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Bipartisan Restoring Faith in Government Act

Hozzl · 2025-02-05T01:08:18Z

Explore the details of House Bill 253 Bipartisan Restoring Faith in Government Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/5/2025, 1:08 AM

Summary of Bill HR 253

Bill 119 HR 253 aims to make changes to title 5 of the United States Code in order to limit the ability of Members of Congress and their spouses and dependents to trade and own certain financial instruments. The bill seeks to prevent conflicts of interest and insider trading by imposing restrictions on the trading activities of these individuals.

Specifically, the bill would prohibit Members of Congress and their immediate family members from owning or trading certain financial instruments, such as stocks, bonds, and other securities, based on nonpublic information obtained through their official duties. This is intended to ensure that lawmakers do not use their positions for personal financial gain at the expense of the public.

In addition to these restrictions, the bill also includes provisions for increased transparency and reporting requirements for Members of Congress and their families regarding their financial transactions. This is meant to provide greater accountability and oversight of their financial activities. Overall, Bill 119 HR 253 seeks to promote ethical behavior and integrity among Members of Congress by limiting their ability to engage in potentially unethical or illegal trading practices. By imposing these restrictions and increasing transparency, the bill aims to uphold the public trust and confidence in the legislative branch of government.

Congressional Summary of HR 253

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 253

Bill HR 253 is currently in the status of Bill Introduced since January 9, 2025. Bill HR 253 was introduced during Congress 119 and was introduced to the House on January 9, 2025. Bill HR 253'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 January 9, 2025

Bipartisan Support of Bill HR 253

Total Number of Sponsors

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Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 253

Primary Policy Focus

Alternate Title(s) of Bill HR 253

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.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.

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Comments

5 months ago

this bill is so dumb, why do they care about what congress people do with their money? it's not fair that they can't trade certain things just because they're in office. it's gonna make it harder for them to make money and that's not right. i don't like it at all.

5 months ago

This bill is so important, like, it's about time they do something about all the shady stuff going on with Congress and their money. I mean, why should they be allowed to trade financial stuff when they're supposed to be working for us? It's just not right. But, like, will this really make a difference in the long run? Like, what's stopping them from finding loopholes or doing sketchy stuff in other ways? #justsaying