H. R. 3639
IN THE HOUSE OF REPRESENTATIVES
December 13, 2011
Mr. Nugent introduced the following bill; which was referred to the Committee on Oversight and Government Reform, 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
To amend the Ethics in Government Act of 1978 to require federally elected officials to place their stocks, bonds, commodities futures, and other forms of securities in a blind trust.
This Act may be cited as the
Prevent Insider Trading by Elected
Requirement of elected officials to use blind trust
The Ethics in Government Act of 1978 (5 U.S.C. App.) is amended by inserting after section 101 the following new section:
Elected officials required to establish a blind trust
The President, Vice President, and each Member of Congress shall place all of such person’s stocks, bonds, commodities futures, and other forms of securities, including securities held jointly with such person’s spouse, in a qualified blind trust (as defined in section 102(f)(3)).
Subsection (a) shall not apply to the financial interests or benefits described under section 102(i).
Timing and extension
The President, Vice President, and each Member of Congress shall comply with subsection (a) not later than 30 days after taking office, or in the case of those persons serving in those offices on the date of enactment of the Prevent Insider Trading by Elected Officials Act, not later than 30 days after such date of enactment.
The President and Vice President may file with the Director of the Office of Government Ethics for an additional 30 day extension to comply with subsection (a).
A Member of Congress may file, with the Clerk of the House of Representatives in the case of a Representative or Delegate of Congress and the Resident Commissioner from Puerto Rico, and with the Secretary of the Senate, in the case of a Senator, for an additional 30 day extension to comply with subsection (a).
Civil penalty for failure To comply
The Attorney General may bring a civil action in any appropriate United States district court against the President, Vice President, or any Member of Congress who knowingly and willfully fails to comply with subsection (a) by the end of the time period specified in subsection (c). The court in which such action is brought may assess against such person a civil penalty not to exceed $50,000.