Bipartisan Ban on Congressional Stock Ownership Act of 2023

1/30/2024, 8:15 AM

Summary of Bill HR 1679

Bill 118 HR 1679, also known as the Bipartisan Ban on Congressional Stock Ownership Act of 2023, is a proposed piece of legislation in the US Congress. The main objective of this bill is to prohibit members of Congress from owning individual stocks while serving in office.

The bill is sponsored by a bipartisan group of lawmakers who believe that owning individual stocks can create conflicts of interest for members of Congress. By banning stock ownership, the bill aims to ensure that lawmakers are making decisions in the best interest of the public, rather than their own financial gain.

If passed, the Bipartisan Ban on Congressional Stock Ownership Act of 2023 would require members of Congress to divest any individual stocks they currently own within 90 days of the bill becoming law. Lawmakers would be allowed to invest in mutual funds or exchange-traded funds, but would be prohibited from owning individual stocks. Supporters of the bill argue that it is necessary to restore public trust in Congress and prevent potential corruption. Critics, however, argue that the bill could limit lawmakers' ability to make informed decisions on financial matters. Overall, the Bipartisan Ban on Congressional Stock Ownership Act of 2023 is a significant piece of legislation that aims to address ethical concerns within Congress and promote transparency and accountability among lawmakers.

Congressional Summary of HR 1679

Bipartisan Ban on Congressional Stock Ownership Act of 2023

This bill prohibits Members of Congress and their spouses from owning or trading stocks, bonds, commodities, futures, or any other form of security.

Each current Member must divest within 180 days after the bill is enacted and each new Member must divest within 180 days after becoming a Member. However, Members and their spouses have 5 years to divest from specified complex investment vehicles. The bill does not apply to certain investments, such as investments in widely held investment funds that are diversified and do not present a conflict of interest and investments held in government employee retirement plans.

A Member or spouse who violates the bill may be subject to a fine of up to $50,000 for each violation. The bill permits a Member or spouse who is required to divest property under the bill to avoid recognizing gain for income tax purposes from the sale of that property to the extent that the Member or spouse purchases permitted bonds or diversified investment funds within 60 days of the divestiture.

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Current Status of Bill HR 1679

Bill HR 1679 is currently in the status of Bill Introduced since March 21, 2023. Bill HR 1679 was introduced during Congress 118 and was introduced to the House on March 21, 2023.  Bill HR 1679's most recent activity was Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, and Ways and Means, 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. as of March 21, 2023

Bipartisan Support of Bill HR 1679

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
54
Democrat Cosponsors
38
Republican Cosponsors
16
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 1679

Primary Policy Focus

Congress

Alternate Title(s) of Bill HR 1679

Bipartisan Ban on Congressional Stock Ownership Act of 2023Bipartisan Ban on Congressional Stock Ownership Act of 2023To prohibit stock trading and ownership by Members of Congress and spouses of Members of Congress, and for other purposes.
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Sponsors and Cosponsors of HR 1679

R
Pramila Jayapal
Washington(Democrat)
R
Mark Takano
California(Democrat)
R
Paul Tonko
New York(Democrat)
R
Keith Self
Texas(Republican)
R
Matthew M. Rosendale, Sr.
Montana(Republican)
R
Katie Porter
California(Democrat)

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