H.R. 396

119 HR 396 IH: Transparent Representation Upholding Service and Trust in Congress Act
 U.S. House of Representatives
 2025-01-14
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 396  IN THE HOUSE OF REPRESENTATIVES   January 14, 2025   Mr. Magaziner  (for himself,  Mr. Roy ,  Ms. Adams ,  Mr. Beyer ,  Mr. Casar ,  Mr. Ciscomani ,  Mr. Cleaver ,  Ms. Craig ,  Mr. Crane ,  Mr. Crow ,  Ms. Davids of Kansas ,  Ms. DelBene ,  Mr. Deluzio ,  Mr. Garcia of California ,  Mr. Golden of Maine ,  Mr. Gottheimer ,  Ms. Houlahan ,  Mr. Huffman ,  Mr. Johnson of South Dakota ,  Mr. Keating ,  Mrs. Kim ,  Mr. Landsman ,  Mr. Lawler ,  Ms. Leger Fernandez ,  Mr. Levin ,  Ms. Mace ,  Ms. McCollum ,  Mr. Mrvan ,  Mr. Murphy ,  Mr. Nadler ,  Mr. Neguse ,  Ms. Norton ,  Ms. Perez ,  Mr. Perry ,  Ms. Pettersen ,  Mr. Pocan ,  Ms. Salinas ,  Ms. Sherrill ,  Mr. Sorensen ,  Mr. Stanton ,  Ms. Stevens ,  Ms. Titus ,  Mr. Tonko ,  Mr. Vasquez ,  Ms. Williams of Georgia ,  Mr. Mackenzie , and  Mr. Pappas ) introduced the following bill; which was referred to the  Committee on House Administration    A BILL
To require Members of Congress and their spouses and dependent children to place certain assets into blind trusts, and for other purposes.
1.
Short title
This Act may be cited as the   Transparent Representation Upholding Service and Trust in Congress Act   or the   TRUST in Congress Act  .
2.
Placement of certain assets of Members of Congress and their spouses and dependent children in blind trust
(a)
In general
(1)
Members occupying office on date of enactment
Not later than 180 days after the date of enactment of this Act, a Member of Congress and any spouse or dependent child of such Member shall place any covered investment owned by such Member, spouse, or dependent child into a qualified blind trust.
(2)
Members assuming office after date of enactment
Not later than 90 days after the date an individual becomes a Member of Congress after the date of enactment of this Act, such individual and any spouse or dependent child of such individual shall place any covered investment owned by such individual, spouse, or dependent child into a qualified blind trust.
(3)
Mingling of assets
A spouse or dependent child of a Member of Congress may place a covered investment in a qualified blind trust established by such Member under paragraph (1) or (2).
(4)
Assets upon separation
A Member of Congress and any spouse or dependent child of such Member may not dissolve any qualified blind trust in which a covered investment has been placed pursuant to paragraph (1) or (2), or otherwise control such an investment, until the date that is 180 days after the date such Member ceases to be a Member of Congress.
(b)
Accountability
(1)
Members of the House
A Member of Congress who is a Member of the House of Representatives shall—
(A)
not later than 15 days after the date a qualified blind trust is established under subsection (a), certify to the Clerk of the House of Representatives that such trust has been established and that any covered investment owned by such Member or a spouse or dependent child of such Member has been placed in such trust; or
(B)
certify to the Clerk that such Member or a spouse or dependent child of such Member does not own any covered investment.
(2)
Members of the Senate
A Member of Congress who is a Senator shall—
(A)
not later than 15 days after the date a qualified blind trust is established under subsection (a), certify to the Secretary of the Senate that such trust has been established and that any covered investment owned by such Member or a spouse or dependent child of such Member has been placed in such trust; or
(B)
certify to the Secretary that such Member or a spouse or dependent child of such Member does not own any covered investment.
(3)
Report
The Clerk of the House of Representatives and the Secretary of the Senate shall make available on the public website of the Clerk and the Secretary, respectively, any certification made under paragraph (1) or (2).
(c)
Exception
A spouse or dependent child who receives compensation from their primary occupation through any covered investment shall not be required to place such covered investment in a qualified blind trust under this Act.
(d)
Definitions
In this Act:
(1)
Commodity
The term  commodity  has the meaning given the term in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ).
(2)
Covered investment
The term  covered investment —
(A)
means investment in a security, a commodity, or a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative; and
(B)
does not include—
(i)
a widely held investment fund described in section 13104(f)(8) of title 5, United States Code; or
(ii)
a United States Treasury bill, note, or bond.
(3)
Dependent child
The term  dependent child  has the meaning given that term in section 13101 of title 5, United States Code.
(4)
Member of Congress
The term  Member of Congress  has the meaning given that term in such section 13101.
(5)
Qualified blind trust
The term  qualified blind trust  has the meaning given that term in section 13104(f)(3) of such title.