Sec. 104. Legislative branch conflicts of interest law expansions
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/bill/117/s/5315/is/section-104·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as provided in subsection (e), no senior government official in the legislative branch (including Members of Congress) may own an interest in or trade (except as a divestment) any stock, bond, commodity, future, and other form of security, including an interest in a hedge fund, a derivative, option, or other complex investment vehicle. No officer or employee of a committee of either House of Congress may maintain, own, or trade any substantial holdings (including individual stocks and securities) which may be directly affected by the actions of the committee for which the individual works, unless the Select Committee on Ethics of the Senate or the Committee on Ethics of the House of Representatives, as applicable, approves of such holdings in writing after consultation with the supervisor of the officer or employee and the Office of Congressional Ethics.
No Member, officer, or employee of a committee or Member of either House of Congress may knowingly use his or her official position to introduce or aid the progress or passage of legislation, a principal purpose of which is to further only his or her pecuniary interest, only the pecuniary interest of his or her immediate family, or only the pecuniary interest of a limited class of persons or enterprises, when he or she, or his or her immediate family, or enterprises controlled by them, are members of the affected class.
An officer or employee of a committee or Member of either House of Congress, who is not a senior government employee covered by subsection (a), shall be in violation of subsection
(c)if— the officer or employee owns an interest in or trades (except as a divestment) individual stocks or securities; and the value of such stocks or securities may be influenced by actions taken by the individual in his or her official position, as determined by the Select Committee on Ethics of the Senate or the Committee on Ethics of the House of Representatives, as applicable, in consultation with the Office of Congressional Ethics. Nothing in this section shall be construed to prevent an employee or officials of a Member of Congress or a Member of Congress from owning— a widely held investment fund described in section 102(f)(8) of the Ethics in Government Act of 1978 ( 5 App. U.S.C. 102(f)(8) ), if the investment meets the requirements described in section 105(b)(2); shares of Settlement Common Stock issued under section 7(g)(1)(A) of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1606(g)(1)(A) ); or shares of Settlement Common Stock, as defined in section 3 of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1602 ).
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