I 
119TH CONGRESS 
1ST SESSION H. R. 4036 
To amend title 5, United States Code, to prohibit the short sale of certain 
financial investments by Members of Congress and their spouses and 
dependents, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 17, 2025 
Mr. KEAN (for himself and Ms. CRAIG) introduced the following bill; which 
was referred to the Committee on House Administration 
A BILL 
To amend title 5, United States Code, to prohibit the short 
sale of certain financial investments by Members of Con-
gress and their spouses and dependents, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘No Shorting America 
Act’’. 
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SEC. 2. PROHIBITION OF CONGRESSIONAL SHORT SELLING 
OF FINANCIAL INVESTMENTS. 
Chapter 131 of title 5, United States Code, is amend-
ed by adding at the end the following (and by conforming 
the table of contents for such chapter accordingly): 
‘‘SUBCHAPTER IV—PROHIBITION ON 
CONGRESSIONAL SHORT SELLING 
‘‘§ 13151. Definitions 
‘‘In this subchapter: 
‘‘(1) COVERED FINANCIAL INSTRUMENT.—The 
term ‘covered financial instrument’ means— 
‘‘(A) any investment in— 
‘‘(i) a security (as defined in section 
3(a) of the Securities Exchange Act of 
1934 (15 U.S.C. 78c(a))); 
‘‘(ii) a security future (as defined in 
section 3(a) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78c(a))); or 
‘‘(iii) a commodity (as defined in sec-
tion 1a of the Commodity Exchange Act (7 
U.S.C. 1a)); and 
‘‘(B) any economic interest comparable to 
an interest described in subclause (I) that is ac-
quired through synthetic means, such as the 
use of a derivative, including an option, war-
rant, or other similar means. 
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‘‘(2) COVERED
INDIVIDUAL.—The term ‘cov-
ered individual’ means any of the following: 
‘‘(A) A Member of Congress. 
‘‘(B) The spouse of a Member of Congress. 
‘‘(C) The dependent of a Member of Con-
gress. 
‘‘(3) DEPENDENT.—The term ‘dependent’ has 
the meaning given that term in section 13101. 
‘‘(4) MEMBER OF CONGRESS.—The term ‘Mem-
ber of Congress’ has the meaning given that term in 
section 13101. 
‘‘(5) SHORT SALE.—The term ‘short sale’ has 
the meaning given that term in section 242.200 of 
title 17, Code of Federal Regulations (or any suc-
cessor regulation). 
‘‘(6) SUPERVISING ETHICS OFFICE.—The term 
‘supervising ethics office’ has the meaning given that 
term in section 13101. 
‘‘§ 13152. Limitation on short sale 
‘‘(a) IN GENERAL.—No covered individual may en-
gage in a short sale of any covered financial instrument 
issued by any business entity that is listed on a national 
stock exchange. 
‘‘(b) INCOME TAX.—A loss from a short sale involv-
ing a covered financial instrument that is conducted in 
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violation of this section may not be deducted from the 
amount of income tax owed by the covered individual. 
‘‘(c) PROOF OF COMPLIANCE.— 
‘‘(1) SUBMISSION.—A Member of Congress 
shall submit to the supervising ethics office a pledge 
of compliance with the requirements of this sub-
chapter, and shall produce, upon request of the su-
pervising ethics office, material or information deter-
mined by the supervising ethics committee to be nec-
essary to indicate compliance with the provisions of 
this subchapter. 
‘‘(2) CERTIFICATE.—The supervising ethics of-
fice shall provide each Member of Congress in com-
pliance with the provisions of this chapter with a 
certificate of compliance. 
‘‘(3) PUBLICATION.—The supervising ethics of-
fice shall make available, on a publicly accessible 
website, all certificates issued under this subsection. 
‘‘§ 13153. Enforcement 
‘‘(a) REFERRAL.—The supervising ethics office shall 
refer to the Attorney General the name of any covered 
individual who such office has reasonable cause to believe 
has willfully failed to comply with the requirements of sec-
tion 13152. 
‘‘(b) PENALTY.— 
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‘‘(1) IN GENERAL.—The Attorney General may 
bring a civil action in any appropriate United States 
district court against any covered individual who 
knowingly and willfully fails to comply with section 
13152. 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) LIMITATION.—A covered individual may 
not pay any penalty resulting from a civil action 
under paragraph (1) using— 
‘‘(A) funds from a Members’ Representa-
tional Allowance or Senators’ Official Personnel 
and Office Expense Account (as the case may 
be); or 
‘‘(B) funds of any political committee 
under the Federal Election Campaign Act of 
1971 (52 U.S.C. 30101 et seq.).’’. 
Æ 
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