No Corruption in Government Act

Bill: 119-hr-358
Sponsor: full_name: Rep. Nunn, Zachary [R-IA-3]
Introduced: 2025-01-13
Policy area: Congress
Subjects: Commodities markets

Family relationships

Financial services and investments

Government ethics and transparency, public corruption

Government information and archives

Inflation and prices

Members of Congress

Securities

Wages and earnings
Latest action: action_date: 2025-01-13
text: Referred to the Committee on House Administration, and in addition to the Committees on Ways and Means, the Judiciary, and Oversight and Government Reform, 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: 2025-01-13
action_desc: Introduced in House
text: <p><strong>No Corruption in Government Act</strong></p><p>This bill lengthens the limitations on former Congress Members'&nbsp;contact with the legislative branch&nbsp;and restricts certain financial transactions by&nbsp;Members&nbsp;and their spouses.</p><p>Specifically, the bill lengthens the cooling off period that prohibits former Members from contacting Members, officers, or employees of the House or Senate on behalf of a third party. During this post-employment waiting period, a former Member may not communicate with the intent to influence the official actions of a Member, officer, or employee of the House of Representatives or Senate. The bill lengthens the waiting period from one to three years after a Member of the House leaves&nbsp;office and from two to six years after a Senator leaves office.</p><p>Next, the bill prohibits Members of Congress and their spouses from&nbsp;holding, buying, or selling financial instruments such as stocks, securities futures, and commodities while the Member holds office. However, covered financial instruments may be held in a qualified blind trust. A Member or spouse who violates this provision must disgorge any resulting profits, may not take a related financial loss as an income tax deduction, and may be fined&nbsp;up to&nbsp;$50,000. The supervising ethics office of each chamber must audit Members' compliance with these&nbsp;requirements every two years.&nbsp;</p><p>Additionally, the bill eliminates automatic annual increases to Members' pay beginning in the 120th Congress.</p>

tv_txt: I 119th CONGRESS 1st Session H. R. 358 IN THE HOUSE OF REPRESENTATIVES January 13, 2025 Mr. Nunn of Iowa (for himself and Ms. Perez ) introduced the following bill; which was referred to the Committee on House Administration , and in addition to the Committees on Ways and Means , the Judiciary , and Oversight and Government Reform , 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 title 5, United States Code, to prohibit insider trading by Members of Congress and their spouses, to amend title 18, United States Code, to extend the length of the post-employment ban on lobbying by Members of Congress, to repeal the automatic adjustment in the pay of Members of Congress, and for other purposes.

1. Short title This Act may be cited as the No Corruption in Government Act . I Prohibiting Insider Trading by Members of Congress 101. Short title This title may be cited as the Prohibit Insider Trading Act . 102. Prohibiting transactions and ownership of certain financial instruments by Members of Congress and their spouses (a) In general Chapter 131 of title 5, United States Code, is amended by adding after subchapter III the following: IV Restrictions Regarding Financial Instruments 13151. Definitions In this subchapter:— (1) the term covered financial instrument — (A) means— (i) any investment in— (I) a security (as defined in section 3(a) of Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )); (II) a security future (as defined in that section); or (III) a commodity (as defined in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a )); and (ii) any economic interest comparable to an interest described in subclause (I) that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means; and (B) does not include— (i) a diversified mutual fund; (ii) a diversified exchange-traded fund; (iii) any investment in the Thrift Savings Plan; or (iv) a United States Treasury bill, note, or bond; (2) the term Member of Congress has the meaning given that term in section 13101; (3) the term supervising ethics office has the meaning given that term in section 13101; and (4) the term qualified blind trust has the meaning given that term in section 13104(f)(3). 13152. Prohibition on certain transactions and holdings involving covered financial instruments (a) Prohibition Except as provided in subsection (b), a Member of Congress and the Member’s spouse may not, during the term of service of the Member, hold, purchase, or sell any covered financial instrument. (b) Exceptions The prohibition under subsection (a)— (1) shall begin to apply with respect to a Member of Congress who commences service as a Member after the date of enactment of this subchapter on the date that is seven days after the first date of the initial term of service; and (2) does not apply to a covered financial instrument held in a qualified blind trust operated on behalf of, or for the benefit of, a Member of Congress or the Member’s spouse. (c) Penalties (1) Disgorgement A Member of Congress and the Member’s spouse shall disgorge to the general fund of the Treasury any profit from a transaction or holding involving a covered financial instrument that is conducted in violation of this section. (2) 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 applicable Member of Congress or the Member’s spouse. (3) Fines A Member of Congress who holds or conducts a transaction involving a covered financial instrument in violation of this section may be subject to a civil fine as described under section 13106(a). 13153. Supervising ethics office certification of compliance and audit (a) Certification (1) In general Not later than seven days after the beginning of any session of Congress, each Member of Congress shall submit to the supervising ethics office a written certification that the Member and the Member’s spouse has achieved compliance with the requirements of this subchapter. (2) Publication The supervising ethics office shall publish each certification submitted under paragraph (1) on a publicly available website. (b) Audit Not less than every two years, the supervising ethics office shall conduct an audit of the compliance by Members of Congress with the requirements of this subchapter. . (b) Clerical amendment The table of sections for such chapter 131 is amended by inserting after the item relating to section 13146 the following: SUBCHAPTER IV—RESTRICTIONS REGARDING FINANCIAL INSTRUMENTS 13151. Definitions. 13152. Prohibition on certain transactions and holdings involving covered financial instruments. 13153. Supervising ethics office certification of compliance and audit. . (c) Application The amendments made by subsection (a) shall begin to apply to Members of Congress and their spouses on the first day of the second session of the One Hundred Nineteenth Congress. II Increasing Length of Post-Employment Lobbying Ban 201. Short title This title may be cited as the Ban Members From Lobbying Act . 202. Increase in length of post-employment ban on lobbying of Congress by former Members (a) Length of post-Employment ban (1) 6-year ban for former Senators Subparagraph (A) of section 207(e)(1) of title 18, United States Code, is amended by striking within 2 years after that person leaves office and inserting within 6 years after that person leaves office . (2) 3-year ban for former Members of the House of Representatives Paragraph (1) of section 207(e) of such title is amended by striking subparagraph (B) and inserting the following: (B) Members of the House of Representatives Any person who is a Member of the House of Representatives and who, within 3 years after that person leaves office, knowingly makes, with the intent to influence, any communication to or appearance before any Member, officer, or employee of either House of Congress and any employee of any other legislative office of the Congress, on behalf of any other person (except the United States) in connection with any matter on which such former Member seeks action by a Member, officer, or employee of either House of Congress, in his or her official capacity, shall be punished as provided in section 216 of this title. (C) Officers of the House of Representatives Any person who is an elected officer of the House of Representatives and who, within 1 year after that person leaves office, knowingly makes, with the intent to influence, any communication to or appearance before any Member, officer, or employee of the House of Representatives, on behalf of any other person (except the United States) in connection with any matter on which such former elected officer seeks action by a Member, officer, or employee of either House of Congress, in his or her official capacity, shall be punished as provided in section 216 of this title. . (b) Effective date The amendments made by this section shall apply with respect to any individual who, on or after the date of the enactment of this Act, leaves an office to which section 207(e)(1) of title 18, United States Code, applies. III Eliminating Member COLA 301. Elimination of automatic pay adjustments for Members of Congress (a) In general Paragraph (2) of section 601(a) of the Legislative Reorganization Act of 1946 ( 2 U.S.C. 4501 ) is repealed. (b) Technical and conforming amendments Section 601(a) of such Act ( 2 U.S.C. 4501 ) is amended— (1) by striking (a)(1) and inserting (a) ; (2) by redesignating subparagraphs (A), (B), and (C) as paragraphs (1), (2), and (3), respectively; and (3) by striking as adjusted by paragraph (2) of this subsection and inserting adjusted as provided by law . (c) Effective date This section and the amendments made by this section shall take effect on the date on which the One Hundred Twentieth Congress convenes.