‘‘(2) COVERED INVESTMENT.— 
‘‘(A) IN GENERAL.—The term ‘covered in-
vestment’— 
‘‘(i) means a security issued by a pub-
licly traded company or any comparable 
economic interest acquired through syn-
thetic means, such as the use of a deriva-
tive, including an option, warrant, or other 
similar means; and 
‘‘(B) EXCLUSION.—The term ‘covered in-
vestment’ does not include— 
‘‘(i) an excepted investment fund (as 
described in section 13104(f)(8)); 
‘‘(ii) any other fund that would be an 
excepted investment fund but for the fact 
that the fund does not meet the diversifica-
tion requirement solely because the fund is 
concentrated in— 
‘‘(I) the United States; or 
‘‘(II) the State, territory, or Dis-
trict of residence of the covered indi-
vidual who owns the fund; 
‘‘(iii) an interest in a small business 
concern as defined under section 3 of the 
Small Business Act (15 U.S.C. 632); or 
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‘‘(iv) investments held in a trust if no 
covered individual has any authority over a 
trustee of the trust, including the authority 
to appoint, replace, or direct the actions of 
such a trustee, and the trustee is not the 
spouse, child, parent, or sibling of a Mem-
ber of Congress. 
‘‘(3) PUBLICLY TRADED COMPANY.—The term 
‘publicly traded company’ means an issuer that has 
a class of securities registered under section 12 of 
the Securities Exchange Act of 1934 (15 U.S.C. 
78l). 
‘‘(4) SECURITY.—The term ‘security’ has the 
meaning given the term in section 3(a) of the Secu-
rities Exchange Act of 1934 (15 U.S.C. 78c(a)). 
‘‘(5) SUPERVISING ETHICS OFFICE.—The term 
‘supervising ethics office’ has the meaning given the 
term in section 13101. 
‘‘§ 13152. Restrictions on covered investments 
‘‘(a) CONDUCT DURING FEDERAL SERVICE.—Except 
as described in subsection (c), no covered individual may 
purchase a covered investment. 
‘‘(b) ADVANCED NOTICE REQUIREMENT.— 
‘‘(1) IN GENERAL.—No covered individual shall 
sell a covered investment, unless a notice of intent 
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to sell the covered investment is made by the Mem-
ber of Congress and publicly disclosed at least 7 cal-
endar days, and no more than 14 calendar days, 
prior to the sale in accordance with the requirements 
of this subsection. 
‘‘(2) CONTENTS OF NOTICE.—The notice under 
paragraph (1) shall include the following: 
‘‘(A) The projected date of sale of a cov-
ered investment. 
‘‘(B) A description of such sale. 
‘‘(C) The number of shares in such sale. 
‘‘(3) WITHDRAWAL.—The notice under para-
graph (1) shall be withdrawn by the Member of Con-
gress who filed it, prior to the close of the expiration 
of the notice, if the covered individual determines 
not to sell the covered asset. 
‘‘(4) FILING.—A Member of Congress shall file 
the notice under paragraph (1) for each intended 
sale by the Member, or the spouse or dependent 
child of the Member, with— 
‘‘(A) the Clerk of the House of Represent-
atives, in the case of a Representative in Con-
gress, a Delegate to Congress, or the Resident 
Commissioner from Puerto Rico; or 
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‘‘(B) the Secretary of the Senate, in the 
case of a Senator. 
‘‘(5) PUBLICATION.—The notice under para-
graph (1) and the withdrawal under paragraph (3) 
shall, upon receipt, be made publicly available on a 
website controlled by the by the Clerk of the House 
of Representatives or the Secretary of the Senate, as 
applicable. 
‘‘(c) EXCEPTIONS.— 
‘‘(1) OCCUPATION.—The requirements of sub-
sections (a) and (b) shall not apply to a spouse or 
dependent child of a Member of Congress with re-
spect to a transaction in a covered investment which 
is— 
‘‘(A) on behalf, or for the benefit, of any 
person other than a covered individual; or 
‘‘(B) made as a part of compensation from 
an employer of such individual or in further-
ance of any fiduciary or occupational obliga-
tions of such individual. 
‘‘(2) OTHER.—The requirements of subsection 
(a) shall not apply to a covered individual with re-
spect to a transaction in a covered investment made 
for the purpose of reinvesting dividends received 
from such covered investment. 
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‘‘§ 13153. Enforcement 
‘‘(a) IN GENERAL.—Any covered individual who vio-
lates the restrictions in section 13152 with respect to a 
covered investment, shall, at the direction of the super-
vising ethics office— 
‘‘(1) incur a fee, as calculated in subsection (b), 
to be paid by the Member of Congress who— 
‘‘(A) caused the violation; or 
‘‘(B) is the spouse or parent of a covered 
individual who caused the violation; and 
‘‘(2) in the case of a purchase of a covered in-
vestment, be required to sell a covered investment 
purchased in violation of section 13152(a). 
‘‘(b) CALCULATION
OF FEES.—The fee required 
under subsection (a) shall be equal to the sum of— 
‘‘(1) $2,000 or ten percent of the value of the 
transaction in the covered investment which violates 
section 13152, whichever is greater; and 
‘‘(2) the net gain realized, if any, from the cov-
ered investment during the period beginning on the 
most recent date on which the individual became a 
covered individual and ending on the date of disposi-
tion of the covered investment, as determined by the 
supervising ethics office. 
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‘‘(c) PAYMENT RESTRICTIONS.—A Member of Con-
gress may not pay any of the fees under this section by 
using amounts from the following sources: 
‘‘(1) The Members’ Representational Allowance. 
‘‘(2) The Senators’ Official Personnel and Of-
fice Expense Account. 
‘‘(3) Any contribution (as defined in section 
301(8) of the Federal Election Campaign Act of 
1971 (52 U.S.C. 30101(8))) accepted as a can-
didate, and any other donation received as support 
for activities of the individual as a holder of Federal 
office. 
‘‘(d) MISCELLANEOUS RECEIPTS.—Any amounts col-
lected in fees authorized by this section shall be deposited 
in the general fund of the Treasury as miscellaneous re-
ceipts in accordance with section 3302(b) of title 31. 
‘‘(e) REFERRAL.—Upon the assessment of a fee 
under this section, the supervising ethics office has the 
authority to refer a Member of Congress to the Depart-
ment of Justice in the same manner and to the same ex-
tent as a violation under section 13106 if such Member 
of Congress resigns or retires before paying such assessed 
fee. 
‘‘(f) INTERPRETATIVE GUIDANCE.—Each supervising 
ethics office may issue interpretative guidance on this sub-
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