PORTFOLIO Act

Bill: 118-hr-389
Sponsor: Rep. Schweikert, David [R-AZ-1]
Introduced: 2023-01-17 in the House
Policy area: Government Operations and Politics
Subjects: Advanced technology and technological innovations
Civil actions and liability
Commodities markets
Computers and information technology
Congressional officers and employees
Congressional oversight
Currency
Digital media
Family relationships
Federal officials
Financial services and investments
Government employee pay, benefits, personnel management
Government ethics and transparency, public corruption
Government information and archives
Members of Congress
Postal service
Presidents and presidential powers, Vice Presidents
Securities

Summary:
action_date: 2023-01-17
text: 

Preventing Opportunistic Returns on Trades and Futures by Officials, Leadership, and Individuals in Office Act or the PORTFOLIO Act

 
This bill generally prohibits federal employees and officials from owning or trading in synthetic assets (i.e., tokenized derivatives). It also establishes financial disclosure requirements with respect to cryptocurrency.
 
Specifically, the bill prohibits federal employees, Members of Congress, the President, and Vice President from owning or trading investments in a security, a commodity, a future, cryptocurrency, or any comparable economic interest acquired through synthetic means, such as through a derivative. Such investments must be divested through gift or donation, cashing out, or a qualified blind trust. The appropriate ethics office may grant temporary exemptions in certain situations, such as for preexisting complex financial arrangements from which investments cannot be withdrawn, and may assess fees for violations. The Department of Justice may also bring civil actions for violations. 
 
The bill also (1) incorporates cryptocurrency and other digital assets into current financial disclosure requirements; (2) modifies the categories and timelines for financial disclosures; and (3) requires agencies, ethics offices, and the Department of Justice to regularly report on violations of this bill and other related requirements.


Legislative actions:
action_date: 2023-01-17
text: Referred to the Committee on Oversight and Accountability, and in addition to the Committees on the Judiciary, 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.
action_date: 2023-01-17
text: Referred to the Committee on Oversight and Accountability, and in addition to the Committees on the Judiciary, 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.
action_date: 2023-01-17
text: Referred to the Committee on Oversight and Accountability, and in addition to the Committees on the Judiciary, 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.
action_date: 2023-01-17
text: Referred to the Committee on Oversight and Accountability, and in addition to the Committees on the Judiciary, 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.
action_date: 2023-01-17
text: Introduced in House
action_date: 2023-01-17
text: Introduced in House