I 
118TH CONGRESS 
1ST SESSION H. R. 3003 
To amend title 5, United States Code, to restrict trading and ownership 
of certain financial instruments by Members of Congress and their 
spouses and dependents, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 28, 2023 
Mr. FITZPATRICK (for himself, Ms. OCASIO-CORTEZ, Mr. GAETZ, and Mr. 
KRISHNAMOORTHI) introduced the following bill; which was referred to 
the Committee on House Administration, and in addition to the Com-
mittee on 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 amend title 5, United States Code, to restrict trading 
and ownership of certain financial instruments by Mem-
bers of Congress 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 ‘‘Bipartisan Restoring 
Faith in Government Act’’. 
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SEC. 2. PROHIBITION OF CONGRESSIONAL OWNERSHIP OF 
FINANCIAL INVESTMENTS. 
(a) IN GENERAL.—Chapter 131 of title 5, United 
States Code, is amended by adding at the end the fol-
lowing: 
‘‘SUBCHAPTER IV—PROHIBITION ON CONGRES-
SIONAL OWNERSHIP OF FINANCIAL IN-
VESTMENTS 
‘‘§ 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 
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use of a derivative, including an option, war-
rant, or other similar means. 
‘‘(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) QUALIFIED
BLIND
TRUST.—The term 
‘qualified blind trust’ has the meaning given that 
term in section 13104(f)(3). 
‘‘(6) SUPERVISING ETHICS OFFICE.—The term 
‘supervising ethics office’ has the meaning given that 
term in section 13101. 
‘‘§ 13152. Limitation on owning or trading certain as-
sets 
‘‘(a) REQUIREMENT.— 
‘‘(1) IN GENERAL.—Except as provided in this 
section, no covered individual may own or trade a 
covered financial instrument. 
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‘‘(2) EXCEPTIONS.—Nothing in this subchapter 
shall be construed to prevent a covered individual 
from owning or trading— 
‘‘(A) a widely held investment fund (as 
that term is described in section 13104(f)(8)) 
that is registered as a management company 
under the Investment Company Act, as amend-
ed (15 U.S.C. 80a–1 et seq.); 
‘‘(B) a United States Treasury bill, note, 
or bond; 
‘‘(C) any bond issued by a State or local 
government; or 
‘‘(D) any investment under the Thrift Sav-
ings Plan. 
‘‘(b) COMPLIANCE.— 
‘‘(1) IN
GENERAL.—To comply with the re-
quirement under subsection (a), a covered individual 
shall divest of a covered financial instrument 
through sale or placement in a qualified blind trust 
in accordance with subsection (c). 
‘‘(2) ASSETS ACQUIRED THROUGH SPECIAL CIR-
CUMSTANCES.—In the event that a covered indi-
vidual acquires a covered financial instrument after 
the date of enactment of the Bipartisan Restoring 
Faith in Government Act other than by purchase, 
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the covered individual shall have 90 days from the 
date on which such individual received such instru-
ment to divest of such instrument through any 
means provided under paragraph (1). 
‘‘(c) TIME PERIOD FOR COMPLIANCE.— 
‘‘(1) COVERED INDIVIDUALS AS OF DATE OF 
ENACTMENT.— 
‘‘(A) IN GENERAL.—An individual who is a 
covered individual as of the date of enactment 
of Bipartisan Restoring Faith in Government 
Act shall have 90 days following the date of en-
actment of such Act to divest of such instru-
ment through any means provided under sub-
section (b)(1). 
‘‘(B) SPECIAL
RULE
FOR
SPOUSES.—A 
covered individual who is a spouse of a Member 
of Congress and who receives any financial in-
strument as compensation for their primary em-
ployment shall divest of such financial instru-
ment not later than 90 days after the date that 
the spouse is contractually permitted to sell the 
covered investment. 
‘‘(2) COVERED INDIVIDUALS AFTER DATE OF 
ENACTMENT.—An individual who becomes a covered 
individual after the date of enactment of the Bipar-
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tisan Restoring Faith in Government Act shall have 
90 days from the date on which such individual be-
comes a covered individual to divest of such instru-
ment through any means provided under subsection 
(b)(1). 
‘‘(3) 
QUALIFIED
BLIND
TRUST
REQUIRE-
MENTS.—Notwithstanding paragraphs (1) and (2), a 
qualified blind trust may not be established for pur-
poses of complying with this subchapter without the 
prior approval of the supervising ethics office. With 
respect to any such trust so approved, the applicable 
trustee— 
‘‘(A) shall divest of any such instrument 
placed in the trust not later than 6 months 
after the trust is established; 
‘‘(B) shall certify to the applicable super-
vising ethics office on an annual basis that the 
trustee has not provided any information on the 
trust’s assets or transactions to the applicable 
covered individual; and 
‘‘(C) may not have a close personal or 
business relationship with the applicable cov-
ered individual. 
‘‘(d) INCOME TAX.—A loss from a transaction or 
holding involving a covered financial instrument that is 
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conducted in violation of this section may not be deducted 
from the amount of income tax owed by the covered indi-
vidual. 
‘‘(e) ASSETS UPON SEPARATION.—In the case of a 
spouse or dependent who ceases to be a covered individual, 
such spouse or dependent may regain control over any cov-
ered financial instrument that was placed into a qualified 
blind trust pursuant to subsection (a). 
‘‘(f) 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 Act with a certifi-
cate of compliance. 
‘‘(3) PUBLICATION.—The supervising ethics of-
fice shall make available, on a publicly accessible 
website, all certificates issued under this subsection. 
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‘‘§ 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.— 
‘‘(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.).’’. 
(b) APPLICATION OF TAX RULES FOR SALES OF 
PROPERTY TO COMPLY WITH CONFLICT-OF-INTEREST 
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REQUIREMENTS.—Section 1043 of the Internal Revenue 
Code of 1986 is amended by adding at the end the fol-
lowing new subsection: 
‘‘(d) APPLICATION TO PROHIBITION ON CONGRES-
SIONAL OWNERSHIP OF CERTAIN ASSETS.— 
‘‘(1) TREATMENT AS CONFLICT OF INTEREST 
STATUTE.—For purposes of subsection (b)(2)(A), 
subchapter IV of chapter 131 of title 5, United 
States Code, shall be treated as a Federal conflict 
of interest statute. 
‘‘(2) COVERED INDIVIDUALS TREATED AS ELI-
GIBLE PERSONS.—For purposes of this section— 
‘‘(A) the term ‘eligible person’ shall include 
covered individuals (as defined in section 13151 
of title 5, United States Code), and 
‘‘(B) such covered individuals shall be 
treated as referred to in subsection (b)(1)(A) 
for purposes of applying subsection (b)(5)(A). 
‘‘(3) CERTIFICATES
OF
DIVESTITURE
ISSUED 
BY ETHICS COMMITTEE.—In the case of any covered 
individual referred to in paragraph (2)(A), a certifi-
cate of divestiture meets the requirement of sub-
section (b)(2)(B) if such certificate is issued by the 
applicable Congressional ethics committee.’’. 
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(c) CLERICAL AMENDMENT.—The table of sections 
for such chapter is amended by inserting after the item 
relating to section 13146 the following: 
‘‘SUBCHAPTER IV—PROHIBITION ON CONGRESSIONAL OWNERSHIP OF 
FINANCIAL INVESTMENTS 
‘‘13151. Definitions. 
‘‘13152. Limitation on owning or trading certain assets. 
‘‘13153. Enforcement.’’. 
Æ 
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