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MEME Act
3/28/2025, 8:06 AM
Summary of Bill HR 1712
The main goal of this legislation is to prevent conflicts of interest and unethical behavior by federal employees when it comes to financial transactions. By amending the current regulations, the bill seeks to strengthen the rules and regulations surrounding financial transactions within the government.
Some of the key provisions of the bill include stricter guidelines on financial transactions, increased transparency and accountability, and harsher penalties for those who violate the regulations. The bill also aims to enhance oversight and enforcement mechanisms to ensure compliance with the new rules. Overall, Bill 119 HR 1712 is designed to promote integrity and ethical behavior within the federal government by addressing and preventing prohibited financial transactions. It is an important step towards ensuring that federal employees act in the best interest of the public and uphold the highest standards of conduct.
Congressional Summary of HR 1712
Modern Emoluments and Malfeasance Enforcement Act or the MEME Act
This bill prohibits the President, the Vice President, those holding Senior Executive Service positions, admirals, generals, and certain other federal public officials from engaging in or benefiting from the issuance, sponsorship, or promotion of certain assets. The spouse and dependent children of such an official are also covered by the prohibition.
Assets covered by the bill are securities, security futures, commodities, digital assets such as cryptocurrency or a meme coin, as well as derivatives, options, warrants, mutual funds, or exchange traded funds of the preceding assets.
The prohibition applies to (1) such officials during their term of service and for 180 days prior to and after their service, and (2) the spouse and dependent children of such an official during that same period.
Civil and criminal penalties under the bill include disgorging (giving) to the Treasury any profits from prohibited transactions, fines, and imprisonment for up to five years. The bill provides additional penalties for such prohibited activities if they involve bribery or insider trading.
The U.S. Office of Special Counsel may also determine that federal employees or officers serving in other positions are covered by the prohibition.
