Prohibition of Financial Trading on Government Property Act

Bill: 118-hr-2383
Sponsor: full_name: Rep. Mace, Nancy [R-SC-1]
Introduced: 2023-03-29
Policy area: Government Operations and Politics
Latest action: action_date: 2023-03-29
text: Referred to the Committee on Oversight and Accountability, and in addition to the Committee on House Administration, 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.

Summaries:
action_date: 2023-03-29
action_desc: Introduced in House
text: <p><b>Prohibition of Financial Trading on Government Property Act</b></p> <p>This bill prohibits federal employees from conducting any financial trading on federal property. </p> <p>Specifically, the bill prohibits federal employees, including Members of Congress and the President, from engaging in any financial trading on federal property. Federal employees (with the exception of the President and Vice President) are also prohibited from using government-issued devices to engage in any financial trading. The bill's restrictions do not apply to activities that are related to an employee's official duties or Thrift Savings Plan account.</p> <p>Federal employees who violate the bill's prohibitions are subject to fines, imprisonment (for knowing violations), and disciplinary action. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 2383 IN THE HOUSE OF REPRESENTATIVES March 29, 2023 Ms. Mace (for herself and Ms. Craig ) introduced the following bill; which was referred to the Committee on Oversight and Accountability , and in addition to the Committee on House Administration , 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 prohibit Federal officers and employees from engaging in any financial trading activity while on Federal Government property, and for other purposes.

1. Short title This Act may be cited as the Prohibition of Financial Trading on Government Property Act . 2. Prohibition on financial trading activity while on Government property or using Government resources (a) Prohibition A Federal employee may not— (1) conduct, participate in, or otherwise carry out any financial trading activity while on Federal property; or (2) use any Government-issued devices or resources, including computers, internet access, telephones, or other electronic devices, for the purpose of conducting, participating in, or otherwise carrying out any financial trading activity. (b) Exceptions (1) In general Subsection (a) shall not apply to— (A) any Federal employee if such employee’s official duties involve financial trading activity, as determined by the head of the employing agency; and (B) a Federal employee’s engagement in financial trading activity is directly related to their account under the Thrift Savings Plan. (2) President; Vice President Subsection (a)(2) shall not apply to the President or the Vice President. (c) Penalties (1) Penalty (A) An individual who violates this section shall be fined not more than the value of the financial trading activity, or $1,000, whichever is greater. (B) An individual who knowingly violates this section shall be fined not more than $5,000, imprisoned not more than 3 years, or both. (2) Personnel action Any individual found to be in violation of this Act shall be subject to disciplinary action up to and including removal, as determined by the head of the employing agency. (d) Reporting (1) In general Each employing agency shall report any violation of this Act to the supervising ethics office within 30 days after determining that the violation has occurred. (2) Compliance The supervising ethics office shall have the authority to conduct investigations and audits to ensure compliance with this Act. (e) Regulations Each supervising ethics office shall issue regulations to implement this Act, including guidelines for determining what constitutes a violation of the Act, procedures for reporting violations, and penalties under subsection (c)(1). (f) Definitions In this Act— (1) the term Federal employee — (A) means— (i) the President; (ii) a Member of Congress (as that term is defined in section 2106 of title 5, United States Code); (iii) an employee (as that term is defined under section 2105 of such title); (iv) an employee of the United States Postal Service or Postal Regulatory Commission; and (v) notwithstanding section 7425(b) of title 38, United States Code, an employee appointed under chapter 73 or 74 of such title 38; and (B) does not include— (i) any member of the uniformed services (as that term is defined in section 2101 of title 5, United States Code); or (ii) the Chief Justice of the United States or any associate justice of the Supreme Court of the United States; (2) the term Federal property means any building, land, or other real property owned, leased, or occupied by any department, agency, or instrumentality of the United States Government, but does not include any— (A) national park (but not including the White House and President’s Park); (B) facility of the United States Postal Service; (C) Indian Reservation (as that term is defined in section 3 of the Indian Financing Act of 1974); (D) real property or facility owned by the United States Government located outside the United States and its territories; or (E) Border Inspection Facilities; (3) the term financial trading activity means the buying or selling of any stock, bond, commodity, future, cryptocurrency or other digital asset, or other form of security, including an interest in a hedge fund, a derivative, option, or other complex investment vehicle; and (4) the term supervising ethics office has the meaning given that term in section 13101 of title 5, United States Code. (g) Effective date This Act shall begin to take effect 90 days after the date of enactment of this Act.