I 
119TH CONGRESS 
1ST SESSION H. R. 1712 
To amend chapter 131 of title 5, United States Code, with respect to 
prohibited financial transactions. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 27, 2025 
Mr. LICCARDO (for himself, Mr. KHANNA, Ms. NORTON, Mr. MULLIN, Mr. 
GRIJALVA, Mr. THANEDAR, Mrs. TORRES of California, Mr. CARSON, Mr. 
SWALWELL, Mr. PETERS, Mr. SOTO, Ms. ELFRETH, Mr. GARAMENDI, 
Ms. BARRAGA´N, Mr. OLSZEWSKI, Mr. LIEU, Mr. GOLDMAN of New York, 
Mr. SMITH of Washington, and Mr. TURNER of Texas) introduced the 
following bill; which was referred to the Committee on Oversight and 
Government Reform, and in addition to the Committees on the Judiciary, 
and House Administration, for a period to be subsequently determined by 
the Speaker, in each case for consideration of such provisions as fall with-
in the jurisdiction of the committee concerned 
A BILL 
To amend chapter 131 of title 5, United States Code, with 
respect to prohibited financial transactions. 
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 ‘‘Modern Emoluments 
and Malfeasance Enforcement Act’’ or the ‘‘MEME Act’’. 
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SEC. 2. SENSE OF CONGRESS. 
It is the sense of Congress that Federal elected offi-
cials must not utilize their position, granted by the trust 
of the public, for private financial gain. The issuance, 
sponsorship, or promotion of financial instruments by pub-
lic office holders will deprive the public of the office hold-
er’s honest services, facilitate bribery by investors or pur-
chasers, and result in public exploitation and corrupt for-
eign influence. Members of Congress and the Executive 
Branch must not seek to use their public office to benefit 
financially; rather their positions are held in trust for the 
benefit of the American public. 
SEC. 3. PROHIBITED FINANCIAL TRANSACTIONS. 
(a) IN GENERAL.—Chapter 131 of title 5, United 
States Code, is amended by adding at the end the fol-
lowing: 
‘‘SUBCHAPTER 
IV—FINANCIAL 
EXPLOI-
TATION BY A PUBLIC OFFICE HOLDER 
‘‘SEC. 13151. DEFINITIONS. 
‘‘In this subchapter: 
‘‘(1) ADJACENT INDIVIDUAL.—The term ‘adja-
cent individual’ means— 
‘‘(A) each officer or employee in the execu-
tive branch holding a Senior Executive Service 
position (as defined under section 3132(a)(2)); 
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‘‘(B) each member of a uniformed service 
whose pay grade is at or in excess of O–7 under 
section 201 of title 37; 
‘‘(C) each officer or employee in any other 
position determined by the Special Counsel of 
the United States, in consultation with the Di-
rector of the Office of Government Ethics, to be 
of equal classification to a position described in 
subparagraph (A) or (B); or 
‘‘(D) the spouse or dependent child of any 
individual described in subparagraph (A), (B), 
or (C). 
‘‘(2) PROHIBITED FINANCIAL TRANSACTION.— 
‘‘(A) IN GENERAL.—The term ‘prohibited 
financial transaction’ means the issuance, spon-
sorship, or promotion of a covered asset for pe-
cuniary gain. 
‘‘(B) COVERED ASSET.—The term ‘covered 
asset’ means— 
‘‘(i) a security (as such term is de-
fined in section 3(a) of Securities Ex-
change Act of 1934); 
‘‘(ii) a security future (as such term is 
defined in section 3(a) of Securities Ex-
change Act of 1934); 
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‘‘(iii) a commodity (as defined in sec-
tion 1a of the Commodity Exchange Act); 
‘‘(iv) a digital asset which can be sold 
for 
remuneration, 
including 
a 
cryptocurrency, a meme coin, a token, or a 
non-fungible token; or 
‘‘(v) any derivative, option, warrant, 
mutual fund, or exchange-traded fund of 
an asset described in clause (i), (ii), (iii), 
or (iv). 
‘‘(3) COVERED
INDIVIDUAL.—The term ‘cov-
ered individual’ means— 
‘‘(A) the President; 
‘‘(B) the Vice President; 
‘‘(C) a public official (as defined in section 
201(a) of title 18); or 
‘‘(D) the spouse or dependent child of any 
individual described in subparagraph (A), (B), 
or (C). 
‘‘(4) DEPENDENT CHILD.—The term dependent 
child has the meaning given the term in section 
13101. 
‘‘SEC. 13152. PROHIBITION ON CERTAIN TRANSACTIONS. 
‘‘(a) PROHIBITION.—Except as provided in sub-
section (b), a covered individual or an adjacent individual 
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may not engage in or benefit from a prohibited financial 
transaction— 
‘‘(1) during the term of service of the covered 
individual or adjacent individual; 
‘‘(2) during the 180-day period prior to the 
date on which the service of such covered individual 
or adjacent individual commenced; or 
‘‘(3) during the 180-day period beginning on 
the date on which the service of such covered indi-
vidual or adjacent individual is terminated. 
‘‘(b) ADJACENT INDIVIDUALS.—With respect to adja-
cent individuals, nothing in this section shall be construed 
to limit the application of section 208 of title 18. 
‘‘(c) LIABILITY AND IMMUNITY.—For purposes of 
any immunities to civil liability, any conduct comprising 
or relating to a prohibited financial transaction under this 
section shall be deemed an ‘unofficial act,’ and beyond the 
scope of official duties. 
‘‘SEC. 13153. CIVIL PENALTIES. 
‘‘(a) CIVIL ACTION.—The Attorney General may 
bring a civil action in any appropriate United States dis-
trict court against any covered individual or adjacent indi-
vidual who violates any provision of section 13152. 
‘‘(b) CONTINUING CONDUCT: Any act intended 
to encourage the sale of a covered asset, including adver-
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tisement, promotion, solicitation, marketing, or endorse-
ment of the covered asset, constitutes a violation of this 
section. 
‘‘(c) CIVIL PENALTY.—The court in which any action 
is brought under subsection (a) may assess against a cov-
ered individual or an adjacent individual a civil penalty 
of not more than $250,000. 
‘‘(d) DISGORGEMENT.— 
‘‘(1) IN GENERAL.—A covered individual or ad-
jacent individual shall disgorge to the Treasury of 
the United States any profit from a prohibited fi-
nancial transaction or holding conducted in violation 
of this section. 
‘‘(2) RETROACTIVE.—Disgorgement shall be re-
quired for any person who violates section 13152 re-
gardless of whether the issuance of the financial 
asset transpired prior to the enactment of this Act. 
‘‘(e) PRIVATE RIGHT OF ACTION.—Notwithstanding 
any contrary provision in any contract relating to the 
asset, any investor, competitor, or other private party suf-
fering harm may bring an action in an appropriate district 
court of the United States for any appropriate equitable 
or declaratory relief, including monetary damages, with re-
spect to a violation of section 13152.’’. 
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