What to Know in Washington: Lawmaker Trading Curbed in New Bill
Senior House Democrats on Tuesday night released their proposal to restrict stock ownership and trading by members of Congress, the president and vice president, Supreme Court justices and other high-ranking government officials.
The bill, titled the “Combatting Financial Conflicts of Interest in Government Act,” could be introduced on Wednesday, when the House is in session. But when, or if, the bill will head to the floor for a vote was unclear, as potential action this week become muddled earlier on Tuesday amid ongoing differences within the Democratic ranks.
A spokesperson for Majority Leader Steny Hoyer (D-Md.) said late Tuesday that more details would be released as they become available.
The bill would also apply to the spouses and dependent children of the listed officials, as indicated last week to lawmakers in an outline by House Administration Chair Zoe Lofgren (D-Calif.).
The bill’s trade and ownership restrictions cover commodities, futures, cryptocurrency or other digital assets. Also covered are interests acquired through derivatives, including options.
The legislation would require public officials to divest current holdings or put them in a blind trust. It would also tighten disclosure requirements and increase penalties for violations.
The “supervising ethics office” for each government branch would be called on to issue regulations implementing the the bill’s provisions within 180 days of the bill’s enactment.
A group of senators is working on their own version of the legislation. Even if the House does act on its bill, there’s little chance of Congress taking any final action before the midterm elections.
But differences have emerged within the House Democratic leadership over the measures, including over the size of fines and or other penalties for violations of any new laws. Whether those disagreements have been ironed out in this text was unclear late Tuesday night. Billy House has the latest on the bill.
Happening on the Hill
- The House returns at noon to consider 32 measures under suspension of the rules.
- Senators meets at 10 a.m. to continue debating the legislative vehicle for a continuing resolution.
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Elections & Politics
Join Bloomberg Government’s webinar today for more on the 2022 midterm elections, with a focus on the House races key to controlling the chamber. Find out more and sign up here .
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Around the Administration
- Biden at 10 a.m. will give a speech at the Ronald Reagan Building for the White House Conference on Hunger, Nutrition, and Health.
- At 11 a.m., the president is scheduled to deliver remarks at the White House to celebrate Disability Pride Month and the Americans with Disabilities Act.
- At 7 p.m., Biden is slated to participate in a Democratic Governors Association reception in Washington, D.C.
- At 12:30 p.m., White House Press Secretary Karine Jean-Pierre will give a briefing
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JetBlue Owed American $200 Million in Revenue-Share Payment
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White House Economic Advisor Deese Plans to Stay Beyond Midterms
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To contact the reporter on this story: Giuseppe Macri in Washington at firstname.lastname@example.org