Bill 119 HR 396, also known as the Blind Trust Act, aims to require Members of Congress, as well as their spouses and dependent children, to place certain assets into blind trusts. A blind trust is a financial arrangement in which a trustee manages the assets of a beneficiary without the beneficiary knowing the specific investments being made. This is done to prevent conflicts of interest and ensure that decisions made by the beneficiary, in this case, Members of Congress, are not influenced by their personal financial interests.
The purpose of this bill is to increase transparency and accountability among Members of Congress by preventing them from using their positions for personal financial gain. By placing their assets into blind trusts, Members of Congress would be unable to make decisions that could directly benefit themselves or their families financially.
The bill does not specify which assets would need to be placed into blind trusts or how the trusts would be managed. It also does not outline any penalties for non-compliance. However, it does state that the Office of Government Ethics would be responsible for overseeing the implementation of the blind trusts.
Overall, the Blind Trust Act seeks to promote ethical behavior and integrity among Members of Congress by ensuring that their financial interests do not interfere with their duties as elected officials.