TRUST in Congress Act

Subjects: Congress, Commodities markets, Family relationships, Financial services and investments, Government ethics and transparency, public corruption, Government information and archives, Members of Congress, Securities

Summary:  <p><b>Transparent Representation Upholding Service and Trust in Congress Act or the TRUST in Congress Act</b></p> <p>This bill requires a Member of Congress, as well as any spouse or dependent child of a Member, to place specified investments into a qualified blind trust (i.e., an arrangement in which certain financial holdings are placed in someone else's control to avoid a possible conflict of interest) until 180 days after the end of their tenure as a Member of Congress. </p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 345 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 345

To require Members of Congress and their spouses and dependent children 
   to place certain assets into blind trusts, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 12, 2023

   Ms. Spanberger (for herself, Mr. Roy, Mr. Cleaver, Mr. Cloud, Mr. 
     Courtney, Ms. Craig, Mr. Crow, Ms. Dean of Pennsylvania, Mr. 
   Fitzpatrick, Mr. Gaetz, Mr. Golden of Maine, Mr. Gottheimer, Mr. 
 Grijalva, Ms. Houlahan, Mr. Johnson of South Dakota, Mr. Kildee, Mr. 
Kilmer, Mrs. Kim of California, Ms. Leger Fernandez, Ms. McCollum, Ms. 
 Meng, Mr. Nadler, Mr. Pappas, Ms. Perez, Mr. Perry, Mr. Phillips, Ms. 
    Pingree, Ms. Porter, Ms. Scanlon, Mr. Schiff, Mr. Sessions, Ms. 
 Slotkin, Ms. Stevens, Ms. Titus, Mr. Tonko, Ms. Wild, Ms. Williams of 
 Georgia, and Mr. Magaziner) introduced the following bill; which was 
           referred to the Committee on House Administration

_______________________________________________________________________

                                 A BILL


 
To require Members of Congress and their spouses and dependent children 
   to place certain assets into blind trusts, and for other purposes.

    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 ``Transparent Representation Upholding 
Service and Trust in Congress Act'' or the ``TRUST in Congress Act''.

SEC. 2. PLACEMENT OF CERTAIN ASSETS OF MEMBERS OF CONGRESS AND THEIR 
              SPOUSES AND DEPENDENT CHILDREN IN BLIND TRUST.

    (a) In General.--
            (1) Members occupying office on date of enactment.--Not 
        later than 90 days after the date of enactment of this Act, a 
        Member of Congress and any spouse or dependent child of such 
        Member shall place any covered investment owned by such Member, 
        spouse, or dependent child into a qualified blind trust.
            (2) Members assuming office after date of enactment.--Not 
        later than 90 days after the date an individual becomes a 
        Member of Congress after the date of enactment of this Act, 
        such individual and any spouse or dependent child of such 
        individual shall place any covered investment owned by such 
        individual, spouse, or dependent child into a qualified blind 
        trust.
            (3) Mingling of assets.--A spouse or dependent child of a 
        Member of Congress may place a covered investment in a 
        qualified blind trust established by such Member under 
        paragraph (1) or (2).
            (4) Assets upon separation.--A Member of Congress and any 
        spouse or dependent child of such Member may not dissolve any 
        qualified blind trust in which a covered investment has been 
        placed pursuant to paragraph (1) or (2), or otherwise control 
        such an investment, until the date that is 180 days after the 
        date such Member ceases to be a Member of Congress.
    (b) Accountability.--
            (1) Members of the house.--A Member of Congress who is a 
        Member of the House of Representatives shall--
                    (A) not later than 15 days after the date a 
                qualified blind trust is established under subsection 
                (a), certify to the Clerk of the House of 
                Representatives that such trust has been established 
                and that any covered investment owned by such Member or 
                a spouse or dependent child of such Member has been 
                placed in such trust; or
                    (B) certify to the Clerk that such Member or a 
                spouse or dependent child of such Member does not own 
                any covered investment.
            (2) Members of the senate.--A Member of Congress who is a 
        Senator shall--
                    (A) not later than 15 days after the date a 
                qualified blind trust is established under subsection 
                (a), certify to the Secretary of the Senate that such 
                trust has been established and that any covered 
                investment owned by such Member or a spouse or 
                dependent child of such Member has been placed in such 
                trust; or
                    (B) certify to the Secretary that such Member or a 
                spouse or dependent child of such Member does not own 
                any covered investment.
            (3) Report.--The Clerk of the House of Representatives and 
        the Secretary of the Senate shall make available on the public 
        website of the Clerk and the Secretary, respectively, any 
        certification made under paragraph (1) or (2).
    (c) Exception.--A spouse or dependent child who receives 
compensation from their primary occupation through any covered 
investment shall not be required to place such covered investment in a 
qualified blind trust under this Act.
    (d) Definitions.--In this Act:
            (1) Commodity.--The term ``commodity'' has the meaning 
        given the term in section 1a of the Commodity Exchange Act (7 
        U.S.C. 1a).
            (2) Covered investment.--The term ``covered investment''--
                    (A) means investment in a security, a commodity, or 
                a future, or any comparable economic interest acquired 
                through synthetic means such as the use of a 
                derivative; and
                    (B) does not include--
                            (i) a widely held investment fund described 
                        in section 13104(f)(8) of title 5, United 
                        States Code; or
                            (ii) a United States Treasury bill, note, 
                        or bond.
            (3) Dependent child.--The term ``dependent child'' has the 
        meaning given that term in section 13101 of title 5, United 
        States Code.
            (4) Member of congress.--The term ``Member of Congress'' 
        has the meaning given that term in such section 13101.
            (5) Qualified blind trust.--The term ``qualified blind 
        trust'' has the meaning given that term in section 13104(f)(3) 
        of such title.
                                 &lt;all&gt;
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