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Dismantling Investments in Violation of Ethical Standards through Trusts Act
12/29/2022, 7:03 PM
Summary of Bill HR 8754
Under the provisions of the bill, members of Congress would be required to disclose any assets held in a trust, as well as the identity of the trust's beneficiaries. This transparency is intended to prevent lawmakers from using trusts to hide their financial interests and avoid accountability for potential conflicts of interest.
Additionally, the bill includes measures to ensure that members of Congress are not using trusts to engage in insider trading or other unethical financial practices. This includes prohibiting lawmakers from using non-public information to make investment decisions and requiring them to divest from any assets that could pose a conflict of interest. Overall, the Dismantling Investments in Violation of Ethical Standards through Trusts Act seeks to promote transparency and accountability among members of Congress, and prevent them from using trusts to avoid scrutiny of their financial interests.
Congressional Summary of HR 8754
Dismantling Investments in Violation of Ethical Standards through Trusts Act
This bill prohibits a senior federal employee, his or her spouse, or dependent children from holding, purchasing, or selling certain financial instruments during the employee's term of service.
Any profit made in violation of the prohibition must be disgorged to the Treasury and may subject the individual to a civil fine. The bill also requires the submission of an annual certification of compliance and requires the Government Accountability Office to conduct a compliance audit.
A loss from a transaction or holding involving a covered financial instrument that is conducted in violation of this bill may not be deducted from the amount of income tax owed by the applicable senior federal employee, spouse, or dependent child.
A senior federal employee who holds or conducts a transaction involving a covered financial instrument in violation of this bill may be subject to a civil fine assessed by the supervising ethics office.
