H.R. 3182: To amend title 5, United States Code, to prohibit Members of Congress and their spouses from trading stock, and for other purposes.

This bill proposes amendments to title 5 of the United States Code, specifically to add restrictions regarding financial transactions for Members of Congress and their spouses. The main objectives of the bill are as follows:

Prohibition of Stock Trading

The bill aims to prohibit Members of Congress and their spouses from holding, purchasing, or selling "covered financial instruments" during their term in office. Covered financial instruments include:

• Securities as defined by the Securities Exchange Act of 1934
• Securities futures
• Commodities as defined by the Commodity Exchange Act
• Economic interests similar to those listed above acquired through synthetic means, such as derivatives

Exceptions to the Prohibition

There are some exceptions to the prohibition:

• Members of Congress and their spouses can retain any covered financial instruments they owned before the start of their term.
• Instruments held in a qualified blind trust are also exempt from this prohibition.

Penalties for Violations

If a Member of Congress or their spouse does engage in prohibited transactions, they may be subject to civil fines as specified in the existing statutes.

Implementation

The restrictions outlined in this bill would take effect on the first day of the One Hundred Twentieth Congress, which sets a clear timeline for when these rules will apply.

Definitions Provided

The bill includes specific definitions to clarify terms used within the text, such as:

• Covered Financial Instrument: Refers to various forms of investment, including securities and commodities.
• Member of Congress: Defined in accordance with existing legislation.
• Qualified Blind Trust: A trust that is managed by an independent trustee without the knowledge of the beneficiary.

Relevant Companies

• None found