Bills · HR 358
IN COMMITTEE· 119TH CONGRESS
House BillHR 358Inflation and pricesSecurities
No Corruption in Government Act
INTRO JAN 13· LAST ACTION JAN 13
READING
7MIN
COSPONSORS
2
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill addresses long-standing public concerns about potential conflicts of interest. Voters often worry that lawmakers might use privileged information gained through their official duties to make personal financial gains in the stock market. By banning individual stock trading, this bill aims to restore public trust by ensuring that Members of Congress are focused on public service, not personal profit from market-moving legislation or information.
Additionally, the bill tackles the 'revolving door' issue, where lawmakers leave office and immediately begin lobbying their former colleagues. Extending these bans aims to reduce the undue influence of former Members who might leverage their connections for private gain shortly after leaving public service. If this bill becomes law, it could lead to increased public confidence in the integrity of Congress; if it doesn't, these perceived conflicts of interest and the revolving door issue will likely remain points of public contention.
KEY PROVISIONS
4AI-extractedPROVISION 01
Prohibits Members of Congress and their spouses from holding, purchasing, or selling individual stocks, security futures, commodities, or certain other complex financial instruments during the Member's term of service.
This aims to prevent lawmakers from personally profiting from non-public information or legislative actions, addressing a major public concern about conflicts of interest.
PROVISION 02
Extends the post-employment lobbying ban for former Senators from 2 years to 6 years, and for former House Members from 1 year to 3 years.
This seeks to reduce the 'revolving door' phenomenon, where former lawmakers quickly become lobbyists, potentially using their public service connections for private gain.
PROVISION 03
Requires Members of Congress to publicly certify their compliance with the financial transaction rules at the start of each session, and mandates biennial audits by a supervising ethics office.
This provision adds transparency and oversight, helping to ensure that the new financial rules are actually followed and that the public can verify compliance.
PROVISION 04
Imposes penalties for violating the financial transaction ban, including disgorgement of all profits to the U.S. Treasury, disallowing tax deductions for losses, and potential civil fines.
These penalties provide strong disincentives for Members and their spouses to violate the new financial trading rules, reinforcing accountability.
SPONSORSHIP
1 + 2
R· Iowa
YRS IN OFFICE
3
BILLS LED
61
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 2 REP 0 IND 0
ACTION TIMELINE
2 EVENTSJAN 13
Introduced in House
JAN 13
Referred to the Committee on House Administration, and in addition to the Committees on Ways and Means, the Judiciary, and Oversight and Government Reform, 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.
BILL INFO
TypeHouse Bill
NumberHR 358
Congress119th
StatusIn Committee
IntroducedJan 13, 2025
Last actionJan 13, 2025
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IN COMMITTEE· 119TH CONGRESS · OVERSIGHT AND GOVERNMENT REFORM COMMITTEE · INTRODUCED JAN 13, 2025
House BillHR 358Inflation and pricesSecurities
No Corruption in Government Act
INTRODUCED JAN 13, 2025· LAST ACTION JAN 13, 2025
PASSAGE CHANCES
—%
READING
7 min
COSPONSORS
2
COMPLEXITY
Moderate
