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PORTFOLIO Act
12/15/2023, 3:53 PM
Summary of Bill HR 389
The PORTFOLIO Act, also known as Bill 118 hr 389, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address the issue of student loan debt by creating a new income-driven repayment plan for borrowers.
Under the PORTFOLIO Act, borrowers would have the option to enroll in an income-driven repayment plan that caps their monthly payments at a percentage of their discretionary income. This would make it easier for borrowers to manage their student loan debt and avoid default.
Additionally, the bill would streamline the process for borrowers to enroll in income-driven repayment plans and provide more transparency about the options available to them. It would also allow borrowers to easily switch between different repayment plans as their financial situation changes. Overall, the PORTFOLIO Act aims to make student loan repayment more manageable for borrowers and reduce the burden of student loan debt. It is currently being debated in Congress and may undergo changes before being voted on.
Under the PORTFOLIO Act, borrowers would have the option to enroll in an income-driven repayment plan that caps their monthly payments at a percentage of their discretionary income. This would make it easier for borrowers to manage their student loan debt and avoid default.
Additionally, the bill would streamline the process for borrowers to enroll in income-driven repayment plans and provide more transparency about the options available to them. It would also allow borrowers to easily switch between different repayment plans as their financial situation changes. Overall, the PORTFOLIO Act aims to make student loan repayment more manageable for borrowers and reduce the burden of student loan debt. It is currently being debated in Congress and may undergo changes before being voted on.
Congressional Summary of HR 389
Preventing Opportunistic Returns on Trades and Futures by Officials, Leadership, and Individuals in Office Act or the PORTFOLIO Act
This bill generally prohibits federal employees and officials from owning or trading in synthetic assets (i.e., tokenized derivatives). It also establishes financial disclosure requirements with respect to cryptocurrency.
Specifically, the bill prohibits federal employees, Members of Congress, the President, and Vice President from owning or trading investments in a security, a commodity, a future, cryptocurrency, or any comparable economic interest acquired through synthetic means, such as through a derivative. Such investments must be divested through gift or donation, cashing out, or a qualified blind trust. The appropriate ethics office may grant temporary exemptions in certain situations, such as for preexisting complex financial arrangements from which investments cannot be withdrawn, and may assess fees for violations. The Department of Justice may also bring civil actions for violations.
The bill also (1) incorporates cryptocurrency and other digital assets into current financial disclosure requirements; (2) modifies the categories and timelines for financial disclosures; and (3) requires agencies, ethics offices, and the Department of Justice to regularly report on violations of this bill and other related requirements.
Read the Full Bill
Current Status of Bill HR 389
Bill HR 389 is currently in the status of Bill Introduced since January 17, 2023. Bill HR 389 was introduced during Congress 118 and was introduced to the House on January 17, 2023.  Bill HR 389's most recent activity was Referred to the Committee on Oversight and Accountability, and in addition to the Committees on the Judiciary, 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 January 17, 2023
Bipartisan Support of Bill HR 389
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 389
Primary Policy Focus
Government Operations and PoliticsPotential Impact Areas
- Advanced technology and technological innovations
- Civil actions and liability
- Commodities markets
- Computers and information technology
- Congressional officers and employees
- Congressional oversight
- Currency
- Digital media
- Family relationships
- Federal officials
- Financial services and investments
- Government employee pay, benefits, personnel management
- Government ethics and transparency, public corruption
- Government information and archives
- Members of Congress
- Postal service
- Presidents and presidential powers, Vice Presidents
- Securities
Alternate Title(s) of Bill HR 389
PORTFOLIO Act
To amend the Ethics in Government Act of 1978 to restrict trading and ownership of covered investments by each Federal employee, and for other purposes.
PORTFOLIO Act
Preventing Opportunistic Returns on Trades and Futures by Officials, Leadership, and Individuals in Office Act
Comments
Sponsors and Cosponsors of HR 389
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