,,ii  #aai? ,,congress  #a/ ,session    
,s4 #bheb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ag          
7legislative day1 ,septemb] #af71 #bjbe 
,mr4 ,kim introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,f9ance  ,a ,,bill  ,to prohibit ,f$]al 
(ficials f own+ cov]$ inve/m5ts1 & = o!r
 purposes4  #a4  ,%ort title  ,?is ,act 
may be cit$ z ! ,re/or+ ,tru/ 9 ,public 
,s]vants ,act4  #b4  ,own]%ip ( cov]$   
inve/m5ts  7a7  ,def9itions  ,9 ?is     
section3 7#a7 ,commodity2 security      
future ,! t]ms commodity & security     
future h ! mean+s 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  7,,iii7 
a digital asset2 or  7,,iv7 a security  
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> means4   
7,b7  ,inclusions  ,! t]m cov]$ inve/m5t
 includes an inve/m5t or economic int]e/
 describ$ 9 subp>agraph 7,a7 t is held  
directly1 or 9 :i* an individual has an 
indirect1 b5eficial1 or economic int]e/1
 ?r\gh--  7i7 an inve/m5t fund2  7ii7 a 
tru/2  7iii7 an employee b5efit plan2 or
  7iv7 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,c7  ,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 ( a   
family memb] ( a ,memb] ( ,congress2 or 
7v7 any inve/m5t fund held 9 a ,f$]al1  
,/ate1 or local gov]nm5t employee       
retirem5t plan4  7,d7  ,cl>ification    
,an inve/m5t t a*ieves compliance )     
applicable environm5tal1 social1 &      

gov]nance crit]ia %all n be consid]$ to 
be a cov]$ inve/m5t solely by reason ( t
 compliance4  7#c7  ,cov]$ (ficial  ,!  
t]m cov]$ (ficial means ! foll[+3 7,a7  
,9 ! legislative bran*1 a ,memb] (      
,congress & ea* ( ! foll[+ 7o!r ?an an  
employee :o is consid]$ an int]n or a   
fell[ = purposes ( any law or regulation
 e/abli%+ a limit on ! numb] ( employees
 ( an (fice ( ! ,s5ate or ! ,h\se (     
,repres5tatives73  7i7 ,an employee ( a 
,s5ator 7z describ$ 9 section           
#bjg7;e77#i77;,f7 ( title #ah1 ,unit$   
,/ates ,code74  7ii7 ,an employee ( a   
,memb] ( ! ,h\se ( ,repres5tatives 7z   
describ$ 9 section #bjg7;e77#i77;,e7 (  
title #ah1 ,unit$ ,/ates ,code74  7iii7 
,an employee ( a committee ( ,congress  
7z def9$ 9 section #bjg7;e77#i77;,a7 (  
title #ah1 ,unit$ ,/ates ,code74  7iv7  
,an employee on ! lead]%ip /aff ( !     
,s5ate 7z def9$ 9 section               
#bjg7;e77#i77;,i7 ( title #ah1 ,unit$   
,/ates ,code74  7v7 ,an employee on !   
lead]%ip /aff ( ! ,h\se (               

,repres5tatives 7z def9$ 9 section      
#bjg7;e77#i77;,h7 ( title #ah1 ,unit$   
,/ates ,code74  7,b7 ,9 ! executive     
bran*-- 7i7 ! ,presid5t2  7ii7 ! ,vice  
,presid5t2  7iii7 a political appo9tee2 
or  7iv7 any (fic] or employee ( !      
executive bran* :o--  7,i7 is n a       
political appo9tee2 &  7,,ii7 occupies a
 position describ$ 9 p>agraphs 7#c7     
?r\gh 7#h7 ( section #acajc7;f7 ( title 
#e1 ,unit$ ,/ates ,code4  7,c7 ,a       
judicial (fic]4  7#d7 ,digital asset ,! 
t]m digital asset means any digital     
repres5tation ( value t is record$ on a 
cryptographically secur$ di/ribut$ l$g] 
or any simil> te*nology4  7#e7          
,executive bran*2 ,memb] ( ,congress  ,!
 t]ms executive bran* & ,memb] (        
,congress h ! mean+s giv5 ^? t]m 9      
section #acaja ( title #e1 ,unit$ ,/ates
 ,code4  7#f7  ,family memb]  ,! t]m    
family memb] means a sp\se or a dep5d5t 
*ild 7z def9$ 9 section #acaja ( title  
#e1 ,unit$ ,/ates ,code74  7#g7         
,judicial (fic]  ,! t]m judicial (fic]--

 7,a7 has ! mean+ giv5 ! t]m 9 section  
#acaja ( title #e1 ,unit$ ,/ates ,code2 
&  7,b7 includes-- 7i7 a bankruptcy     
judge2 &  7ii7 a magi/rate judge4  7#h7 
,political appo9tee ,! t]m political    
appo9tee means any individual occupy+ a 
position 9 ! executive bran*--  7,a7 :o 
0 appo9t$ to su* position by !          
,presid5t1 by & ) ! advice & cons5t ( ! 
,s5ate2  7,b7 describ$ 9 sections #ecab 
?r\gh #ecaf ( title #e1 ,unit$ ,/ates   
,code 7relat+ to ! ,executive ,s*$ule72 
7,c7 z a nonc>e] appo9tee 9 ! ,s5ior    
,executive ,s]vice1 z def9$ 9 section   
#cacb7;a7 ( title #e1 ,unit$ ,/ates     
,code2 or  7,d7 t is ( a confid5tial or 
policy-det]m9+ "* "u s*$ule ,c ( subp>t 
,c ( "p #bac ( title #e1 ,code ( ,f$]al 
,regulations1 or any o!r position t is  
except$ f ! competitive s]vice because (
 ! confid5tial policy-det]m9+1          
policy-mak+ or policy-advocat+ "* ( !   
position4  7#i7  ,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#aj7  ,sup]vis+ e?ics (fice  ,! t]m    
sup]vis+ e?ics (fice means any ( !      
foll[+3  7,a7 ,9 ! case ( an individual 
describ$ 9 p>agraph 7#c77;,a7--  7i7 !  
,select ,committee on ,e?ics ( ! ,s5ate2
 or  7ii7 ! ,committee on ,e?ics ( !    
,h\se ( ,repres5tatives4  7,b7 ,9 ! case
 ( an individual describ$ 9 p>agraph    
7#c77;,b71 ! ,(fice ( ,gov]nm5t ,e?ics4 
7,c7 ,9 ! case ( a judicial (fic]1 !    
,judicial ,conf]5ce ( ! ,unit$ ,/ates4  
7b7  ,own]%ip ( cov]$ inve/m5ts  7#a7   
,conduct dur+ ,f$]al s]vice  ,except z  
describ$ 9 p>agraph 7#b71 no cov]$      
(ficial or family memb] ( a ,memb] (    
,congress may own or trade any cov]$    
inve/m5t4  7#b7  ,compliance  7,a7  ,9  
g5]al  ,except z provid$ 9 subp>agraph  
7,b71 to comply ) ! requirem5ts "u      
p>agraph 7#a71 a cov]$ (ficial or family
 memb] ( a ,memb] ( ,congress %all dive/
 ( any cov]$ inve/m5t prior to !        
expiration ( ! applicable compliance    
p]iod4  7,b7  ,applicable compliance    

p]iod  ,9 ?is p>agraph1 ! t]m applicable
 compliance p]iod means--  7i7 ) respect
 to a cov]$ inve/m5t held by a cov]$    
(ficial or family memb] ( a ,memb] (    
,congress on ! date ( enactm5t ( ?is    
,act1 ! #ij-;day p]iod t beg9s on ! date
 ( enactm5t ( ?is ,act2  7ii7 ) respect 
to a cov]$ inve/m5t held by an          
individual on ! date on :i* ! individual
 becomes a cov]$ (ficial or becomes a   
family memb] ( a ,memb] ( ,congress aft]
 ! date ( enactm5t ( ?is ,act1 !        
#ij-;day p]iod t beg9s on ! date on :i* 
! individual becomes a cov]$ (ficial or 
becomes a family memb] ( a ,memb] (     
,congress2 &  7iii7 ) respect to a cov]$
 inve/m5t t is fir/ held by a cov]$     
(ficial or a family memb] ( a ,memb] (  
,congress aft] ! la/ day ( ei!r ( !     
p]iods describ$ 9 clauses 7i7 or 7ii71 !
 #ij-;day p]iod t beg9s on ! date on :i*
 ! cov]$ inve/m5t 0 fir/ held by ! cov]$
 (ficial or family memb]4  7c7          
,p5alties  7#a7  ,9 g5]al  ,except z    
provid$ 9 p>agraph 7#b71 a cov]$ (ficial

 9 violation ( ?is section1 z det]m9$ by
 ! sup]vis+ e?ics (fice1 %all pay a     
p5alty 9 an am\nt equal to ! fee set =? 
"u section #acajf7;d77#a7 ( title #e1   
,unit$ ,/ates ,code1 = ea* su*          
violation4  7#b7  ,exception  7,a7      
,p5alty  ,an individual describ$ 9      
subp>agraph 7,c7 :o dur+ any mon? is 9  
violation ( ?is section ) respect to a  
cov]$ inve/m5t1 z det]m9$ by ! sup]vis+ 
e?ics (fice1 %all pay a p5alty 9 an     
am\nt equal to--  7i7 9 ! case ( an     
individual :o is a cov]$ (ficial1 !     
sal>y ( su* (ficial = t mon?2 or  7ii7 9
 ! case ( an individual :o is a family  
memb] ( a ,memb] ( ,congress1 ! sal>y ( 
! ,memb] ( ,congress = t mon?4  7,b7    
,am\nt det]m9$ )\t reg>d to numb] (     
violations  ,! am\nt ( ! p5alty impos$  
"u subp>agraph 7,a7 %all apply to an    
individual )\t reg>d to ! numb] ( cov]$ 
inve/m5ts ) respect to :i* ! individual 
is 9 violation dur+ ! mon? 9 :i* !      
p5alty is impos$4  7,c7  ,individuals   
describ$  ,! individuals describ$ 9 ?is 

p>agraph are ! foll[+3 7i7 ,a ,memb] (  
,congress or a family memb] ( a ,memb] (
 ,congress4  7ii7 ,! ,presid5t4  7iii7  
,! ,vice ,presid5t4  7iv7 ,a political  
appo9tee :o 0 appo9t$ to su* position by
 ! ,presid5t1 by & ) ! advice & cons5t (
 ! ,s5ate4  7v7 ,a judicial (fic]4  7d7 
,publication ,= ea* individual 9        
violation ( ?is section1 z det]m9$ by ! 
sup]vis+ e?ics (fice1 ! sup]vis+ e?ics  
(fice %all make available a li/1 on a   
publicly accessible website ( ! sup]vis+
 e?ics (fice1 detail+ ! names1          
occupation1 & (fice ( employm5t = ea*   
su* individual or1 9 ! case ( a family  
memb] ( a ,memb] ( ,congress1 ! "n ( su*
 family memb] & ( su* ,memb] (          
,congress4  7e7  ,tax treatm5t (        
dive/itures  7#a7  ,9 g5]al  ,section   
#ajdc7;b77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$-- 7,a7 by /rik+ & at !
 end ( subp>agraph 7,a72  7,b7 by /rik+ 
! p]iod at ! end ( subp>agraph 7,b7 &   
ins]t+ 1 &2 &  7,c7 by add+ at ! end !  
foll[+ new subp>agraph3  7,c7 any-- 7i7 

cov]$ (ficial describ$ 9 subp>agraph    
7,b7 or 7,c7 ( section #b7;a77#c7 ( !   
,re/or+ ,tru/ 9 ,public ,s]vants ,act :o
 is n describ$ 9 subp>agraph 7,a71  7ii7
 any cov]$ (ficial describ$ 9           
subp>agraph 7,a7 ( section #b7;a77#c7 ( 
su* ,act1 &  7iii7 any family memb] ( a 
,memb] ( ,congress 7z su* t]ms are def9$
 9 section #b7;a7 ( su* ,act74  4  7#b7 
,c]tificate ( dive/iture  ,section      
#ajdc7;b77#b7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$-- 7,a7 9 subp>agraph  
7,a71 by ins]t+ 1 & ! ,re/or+ ,tru/ 9   
,public ,s]vants ,act aft] includ+      
section #bjh ( title #ah1 ,unit$ ,/ates 
,code2 &  7,b7 by /rik+ subp>agraph 7,b7
 & ins]t+ ! foll[+3  7,b7 t has be5     
issu$ by-- 7i7 9 ! case ( an eligible   
p]son describ$ 9 subp>agraph 7,a7 or    
7,b7 ( p>agraph 7#a71 ! ,presid5t or !  
,director ( ! ,(fice ( ,gov]nm5t ,e?ics1
 9 ! case ( executive bran* (fic]s or   
employees1 or by ! ,judicial ,conf]5ce (
 ! ,unit$ ,/ates 7or its designee71 9 ! 
case ( judicial (fic]s1 &  7ii7 9 ! case

 ( any eligible p]son describ$ 9        
p>agraph 7#a77;,c71 ! sup]vis+ e?ics    
(fice 7z def9$ 9 section #b7;a7 ( !     
,re/or+ ,tru/ 9 ,public ,s]vants ,act71 
&  4  7#c7  ,effective date  ,! am5dm5ts
 made by ?is subsection %all apply to   
sales aft] ! date ( ! enactm5t ( ?is    
,act4  #c4  ,ban on all outside e>n$    
income & all s]vice on bo>ds by ,memb]s 
( ,congress  7a7  ,outside e>n$ income  
7#a7  ,9 g5]al  ,section #acadc7;a77#a7 
( title #e1 ,unit$ ,/ates ,code1 is     
am5d$ by /rik+ outside e>n$ income      
attributable to su* cal5d> ye> :i*      
exce$s #ae p]c5t & ins]t+ any outside   
e>n$ income attributable to su* cal5d>  
ye>1 except t su* an (fic] or employee  
may h outside e>n$ income attributable  
to su* cal5d> ye> :i* does n exce$ #ae  
p]c5t4  7#b7  ,individuals becom+       
,memb]s dur+ cal5d> ye>  ,section       
#acadc7;a77#b7 ( title #e1 ,unit$ ,/ates
 ,code1 is am5d$-- 7,a7 by /rik+ outside
 e>n$ income attributable to ! portion (
 t cal5d> ye> :i* occurs aft] su*       

individual becomes a ,memb] or su* an   
(fic] or employee :i* exce$s #ae p]c5t &
 ins]t+ any outside e>n$ income         
attributable to ! portion ( t cal5d> ye>
 :i* occurs aft] su* individual becomes 
a ,memb] or su* an (fic] or employee1   
except t su* an (fic] or employee may h 
outside e>n$ income attributable to su* 
portion ( t cal5d> ye> :i* does n exce$ 
#ae p]c5t2 &  7,b7 by /rik+ su*         
individual is a ,memb] or su* (fic] or  
employee & ins]t+ su* individual is su* 
an (fic] or employee4  7#c7  ,pres]v+   
au?ority ( (fic]s & employees (         
,congress to e>n comp5sation f practic+ 
m$ic9e  ,section #acadd7;a7 ( title #e1 
,unit$ ,/ates ,code1 is am5d$-- 7,a7 9  
p>agraph 7#a71 by /rik+ fiduci>y        
relation%ip & ins]t+ fiduci>y           
relation%ip1 except t su* an (fic] or   
employee ( ! ,h\se ( ,repres5tatives or 
,s5ate may receive su* comp5sation if ! 
fiduci>y relation%ip involves ! practice
 ( m$ic9e2 &  7,b7 9 p>agraph 7#c71 by  
/rik+ fiduci>y relation%ip & ins]t+     

fiduci>y relation%ip1 except t su* an   
(fic] or employee ( ! ,h\se (           
,repres5tatives or ,s5ate may receive   
su* comp5sation if ! fiduci>y           
relation%ip involves ! practice (       
m$ic9e4  7#d7  ,application ( ban to    
income e>n$ f tea*+  ,section           
#acadd7;a77#e7 ( title #e1 ,unit$ ,/ates
 ,code1 is am5d$ by /rik+ )\t ! prior   
notification & ins]t+ except t su* an   
(fic] or employee may receive           
comp5sation = tea*+ ) ! prior           
notification4  7#e7  ,def9ition         
,section #acada ( title #e1 ,unit$      
,/ates ,code1 is am5d$-- 7,a7 by        
r$esignat+ p>agraph 7#e7 z p>agraph     
7#f72 &  7,b7 by ins]t+ aft] p>agraph   
7#d7 ! foll[+3  7#e7 ,! t]m outside e>n$
 income1 ) respect to a ,memb] (        
,congress1 has ! mean+ giv5 t t]m 9     
clause #d7;d7 ( rule ,,xxv ( ! ,rules ( 
! ,h\se ( ,repres5tatives = ! ,"o       
,hundr$ ,sev5te5? ,congress1 except t   
p>agraph 7d77#a77;,d7 ( su* clause %all 
n apply4 ,su* t]m %all apply ) respect  

to a ,s5ator 9 ! same mann] z su* t]m   
applies to a ,memb] ( ! ,h\se (         
,repres5tatives "u su* clause4  4  7b7  
,s]vice on bo>ds  ,section              
#acadd7;a77#d7 ( title #e1 ,unit$ ,/ates
 ,code1 is am5d$ to read z foll[s3  7#d7
 s]ve z an (fic] or memb] ( ! bo>d ( any
 association1 corporation1 or o!r       
entity1 except t--  7,a7 a ,memb] & su* 
an (fic] or employee may s]ve )\t       
comp5sation z an (fic] or memb] ( ! bo>d
 ( any nonpr(it association1 nonpr(it   
corporation1 or o!r nonpr(it entity2 &  
7,b7 su* an (fic] or employee may s]ve  
)\t comp5sation z an (fic] or memb] (   
any o!r association1 corporation or o!r 
entity2 or  4  #d4  ,lifetime lobby+ ban
  7a7  ,9 g5]al  ,section #bjg7;e7 (    
title #ah1 ,unit$ ,/ates ,code1 is      
am5d$-- 7#a7 by /rik+ p>agraph 7#a7 &   
ins]t+ ! foll[+3  7#a7  ,memb]s (       
,congress  7,a7  ,9 g5]al  ,any p]son :o
 is a ,s5ator or a ,memb] ( ! ,h\se (   
,repres5tatives & :o1 aft] t p]son      
leaves (fice1 kn[+ly makes any lobby+   

contact to1 or engages 9 lobby+         
activities )1 a cov]$ executive bran*   
(ficial or any ,memb]1 (fic]1 or        
employee ( ei!r ,h\se ( ,congress %all  
be puni%$ z provid$ 9 section #baf ( ?is
 title4  7,b7  ,def9itions  ,9 ?is      
p>agraph3 7i7 ,! t]ms lobby+ activities 
& cov]$ executive bran* (ficial h !     
mean+s giv5 ^? t]ms 9 section #c ( !    
,lobby+ ,disclosure ,act ( #aiie 7#b    
,u4,s4,c4 #afjb74  7ii7 ,! t]m lobby+   
contact has ! mean+ giv5 ! t]m 9 section
 #c7h7 ( ! ,lobby+ ,disclosure ,act (   
#aiie 7#b ,u4,s4,c4 #afjb7h77 except t  
subp>agraph 7,b77iv7 ( su* p>agraph %all
 n apply4  2 &  7#b7 9 p>agraph 7#b7--  
7,a7 by /rik+ ! head+ & all t foll[s    
?r\gh ,any p]son & ins]t+ ! foll[+3     
7#b7  ,(fic]s & c]ta9 /aff  7,a7        
,(fic]s & /aff ( ! ,s5ate  ,any p]son  2
 &  7,b7 by add+ at ! end ! foll[+3     
7,b7  ,(fic]s ( ! ,h\se (               
,repres5tatives  7i7 ,any p]son :o is an
 elect$ (fic] ( ! ,h\se (               
,repres5tatives & :o1 )9 #a ye> aft] t  

p]son leaves (fice1 kn[+ly makes1 ) !   
int5t to influ5ce1 any communication to 
or appe>ance be=e any ( ! p]sons        
describ$ 9 clause 7ii71 on behalf ( any 
o!r p]son 7except ! ,unit$ ,/ates7 9    
connection ) any matt] on :i* su* elect$
 (fic] seeks action by a ,memb]1 (fic]1 
or employee ( ei!r ,h\se ( ,congress1 9 
8 or h] (ficial capacity1 %all be puni%$
 z provid$ 9 section #baf ( ?is title4  
7ii7 ,! p]sons ref]r$ to 9 clause 7i7 ) 
respect to appe>ances or communications 
by a =m] elect$ (fic] are any ,memb]1   
(fic]1 or employee ( ! ,h\se (          
,repres5tatives4  4  7b7  ,re/rictions  
relat+ to =eign entities  ,section      
#bjg7;f7 ( title #ah1 ,unit$ ,/ates     
,code1 is am5d$-- 7#a7 9 p>agraph 7#a71 
by /rik+ ,any p]son & ins]t+ ,except z  
provid$ 9 p>agraph 7#b71 any p]son2     
7#b7 by r$esignat+ p>agraphs 7#b7 & 7#c7
 z p>agraphs 7#c7 & 7#d71 respectively2 
7#c7 by ins]t+ aft] p>agraph 7#a7 !     
foll[+3  7#b7  ,memb] ( ,congress  ,)   
respect to ! re/rictions "u p>agraph    

7#a71 any p]son :o is a ,memb] (        
,congress may n engage 9 any ( !        
activities "u su* p>agraph at any "t    
aft] leav+ (fice4  2 &  7#d7 by /rik+   
p>agraph 7#d71 z s r$esignat$1 & ins]t+ 
! foll[+3  7#d7  ,def9ition  ,= purposes
 ( ?is subsection1 ! t]m =eign entity   
means--  7,a7 ! gov]nm5t ( a =eign      
c\ntry1 z def9$ 9 section #a7;e7 ( !    
,=eign ,ag5ts ,regi/ration ,act ( #aich1
 z am5d$ 7#bb ,u4,s4,c4 #faa7;e771 or a 
=eign political p>ty1 z def9$ 9 section 
#a7;f7 ( ! ,=eign ,ag5ts ,regi/ration   
,act ( #aich1 z am5d$ 7#bb ,u4,s4,c4    
#faa7;f772 &  7,b7 9 ! case ( a ,memb] (
 ,congress1 any =eign pr9cipal z def9$ 9
 section #a7;b7 ( ! ,=eign ,ag5ts       
,regi/ration ,act ( #aich1 z am5d$ 7#bb 
,u4,s4,c4 #faa7;b774  4  7c7  ,effective
 date  ,! am5dm5ts made by subsection   
7a7 %all apply to individuals :o leave  
(fice or employm5t to :i* su* am5dm5ts  
apply on or aft] ! date ( comm5cem5t ( !
 fir/ session ( ! ,"o ,hundr$ ,tw5tie?  
,congress s9e die or ,janu>y #d1 #bjbg1 

:i*ev] date is e>li]4