I 
119TH CONGRESS 
1ST SESSION H. R. 6731 
To amend chapter 131 of title 5 to prohibit Members of Congress, the 
President, Vice President, and their spouses and dependents from owning 
or trading stocks, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 16, 2025 
Mr. MAGAZINER (for himself, Ms. JAYAPAL, Mr. MORELLE, Mr. JEFFRIES, 
Ms. CLARK of Massachusetts, and Mr. AGUILAR) introduced the following 
bill; which was referred to the Committee on Oversight and Government 
Reform, and in addition to the Committees on House Administration, and 
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 chapter 131 of title 5 to prohibit Members of 
Congress, the President, Vice President, and their 
spouses and dependents from owning or trading stocks, 
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 ‘‘Restore Trust in Gov-
ernment Act’’. 
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SEC. 2. RESTRICTIONS ON TRADE AND OWNERSHIP OF 
COVERED INVESTMENTS. 
(a) TABLE OF CONTENTS.—The table of contents for 
chapter 131 of title 5, United States Code, is amended 
by adding at the end the following: 
SUBCHAPTER IV. RESTRICTIONS ON TRADE AND OWNERSHIP OF COVERED 
INVESTMENTS 
13151. Definitions. 
13152. Trade and ownership of covered investments. 
13153. Penalties. 
(b) RESTRICTIONS.—Chapter 131 of title 5, United 
States Code, is amended by adding at the end a new sub-
chapter: 
‘‘SUBCHAPTER IV—RESTRICTIONS ON TRADE 
AND OWNERSHIP OF COVERED INVESTMENTS 
‘‘§ 13151. Definitions 
‘‘In this subchapter: 
‘‘(1) COMMODITY.—The term ‘commodity’— 
‘‘(A) has the meaning given the term in 
section 1a of the Commodity Exchange Act (7 
U.S.C. 1a); and 
‘‘(B) does not include a precious metal (as 
defined in section 1027.100 of title 31, Code of 
Federal Regulations). 
‘‘(2) COVERED
INDIVIDUAL.—The term ‘cov-
ered individual’ means any of the following: 
‘‘(A) A Member of Congress, as defined in 
section 13101. 
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‘‘(B) A dependent child (as defined in sec-
tion 13101) or a spouse of a Member of Con-
gress. 
‘‘(C) A trustee of a trust in which an indi-
vidual described in subparagraph (A) or (B) 
has a beneficial interest in the principal or in-
come of the trust as described in section 
1403(b)(5) of the Internal Revenue Code of 
1986. 
‘‘(D) The President, or the spouse or a de-
pendent child (as defined in section 13101) of 
the President. 
‘‘(E) The Vice President, or the spouse or 
a dependent child (as defined in section 13101) 
of the Vice President. 
‘‘(3) COVERED INVESTMENT.—The term ‘cov-
ered investment’— 
‘‘(A) means an investment in a security, a 
commodity, a future, or any comparable eco-
nomic interest acquired through synthetic 
means, such as the use of a derivative, includ-
ing an option, warrant, or other similar means; 
and 
‘‘(B) does not include— 
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‘‘(i) a widely held investment fund de-
scribed in section 13104(f)(8) that is di-
versified and publicly traded on a national 
or regional stock exchange; 
‘‘(ii) a United States Treasury bill, 
note, or bond; 
‘‘(iii) a State or municipal government 
bill, note, or bond; 
‘‘(iv) any compensation received by a 
spouse or a dependent child described in 
paragraph (2) from an employer of the 
spouse or dependent child; 
‘‘(v) an interest in a small business 
concern and, in the case of an investment 
in a family farm or ranch that qualifies as 
an interest in a small business concern, a 
future or commodity directly related to the 
farming activities and products of the farm 
or ranch; 
‘‘(vi) an interest in a limited liability 
company created for the sole purpose of 
purchasing or holding real estate that 
serves as the personal residences of the 
Member of Congress; 
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‘‘(vii) any share of Settlement Com-
mon Stock issued under section 7(g)(1)(A) 
of the Alaska Native Claims Settlement 
Act (43 U.S.C. 1606(g)(1)(A)); or 
‘‘(viii) any share of Settlement Com-
mon Stock, as defined in section 3 of the 
Alaska Native Claims Settlement Act (43 
U.S.C. 1602). 
‘‘(4) DIVERSIFIED.—The term ‘diversified’, 
with respect to an investment fund, means such 
fund does not have a stated policy of concentrating 
its investments in any industry, business, single 
country other than the United States, or bonds of a 
single State within the United States except for the 
State in which the Member of Congress resides. 
‘‘(5) FUTURE.—The term ‘future’ means a fi-
nancial contract obligating the buyer to purchase an 
asset or the seller to sell an asset, such as a physical 
commodity or a financial investment, at a predeter-
mined future date and price. 
‘‘(6) 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)). 
‘‘(7) SMALL
BUSINESS
CONCERN.—The term 
‘small business concern’ has the meaning given that 
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term under section 3 of the Small Business Act (15 
U.S.C. 632). 
‘‘(8) SUPERVISING ETHICS OFFICE.—The term 
‘supervising ethics office’ has the meaning given the 
term in section 13101. 
‘‘§ 13152. Trade and ownership of covered invest-
ments 
‘‘(a) CONDUCT DURING FEDERAL SERVICE.—Except 
as described in subsection (b)(1)(B) and subsections (e) 
through (g), no covered individual may, directly or indi-
rectly, own or trade a covered investment. 
‘‘(b) COMPLIANCE.— 
‘‘(1) REQUIREMENT.—To comply with sub-
section (a)— 
‘‘(A) a covered individual may not pur-
chase a covered investment; and 
‘‘(B) a covered individual shall divest of 
any covered investment by the effective date es-
tablished in paragraph (2) at fair market value. 
‘‘(2) EFFECTIVE DATE.—The effective date is 
established as follows: 
‘‘(A) 180 days for an individual who is a 
covered individual on the date of enactment of 
the Restore Trust in Government Act. 
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‘‘(B) 90 days within the date on which an 
individual becomes a covered individual if such 
date occurs after the date of enactment of the 
Restore Trust in Government Act. 
‘‘(c) CERTIFICATES OF DIVESTITURE.— 
‘‘(1) APPLICATION OF CERTIFICATE OF DIVES-
TITURE PROGRAM.—For purposes of section 1043 of 
the Internal Revenue Code of 1986— 
‘‘(A) this section shall be treated as a Fed-
eral conflict of interest statute; 
‘‘(B) any covered individual described in 
section 13151(2)(A) shall be treated as an eligi-
ble person described in section 1043(b)(1)(A) of 
such Code; and 
‘‘(C) any spouse or dependent child de-
scribed in section 13151(2)(B) shall be treated 
as an eligible person described in section 
1043(b)(1)(B) of such Code. 
‘‘(2) ISSUANCE OF CERTIFICATE OF DIVESTI-
TURE.— 
‘‘(A) IN GENERAL.—Each supervising eth-
ics office shall issue a certificate of divestiture 
to each covered individual required to divest 
under this subchapter upon submission of proof 
of compliance by such individual with the re-
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quirements to divest or any extensions granted 
by the supervising ethics office. 
‘‘(B) ELIGIBILITY.—Such certificate shall 
include an identification of each specific prop-
erty eligible for the application of the certificate 
of divestiture program as determined by the su-
pervising ethics office. 
‘‘(d) INCOME TAX.—A loss from a transaction or 
holding involving a covered financial instrument that is 
conducted in violation of this section may not be deducted 
from the amount of income tax owed by the covered indi-
vidual. 
‘‘(e) OCCUPATIONAL EXCEPTION.—A spouse or de-
pendent child of a covered individual as described in sec-
tion 13151(2)(B) may trade any covered investment if 
such covered investment is not owned by a covered indi-
vidual and if such trade is performed as a function of the 
primary occupation of the spouse or dependent child. 
‘‘(f) TRUSTS.— 
‘‘(1) QUALIFIED BLIND TRUST.—Any covered 
investment held in a qualified blind trust as defined 
in section 13104(f)(3) shall be divested in accord-
ance with subsection (b)(1)(B) by the effective date 
established in subsection (b)(2). 
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‘‘(2) FAMILY TRUST.—A supervising ethics of-
fice may grant an exemption for covered investments 
held in a family trust only if— 
‘‘(A) no covered individual— 
‘‘(i) is a grantor of the family trust; 
‘‘(ii) contributed any covered invest-
ment to the family trust; or 
‘‘(iii) has any authority over a trustee 
of the family trust, including the authority 
to appoint, replace, or direct the actions of 
such a trustee; and 
‘‘(B) the grantor of the family trust is or 
was a family member of the covered individual. 
‘‘(3) REQUESTS.—A covered individual seeking 
an exemption under paragraph (2) shall submit to 
the applicable supervising ethics office a request for 
the exemption, in writing, certifying that the condi-
tions described in that paragraph are met. 
‘‘(g) 
ASSETS
ACQUIRED
IN
SPECIAL
CIR-
CUMSTANCES.—In the event that a covered individual ac-
quires a covered investment after the date of enactment 
of the Restore Trust in Government Act other than by 
purchase (such as by marriage, inheritance, divorce settle-
ment, or other circumstance), the covered individual shall 
have 90 days from the date on which such investment was 
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acquired to divest such covered investment at fair market 
value. 
‘‘(h) EXTENSION.—A supervising ethics office may 
grant a covered individual an extension of time to comply 
with a divestment deadline under this subchapter if a cov-
ered investment cannot be divested by such deadline due 
to low liquidity, vesting schedules, or contractual restric-
tions. 
‘‘(i) INTERPRETATIVE GUIDANCE.—The supervising 
ethics office shall issue interpretive guidance on any rel-
evant term not defined in this subchapter. 
‘‘§ 13153. Penalties 
‘‘(a) IN GENERAL.— 
‘‘(1) PENALTIES.—Any covered individual who 
violates the restrictions on trading or ownership of 
covered investments in section 13152 shall, at the 
direction of the supervising ethics office— 
‘‘(A) pay a fee equal to ten percent of the 
value of the covered investment; and 
‘‘(B) disgorge the profits of any trans-
action that violates the provisions of this sub-
chapter. 
‘‘(2) PAYMENT OF PENALTY TO TREASURY.—A 
penalty imposed under paragraph (1)(B) shall be 
payable into the Treasury of the United States. 
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‘‘(b) PAYMENT RESTRICTIONS.—A Member of Con-
gress may not pay any of the penalties 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. 
‘‘(c) PUBLICATION.—Each supervising ethics office 
shall publish on a publicly available website a description 
of— 
‘‘(1) each fine assessed by the supervising eth-
ics office pursuant to this section; 
‘‘(2) the reason why each such fine was as-
sessed; and 
‘‘(3) the result of each assessment.’’. 
Æ 
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