,,ii  #aaith ,,congress  #ast ,session  
,s4 #ahgi  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #bb1      
#bjbe,mr4 ,ossoff 7for himself1 ,mr4    
,kelly1 ,ms4 ,baldwin1 ,ms4 ,duckworth1 
,mr4 ,schatz1 ,mrs4 ,shaheen1 ,mr4      
,warnock1 ,mr4 ,bennet1 and ,mrs4       
,gillibrand7 introduced the following   
bill2 which was read twice and referred 
to the ,committee on ,homeland ,security
 and ,governmental ,affairs  ,a ,,bill  
,to amend chapter #aca of title #e1     
,united ,states ,code1 to require       
,members of ,congress and their spouses 
and dependent children to place certain 
assets into blind trusts1 and for other 
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,ban ,congressional 
,stock ,trading ,act4  #b4 ,placement of
 certain assets of ,members of          
,congress1 spouses1 and dependent       
children in qualified blind trusts  7a7 
,in general ,chapter #aca of title #e1  
,united ,states ,code1 is amended by    
adding at the end the following3  ,,iv  

,certain assets of ,members of          
,congress1 spouses1 and dependent       
children  #acafa4 ,definitions ,in this 
title3 7#a7 ,commodity ,the term        
commodity has the meaning given the term
 in section #a;a of the ,commodity      
,exchange ,act 7#g ,u4,s4,c4 #a;a74     
7#b7 ,covered investment  7,a7 ,in      
general ,the term covered investment    
means-- 7i7 an investment in a security1
 a commodity1 or a future2 and  7ii7 any
 economic interest comparable to an     
interest described in clause 7i7 that is
 acquired through synthetic means1 such 
as the use of a derivative1 including an
 option1 warrant1 or other1 similar     
means4  7,b7 ,inclusions ,the term      
covered investment includes an          
investment or economic interest         
described in subparagraph 7,a7 that is  
held directly1 or in which an individual
 has an indirect1 beneficial1 or        
economic interest1 through-- 7i7 an     
investment fund2  7ii7 a trust 7other   
than a qualified blind trust72  7iii7 an

 employee benefit plan2 or  7iv7 a      
deferred compensation plan1 including a 
carried interest or other agreement tied
 to the performance of an investment1   
other than a fixed cash payment4  7,c7  
,exclusions ,the term covered investment
 does not include-- 7i7 a diversified   
mutual fund 7including any holdings of  
such a fund72  7ii7 a diversified       
exchange-traded fund 7including any     
holdings of such a fund72  7iii7 a      
,united ,states ,treasury bill1 note1 or
 bond2  7iv7 compensation from the      
primary occupation of a spouse or       
dependent child of a ,member of         
,congress2 or  7v7 any investment fund  
held in a ,federal1 ,state1 or local    
government employee retirement plan4    
7,d7 ,clarification ,an investment that 
achieves compliance with applicable     
environmental1 social1 and governance   
criteria shall not be considered to be a
 covered investment solely by reason of 
that compliance4  7#c7 ,current ,the    
term current1 with respect to a ,member 

of ,congress1 means an individual who is
 serving as a ,member of ,congress on   
the date of enactment of the ,ban       
,congressional ,stock ,trading ,act4    
7#d7 ,dependent child ,the term         
dependent child means1 with respect to  
any ,member of ,congress1 any           
individual-- 7,a7 who has not attained  
the age of #ai2 and  7,b7 who is a      
dependent1 within the meaning of section
 #aeb of the ,internal ,revenue ,code of
 #aihf1 of the ,member of ,congress4    
7#e7 ,diversified ,the term diversified1
 with respect to a fund1 trust1 or plan1
 means that the fund1 trust1 or plan    
does not have a stated policy of        
concentrating its investments in any    
industry1 business1 single country other
 than the ,united ,states1 or bonds of a
 single ,state4  7#f7 ,future ,the term 
future means-- 7,a7 a security future   
7as defined in section #c7;a7 of the    
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c7a7772 and  7,b7 any    
other contract for the sale of a        

commodity for future delivery4  7#g7    
,initial property ,the term initial     
property means an asset or financial    
interest transferred to a qualified     
blind trust by1 or on behalf of1 an     
interested party or a relative of an    
interested party1 regardless of whether 
the asset or financial interest is      
transferred to the qualified blind trust
 on or after the date of establishment  
of the qualified blind trust4  7#h7     
,interested party ,the term interested  
party has the meaning given the term in 
section #acajd7;f77#c77;,e74  7#i7      
,member of ,congress ,the term ,member  
of ,congress has the meaning given the  
term in section #acaja4  7#aj7 ,new ,the
 term new1 with respect to a ,member of 
,congress1 means an individual who--    
7,a7 is not a current ,member of        
,congress2 but  7,b7 commences service  
as a ,member of ,congress after the date
 of enactment of the ,ban ,congressional
 ,stock ,trading ,act4  7#aa7 ,qualified
 blind trust ,the term qualified blind  

trust means a qualified blind trust 7as 
defined in section #acajd7;f77#c77 that 
has been approved in writing by the     
applicable supervising ethics office    
under section #acajd7;f77#c77;,d74      
7#ab7 ,security ,the term security has  
the meaning given the term in section   
#c7;a7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;c7a774     
7#ac7 ,supervising ethics office ,the   
term supervising ethics office has the  
meaning given the term in section       
#acaja4  #acafb4 ,placement of certain  
assets in qualified blind trusts  7a7   
,current ,members of ,congress  7#a7    
,certification ,not later than #cj days 
after the date of enactment of the ,ban 
,congressional ,stock ,trading ,act1    
each current ,member of ,congress shall 
submit to the applicable supervising    
ethics office a certification that1 as  
applicable-- 7,a7 for each covered      
investment owned by the ,member of      
,congress or a spouse or dependent child
 of the ,member of ,congress1 the       

,member of ,congress1 or the applicable 
spouse or dependent child of the ,member
 of ,congress1 will-- 7i7 divest the    
covered investment2 or  7ii7 place the  
covered investment in a qualified blind 
trust1 including by establishing a      
qualified blind trust for that purpose1 
if necessary2 or  7,b7 neither the      
,member of ,congress nor any spouse or  
dependent child of the ,member of       
,congress owns a covered investment4    
7#b7 ,divestiture or placement in       
qualified blind trust  7,a7 ,requirement
 ,subject to paragraph 7#c71 not later  
than #abj days after the date of        
enactment of the ,ban ,congressional    
,stock ,trading ,act1 each current      
,member of ,congress shall divest1 or   
place in a qualified blind trust        
7including by establishing a qualified  
blind trust for that purpose1 if        
necessary71 each covered investment     
owned by the ,member of ,congress or a  
spouse or dependent child of the ,member
 of ,congress4  7,b7 ,divestiture ,a    

current ,member of ,congress shall      
divest a covered investment held by the 
,member of ,congress or a spouse or     
dependent child of the ,member of       
,congress if-- 7i7 the ,member of       
,congress1 or the applicable spouse or  
dependent child of the ,member of       
,congress1 is unable to place the       
covered investment in a qualified blind 
trust by the date described in          
subparagraph 7,a72 and  7ii7 the ,member
 of ,congress fails to obtain an        
extension pursuant to paragraph 7#c74   
7#c7 ,extensions ,if a current ,member  
of ,congress1 or a spouse or dependent  
child of the ,member of ,congress1 is   
unable to place a covered investment in 
a qualified blind trust by the date     
described in paragraph 7#b77;,a71 the   
,member of ,congress may request1 and   
the supervising ethics office may grant1
 #a or more reasonable extensions1      
subject to the conditions that-- 7,a7   
the total period of time covered by all 
extensions granted to the ,member of    

,congress for the covered investment    
shall not exceed #ahj days2 and  7,b7   
the period covered by a single extension
 shall be not longer than #de days4  7b7
 ,new ,members of ,congress  7#a7       
,certification ,not later than #cj days 
after the date on which an individual   
becomes a new ,member of ,congress1 the 
new ,member of ,congress shall submit to
 the applicable supervising ethics      
office a certification that1 as         
applicable-- 7,a7 for each covered      
investment owned by the ,member of      
,congress or a spouse or dependent child
 of the ,member of ,congress1 the       
,member of ,congress1 or the applicable 
spouse or dependent child of the ,member
 of ,congress1 will-- 7i7 divest the    
covered investment2 or  7ii7 place the  
covered investment in a qualified blind 
trust1 including by establishing a      
qualified blind trust for that purpose1 
if necessary2 or  7,b7 neither the      
,member of ,congress nor a spouse or    
dependent child of the ,member of       

,congress owns a covered investment4    
7#b7 ,divestiture or placement in       
qualified blind trust  7,a7 ,requirement
 ,subject to paragraph 7#c71 not later  
than #abj days after the date on which  
an individual becomes a new ,member of  
,congress1 the individual shall divest1 
or place in a qualified blind trust     
7including by establishing a qualified  
blind trust for that purpose1 if        
necessary71 each covered investment     
owned by the ,member of ,congress or a  
spouse or dependent child of the ,member
 of ,congress4  7,b7 ,divestiture ,a new
 ,member of ,congress shall divest a    
covered investment held by the ,member  
of ,congress or a spouse or dependent   
child of the ,member of ,congress if--  
7i7 the ,member of ,congress1 or the    
applicable spouse or dependent child of 
the ,member of ,congress1 is unable to  
place the covered investment in a       
qualified blind trust by the date       
described in subparagraph 7,a72 and     
7ii7 the ,member of ,congress fails to  

obtain an extension pursuant to         
paragraph 7#c74  7#c7 ,extensions ,if a 
new ,member of ,congress1 or a spouse or
 dependent child of the ,member of      
,congress1 is unable to place a covered 
investment in a qualified blind trust by
 the date described in paragraph        
7#b77;,a71 the ,member of ,congress may 
request1 and the supervising ethics     
office may grant1 #a or more reasonable 
extensions1 subject to the conditions   
that-- 7,a7 the total period of time    
covered by all extensions granted to the
 ,member of ,congress for the covered   
investment shall not exceed #ahj days2  
and  7,b7 the period covered by a single
 extension shall be not longer than #de 
days4  7c7 ,acquisitions during service 
7#a7 ,in general ,subject to paragraph  
7#b71 and any applicable rules issued   
pursuant to subsection 7h77#c71         
effective beginning on the date of      
enactment of the ,ban ,congressional    
,stock ,trading ,act1 a ,member of      
,congress1 and a spouse or dependent    

child of the ,member of ,congress1 may  
not acquire a covered investment4  7#b7 
,inheritances  7,a7 ,in general ,subject
 to subparagraph 7,b71 a ,member of     
,congress or a spouse or dependent child
 of a ,member of ,congress who inherits 
a covered investment shall divest or    
place the covered investment in a       
qualified blind trust by not later than 
#abj days after the date on which the   
covered investment is inherited4  7,b7  
,extensions ,if a ,member of ,congress1 
or a spouse or dependent child of the   
,member of ,congress1 is unable to place
 a covered investment in a qualified    
blind trust by the date described in    
subparagraph 7,a71 the ,member of       
,congress may request1 and the          
supervising ethics office may grant1 #a 
or more reasonable extensions1 subject  
to the conditions that-- 7i7 the total  
period of time covered by all extensions
 granted to the ,member of ,congress for
 the covered investment shall not exceed
 #ahj days2 and  7ii7 the period covered

 by a single extension shall be not     
longer than #de days4  7d7 ,mingling of 
assets ,a spouse or dependent child of a
 ,member of ,congress may place a       
covered investment in a qualified blind 
trust established by the ,member of     
,congress under subsection              
7a77#a77;,a77ii7 or 7b77#a77;,a77ii74   
7e7 ,separation from service and        
cooling-,off period required for control
 ,during the period beginning on the    
date on which an individual becomes a   
,member of ,congress and ending on the  
date that is #ahj days after the date on
 which the individual ceases to serve as
 a ,member of ,congress1 the ,member of 
,congress1 and any spouse or dependent  
child of the ,member of ,congress1 may  
not-- 7#a7 dissolve any qualified blind 
trust in which a covered investment has 
been placed pursuant to subsection 7a71 
7b71 7c77#b71 or 7d72 or  7#b7 except as
 provided in this section1 otherwise    
control a covered investment4  7f7      
,reporting requirements  7#a7           

,supervising ethics offices ,each       
supervising ethics office shall make    
available on the public website of the  
supervising ethics office-- 7,a7 a copy 
of-- 7i7 each certification submitted to
 the supervising ethics office under    
subsection 7a77#a7 or 7b77#a72  7ii7    
each qualified blind trust agreement of 
each ,member of ,congress2  7iii7 each  
notice and other documentation submitted
 to the supervising ethics office under 
paragraph 7#b7 or 7#c72 and  7iv7 each  
notice1 rule1 and other documentation   
issued or received by the supervising   
ethics office under subsection 7g72     
7,b7 a schedule of all assets placed in 
a qualified blind trust by each ,member 
of ,congress and interested party2 and  
7,c7 a description of each extension    
granted1 and each civil penalty imposed1
 pursuant to this section4  7#b7        
,trustees ,each trustee of a qualified  
blind trust established by a ,member of 
,congress shall submit to the ,member of
 ,congress and the applicable           

supervising ethics office a written     
notice in any case in which the         
trustee-- 7,a7 learns that-- 7i7 an     
interested party has obtained knowledge 
of any trust property other than the    
initial property of the qualified blind 
trust2 or  7ii7 the value of the initial
 property of the qualified blind trust  
is less than #a1jjj2 or  7,b7 divests   
any initial property of the qualified   
blind trust4  7#c7 ,members of ,congress
 ,each ,member of ,congress who is a    
beneficiary of a qualified blind trust  
shall submit to the applicable          
supervising ethics office-- 7,a7 a copy 
of the executed qualified blind trust   
agreement by not later than #cj days    
after the date of execution2  7,b7 a    
list of each asset and each financial   
interest transferred to the qualified   
blind trust by an interested party by   
not later than #cj days after the date  
of the transfer2  7,c7 a copy of each   
notice submitted to the ,member of      
,congress under paragraph 7#b7 by not   

later than #cj days after the date of   
receipt2  7,d7 a written notice that an 
interested party has obtained knowledge 
of any holding of the qualified blind   
trust by not later than the date that is
 #cj days after the date on which the   
,member of ,congress discovered that the
 knowledge had been obtained2 and  7,e7 
a written notice of dissolution of the  
qualified blind trust by not later than 
#cj days after the date of dissolution4 
7g7 ,enforcement  7#a7 ,in general ,the 
applicable supervising ethics office    
shall provide a written notice          
7including notice of the potential for  
civil penalties under paragraph 7#b77 to
 any ,member of ,congress who fails--   
7,a7 to submit a certification under    
subsection 7a77#a7 or 7b77#a7 by the    
date on which the certification is      
required to be submitted2 or  7,b7 to   
place #a or more covered investments    
owned by the ,member of ,congress or a  
spouse or dependent child of the ,member
 of ,congress in a qualified blind trust

 in accordance with subsection 7a77#b71 
7b77#b71 7c77#b77;,c77i77,,ii71 or      
7c77#b77;,a7 by the applicable deadline1
 subject to any extension under         
subsection 7a77#c71 7b77#c71 or         
7c77#b77;,b74  7#b7 ,civil penalties    
7,a7 ,in general ,a supervising ethics  
office shall impose a civil penalty1 in 
the amount described in subparagraph    
7,b71 on a ,member of ,congress to whom 
a notice is provided under subparagraph 
7,a7 or 7,b7 of paragraph 7#a7-- 7i7 on 
the date that is #cj days after the date
 of provision of the notice2 and  7ii7  
not less frequently than once every #cj 
days thereafter4  7,b7 ,amount ,the     
amount of each civil penalty imposed on 
a ,member of ,congress pursuant to      
subparagraph 7,a7 shall be equal to the 
monthly equivalent of the annual rate of
 pay payable to the ,member of          
,congress4  7h7 ,authorization of       
supervising ethics offices ,each        
supervising ethics office in the        
legislative branch may-- 7#a7 impose and

 collect civil penalties in accordance  
with subsection 7g72  7#b7 establish    
such procedures and standard forms as   
the supervising ethics office determines
 to be appropriate to implement this    
section2  7#c7 issue rules in accordance
 with this section to establish new1 and
 supplement existing1 definitions       
applicable to this section2 and  7#d7   
publish on a website all documents and  
communications described in this        
subsection4  4  7b7 ,clerical amendment 
,the table of sections for chapter #aca 
of title #e1 ,united ,states ,code1 is  
amended by adding at the end the        
following3  ,,subchapter ,,iv--,certain 
assets of ,members of ,congress1        
spouses1 and dependent children #acafa4 
,definitions4 #acafb4 ,placement of     
certain assets in qualified blind       
trusts4  4