I 

118TH CONGRESS 

1ST SESSION H. R. 1463 

To prohibit Federal officials from owning covered investments, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 8, 2023 

Mr. KIM of New Jersey introduced the following bill; which was referred to 

the Committee on the Judiciary, and in addition to the Committees on 

Financial Services, Agriculture, Oversight and Accountability, House Administration, and Ways and Means, 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 prohibit Federal officials from owning covered 

investments, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Restoring Trust in 

5 Public Servants Act’’. 

6 SEC. 2. OWNERSHIP OF COVERED INVESTMENTS. 

7 (a) OWNERSHIP OF COVERED INVESTMENTS.— 


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1 (1) CONDUCT DURING FEDERAL SERVICE.—Ex2 cept as described in paragraph (2), no covered offi3 cial or family member of a Member of Congress may 

4 own or trade any covered investment. 

5 (2) COMPLIANCE.— 

6 (A) IN GENERAL.—Except as provided in 

7 subparagraph (B), to comply with the require8 ments under paragraph (1), a covered official or 

9 family member of a Member of Congress shall 

10 divest of any covered investment prior to the 

11 expiration of the applicable compliance period. 

12 (B) APPLICABLE COMPLIANCE PERIOD.— 

13 In this subsection, the term ‘‘applicable compli14 ance period’’ means— 

15 (i) with respect to a covered invest16 ment held by a covered official or family 

17 member of a Member of Congress on the 

18 date of the enactment of this Act, the 90- 

19 day period which begins on the date of the 

20 enactment of this Act; 

21 (ii) with respect to a covered invest22 ment held by an individual on the date on 

23 which the individual becomes a covered of24 ficial or becomes a family member of a 

25 Member of Congress after the date of the 


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1 enactment of this Act, the 90-day period 

2 which begins on the date on which the in3 dividual becomes a covered official or be4 comes a family member of a Member of 

5 Congress; and 

6 (iii) with respect to a covered invest7 ment which is first held by a covered offi8 cial or a family member of a Member of 

9 Congress after the last day of either of the 

10 periods described in clauses (i) or (ii), the 

11 90-day period which begins on the date on 

12 which such investment was first held by 

13 such official or family member. 

14 (b) PENALTIES.— 

15 (1) IN GENERAL.—Except as provided in para16 graph (2), a covered official in violation of this sec17 tion, as determined by the supervising ethics office, 

18 shall pay a penalty in an amount equal to the fee 

19 set forth under section 13106(d)(1) of title 5, 

20 United States Code, for each such violation. 

21 (2) EXCEPTION.— 

22 (A) PENALTY.—An individual described in 

23 subparagraph (C) who during any month is in 

24 violation of this section with respect to a cov25 ered investment, as determined by the superVerDate Sep 11 2014 04:35 Mar 25, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1463.IH H1463

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1 vising ethics office, shall pay a penalty in an 

2 amount equal to— 

3 (i) in the case of an individual who is 

4 a covered official, the salary of such official 

5 for that month; or 

6 (ii) in the case of an individual who is 

7 a family member of a Member of Congress, 

8 the salary of the Member of Congress for 

9 that month. 

10 (B) AMOUNT DETERMINED WITHOUT RE11 GARD TO NUMBER OF VIOLATIONS.—The 

12 amount of the penalty imposed under subpara13 graph (A) shall apply to an individual without 

14 regard to the number of covered investments 

15 with respect to which the individual is in viola16 tion during the month in which the penalty is 

17 imposed. 

18 (C) INDIVIDUALS DESCRIBED.—The indi19 viduals described in this paragraph are the fol20 lowing: 

21 (i) A Member of Congress or a family 

22 member of a Member of Congress. 

23 (ii) The President. 

24 (iii) The Vice President. 


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1 (iv) A political appointee who was ap2 pointed to such position by the President, 

3 by and with the advice and consent of the 

4 Senate. 

5 (v) A judicial officer. 

6 (c) PUBLICATION.—For each individual in violation 

7 of this section as determined by the supervising ethics of8 fice, such office shall make available a list, on a publicly 

9 accessible website of such office, detailing the names, occu10 pation, and office of employment for each such individual, 

11 or in the case of a family member of a Member of Con12 gress, the name of such family member and of such Mem13 ber of Congress. 

14 (d) APPLICATION OF CERTIFICATE OF DIVESTITURE

15 PROGRAM.—For purposes of section 1043 of the Internal 

16 Revenue Code of 1986— 

17 (1) any person required to dispose of any prop18 erty by reason of this section shall be treated as an 

19 eligible person; 

20 (2) this section shall be treated as a Federal 

21 conflict of interest statute; and 

22 (3) in the case of an individual described in 

23 subsection (e)(2)(A), the requirement of section 

24 1043(b)(2)(B) of such Code shall be treated as sat25 isfied with respect to any written determination if 


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1 such determination is issued by the supervising eth2 ics office. 

3 (e) DEFINITIONS.—In this section: 

4 (1) COVERED INVESTMENT.— 

5 (A) IN GENERAL.—The term ‘‘covered in6 vestment’’ means— 

7 (i) an investment in a security, a com8 modity, or a future; and 

9 (ii) any economic interest comparable 

10 to an interest described in clause (i) that 

11 is acquired through synthetic means, such 

12 as the use of a derivative, including an op13 tion, warrant, or other, similar means. 

14 (B) INCLUSIONS.—The term ‘‘covered in15 vestment’’ includes an investment or economic 

16 interest described in subparagraph (A) that is 

17 held directly, or in which an individual has an 

18 indirect, beneficial, or economic interest, 

19 through— 

20 (i) an investment fund; 

21 (ii) a trust; 

22 (iii) an employee benefit plan; or 

23 (iv) a deferred compensation plan, in24 cluding a carried interest or other agreeVerDate Sep 11 2014 04:35 Mar 25, 2023 Jkt 039200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H1463.IH H1463

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1 ment tied to the performance of an invest2 ment, other than a fixed cash payment. 

3 (C) EXCLUSIONS.—The term ‘‘covered in4 vestment’’ does not include— 

5 (i) a diversified mutual fund (includ6 ing any holdings of such a fund); 

7 (ii) a diversified exchange-traded fund 

8 (including any holdings of such a fund); 

9 (iii) a United States Treasury bill, 

10 note, or bond; 

11 (iv) compensation from the primary 

12 occupation of a spouse or dependent of a 

13 Member of Congress; or 

14 (v) any investment fund held in a 

15 Federal, State, or local government em16 ployee retirement plan. 

17 (D) CLARIFICATION.—An investment that 

18 achieves compliance with applicable environ19 mental, social, and governance criteria shall not 

20 be considered to be a covered investment solely 

21 by reason of that compliance. 

22 (2) COVERED OFFICIAL.—The term ‘‘covered 

23 official’’ means the following: 

24 (A) In the legislative branch, a Member of 

25 Congress and each of the following (other than 


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1 an employee who is considered an intern or a 

2 fellow for purposes of any law or regulation es3 tablishing a limit on the number of employees 

4 of an office of the House of Representatives or 

5 Senate): 

6 (i) An employee of a Member of the 

7 House of Representatives (as described in 

8 section 207(e)(9)(E) of title 18, United 

9 States Code). 

10 (ii) An employee of a Senator (as de11 scribed in section 207(e)(9)(F) of title 18, 

12 United States Code). 

13 (iii) An employee of a committee of 

14 Congress (as defined in section 

15 207(e)(9)(A) of title 18, United States 

16 Code). 

17 (iv) An employee on the leadership 

18 staff of the House of Representatives (as 

19 defined in section 207(e)(9)(H) of title 18, 

20 United States Code). 

21 (v) An employee on the leadership 

22 staff of the Senate (as defined in section 

23 207(e)(9)(I) of title 18, United States 

24 Code). 

25 (B) In the executive branch— 


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1 (i) the President; 

2 (ii) the Vice President; 

3 (iii) a political appointee; or 

4 (iv) any officer or employee of the ex5 ecutive branch who is— 

6 (I) not a political appointee; and 

7 (II) occupies a position described 

8 under paragraphs (3) through (8) of 

9 section 13103(f) of title 5, United 

10 States Code. 

11 (C) A judicial officer. 

12 (3) EXECUTIVE BRANCH.—The term ‘‘executive 

13 branch’’ has the meaning given such term defined in 

14 section 13101 of title 5, United States Code. 

15 (4) FAMILY MEMBER.—The term ‘‘family mem16 ber’’ means a spouse or a dependent child as defined 

17 in section 13101 of title 5, United States Code. 

18 (5) JUDICIAL OFFICER.—The term ‘‘judicial of19 ficer’’— 

20 (A) has the meaning given such term in 

21 section 13101 of title 5, United States Code; 

22 and 

23 (B) includes bankruptcy judges and mag24 istrate judges. 


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1 (6) MEMBER OF CONGRESS.—The term ‘‘Mem2 ber of Congress’’ has the meaning given such term 

3 defined in section 13101 of title 5, United States 

4 Code. 

5 (7) POLITICAL APPOINTEE.—The term ‘‘polit6 ical appointee’’ means any individual occupying a 

7 position in the executive branch of Government— 

8 (A) who was appointed to such position by 

9 the President, by and with the advice and con10 sent of the Senate; 

11 (B) described under sections 5312 through 

12 5316 of title 5, United States Code (relating to 

13 the Executive Schedule); 

14 (C) as a noncareer appointment in the 

15 Senior Executive Service, as defined under 

16 paragraph (7) of section 3132(a) of such title; 

17 or 

18 (D) that is of a confidential or policy-de19 termining character under schedule C of sub20 part C of part 213 of title 5, Code of Federal 

21 Regulations, or any other position that is ex22 cepted from the competitive service because of 

23 its confidential policy-determining, policy-mak24 ing or policy-advocating character. 


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1 (8) SUPERVISING ETHICS OFFICE.—The term 

2 ‘‘supervising ethics office’’ means any of the fol3 lowing: 

4 (A) In the case of an individual described 

5 in paragraph (2)(A)— 

6 (i) the Select Committee on Ethics of 

7 the Senate; or 

8 (ii) the Committee on Ethics of the 

9 House of Representatives. 

10 (B) In the case of an individual described 

11 in paragraph (2)(B), the Office of Government 

12 Ethics. 

13 (C) In the case of a judicial officer, the Ju14 dicial Conference. 

15 SEC. 3. BAN ON ALL OUTSIDE EARNED INCOME AND ALL 

16 SERVICE ON BOARDS BY MEMBERS OF CON17 GRESS. 

18 (a) OUTSIDE EARNED INCOME.— 

19 (1) IN GENERAL.—Section 13143(a)(1) of title 

20 5, United States Code, is amended by striking ‘‘out21 side earned income attributable to such calendar 

22 year which exceeds 15 percent’’ and inserting ‘‘any 

23 outside earned income attributable to such calendar 

24 year, except that such an officer or employee may 


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1 have outside earned income attributable to such cal2 endar year which does not exceed 15 percent’’. 

3 (2) INDIVIDUALS BECOMING MEMBERS DURING

4 CALENDAR YEAR.—Section 13143(a)(2) of such title 

5 is amended— 

6 (A) by striking ‘‘outside earned income at7 tributable to the portion of that calendar year 

8 which occurs after such individual becomes a 

9 Member or such an officer or employee which 

10 exceeds 15 percent’’ and inserting ‘‘any outside 

11 earned income attributable to the portion of 

12 that calendar year which occurs after such indi13 vidual becomes a Member or such an officer or 

14 employee, except that such an officer or em15 ployee may have outside earned income attrib16 utable to such portion of that calendar year 

17 which does not exceed 15 percent’’; and 

18 (B) by striking ‘‘such individual is a Mem19 ber or such officer or employee’’ and inserting 

20 ‘‘such individual is such an officer or em21 ployee’’. 

22 (3) PRESERVING AUTHORITY OF OFFICERS AND

23 EMPLOYEES OF CONGRESS TO EARN COMPENSATION

24 FROM PRACTICING MEDICINE.—Section 13144(a) of 

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1 ship’’ each place it appears in paragraphs (1) and 

2 (3) and inserting ‘‘fiduciary relationship, except that 

3 such an officer or employee of the House of Rep4 resentatives or Senate may receive such compensa5 tion if the fiduciary relationship involves the practice 

6 of medicine’’. 

7 (4) APPLICATION OF BAN TO INCOME EARNED

8 FROM TEACHING.—Section 13144(a)(5) of such title 

9 is amended by striking ‘‘without the prior notifica10 tion’’ and inserting ‘‘except that such an officer or 

11 employee may receive compensation for teaching 

12 with the prior notification’’. 

13 (5) DEFINITION.—Section 13141 of such title 

14 is amended by adding at the end the following: 

15 ‘‘(6) The term ‘outside earned income’, with re16 spect to a Member of Congress, has the meaning 

17 given such term in clause 4(d) of rule XXV of the 

18 Rules of the House of Representatives for the One 

19 Hundred Seventeenth Congress, except that para20 graph (d)(1)(D) of such clause shall not apply. Such 

21 term shall apply with respect to a Senator in the 

22 same manner as such term applies to a Member of 

23 the House of Representatives under such clause.’’. 

24 (b) SERVICE ON BOARDS.—Section 13144(a)(4) of 

25 such title is amended to read as follows: 


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1 ‘‘(4) serve as an officer or member of the board 

2 of any association, corporation, or other entity, ex3 cept that— 

4 ‘‘(A) a Member and such an officer or em5 ployee may serve without compensation as an 

6 officer or member of the board of any nonprofit 

7 association, nonprofit corporation, or other non8 profit entity, and 

9 ‘‘(B) such an officer or employee may 

10 serve without compensation as an officer or 

11 member of any other association, corporation or 

12 other entity; or’’. 

13 SEC. 4. LIFETIME LOBBYING BAN. 

14 (a) IN GENERAL.—Section 207(e) of title 18, United 

15 States Code, is amended as follows: 

16 (1) Paragraph (1) is amended to read as fol17 lows: 

18 ‘‘(1) MEMBERS OF CONGRESS.— 

19 ‘‘(A) IN GENERAL.—Any person who is a 

20 Senator or a Member of the House of Rep21 resentatives and who, after that person leaves 

22 office, knowingly makes any lobbying contacts 

23 to, or engages in lobbying activities with, a cov24 ered executive branch official, or to any Mem25 ber, officer, or employee of either House of 


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1 Congress, shall be punished as provided in sec2 tion 216 of this title. 

3 ‘‘(B) DEFINITIONS.—In this paragraph: 

4 ‘‘(i) The terms ‘lobbying activities’, 

5 and ‘covered executive branch official’ have 

6 the meanings given those terms in section 

7 3 of the Lobbying Disclosure Act of 1995 

8 (2 U.S.C. 1602). 

9 ‘‘(ii) The term ‘lobbying contact’ has 

10 the meaning given such term in section 

11 3(8) of the Lobbying Disclosure Act of 

12 1995 (2 U.S.C. 1602(8)) except that sub13 paragraph (B)(iv) of such paragraph shall 

14 not apply.’’. 

15 (2) Paragraph (2) is amended— 

16 (A) by striking ‘‘(2) Any person’’ and in17 serting the following: 

18 ‘‘(2) OFFICERS AND CERTAIN STAFF.— 

19 ‘‘(A) OFFICERS AND STAFF OF THE SEN20 ATE.—Any person’’; and 

21 (B) by adding at the end the following: 

22 ‘‘(B) OFFICERS OF THE HOUSE OF REP23 RESENTATIVES.— 

24 ‘‘(i) Any person who is an elected offi25 cer of the House of Representatives and 


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1 who, within 1 year after that person leaves 

2 office, knowingly makes, with the intent to 

3 influence, any communication to or appear4 ance before any of the persons described in 

5 clause (ii), on behalf of any other person 

6 (except the United States) in connection 

7 with any matter on which such elected offi8 cer seeks action by a Member, officer, or 

9 employee of either House of Congress, in 

10 his or her official capacity, shall be pun11 ished as provided in section 216 of this 

12 title. 

13 ‘‘(ii) The persons referred to in clause 

14 (i) with respect to appearances or commu15 nications by a former elected officer are 

16 any Member, officer, or employee of the 

17 House of Representatives.’’. 

18 (b) RESTRICTIONS RELATING TO FOREIGN ENTI19 TIES.—Section 207(f) of title 18, United States Code, is 

20 amended— 

21 (1) in paragraph (1), by striking ‘‘Any person’’ 

22 and inserting ‘‘Except as provided in paragraph (2), 

23 any person’’; 

24 (2) by redesignating paragraphs (2) and (3) as 

25 paragraphs (3) and (4), respectively; 


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1 (3) by adding after paragraph (1) the following 

2 new paragraph: 

3 ‘‘(2) MEMBER OF CONGRESS.—With respect to 

4 the restrictions under paragraph (1), any person 

5 who is a Member of Congress may not engage in any 

6 of the activities under such paragraph at any time 

7 after leaving office.’’; and 

8 (4) in paragraph (4), as redesignated by para9 graph (2)— 

10 (A) by striking ‘‘means’’ and inserting 

11 ‘‘means—’’; 

12 (B) by striking ‘‘the government’’ and in13 serting ‘‘(A) the government’’; 

14 (C) by striking the period and inserting ‘‘; 

15 or’’; and 

16 (D) by adding at the end the following: 

17 ‘‘(B) in the case of a Member of Congress, any 

18 foreign principal as defined in section 1(b) of the 

19 Foreign Agents Registration Act of 1938, as amend20 ed (22 U.S.C. 611(b)).’’. 

21 (c) EFFECTIVE DATE.—The amendments made by 

22 subsection (a) shall apply to individuals who leave office 

23 or employment to which such amendments apply on or 

24 after the date of commencement of the first session of the 


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1 One Hundred Nineteenth Congress sine die or January 

2 3, 2024, whichever date is earlier. 

Æ 


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