,,ii  #aai? ,,congress  #b;d ,session   
,s4 #dacd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ah1 #bjbf,mr4    
,ricketts 7= himself1 ,mr4 ,mc,cormick1 
,mr4 ,hu/$1 ,mrs4 ,fis*]1 ,mr4 ,m>%all1 
,mr4 ,cassidy1 & ,mr4 ,"y7 introduc$ !  
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,homel& ,security &  
,gov]nm5tal ,affairs  ,a ,,bill  ,to    
am5d *apt] #aca ( title #e1 ,unit$      
,/ates ,code1 to require c]ta9          
re/rictions on /ocks = ,memb]s (        
,congress & _! sp\ses & dep5d5ts1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,/op ,insid] ,trad+    
,act4  #b4 ,re/rictions on 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 cov]$             
inve/m5ts#acaea4 ,def9itions4#acaeb4    
,re/rictions on cov]$ inve/m5ts4#acaec4 
,p5alties4  4  7b7 ,re/rictions ,*apt]  
#aca ( title #e1 ,unit$ ,/ates ,code1 is

 am5d$ by add+ at ! end ! foll[+3  ,,iv 
,re/rictions on cov]$ inve/m5ts  #acaea4
 ,def9itions ,9 ?is sub*apt]3 7#a7      
,cov]$ individual ,! t]m cov]$          
individual means any ( ! foll[+3 7,a7 ,a
 ,memb] ( ,congress1 z def9$ 9 section  
#acaja4  7,b7 ,a dep5d5t *ild 7z def9$ 9
 section #acaja7 or a sp\se ( a ,memb] (
 ,congress4  7#b7 ,cov]$ inve/m5t  7,a7 
,9 g5]al ,! t]m cov]$ inve/m5t means--  
7i7 a security issu$ by a publicly trad$
 company2 or  7ii7 any d]ivative1       
option1 w>rant1 swap1 or o!r in/rum5t t 
provides economic exposure to1 or !     
value ( :i* is det]m9$ by ref]5ce to1 a 
security describ$ 9 clause 7i74  7,b7   
,exclusion ,! t]m cov]$ inve/m5t does n 
include-- 7i7 an except$ inve/m5t fund  
7z describ$ 9 section #acajd7;f77#h772  
7ii7 any o!r fund t w\ld be an except$  
inve/m5t fund b = ! fact t ! fund does n
 meet ! div]sification requirem5t solely
 because ! fund is conc5trat$ 9-- 7,i7 !
 ,unit$ ,/ates2 or  7,,ii7 ! ,/ate1     
t]ritory1 or ,di/rict ( resid5ce ( !    

cov]$ individual :o owns ! fund2  7iii7 
an int]e/ 9 a small bus9ess conc]n1 z   
def9$ 9 section #c ( ! ,small ,bus9ess  
,act 7#ae ,u4,s4,c4 #fcb72 or  7iv7 any 
inve/m5t held 9 a tru/ if-- 7,i7 no     
cov]$ individual has any au?ority1      
directly or indirectly1 to direct1 veto1
 or mat]ially influ5ce any specific     
inve/m5t decisions ( ! tru/1 includ+ any
 "r to approve1 disapprove1 or require  
p>ticul> pur*ases1 sales1 or inve/m5t   
/rategies2 &  7,,ii7 ! tru/ee ( ! tru/  
is n ! sp\se1 *ild1 p>5t1 or sibl+ ( a  
,memb] ( ,congress4  7#c7 ,publicly     
trad$ company ,! t]m publicly trad$     
company means an issu] t has a class (  
securities regi/]$ "u section #ab ( !   
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl74  7#d7 ,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#e7 ,sup]vis+ e?ics (fice ,! t]m       
sup]vis+ e?ics (fice has ! mean+ giv5 ! 
t]m 9 section #acaja4  #acaeb4          

,re/rictions on cov]$ inve/m5ts  7a7    
,conduct dur+ ,f$]al s]vice ,except z   
describ$ 9 subsection 7c71 no cov]$     
individual may pur*ase a cov]$ inve/m5t4
  7b7 ,advanc$ notice requirem5t  7#a7  
,9 g5]al ,no cov]$ individual may sell a
 cov]$ inve/m5t1 unless a notice ( int5t
 to sell ! cov]$ inve/m5t is made by !  
relevant ,memb] ( ,congress1 on behalf (
 ! ,memb] ( ,congress or ! sp\se or     
dep5d5t *ild ( ! ,memb] ( ,congress1 z  
applicable1 & publicly disclos$ at lea/ 
#g cal5d> days1 & n m ?an #ad cal5d>    
days1 prior to ! sale 9 accordance ) !  
requirem5ts ( ?is subsection4  7#b7     
,cont5ts ( notice ,! notice "u p>agraph 
7#a7 %all include ! foll[+3 7,a7 ,!     
project$ date ( sale ( a cov]$ inve/m5t4
  7,b7 ,a description ( su* sale4  7,c7 
,! numb] ( %>es 9 su* sale4  7#c7       
,)drawal ,! notice "u p>agraph 7#a7 %all
 be )drawn by ! ,memb] ( ,congress :o   
fil$ x1 prior to ! close ( ! expiration 
( ! notice1 if ! cov]$ individual to :om
 ! notice applies det]m9es n to sell !  

cov]$ inve/m5t4  7#d7 ,fil+ ,a ,memb] ( 
,congress %all file ! notice "u p>agraph
 7#a7 = ea* int5d$ sale by ! ,memb] (   
,congress1 or ! sp\se or dep5d5t *ild ( 
! ,memb] ( ,congress1 )-- 7,a7 ! ,cl]k (
 ! ,h\se ( ,repres5tatives1 9 ! case ( a
 ,repres5tative 9 ,congress1 a ,delegate
 to ,congress1 or ! ,resid5t            
,commission] f ,pu]to ,rico2 or  7,b7 ! 
,secret>y ( ! ,s5ate1 9 ! case ( a      
,s5ator4  7#e7 ,publication ,! notice "u
 p>agraph 7#a7 & ! )drawal "u p>agraph  
7#c7 %all1 ^u receipt1 be made publicly 
available on a website controll$ by !   
,cl]k ( ! ,h\se ( ,repres5tatives or !  
,secret>y ( ! ,s5ate1 z applicable4  7c7
 ,exceptions  7#a7 ,occupation ,!       
requirem5ts ( subsections 7a7 & 7b7 %all
 n apply to a sp\se or dep5d5t *ild ( a 
,memb] ( ,congress ) respect to a       
transaction 9 a cov]$ inve/m5t :i* is-- 
7,a7 on behalf1 or = ! b5efit1 ( any    
p]son o!r ?an a cov]$ individual2 or    
7,b7 made z a "p ( comp5sation f an     
employ] ( su* individual or 9 fur!rance 

( any fiduci>y or occupational          
obligations ( su* individual4  7#b7 ,o!r
 ,! requirem5ts ( subsection 7a7 %all n 
apply to a cov]$ individual ) respect to
 a transaction 9 a cov]$ inve/m5t made =
 ! purpose ( re9ve/+ divid5ds receiv$ f 
su* cov]$ inve/m5t4  #acaec4 ,en=cem5t  
7a7 ,9 g5]al ,any cov]$ individual :o   
violates ! re/rictions "u section #acaeb
 ) respect to a cov]$ inve/m5t1 %all1 at
 ! direction ( ! sup]vis+ e?ics (fice-- 
7#a7 incur a fee1 z calculat$ "u        
subsection 7b71 to be paid by ! ,memb] (
 ,congress :o-- 7,a7 caus$ ! violation2 
or  7,b7 is ! sp\se or p>5t ( ! cov]$   
individual :o caus$ ! violation2 &  7#b7
 9 ! case ( a pur*ase ( a cov]$         
inve/m5t1 be requir$ to sell ! cov]$    
inve/m5t pur*as$ 9 violation ( section  
#acaeb7;a74  7b7 ,calculation ( fees ,! 
fee requir$ "u subsection 7a77#a7 %all  
be equal to ! sum (-- 7#a7 #b1jjj or #aj
 p]c5t ( ! value ( ! transaction 9 !    
cov]$ inve/m5t t violates section       
#acaeb1 :i*ev] is great]2 &  7#b7 ! net 

ga9 realiz$1 if any1 f ! cov]$ inve/m5t 
dur+ ! p]iod beg9n+ on ! mo/ rec5t date 
on :i* ! individual became a cov]$      
individual & end+ on ! date (           
disposition ( ! cov]$ inve/m5t1 z       
det]m9$ by ! sup]vis+ e?ics (fice4  7c7 
,paym5t re/rictions ,a ,memb] (         
,congress may n pay any ( ! fees "u ?is 
section by us+ am\nts f ! foll[+ s\rces3
 7#a7 ,if ! cov]$ individual is a       
,s5ator1 ! ,s5ators' ,(ficial ,p]sonnel 
& ,(fice ,exp5se ,acc\nt4  7#b7 ,if !   
cov]$ individual is a ,memb] ( ! ,h\se (
 ,repres5tatives1 ! ,memb]s'            
,repres5tational ,all[ance4  7#c7 ,any  
contribution 7z def9$ 9 section #cja ( !
 ,f$]al ,election ,campaign ,act ( #aiga
 7#eb ,u4,s4,c4 #cjaja77 accept$ z a    
c&idate 7z def9$ 9 t section71 & any o!r
 donation receiv$ z support = activities
 ( ! cov]$ individual z a hold] ( ,f$]al
 (fice 7z def9$ 9 t section74  7d7      
,miscellane\s receipts ,any am\nts      
collect$ 9 fees au?oriz$ by ?is section 
%all be deposit$ 9 ! g5]al fund ( !     

,treasury z miscellane\s receipts 9     
accordance ) section #ccjb7;b7 ( title  
#ca4  7e7 ,ref]ral ,^u ! assessm5t ( a  
fee "u ?is section1 ! sup]vis+ e?ics    
(fice may ref] a ,memb] ( ,congress to !
 ,attorney ,g5]al 9 ! same mann] & to ! 
same ext5t z a violation "u section     
#acajf if su* ,memb] ( ,congress resigns
 or retires be=e pay+ su* assess$ fee4  
7f7 ,int]pretative guidance ,ea*        
sup]vis+ e?ics (fice may issue          
int]pretative guidance relat+ to ?is    
sub*apt] &1 9 issu+ su* guidance1 may   
consid] mitigat+ or aggravat+           
circum/ances4  4  7c7 ,effective date ,!
 am5dm5ts made by ?is ,act %all take    
effect on ! date t is #ahj days aft] !  
date ( enactm5t ( ?is ,act4