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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3550 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3550

   To amend the Ethics in Government Act of 1978 to require certain 
 individuals subject to that Act to either place their securities in a 
blind trust or to report the sale, purchase, or exchange of securities.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            December 2, 2011

  Mr. Duffy introduced the following bill; which was referred to the 
 Committee on Oversight and Government Reform, and in addition to the 
 Committees on House Administration and the Judiciary, for a period to 
      be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

_______________________________________________________________________

                                 A BILL

 
   To amend the Ethics in Government Act of 1978 to require certain 
 individuals subject to that Act to either place their securities in a 
blind trust or to report the sale, purchase, or exchange of securities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restoring Ethical Standards, 
Transparency, and Responsibility in Congressional Trading Act'' or the 
``RESTRICT Act''.

SEC. 2. REQUIREMENT TO USE BLIND TRUST OR FILE REPORTS.

    The Ethics in Government Act of 1978 (5 U.S.C. App.) is amended by 
inserting after section 101 the following new section:

``SEC. 101A. INDIVIDUALS REQUIRED TO ESTABLISH A BLIND TRUST OR FILE 
              REPORTS.

    ``(a) Requirement.--Individuals described in section 101(f) shall--
            ``(1) place all of such individual's stocks, bonds, 
        commodities futures, and other forms of securities, including 
        securities held jointly with such individual's spouse or 
        dependent child, in a qualified blind trust (as defined under 
        section 102(f)(3)); or
            ``(2) file a report with the appropriate office under 
        section 103 that contains a brief description, the date, and 
        category of value of any purchase, sale, or exchange in stocks, 
        bonds, commodities futures, and other forms of securities, 
        including securities jointly held with such individual's spouse 
        or dependent child, not later than 3 business days after such 
        purchase, sale, or exchange is settled.
    ``(b) Exemption.--Subsection (a) shall not apply to the financial 
interests or benefits described under section 102(i).
    ``(c) Failure To Comply.--
            ``(1) Civil penalty.--The Attorney General may bring a 
        civil action in any appropriate United States district court 
        against any individual subject to subsection (a) who knowingly 
        and willfully falsifies or who knowingly and willfully fails to 
        file a report under subsection (a)(2) if such individual does 
        not place such individual's securities in a qualified blind 
        trust under subsection (a)(1). The court in which such action 
        is brought may assess against such individual a civil penalty 
        in any amount, not to exceed $50,000.
            ``(2) Criminal penalty.--
                    ``(A) It shall be unlawful for any individual 
                subject to subsection (a) to knowingly and willingly 
                falsify any information that such individual is 
                required to report under subsection (a)(2) or to 
                knowingly and willfully fail to file a report under 
                subsection (a)(2) if such individual does not place 
                such individual's securities in a qualified blind trust 
                under subsection (a)(1).
                    ``(B) Any individual subject to subsection (a) who 
                violates subparagraph (A) shall be fined under title 
                18, United States Code.''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by section 2 shall take effect 30 days after 
the date of the enactment of this Act.
                                 <all>
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