,,ii #aaith ,,congress #ast ,session ,s4 #bhgg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #ah 7legislative day1 ,september #af71 #bjbe ,mrs4 ,gillibrand introduced the following bill2 which was read twice and referred to the ,committee on ,homeland ,security and ,governmental ,affairs ,a ,,bill ,to ban stock trading for certain senior ,government officials1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,no ,stock ,act4 #b4 ,banning conflicted interests 7a7 ,in general 7#a7 ,banning conflicted interests ,chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,,iv ,banning conflicted interests #acafa4 ,definitions ,in this subchapter3 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 financial interest 7,a7 ,in general ,the term covered financial interest means-- 7i7 any investment in-- 7,i7 a security 7as defined in section #c7;a7 of ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7772 7,,ii7 a future2 7,,iii7 a commodity 7as defined in section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a772 or 7,,iv7 a cryptocurrency1 meme coin1 token1 non-fungible token1 or other digital asset that is sold for remuneration2 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 other similar means4 7,b7 ,exclusions ,the term covered financial interest does not include-- 7i7 an investment fund registered as an investment company under section #c of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7 that is diversified1 as defined in section #bfdj4ajb of title #e1 ,code of ,federal ,regulations2 7ii7 compensation from the primary occupation of the spouse of an individual described in subparagraphs 7,a7 through 7,g7 of paragraph 7#c71 or any security that is issued or paid by an operating business that is the primary employer of such a spouse that is issued or paid to such a spouse2 7iii7 a ,united ,states ,treasury bill1 note1 or bond2 or 7iv7 a payment stablecoin1 as defined in section #b7bb7 of the ,,genius ,act 7,public ,law #aai-bg74 7#c7 ,covered individual ,the term covered individual means-- 7,a7 a ,member of ,congress 7as defined in section #acaja72 7,b7 the ,president2 7,c7 the ,vice ,president2 7,d7 the ,chief ,justice of the ,united ,states2 7,e7 an ,associate ,justice of the ,supreme ,court of the ,united ,states2 7,f7 a member of the ,board of ,governors of the ,federal ,reserve ,system2 7,g7 a president or vice president of a ,federal ,reserve bank2 or 7,h7 the spouse or dependent child of an individual described in subparagraphs 7,a7 through 7,g74 7#d7 ,dependent child ,the term dependent child means any individual who is-- 7,a7 under the age of #ai2 and 7,b7 a dependent of an individual described in subparagraphs 7,a7 through 7,g7 of paragraph 7#c7 within the meaning of section #aeb of the ,internal ,revenue ,code of #aihf4 7#e7 ,future ,the term future means-- 7,a7 a security future 7as defined in section #c7;a7 of ,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#f7 ,supervising ethics office ,the term supervising ethics office1 with respect to a covered individual1 has the meaning given the term in section #acaja with respect to that covered individual4 #acafb4 ,prohibitions 7a7 ,transactions ,except as provided in section #acafc1 no covered individual may-- 7#a7 hold1 purchase1 sell1 or conduct any type of transaction with respect to a covered financial interest2 or 7#b7 enter into a transaction that creates a net short position in any security4 7b7 ,positions ,a covered individual may not serve as an officer or member of any board of any for-profit association1 corporation1 or other entity4 7c7 ,cooling-,off period ,any individual subject to the restrictions contained in subsection 7a7 who1 within #abj days after such individual ceases to be a covered individual1 engages in any of the actions under such subsection1 shall be in violation of this subchapter4 #acafc4 ,divestiture 7a7 ,covered financial interests acquired prior to ,federal service or enactment of ,no ,stock ,act ,with respect to any covered financial interest held by a covered individual1 the covered individual shall sell the covered financial interest during the applicable #abj-;day period beginning on the later of-- 7#a7 the date on which an individual becomes a covered individual2 and 7#b7 the date of enactment of the ,no ,stock ,act4 7b7 ,covered financial interests acquired through inheritance after the applicable period 7#a7 ,in general ,a covered individual who inherits a covered financial interest after the conclusion of the applicable #abj-;day period described in subsection 7a7 shall sell the covered financial interest during the #abj-;day period beginning on the date on which the covered financial interest is inherited4 7#b7 ,extensions ,a covered individual may request1 and the supervising ethics office may grant1 #a or more reasonable extensions of the period described under paragraph 7#a71 subject to the conditions that-- 7,a7 the total period of time covered by all extensions granted for the covered financial interest shall not exceed #aej days2 and 7,b7 the period covered by a single extension shall be not longer than #de days4 #acafd4 ,certificate of compliance ,each covered individual shall submit to the supervising ethics office a written certification that such covered individual has achieved compliance with the requirements of this subchapter4 #acafe4 ,publication ,each supervising ethics office shall make publicly available on a website of such office the following3 7#a7 ,within #cj days of receipt1 each request for an extension under section #acafc7;b77#b74 7#b7 ,the outcome of the decision to grant or deny each such request within #cj days of such decision4 #acaff4 ,enforcement ,a covered individual who knowingly fails to comply with this subchapter shall be assessed a fine by the supervising ethics office of not less than #aj percent of the value of the covered financial interest that was purchased1 sold1 or held1 or the security in which a net short position was created1 in violation of this title1 as applicable4 #acafg4 ,applicability ,this subchapter shall apply to any covered financial interest held in any trust with respect to which the covered individual is a beneficial owner1 regardless of whether the trust is a qualified blind trust4 4 7#b7 ,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--,banning ,conflicted ,interests ,sec4 #acafa4 ,definitions4 ,sec4 #acafb4 ,prohibitions4 ,sec4 #acafc4 ,divestiture4 ,sec4 #acafd4 ,certificate of compliance4 ,sec4 #acafe4 ,publication4 ,sec4 #acaff4 ,enforcement4 ,sec4 #acafg4 ,applicability4 7b7 ,certificate of divestiture ,section #ajdc7;b77#b77;,b7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7,b7 that has been issued by-- 7i7 the ,president or the ,director of the ,office of ,government ,ethics1 in the case of executive branch officers or employees or the spouse or dependent child of a member of the ,board of ,governors of the ,federal ,reserve ,system1 7ii7 the ,director of the ,office of ,government ,ethics1 in the case of the ,president1 ,vice ,president1 or the spouse or dependent child of the ,president or ,vice ,president1 7iii7 the ,judicial ,conference of the ,united ,states 7or its designee71 in the case of judicial officers or the spouse or dependent child of the ,chief ,justice or the ,associate ,justice1 7iv7 the applicable congressional ethics committee1 in the case of ,members of ,congress or the spouse or dependent child of a ,member of ,congress1 or 7v7 the ,inspector ,general of the ,board of ,governors of the ,federal ,reserve ,system and the ,bureau of ,consumer ,financial ,protection1 in the case of a president of a ,federal ,reserve bank1 vice president of a ,federal ,reserve bank1 or the spouse or dependent child of the president or vice president of a ,federal ,reserve ,bank1 and 4 7c7 ,conforming amendments 7#a7 ,authority and functions ,section #acabb7;f77#b77;,b7 of title #e1 ,united ,states ,code1 is amended-- 7,a7 by striking ,subject to clause 7iv7 of this subparagraph1 before each place it appears and inserting ,before2 and 7,b7 by striking clause 7iv74 7#b7 ,lobbying ,disclosure ,act of #aiie ,section #c7d77;,d7 of the ,lobbying ,disclosure ,act of #aiie 7#b ,u4,s4,c4 #afjb7d77;,d77 is amended by striking legislative branch employee serving in a position described under section #acaja7ac7 of title #e1 ,united ,states ,code and inserting officer or employee of ,congress 7as defined in section #acaja of title #e1 ,united ,states ,code74 7#c7 ,,stock ,act ,section #b of the ,,stock ,act 7#e ,u4,s4,c4 #acaja note7 is amended-- 7,a7 in paragraph 7#b77;,b71 by striking 7#aa72 7,b7 in paragraph 7#d71 by striking 7#aj72 7,c7 in paragraph 7#e71 by striking 7#i72 and 7,d7 in paragraph 7#f71 by striking 7#ah74 7#d7 ,securities ,exchange ,act of #aicd ,section #ba;,a of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu-#a7 is amended-- 7,a7 in subsection 7g77#b77;,b77ii71 by striking 7#aa72 and 7,b7 in subsection 7h77#b7-- 7i7 in subparagraph 7,b71 by striking 7#i72 and 7ii7 in subparagraph 7,c71 by striking 7#aj74