IV 
119TH CONGRESS 
1ST SESSION 
H. RES. 665 
Providing for consideration of the bill (H.R. 1908) to prohibit stock trading 
and ownership by Members of Congress and their spouses and dependent 
children, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
AUGUST 29, 2025 
Mrs. LUNA submitted the following resolution; which was referred to the 
Committee on Rules 
RESOLUTION 
Providing for consideration of the bill (H.R. 1908) to pro-
hibit stock trading and ownership by Members of Con-
gress and their spouses and dependent children, and 
for other purposes. 
Resolved, That immediately upon adoption of this res-
olution, the House shall proceed to the consideration in 
the House of the bill (H.R. 1908) to prohibit stock trading 
and ownership by Members of Congress and their spouses 
and dependent children, and for other purposes. All points 
of order against consideration of the bill are waived. The 
amendment specified in section 3 of this resolution shall 
be considered as adopted. The bill, as amended, shall be 
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considered as read. All points of order against provisions 
in the bill, as amended, are waived. The previous question 
shall be considered as ordered on the bill, as amended, 
and on any further amendment thereto, to final passage 
without intervening motion except: (1) one hour of debate 
equally divided and controlled by the chair and ranking 
minority member of the Committee on Financial Services; 
and (2) one motion to recommit. 
SEC. 2. Clause 1(c) of rule XIX shall not apply to 
the consideration of H.R. 1908. 
SEC. 3. The amendment specified in this section is 
as follows. 
Strike section 1 and all that follows and insert the 
following: 
‘‘SECTION 1. SHORT TITLE. 
‘‘This Act may be cited as the ‘End Congressional 
Stock Trading Act’. 
‘‘SEC. 2. BAR ON STOCK TRADING AND OWNERSHIP BY 
MEMBERS 
OF 
CONGRESS 
AND 
THEIR 
SPOUSES AND DEPENDENT CHILDREN. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) COMMODITY.—The term ‘commodity’ has 
the meaning given that term in section 1a of the 
Commodity Exchange Act (7 U.S.C. 1a). 
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‘‘(2) DEPENDENT CHILD.—The term ‘depend-
ent child’ has the meaning given that term in section 
13101 of title 5, United States Code. 
‘‘(3) DIVERSIFIED.—The term ‘diversified’, 
with respect to an investment fund, means that the 
investment fund does not have a stated policy of 
overly concentrating its investments. 
‘‘(4) MEMBER OF CONGRESS.—The term ‘Mem-
ber of Congress’ has the meaning given that term in 
section 13101 of title 5, United States Code. 
‘‘(5) QUALIFIED
BLIND
TRUST.—The term 
‘qualified blind trust’ has the meaning given that 
term in section 13104(f)(3) of title 5, United States 
Code. 
‘‘(6) SECURITY.—The term ‘security’ has the 
meaning given that term in section 3(a) of Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)). 
‘‘(7) SMALL
BUSINESS
CONCERN.—The term 
‘small business concern’ has the meaning given that 
term under section 3 of the Small Business Act (15 
U.S.C. 632). 
‘‘(8) WIDELY HELD INVESTMENT FUND.—The 
term ‘widely held investment fund’ means a widely 
held investment fund described in 13104(f)(8) of 
title 5, United States Code. 
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‘‘(b) DIVESTMENT.— 
‘‘(1) IN GENERAL.—A Member of Congress or 
a spouse or dependent child of a Member of Con-
gress may not own an interest in or trade (except 
as a divestment) any stock, bond, commodity, fu-
ture, or other form of security, including an interest 
in a hedge fund, a derivative, option, or other com-
plex investment vehicle. 
‘‘(2) IMPLEMENTATION.— 
‘‘(A) CURRENT MEMBERS.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), an individual who is a 
Member of Congress or a spouse or de-
pendent child of a Member of Congress on 
the date of enactment of this Act shall 
complete the divestment of any asset de-
scribed in paragraph (1) by not later than 
180 days after the date of enactment of 
this Act. 
‘‘(ii) CERTAIN ASSETS.—For an asset 
described in paragraph (1) that is an inter-
est in a hedge fund, venture capital fund, 
or other privately held complex investment 
vehicle, an individual who is a Member of 
Congress or a spouse or dependent child of 
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a Member of Congress on the date of en-
actment of this Act shall complete the di-
vestment of the asset by not later than 2 
years after the date of enactment of this 
Act. 
‘‘(B) NEW MEMBERS.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), an individual who be-
comes a Member of Congress or a spouse 
or dependent child of a Member of Con-
gress after the date of enactment of this 
Act shall complete the divestment of any 
asset described in paragraph (1) by not 
later than 180 days after the date on 
which the individual becomes a Member of 
Congress or a spouse or dependent child of 
a Member of Congress. 
‘‘(ii) CERTAIN ASSETS.—For an asset 
described in paragraph (1) that is an inter-
est in a hedge fund, venture capital fund, 
or other privately held complex investment 
vehicle, an individual who becomes a Mem-
ber of Congress or a spouse or dependent 
child of a Member of Congress after the 
date of enactment of this Act shall com-
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plete the divestment of the asset by not 
later than 2 years after the date on which 
the individual becomes a Member of Con-
gress or a spouse or dependent child of a 
Member of Congress. 
‘‘(C) DIVESTMENT OF ASSETS RECEIVED 
WHILE A MEMBER.—An individual serving as a 
Member of Congress or a spouse or dependent 
child of an individual serving as a Member of 
Congress who receives any asset described in 
paragraph (1) during the period of such service, 
such as from an inheritance, shall complete the 
divestment of the asset by not later than 180 
days after the date on which the individual re-
ceives the asset. 
‘‘(c) EXCEPTIONS.—Nothing in this section shall be 
construed to prevent— 
‘‘(1) a Member of Congress or a spouse or de-
pendent child of a Member of Congress from owning 
or trading— 
‘‘(A) a widely held investment fund, if the 
widely held investment fund— 
‘‘(i) does not present a conflict of in-
terest; and 
‘‘(ii) is diversified; 
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‘‘(B) shares of Settlement Common Stock 
issued under section 7(g)(1)(A) of the Alaska 
Native Claims Settlement Act (43 U.S.C. 
1606(g)(1)(A)); 
‘‘(C) shares of Settlement Common Stock, 
as defined in section 3 of the Alaska Native 
Claims Settlement Act (43 U.S.C. 1602); 
‘‘(D) a United States Treasury bill, note, 
or bond; 
‘‘(E) an investment fund held in a Federal, 
State, or local government employee retirement 
plan; 
‘‘(F) an interest in a small business con-
cern, if the small business concern does not 
present a conflict of interest; or 
‘‘(G) any asset described in subsection 
(b)(1) received as compensation from the pri-
mary occupation of the spouse; 
‘‘(2) a spouse or dependent child of a Member 
of Congress from trading any asset described in sub-
section (b)(1) that is not owned by the spouse or 
Member of Congress in the course of performing the 
primary occupation of the spouse; or 
‘‘(3) a Member of Congress or a spouse or de-
pendent child of a Member of Congress from holding 
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any stock, bond, commodity, future, or other form of 
security in a qualified blind trust operated on behalf 
of, or for the benefit of, the Member or the spouse 
or dependent child of the Member. 
‘‘(d) CIVIL FINES.— 
‘‘(1) IN GENERAL.—The Attorney General or 
the Special Counsel may bring a civil action in the 
appropriate United States district court against any 
Member of Congress or spouse or dependent child of 
a Member of Congress who engages in conduct con-
stituting a violation of this section and, upon proof 
of such conduct by a preponderance of the evidence, 
such Member of Congress or spouse or dependent 
child of such Member of Congress shall be subject 
to a civil penalty of not more than $100,000 for 
each violation or 10 percent of the most recent com-
bined value of each stock, bond, commodity, future, 
or other form of security involved (whichever is 
greater). The imposition of a civil penalty under this 
subsection does not preclude any other criminal or 
civil statutory, common law, or administrative rem-
edy, which is available by law to the United States 
or any other person. 
‘‘(2) PROHIBITING USE OF OFFICE FUNDS.—A 
Member of Congress may not use funds made avail-
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able from the Members’ Representational Allowance 
(in the case of a Representative in, or Delegate or 
Resident Commissioner to, the Congress) or the 
Senators’ Official Personnel and Office Expense Ac-
count (in the case of a Senator) to pay a penalty im-
posed under paragraph (1). 
‘‘(3) PROHIBITING USE OF CAMPAIGN FUNDS.— 
Section 313(b) of the Federal Election Campaign 
Act of 1971 (52 U.S.C. 30114(b)) is amended by 
adding at the end the following new paragraph: 
‘‘ ‘(3) PROHIBITING USE TO PAY CERTAIN PEN-
ALTIES.—A contribution or a donation described in 
subsection (a) may not be used to pay a penalty im-
posed under section 2(d)(1) of the End Congres-
sional Stock Trading Act.’. 
‘‘(e) NONRECOGNITION OF GAIN.— 
‘‘(1) IN GENERAL.—Paragraph (1) of section 
1043(b) of the Internal Revenue Code of 1986 is 
amended— 
‘‘(A) by striking ‘and’ at the end of sub-
paragraph (A); 
‘‘(B) by redesignating subparagraph (B) as 
subparagraph (C); 
‘‘(C) by inserting after subparagraph (A) 
the following new subparagraph: 
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‘‘ ‘(B) any Member of Congress or any 
spouse or dependent child of a Member of Con-
gress, but only with respect to a divestment of 
property required by the End Congressional 
Stock Trading Act and only if, not later than 
60 days after the divestment of such property, 
the individual uses the proceeds of the divest-
ment to obtain property which the individual is 
authorized to own or trade under section 
2(c)(1) of such Act, and’; and 
‘‘(D) by striking ‘subparagraph (A)’ in 
subparagraph (C), as so redesignated, and in-
serting ‘subparagraph (A) or (B), whichever is 
applicable’. 
‘‘(2) CERTIFICATE OF DIVESTITURE.—Subpara-
graph (B) of section 1043(b)(2) of such Code is 
amended— 
‘‘(A) by striking ‘or by’ and inserting ‘by’; 
and 
‘‘(B) by inserting ‘, or by the applicable 
congressional ethics committee, as defined in 
section 13101 of title 5, United States Code, in 
the case of Members of Congress and spouses 
and dependent children of Members of Con-
gress,’ after ‘judicial officers’. 
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‘‘(3) NO
EFFECT
ON
SUBSEQUENT
SALE
OF 
PROPERTY.—Nothing in the amendments made by 
this subsection shall be construed to provide for the 
nonrecognition of gain with respect to the sale of 
property obtained by a Member of Congress or any 
spouse or dependent child of a Member of Congress 
with the proceeds of a divestment required by this 
Act, as described in section 1043(b)(1)(B) of the In-
ternal Revenue Code of 1986 (as added by this sub-
section). 
‘‘(4) 
EFFECTIVE
DATE.—The 
amendments 
made by this subsection shall apply to sales of prop-
erty after the date of the enactment of this Act. 
‘‘(f) INTERPRETIVE GUIDANCE.—The Select Com-
mittee on Ethics of the Senate and the Committee on Eth-
ics of the House of Representatives shall issue interpretive 
guidance regarding relevant terms not defined in this Act 
or elsewhere in statute. 
‘‘SEC. 3. ANNUAL CERTIFICATION OF COMPLIANCE. 
‘‘(a) CERTIFICATION.— 
‘‘(1) IN GENERAL.—Except as provided in para-
graph (2), not later than 60 days after the begin-
ning of any session of Congress, each Member of 
Congress shall submit to the applicable official a 
written certification that the Member and the Mem-
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ber’s spouse are in compliance with the requirements 
of this Act. 
‘‘(2) SPECIAL RULE FOR FIRST SESSION AFTER 
ENACTMENT.—In the case of the first session of 
Congress which begins after the date of the enact-
ment of this Act, paragraph (1) shall apply as if the 
reference to ‘60 days’ was a reference to ‘180 days’. 
‘‘(b) PUBLICATION.—The applicable official shall 
publish the certifications submitted to the applicable offi-
cial under paragraph (1) on a publicly available website. 
‘‘(c) USE OF CERTIFICATIONS FOR AUDITS BY IN-
TERNAL REVENUE SERVICE.—Upon receiving a certifi-
cation under subsection (a), the applicable official shall 
transmit the certification to the Secretary of the Treasury, 
who shall carry out such actions, including audits and in-
vestigations, as the Secretary determines appropriate to 
ensure the accuracy of the certification. 
‘‘(d) APPLICABLE OFFICIAL DEFINED.—In this sec-
tion, the term ‘applicable official’ means— 
‘‘(1) the Clerk of the House of Representatives 
(in the case of a Representative in, or Delegate or 
Resident Commissioner to, the Congress or the 
spouse of a Representative in, or Delegate or Resi-
dent Commissioner to, the Congress); or 
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‘‘(2) the Secretary of the Senate (in the case of 
a Senator and the spouse of a Senator).’’. 
Æ 
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