I 
118TH CONGRESS 
1ST SESSION H. R. 1463 
To prohibit Federal officials from owning covered investments, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 8, 2023 
Mr. KIM of New Jersey introduced the following bill; which was referred to 
the Committee on the Judiciary, and in addition to the Committees on 
Financial Services, Agriculture, Oversight and Accountability, House Ad-
ministration, and Ways and Means, for a period to be subsequently deter-
mined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To prohibit Federal officials from owning covered 
investments, 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 ‘‘Restoring Trust in 
Public Servants Act’’. 
SEC. 2. OWNERSHIP OF COVERED INVESTMENTS. 
(a) OWNERSHIP OF COVERED INVESTMENTS.— 
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(1) CONDUCT DURING FEDERAL SERVICE.—Ex-
cept as described in paragraph (2), no covered offi-
cial or family member of a Member of Congress may 
own or trade any covered investment. 
(2) COMPLIANCE.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (B), to comply with the require-
ments under paragraph (1), a covered official or 
family member of a Member of Congress shall 
divest of any covered investment prior to the 
expiration of the applicable compliance period. 
(B) APPLICABLE COMPLIANCE PERIOD.— 
In this subsection, the term ‘‘applicable compli-
ance period’’ means— 
(i) with respect to a covered invest-
ment held by a covered official or family 
member of a Member of Congress on the 
date of the enactment of this Act, the 90- 
day period which begins on the date of the 
enactment of this Act; 
(ii) with respect to a covered invest-
ment held by an individual on the date on 
which the individual becomes a covered of-
ficial or becomes a family member of a 
Member of Congress after the date of the 
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enactment of this Act, the 90-day period 
which begins on the date on which the in-
dividual becomes a covered official or be-
comes a family member of a Member of 
Congress; and 
(iii) with respect to a covered invest-
ment which is first held by a covered offi-
cial or a family member of a Member of 
Congress after the last day of either of the 
periods described in clauses (i) or (ii), the 
90-day period which begins on the date on 
which such investment was first held by 
such official or family member. 
(b) PENALTIES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), a covered official in violation of this sec-
tion, as determined by the supervising ethics office, 
shall pay a penalty in an amount equal to the fee 
set forth under section 13106(d)(1) of title 5, 
United States Code, for each such violation. 
(2) EXCEPTION.— 
(A) PENALTY.—An individual described in 
subparagraph (C) who during any month is in 
violation of this section with respect to a cov-
ered investment, as determined by the super-
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vising ethics office, shall pay a penalty in an 
amount equal to— 
(i) in the case of an individual who is 
a covered official, the salary of such official 
for that month; or 
(ii) in the case of an individual who is 
a family member of a Member of Congress, 
the salary of the Member of Congress for 
that month. 
(B) AMOUNT DETERMINED WITHOUT RE-
GARD
TO
NUMBER
OF
VIOLATIONS.—The 
amount of the penalty imposed under subpara-
graph (A) shall apply to an individual without 
regard to the number of covered investments 
with respect to which the individual is in viola-
tion during the month in which the penalty is 
imposed. 
(C) INDIVIDUALS DESCRIBED.—The indi-
viduals described in this paragraph are the fol-
lowing: 
(i) A Member of Congress or a family 
member of a Member of Congress. 
(ii) The President. 
(iii) The Vice President. 
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(iv) A political appointee who was ap-
pointed to such position by the President, 
by and with the advice and consent of the 
Senate. 
(v) A judicial officer. 
(c) PUBLICATION.—For each individual in violation 
of this section as determined by the supervising ethics of-
fice, such office shall make available a list, on a publicly 
accessible website of such office, detailing the names, occu-
pation, and office of employment for each such individual, 
or in the case of a family member of a Member of Con-
gress, the name of such family member and of such Mem-
ber of Congress. 
(d) APPLICATION OF CERTIFICATE OF DIVESTITURE 
PROGRAM.—For purposes of section 1043 of the Internal 
Revenue Code of 1986— 
(1) any person required to dispose of any prop-
erty by reason of this section shall be treated as an 
eligible person; 
(2) this section shall be treated as a Federal 
conflict of interest statute; and 
(3) in the case of an individual described in 
subsection (e)(2)(A), the requirement of section 
1043(b)(2)(B) of such Code shall be treated as sat-
isfied with respect to any written determination if 
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ment tied to the performance of an invest-
ment, other than a fixed cash payment. 
(C) EXCLUSIONS.—The term ‘‘covered in-
vestment’’ does not include— 
(i) a diversified mutual fund (includ-
ing any holdings of such a fund); 
(ii) a diversified exchange-traded fund 
(including any holdings of such a fund); 
(iii) a United States Treasury bill, 
note, or bond; 
(iv) compensation from the primary 
occupation of a spouse or dependent of a 
Member of Congress; or 
(v) any investment fund held in a 
Federal, State, or local government em-
ployee retirement plan. 
(D) CLARIFICATION.—An investment that 
achieves compliance with applicable environ-
mental, social, and governance criteria shall not 
be considered to be a covered investment solely 
by reason of that compliance. 
(2) COVERED
OFFICIAL.—The term ‘‘covered 
official’’ means the following: 
(A) In the legislative branch, a Member of 
Congress and each of the following (other than 
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an employee who is considered an intern or a 
fellow for purposes of any law or regulation es-
tablishing a limit on the number of employees 
of an office of the House of Representatives or 
Senate): 
(i) An employee of a Member of the 
House of Representatives (as described in 
section 207(e)(9)(E) of title 18, United 
States Code). 
(ii) An employee of a Senator (as de-
scribed in section 207(e)(9)(F) of title 18, 
United States Code). 
(iii) An employee of a committee of 
Congress 
(as 
defined 
in 
section 
207(e)(9)(A) of title 18, United States 
Code). 
(iv) An employee on the leadership 
staff of the House of Representatives (as 
defined in section 207(e)(9)(H) of title 18, 
United States Code). 
(v) An employee on the leadership 
staff of the Senate (as defined in section 
207(e)(9)(I) of title 18, United States 
Code). 
(B) In the executive branch— 
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(i) the President; 
(ii) the Vice President; 
(iii) a political appointee; or 
(iv) any officer or employee of the ex-
ecutive branch who is— 
(I) not a political appointee; and 
(II) occupies a position described 
under paragraphs (3) through (8) of 
section 13103(f) of title 5, United 
States Code. 
(C) A judicial officer. 
(3) EXECUTIVE BRANCH.—The term ‘‘executive 
branch’’ has the meaning given such term defined in 
section 13101 of title 5, United States Code. 
(4) FAMILY MEMBER.—The term ‘‘family mem-
ber’’ means a spouse or a dependent child as defined 
in section 13101 of title 5, United States Code. 
(5) JUDICIAL OFFICER.—The term ‘‘judicial of-
ficer’’— 
(A) has the meaning given such term in 
section 13101 of title 5, United States Code; 
and 
(B) includes bankruptcy judges and mag-
istrate judges. 
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(6) MEMBER OF CONGRESS.—The term ‘‘Mem-
ber of Congress’’ has the meaning given such term 
defined in section 13101 of title 5, United States 
Code. 
(7) POLITICAL APPOINTEE.—The term ‘‘polit-
ical appointee’’ means any individual occupying a 
position in the executive branch of Government— 
(A) who was appointed to such position by 
the President, by and with the advice and con-
sent of the Senate; 
(B) described under sections 5312 through 
5316 of title 5, United States Code (relating to 
the Executive Schedule); 
(C) as a noncareer appointment in the 
Senior Executive Service, as defined under 
paragraph (7) of section 3132(a) of such title; 
or 
(D) that is of a confidential or policy-de-
termining character under schedule C of sub-
part C of part 213 of title 5, Code of Federal 
Regulations, or any other position that is ex-
cepted from the competitive service because of 
its confidential policy-determining, policy-mak-
ing or policy-advocating character. 
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(8) SUPERVISING ETHICS OFFICE.—The term 
‘‘supervising ethics office’’ means any of the fol-
lowing: 
(A) In the case of an individual described 
in paragraph (2)(A)— 
(i) the Select Committee on Ethics of 
the Senate; or 
(ii) the Committee on Ethics of the 
House of Representatives. 
(B) In the case of an individual described 
in paragraph (2)(B), the Office of Government 
Ethics. 
(C) In the case of a judicial officer, the Ju-
dicial Conference. 
SEC. 3. BAN ON ALL OUTSIDE EARNED INCOME AND ALL 
SERVICE ON BOARDS BY MEMBERS OF CON-
GRESS. 
(a) OUTSIDE EARNED INCOME.— 
(1) IN GENERAL.—Section 13143(a)(1) of title 
5, United States Code, is amended by striking ‘‘out-
side earned income attributable to such calendar 
year which exceeds 15 percent’’ and inserting ‘‘any 
outside earned income attributable to such calendar 
year, except that such an officer or employee may 
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have outside earned income attributable to such cal-
endar year which does not exceed 15 percent’’. 
(2) INDIVIDUALS BECOMING MEMBERS DURING 
CALENDAR YEAR.—Section 13143(a)(2) of such title 
is amended— 
(A) by striking ‘‘outside earned income at-
tributable to the portion of that calendar year 
which occurs after such individual becomes a 
Member or such an officer or employee which 
exceeds 15 percent’’ and inserting ‘‘any outside 
earned income attributable to the portion of 
that calendar year which occurs after such indi-
vidual becomes a Member or such an officer or 
employee, except that such an officer or em-
ployee may have outside earned income attrib-
utable to such portion of that calendar year 
which does not exceed 15 percent’’; and 
(B) by striking ‘‘such individual is a Mem-
ber or such officer or employee’’ and inserting 
‘‘such individual is such an officer or em-
ployee’’. 
(3) PRESERVING AUTHORITY OF OFFICERS AND 
EMPLOYEES OF CONGRESS TO EARN COMPENSATION 
FROM PRACTICING MEDICINE.—Section 13144(a) of 
such title is amended by striking ‘‘fiduciary relation-
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ship’’ each place it appears in paragraphs (1) and 
(3) and inserting ‘‘fiduciary relationship, except that 
such an officer or employee of the House of Rep-
resentatives or Senate may receive such compensa-
tion if the fiduciary relationship involves the practice 
of medicine’’. 
(4) APPLICATION OF BAN TO INCOME EARNED 
FROM TEACHING.—Section 13144(a)(5) of such title 
is amended by striking ‘‘without the prior notifica-
tion’’ and inserting ‘‘except that such an officer or 
employee may receive compensation for teaching 
with the prior notification’’. 
(5) DEFINITION.—Section 13141 of such title 
is amended by adding at the end the following: 
‘‘(6) The term ‘outside earned income’, with re-
spect to a Member of Congress, has the meaning 
given such term in clause 4(d) of rule XXV of the 
Rules of the House of Representatives for the One 
Hundred Seventeenth Congress, except that para-
graph (d)(1)(D) of such clause shall not apply. Such 
term shall apply with respect to a Senator in the 
same manner as such term applies to a Member of 
the House of Representatives under such clause.’’. 
(b) SERVICE ON BOARDS.—Section 13144(a)(4) of 
such title is amended to read as follows: 
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‘‘(4) serve as an officer or member of the board 
of any association, corporation, or other entity, ex-
cept that— 
‘‘(A) a Member and such an officer or em-
ployee may serve without compensation as an 
officer or member of the board of any nonprofit 
association, nonprofit corporation, or other non-
profit entity, and 
‘‘(B) such an officer or employee may 
serve without compensation as an officer or 
member of any other association, corporation or 
other entity; or’’. 
SEC. 4. LIFETIME LOBBYING BAN. 
(a) IN GENERAL.—Section 207(e) of title 18, United 
States Code, is amended as follows: 
(1) Paragraph (1) is amended to read as fol-
lows: 
‘‘(1) MEMBERS OF CONGRESS.— 
‘‘(A) IN GENERAL.—Any person who is a 
Senator or a Member of the House of Rep-
resentatives and who, after that person leaves 
office, knowingly makes any lobbying contacts 
to, or engages in lobbying activities with, a cov-
ered executive branch official, or to any Mem-
ber, officer, or employee of either House of 
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Congress, shall be punished as provided in sec-
tion 216 of this title. 
‘‘(B) DEFINITIONS.—In this paragraph: 
‘‘(i) The terms ‘lobbying activities’, 
and ‘covered executive branch official’ have 
the meanings given those terms in section 
3 of the Lobbying Disclosure Act of 1995 
(2 U.S.C. 1602). 
‘‘(ii) The term ‘lobbying contact’ has 
the meaning given such term in section 
3(8) of the Lobbying Disclosure Act of 
1995 (2 U.S.C. 1602(8)) except that sub-
paragraph (B)(iv) of such paragraph shall 
not apply.’’. 
(2) Paragraph (2) is amended— 
(A) by striking ‘‘(2) Any person’’ and in-
serting the following: 
‘‘(2) OFFICERS AND CERTAIN STAFF.— 
‘‘(A) OFFICERS AND STAFF OF THE SEN-
ATE.—Any person’’; and 
(B) by adding at the end the following: 
‘‘(B) OFFICERS OF THE HOUSE OF REP-
RESENTATIVES.— 
‘‘(i) Any person who is an elected offi-
cer of the House of Representatives and 
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who, within 1 year after that person leaves 
office, knowingly makes, with the intent to 
influence, any communication to or appear-
ance before any of the persons described in 
clause (ii), on behalf of any other person 
(except the United States) in connection 
with any matter on which such elected offi-
cer seeks action by a Member, officer, or 
employee of either House of Congress, in 
his or her official capacity, shall be pun-
ished as provided in section 216 of this 
title. 
‘‘(ii) The persons referred to in clause 
(i) with respect to appearances or commu-
nications by a former elected officer are 
any Member, officer, or employee of the 
House of Representatives.’’. 
(b) RESTRICTIONS RELATING TO FOREIGN ENTI-
TIES.—Section 207(f) of title 18, United States Code, is 
amended— 
(1) in paragraph (1), by striking ‘‘Any person’’ 
and inserting ‘‘Except as provided in paragraph (2), 
any person’’; 
(2) by redesignating paragraphs (2) and (3) as 
paragraphs (3) and (4), respectively; 
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(3) by adding after paragraph (1) the following 
new paragraph: 
‘‘(2) MEMBER OF CONGRESS.—With respect to 
the restrictions under paragraph (1), any person 
who is a Member of Congress may not engage in any 
of the activities under such paragraph at any time 
after leaving office.’’; and 
(4) in paragraph (4), as redesignated by para-
graph (2)— 
(A) by striking ‘‘means’’ and inserting 
‘‘means—’’; 
(B) by striking ‘‘the government’’ and in-
serting ‘‘(A) the government’’; 
(C) by striking the period and inserting ‘‘; 
or’’; and 
(D) by adding at the end the following: 
‘‘(B) in the case of a Member of Congress, any 
foreign principal as defined in section 1(b) of the 
Foreign Agents Registration Act of 1938, as amend-
ed (22 U.S.C. 611(b)).’’. 
(c) EFFECTIVE DATE.—The amendments made by 
subsection (a) shall apply to individuals who leave office 
or employment to which such amendments apply on or 
after the date of commencement of the first session of the 
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One Hundred Nineteenth Congress sine die or January 
3, 2024, whichever date is earlier. 
Æ 
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