,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #iihi  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #cj1 #bjbf,mr4  
,mack5zie introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,ov]sight &  
,gov]nm5t ,re=m1 & 9 addition to !      
,committee on ,h\se ,adm9i/ration1 = 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      
require c&idates = ,f$]al (fice to dive/
 publicly trad$ securities or place su* 
securities 9 a qualifi$ bl9d tru/ ^u    
fil+ = (fice1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,c&idate ,inve/m5t ,transp>5cy & ,e?ics 
,act ( #bjbf or ! ,,cite ,act ( #bjbf4  
#b4 ,def9itions ,9 ?is ,act3  7#a7      
,c&idate ,! t]m c&idate means any       
individual :o files a /atem5t ( c&idacy 
or /atem5t ( organization ) ! ,f$]al    
,election ,commission or o!rwise =mally 
decl>es _! int5tion to seek election    
to-- 7,a7 ! ,(fice ( ,presid5t or ,vice 

,presid5t ( ! ,unit$ ,/ates2  7,b7 !    
,unit$ ,/ates ,s5ate2 or  7,c7 ! ,unit$ 
,/ates ,h\se ( ,repres5tatives4  7#b7   
,cov]$ inve/m5t ,! t]m cov]$ inve/m5t   
means any security issu$ by a publicly  
trad$ company1 includ+-- 7,a7 common or 
pref]r$ /ock2  7,b7 bonds1 deb5tures1 or
 o!r debt in/rum5ts ( a publicly trad$  
issu]2  7,c7 /ock options1 w>rants1 or  
conv]tible securities2 &  7,d7          
ex*ange-trad$ funds & simil> products t 
hold individual securities ( publicly   
trad$ companies1 except to ! ext5t su*  
funds qualify z exempt inve/m5ts "u     
p>agraph 7#d74  7#c7 ,cov]$ individual  
,! t]m cov]$ individual means a c&idate 
& ! sp\se & dep5d5t *ildr5 ( ! c&idate4 
7#d7 ,exempt inve/m5ts ,! t]m exempt    
inve/m5t means-- 7,a7 widely div]sifi$  
mutual funds2  7,b7 index funds or      
ex*ange-trad$ funds t track a broad     
m>ket index1 includ+ ! ,s,p #ejj1 ! ,d[ 
,jones ,indu/rial ,av]age1 or a         
comp>able index2  7,c7 widely div]sifi$ 
ex*ange-trad$ funds1 includ+ sector-bas$

 or !matic ex*ange-trad$ funds2  7,d7   
,unit$ ,/ates ,treasury securities1     
obligations ( ! ,unit$ ,/ates ,gov]nm5t1
 or obligations ( ,/ate or local        
gov]nm5ts2  7,e7 c]tificates ( deposit1 
money m>ket funds1 & ca% equival5ts2 &  
7,f7 int]e/s 9 a def9$ b5efit p5sion    
plan or simil> retirem5t arrangem5t n   
subject to individual inve/m5t          
direction4  7#e7 ,fil+ date ,! t]m fil+ 
date means ! date on :i* a c&idate files
 any docum5t ) ! ,f$]al ,election       
,commission1 a ,/ate election au?ority1 
or ! ,cl]k ( ! ,h\se ( ,repres5tatives  
or ! ,secret>y ( ! ,s5ate t =mally      
initiates ! c&idacy4  7#f7 ,qualifi$    
bl9d tru/ ,! t]m qualifi$ bl9d tru/ has 
! mean+ giv5 t t]m "u section           
#acajd7;f77#c7 ( title #e1 ,unit$ ,/ates
 ,code4  7#g7 ,sup]vis+ e?ics (fice ,!  
t]m sup]vis+ e?ics (fice means--  7,a7 !
 ,committee on ,e?ics ( ! ,h\se (       
,repres5tatives1 = c&idates = ! ,h\se ( 
,repres5tatives2  7,b7 ! ,select        
,committee on ,e?ics ( ! ,s5ate1 =      

c&idates = ! ,s5ate2 &  7,c7 ! ,(fice ( 
,gov]nm5t ,e?ics1 = c&idates = ,presid5t
 or ,vice ,presid5t4  #c4 ,dive/iture or
 bl9d tru/ requirem5t = c&idates = f$]al
 (fice  7a7 ,requirem5t ,n lat] ?an #ij 
days aft] ! fil+ date1 ea* cov]$        
individual %all--  7#a7 dive/ all cov]$ 
inve/m5ts held by ! cov]$ individual2 or
  7#b7 place all cov]$ inve/m5ts held by
 ! cov]$ individual into a qualifi$ bl9d
 tru/ t meets ! requirem5ts ( subsection
 7b74  7b7  ,requirem5ts = qualifi$ bl9d
 tru/  ,a qualifi$ bl9d tru/ e/abli%$   
pursuant to subsection 7a77#b7 %all--   
7#a7 be e/abli%$ & adm9i/]$ 9 accordance
 ) ! requirem5ts ( section #acajd7;f7 ( 
title #e1 ,unit$ ,/ates ,code2  7#b7 be 
manag$ by an indep5d5t tru/ee :o is n a 
relative1 bus9ess associate1 or         
political affiliate ( ! cov]$           
individual2  7#c7 prohibit ! cov]$      
individual f hav+ any k (1 or influ5ce  
ov]1 ! inve/m5t decisions made by !     
tru/ee2 &  7#d7 prohibit any            
communication betwe5 ! cov]$ individual 

& ! tru/ee reg>d+ ! assets or           
transactions )9 ! tru/1 except z requir$
 by law or = tax purposes4  7c7         
,c]tification  ,n lat] ?an #ij days aft]
 ! fil+ date1 ea* cov]$ individual %all 
file a writt5 c]tification ) !          
applicable sup]vis+ e?ics (fice atte/+  
t--  7#a7 ! cov]$ individual holds no   
cov]$ inve/m5ts o!r ?an exempt          
inve/m5ts2 or  7#b7 all cov]$ inve/m5ts 
h be5 plac$ 9 a qualifi$ bl9d tru/ 9    
compliance ) ?is section1 includ+ ! "n (
 ! tru/ee & ! f9ancial in/itution       
adm9i/]+ ! tru/4  7d7  ,sp\sal & dep5d5t
 *ild assets  ,a cov]$ individual %all  
make good fai? ef=ts to ensure t ! cov]$
 inve/m5ts ( a sp\se or dep5d5t *ild are
 dive/$ or plac$ 9 a qualifi$ bl9d tru/ 
pursuant to ?is section4 ,if a sp\se    
ma9ta9s legally indep5d5t f9ances & does
 n cons5t to su* dive/iture or placem5t1
 ! c&idate %all c]tify su* fact to !    
sup]vis+ e?ics (fice1 :i* %all h        
au?ority to det]m9e :e!r an exemption is
 w>rant$4  #d4 ,prohibition on          

acquisition ( cov]$ inve/m5ts dur+      
c&idacy  7a7 ,9 g5]al ,dur+ ! p]iod     
beg9n+ on ! fil+ date & end+ on ! date  
on :i* ! cov]$ individual is no long] a 
c&idate or no long] holds or is seek+   
,f$]al (fice1 a cov]$ individual may n  
pur*ase or o!rwise acquire any new cov]$
 inve/m5t4  7b7 ,exception ,subsection  
7a7 %all n apply to--  7#a7 ! receipt ( 
a cov]$ inve/m5t z "p ( a w1 tru/       
di/ribution1 or simil> inh]itance1      
provid$ t su* inve/m5t is dive/$ or     
plac$ 9 a qualifi$ bl9d tru/ )9 #ij days
 ( receipt2 &  7#b7 pur*ases made )9 a  
qualifi$ bl9d tru/ e/abli%$ pursuant to 
section #c4  #e4 ,rulemak+  7a7 ,9 g5]al
 ,n lat] ?an #ahj days aft] ! date ( !  
enactm5t ( ?is ,act1 ! ,committee on    
,e?ics ( ! ,h\se ( ,repres5tatives1 !   
,select ,committee on ,e?ics ( ! ,s5ate1
 & ! ,(fice ( ,gov]nm5t ,e?ics %all ea* 
issue regulations to c>ry out ?is ,act )
 respect to c&idates "u _! respective   
jurisdiction4  7b7 ,cont5ts ,!          
regulations issu$ "u subsection 7a7 %all

 include--  7#a7 proc$ures = fil+ &     
review+ c]tifications "u section #c7;c72
  7#b7 /&>ds = det]m9+ :e!r a tru/      
qualifies z a qualifi$ bl9d tru/ =      
purposes ( ?is ,act2 &  7#c7 a process =
 cov]$ individuals to reque/ a h>d%ip   
waiv]1 :i* may be grant$ only 9         
extraord9>y circum/ances & %all be made 
publicly available4  #f4 ,relation to   
o!r law  7a7 ,/ock act ,no?+ 9 ?is ,act 
%all be con/ru$ to limit ! application (
 ! ,,/ock ,act ( #bjab 7,public ,law    
#aab-aje7 or any o!r applicable ,f$]al  
law gov]n+ insid] trad+1 conflicts (    
int]e/1 or f9ancial disclosure4  7b7    
,e?ics 9 gov]nm5t act ,?is ,act %all be 
con/ru$ 9 conjunction )1 & n 9 d]ogation
 (1 *apt] #aca ( title #e1 ,unit$ ,/ates
 ,code1 & ! f9ancial disclosure         
requirem5ts applicable to ,f$]al        
c&idates4  #g4 ,effective date ,?is ,act
 %all take effect on ! date t is #ahj   
days aft] ! date ( enactm5t ( ?is ,act &
 %all apply to any individual :o files =
 ,f$]al (fice on or aft] su* effective  

date4