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H.R. 396: Transparent Representation Upholding Service and Trust in Congress Act

This bill, known as the Transparent Representation Upholding Service and Trust in Congress Act (or TRUST in Congress Act), aims to increase transparency and mitigate potential conflicts of interest among members of Congress regarding their financial investments. The main provisions of the bill outline the following requirements:

1. Establishment of Blind Trusts

Members of Congress, as well as their spouses and dependent children, will be required to place any covered investments into a qualified blind trust. Key points include:

Timeframe for Current Members: Members in office on the date the law is enacted must do this within 180 days.
Timeframe for New Members: New members must establish a blind trust within 90 days after taking office.
Mingling of Assets: Spouses and dependent children can contribute to a blind trust set up by the Member of Congress.
Control of Investments: Former members and their families cannot dissolve or gain control over the blind trust's investments for 180 days after leaving office.

2. Accountability Mechanisms

The bill introduces mechanisms for ensuring compliance by Congress members, which includes:

Certification Requirement: House members must certify the establishment of the blind trust within 15 days to the Clerk of the House. Senate members must do the same to the Secretary of the Senate.
Public Disclosure: Certification information will be made available on the public websites of both the House and Senate clerks.

3. Exceptions

Under certain circumstances, a spouse or dependent child who receives income through their primary occupation from a covered investment will not be obligated to transfer that investment into a blind trust.

4. Definitions of Key Terms

The bill provides clear definitions for critical terms to ensure understanding and implementation:

Covered Investment: This includes investments in securities, commodities, futures, or similar economic interests but excludes widely held investment funds or U.S. Treasury securities.
Qualified Blind Trust: Defined within existing legal standards, these trusts are designed to prevent the beneficiaries from influencing investments.
Member of Congress: Refers to both Senators and Representatives as defined in federal law.