H.R. 9989: Candidate Investment Transparency and Ethics Act of 2026

This bill would require most people running for President, Vice President, the U.S. Senate, or the U.S. House of Representatives to make changes to their investments soon after they officially enter the race.

What counts as a covered investment

The bill focuses on publicly traded securities, including:

• Stocks
• Bonds and other debt securities from publicly traded companies
• Stock options, warrants, and convertible securities
• ETFs and similar products that hold individual company securities, unless they qualify as exempt investments

It does not treat certain widely diversified or low-risk holdings as covered investments, such as:

• Widely diversified mutual funds
• Broad index funds and ETFs that track major market indexes
• U.S., state, and local government securities
• Certificates of deposit, money market funds, and cash equivalents
• Defined benefit pensions and similar retirement plans that the person cannot direct individually

What candidates would have to do

Within 90 days after filing to run for office, the candidate would have to either:

• Sell all covered investments, or
• Place all covered investments into a qualified blind trust

A qualified blind trust would have to be managed by an independent trustee, with the candidate barred from knowing about or influencing the trust’s investment decisions. The candidate also could not communicate with the trustee about the trust’s assets or transactions, except where required by law or for tax purposes.

Family holdings

The bill also says candidates must make good-faith efforts to get covered investments held by a spouse or dependent child divested or moved into a blind trust. If a spouse keeps finances legally separate and does not agree, the candidate must tell the ethics office, which can decide whether an exemption is appropriate.

Certification requirement

Within the same 90-day period, the candidate would have to file a written certification with the relevant ethics office stating either:

• They no longer hold any covered investments other than exempt investments, or
• All covered investments have been placed in a qualified blind trust, including the trustee’s name and the financial institution administering the trust

No new purchases while running

From the filing date until the person is no longer a candidate or no longer seeks or holds federal office, the candidate could not buy new covered investments.

There are two exceptions:

• They may receive covered investments through inheritance or a similar transfer, but must divest them or place them in a blind trust within 90 days.
• Purchases made inside a qualified blind trust are allowed.

Rulemaking and enforcement details

The House Ethics Committee, Senate Ethics Committee, and Office of Government Ethics would have to issue rules within 180 days of enactment. Those rules would cover:

• How certifications are filed and reviewed
• What counts as a qualifying blind trust
• A process for hardship waivers in extraordinary circumstances, which would have to be made publicly available

Relationship to other laws

The bill would not replace or limit existing laws on insider trading, conflicts of interest, or financial disclosure, including the STOCK Act and ethics rules already in place.

When it would apply

The bill would take effect 180 days after enactment and would apply only to individuals who file for federal office on or after that date.

Relevant Companies

• None found