TRUST in Congress Act

Bill: 116-hr-7200
Sponsor: full_name: Rep. Spanberger, Abigail Davis [D-VA-7]
Introduced: 2020-06-15
Policy area: Congress
Subjects: Commodities markets

Family relationships

Financial services and investments

Government ethics and transparency, public corruption

Government information and archives

Members of Congress

Securities
Latest action: action_date: 2020-06-15
text: Referred to the House Committee on House Administration.

Summaries:
action_date: 2020-06-15
action_desc: Introduced in House
text: <p><b>Transparent Representation Upholding Service and Trust in Congress Act or the TRUST in Congress Act</b></p> <p>This bill requires a Member of Congress, as well as any spouse or dependent child, to place specified investments into a qualified blind trust (i.e., an arrangement in which certain financial holdings are placed in someone else's control to avoid a possible conflict of interest) until 180 days after the end of their tenure as a Member of Congress. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7200 IN THE HOUSE OF REPRESENTATIVES June 15, 2020 Ms. Spanberger (for herself and Mr. Roy ) introduced the following bill; which was referred to the Committee on House Administration A BILL To require Members of Congress and their spouses and dependent children to place certain assets into blind trusts, and for other purposes.

1. Short title This Act may be cited as the Transparent Representation Upholding Service and Trust in Congress Act or the TRUST in Congress Act . 2. Placement of certain assets of Members of Congress and their spouses and dependent children in blind trust (a) In general (1) Members occupying office on date of enactment Not later than 90 days after the date of enactment of this Act, a Member of Congress and any spouse or dependent child of such Member shall place any covered investment owned by such Member, spouse, or dependent child into a qualified blind trust. (2) Members assuming office after date of enactment Not later than 90 days after the date an individual becomes a Member of Congress after the date of enactment of this Act, such individual and any spouse or dependent child of such individual shall place any covered investment owned by such individual, spouse, or dependent child into a qualified blind trust. (3) Mingling of assets A spouse or dependent child of a Member of Congress may place a covered investment in a qualified blind trust established by such Member under paragraph (1) or (2). (4) Assets upon separation A Member of Congress and any spouse or dependent child of such Member may not dissolve any qualified blind trust in which a covered investment has been placed pursuant to paragraph (1) or (2), or otherwise control such an investment, until the date that is 180 days after the date such Member ceases to be a Member of Congress. (b) Accountability (1) Members of the House A Member of Congress who is a Member of the House of Representatives shall— (A) not later than 15 days after the date a qualified blind trust is established under subsection (a), certify to the Clerk of the House of Representatives that such trust has been established and that any covered investment owned by such Member or a spouse or dependent child of such Member has been placed in such trust; or (B) certify to the Clerk that such Member or a spouse or dependent child of such Member does not own any covered investment. (2) Members of the Senate A Member of Congress who is a Senator shall— (A) not later than 15 days after the date a qualified blind trust is established under subsection (a), certify to the Secretary of the Senate that such trust has been established and that any covered investment owned by such Member or a spouse or dependent child of such Member has been placed in such trust; or (B) certify to the Secretary that such Member or a spouse or dependent child of such Member does not own any covered investment. (3) Report The Clerk of the House of Representatives and the Secretary of the Senate shall make available on the public internet website of the Clerk and the Secretary, respectively, any certification made under paragraph (1) or (2). (c) Exception A spouse or dependent child who receives compensation from their primary occupation through any covered investment shall not be required to place such covered investment in a qualified blind trust under this Act. (d) Definitions In this Act: (1) Commodity The term commodity has the meaning given the term in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ). (2) Covered investment The term covered investment — (A) means investment in a security, a commodity, or a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative; and (B) does not include— (i) a widely held investment fund described in section 102(f)(8) of the Ethics in Government Act of 1978; or (ii) a United States Treasury bill, note, or bond. (3) Dependent child The term dependent child has the meaning given that term in section 109(2) of the Ethics in Government Act of 1978. (4) Member of Congress The term Member of Congress has the meaning given that term in section 109(12) of such Act. (5) Qualified blind trust The term qualified blind trust has the meaning given that term in section 102(f)(3) of such Act.