Bipartisan Restoring Faith in Government Act

Hozzl · 2024-01-09T18:39:20Z

Explore the details of House Bill 3003 Bipartisan Restoring Faith in Government Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Congress. Stay informed on legislative developments.

1/9/2024, 6:39 PM

Summary of Bill HR 3003

Bill 118 hr 3003, also known as the Bipartisan Restoring Faith in Government Act, aims to address issues of ethics and transparency within the United States Congress. The bill was introduced with the goal of increasing accountability and restoring trust in government institutions.

Key provisions of the bill include requirements for members of Congress to disclose any financial conflicts of interest, as well as restrictions on the use of campaign funds for personal expenses. The bill also includes measures to increase transparency in lobbying activities and to strengthen enforcement of ethics rules.

Additionally, the Bipartisan Restoring Faith in Government Act includes provisions to improve the functioning of government agencies, such as requiring regular audits of federal programs and increasing penalties for violations of ethics rules. Overall, the bill seeks to promote integrity and accountability in government, with the ultimate goal of rebuilding public trust in Congress and other government institutions. It has received bipartisan support and is currently under consideration in the House of Representatives.

Congressional Summary of HR 3003

Bipartisan Restoring Faith in Government Act

This bill prohibits Members of Congress (and their spouses and dependents) from purchasing or selling certain investments, such as individual stocks and related financial instruments that are not diversified investment funds, U.S. Treasury securities, or other specified holdings.

Members must divest prohibited investments within 90 days by selling them or placing them in a qualified blind trust. The bill also restricts communications between trustees and beneficiaries related to investments held in qualified blind trusts.

Members must certify their compliance with the supervising ethics office, which must make the certificates publicly available online.

Violations are subject to specified civil penalties. Additionally, losses stemming from a transaction involving a prohibited investment that violates the provisions of the bill may not be deducted from income taxes.

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Current Status of Bill HR 3003

Bill HR 3003 is currently in the status of Bill Introduced since April 28, 2023. Bill HR 3003 was introduced during Congress 118 and was introduced to the House on April 28, 2023. Bill HR 3003's most recent activity was Referred to the Committee on House Administration, and in addition to the Committee on 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 April 28, 2023

Bipartisan Support of Bill HR 3003

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3003

Primary Policy Focus

Congress

Alternate Title(s) of Bill HR 3003

Bipartisan Restoring Faith in Government Act

To amend title 5, United States Code, to restrict trading and ownership of certain financial instruments by Members of Congress and their spouses and dependents, and for other purposes.