 s]v+ "u a nonc>e] appo9tm5t 9 !   
,s5ior ,executive ,s]vice1 z def9$ "u   
p>agraph 7#g7 ( section #cacb7;a7 ( su* 
title2 or  7,b7 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$]al ,regulations4  7#h7  
,pr$iction m>ket contract ,! t]m        
pr$iction m>ket contract means any      
f9ancial in/rum5t1 contract1 or         
d]ivative--  7,a7 li/$ on or (f]$ by a  
plat=m1 reg>dless ( :e!r ! plat=m is    
domicil$ 9 ! ,unit$ ,/ates2 &  7,b7 ti$ 
to ! occurr5ce or non-occurr5ce ( an    
ev5t1 includ+ ev5t contracts1 z describ$
 9 section #e;c7c77#e77;,c77i7 ( !      
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#g;a#ad #b7;c77#e77;,c77i774  7#i7      
,prohibit$ action ,! t]m prohibit$      
action means any activity describ$ 9    
subsections 7a7 or 7b7 ( section #acaeb4
  7#aj7 ,qualifi$ bl9d tru/ ,! t]m      
qualifi$ bl9d tru/ has ! mean+ giv5 !   
t]m 9 section #acajd7;f77#c74  7#aa7    
,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#ab7 ,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#ac7 ,sup]vis+ e?ics 
(fice ,! t]m sup]vis+ e?ics (fice-- 7,a7
 has ! mean+ giv5 ! t]m 9 section       
#acaja2 or  7,b7 means ! ,f$]al         
,elections ,commission = a cov]$        
individual describ$ 9 p>agraph          
7#b77;,e74  #acaeb4 ,f9ancial trade &   
own]%ip  7a7 ,trade & own]%ip ( cov]$   
inve/m5t ,except z describ$ 9 subsection
 7c71 7e71 a cov]$ (ficial may n        
directly or indirectly1 own or trade a  
cov]$ inve/m5t4  7b7 ,pr$iction m>ket   
contract trades ,no cov]$ (ficial or    
cov]$ individual may ent] into1 or (f]  
to ent] into a pr$iction m>ket contract 
t is dep5d5t on ! occurr5ce1            
nonoccurr5ce1 or ! ext5t ( ! occurr5ce (
 a specific political or gov]nm5tal     
ev5t1 action1 or policy4  7c7           
,compliance  7#a7 ,requirem5t ,to comply
 ) subsection 7a71 a cov]$ (ficial %all 
dive/ ( any cov]$ inve/m5t ?r\gh sale at
 fair m>ket value or placem5t 9 a       
qualifi$ bl9d tru/ by ! effective date  
e/abli%$ 9 p>agraph 7#b74  7#b7         

,effective date ,! effective date is    
e/abli%$ z foll[s3 7,a7 ,n9ety days = an
 individual :o is a cov]$ (ficial on !  
date ( enactm5t ( ! ,no ,pr(it+ f       
,public ,s]vice ,act4  7,b7 ,n9ety days 
)9 ! date on :i* an individual becomes a
 cov]$ (ficial if su* date occurs aft] !
 date ( enactm5t ( ! ,no ,pr(it+ f      
,public ,s]vice ,act4  7#c7 ,assets     
acquir$ 9 special circum/ances ,9 ! ev5t
 t a cov]$ (ficial acquires a cov]$     
inve/m5t aft] ! date ( enactm5t ( ! ,no 
,pr(it+ f ,public ,s]vice ,act o!r ?an  
by pur*ase 7su* z by m>riage1           
inh]itance1 divorce settlem5t1 or o!r   
circum/ance71 ! cov]$ (ficial %all h #ij
 days f ! date on :i* su* inve/m5t 0    
acquir$ to dive/ su* cov]$ inve/m5t at  
fair m>ket value or transf] x into a    
qualifi$ bl9d tru/4  7#d7 ,assets 9     
qualifi$ bl9d tru/s ^u sep>ation ,a     
cov]$ (ficial may n dissolve any        
qualifi$ bl9d tru/ 9 :i* a cov]$        
inve/m5t has be5 plac$ pursuant to      
subsection 7d77#a77;,b71 or o!rwise     

control su* an inve/m5t1 until ! date t 
is #ahj days aft] ! date su* cov]$      
(ficial ceases to be a cov]$ (ficial4   
7#e7 ,trade & own]%ip ^u sep>ation ,a   
cov]$ individual or cov]$ (ficial1 :o )9
 #ahj days aft] ! date ! cov]$ (ficial  
or cov]$ individual ceases to be a cov]$
 (ficial or cov]$ individual1           
respectively1 engages 9 any ( !         
activities "u subsections 7a7 or 7b71   
%all be subject to ! p5alties "u section
 #acaec4  7d7 ,occupational exception ,a
 sp\se or dep5d5t *ild "u section       
#acaea7c77;,f7 may trade a cov]$        
inve/m5t if su* cov]$ inve/m5t is n own$
 by a cov]$ (ficial & if su* trade is   
p]=m$ z a function ( ! prim>y occupation
 ( ! sp\se or dep5d5t *ild4  7e7        
,c]tificates ( dive/iture  7#a7 ,9 g5]al
 ,ea* sup]vis+ e?ics (fice %all issue a 
c]tificate ( dive/iture to ea* cov]$    
(ficial requir$ to dive/ "u ?is sub*apt]
 ^u submission ( pro( ( compliance by   
su* (ficial ) ! requirem5ts to dive/ or 
any ext5sions grant$ by ! sup]vis+ e?ics

 (fice1 & 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  7#b7 ,eligibility
 ,= purposes ( section #ajdc ( !        
,int]nal ,rev5ue ,code ( #aihf1 a cov]$ 
(ficial %all n be treat$ z an eligible  
p]son describ$ 9 section                
#ajdc7;b77#a77;,a7 ( su* ,code4  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  7g7 ,rule ( con/ruction  
,except z describ$ 9 subsections 7c7 &  
7d71 a cov]$ (ficial or cov]$ individual
 may n take any prohibit$ action ?r\gh  
any tru/1 p]son1 or o!r entity4  #acaec4
 ,p5alties  7a7 ,9 g5]al  7#a7 ,p5alties
 ,any cov]$ (ficial or cov]$ individual 
:o violates ! re/rictions 9 section     
#acaeb %all1 at ! direction ( ! sup]vis+
 e?ics (fice--  7,a7 pay a f9e ( equal  
to #aj p]c5t ( ! value ( ! cov]$        
inve/m5t or pr$iction m>ket contract2 & 

7,b7 disgorge ! pr(its ( any transaction
 t violates ! provisions ( ?is sub*apt]4
  7#b7 ,paym5t ( p5alty to g5]al fund ,a
 p5alty impos$ "u p>agraph 7#a7 %all be 
deposit$ into g5]al fund ( ! ,treasury4 
7b7 ,income tax ,a loss f a pr$iction   
m>ket contract or hold+ involv+ a cov]$ 
inve/m5t t is conduct$ 9 violation ( ?is
 ,act may n be d$uct$ f ! am\nt ( income
 tax ow$ by ! cov]$ (ficial or cov]$    
individual4  7c7 ,paym5t re/rictions ,a 
cov]$ (ficial or cov]$ individual 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  7d7           
,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