[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1620 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 1620
To amend chapter 131 of title 5, United States Code, with respect to
prohibited financial transactions, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 6, 2025
Mr. Murphy introduced the following bill; which was read twice and
referred to the Committee on Homeland Security and Governmental Affairs
_______________________________________________________________________
A BILL
To amend chapter 131 of title 5, United States Code, with respect to
prohibited financial transactions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Modern Emoluments and Malfeasance
Enforcement Act'' or the ``MEME Act''.
SEC. 2. SENSE OF CONGRESS.
It is the sense of Congress that--
(1) federally elected officials must not utilize those
positions, granted by the trust of the public, for private
financial gain;
(2) the issuance, sponsorship, or promotion of financial
instruments by public office holders deprives the public of the
honest services of the public office holders, facilitates
bribery by investors or purchasers, and results in public
exploitation and corrupt foreign influence; and
(3) Members of Congress and the executive branch must not
seek to use public office to benefit financially, but rather
those positions should be held in trust for the benefit of the
public in the United States.
SEC. 3. PROHIBITED FINANCIAL TRANSACTIONS.
(a) Financial Exploitation by Public Office Holders.--
(1) In general.--Chapter 131 of title 5, United States
Code, is amended by adding at the end the following:
``Subchapter IV--Financial Exploitation by Public Office Holders
``Sec. 13151. Definitions
``In this subchapter:
``(1) Adjacent individual.--The term `adjacent individual'
means--
``(A) each officer or employee in the executive
branch holding a Senior Executive Service position (as
defined in section 3132(a)(2));
``(B) each member of a uniformed service whose pay
grade is at or in excess of O-7 under section 201 of
title 37;
``(C) each officer or employee in any other
position in the executive branch determined by the
Office of the Special Counsel, in consultation with the
Director of the Office of Government Ethics, to be of
equal classification to a position described in
subparagraph (A) or (B); or
``(D) the spouse or dependent child of any
individual described in subparagraph (A), (B), or (C).
``(2) Covered asset.--The term `covered asset' means--
``(A) a security (as defined in section 3(a) of
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(B) a security future (as defined in section 3(a)
of Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(C) a commodity (as defined in section 1a of the
Commodity Exchange Act (7 U.S.C. 1a));
``(D) a digital asset that can be sold for
remuneration, including a cryptocurrency, a meme coin,
a token, or a non-fungible token; or
``(E) any derivative, option, warrant, mutual fund,
or exchange-traded fund of an asset described in
subparagraphs (A) through (D).
``(3) Covered individual.--The term `covered individual'
means--
``(A) the President;
``(B) the Vice President;
``(C) a public official (as defined in section
201(a) of title 18); or
``(D) the spouse or dependent child of any
individual described in subparagraph (A), (B), or (C).
``(4) Dependent child.--The term `dependent child' has the
meaning given the term in section 13101.
``(5) Prohibited financial transaction.--The term
`prohibited financial transaction' means the issuance,
sponsorship, or promotion of a covered asset for pecuniary
gain.
``Sec. 13152. Prohibition on certain transactions
``(a) Prohibition.--Except as provided in subsection (b), a covered
individual or an adjacent individual may not engage in or benefit from
a prohibited financial transaction--
``(1) during the term of service of the covered individual
or adjacent individual;
``(2) during the 180-day period ending on the date on which
the service of the covered individual or adjacent individual
commences; or
``(3) during the 180-day period beginning on the date on
which the service of the covered individual or adjacent
individual is terminated.
``(b) Adjacent Individuals.--With respect to adjacent individuals,
nothing in this section shall be construed to limit the application of
section 208 of title 18.
``(c) Liability and Immunity.--For purposes of any immunities to
civil liability, any conduct comprising or relating to a prohibited
financial transaction under this section shall be deemed an unofficial
act and beyond the scope of the official duties of the relevant covered
individual or adjacent individual.
``Sec. 13153. Civil penalties
``(a) Civil Action.--The Attorney General may bring a civil action
in any appropriate district court of the United States against any
covered individual or adjacent individual who violates section
13152(a).
``(b) Civil Penalty.--Any covered individual or adjacent individual
who knowingly violates section 13152(a) shall be subject to a civil
monetary penalty of not more than $250,000.
``(c) Disgorgement.--A covered individual or an adjacent individual
who is found to have violated section 13152(a) in a civil action under
subsection (a) of this section shall disgorge to the Treasury of the
United States any profit from the unlawful activity that is the subject
of that civil action.''.
(2) Clerical amendment.--The table of sections for chapter
131 of title 5, United States Code, is amended by adding at the
end the following:
``subchapter iv--financial exploitation by public office holders
``13151. Definitions.
``13152. Prohibition on certain transactions.
``13153. Civil penalties.''.
(b) Criminal Penalties.--
(1) Prohibited financial transactions.--Chapter 11 of title
18, United States is amended by inserting after section 220 the
following:
``Sec. 221. Prohibited financial transactions
``(a) Definitions.--In this section:
``(1) Adjacent individual.--The term `adjacent individual'
means--
``(A) each officer or employee in the executive
branch holding a Senior Executive Service position (as
defined in section 3132(a)(2) of title 5);
``(B) each member of a uniformed service whose pay
grade is at or in excess of O-7 under section 201 of
title 37;
``(C) each officer or employee in any other
position in the executive branch determined by the
Office of the Special Counsel, in consultation with the
Director of the Office of Government Ethics, to be of
equal classification to a position described in
subparagraph (A) or (B); or
``(D) the spouse or dependent child of any
individual described in subparagraph (A), (B), or (C).
``(2) Covered asset.--The term `covered asset' means--
``(A) a security (as defined in section 3(a) of
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(B) a security future (as defined in section 3(a)
of Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(C) a commodity (as defined in section 1a of the
Commodity Exchange Act (7 U.S.C. 1a));
``(D) a digital asset that can be sold for
remuneration, including a cryptocurrency, a meme coin,
a token, or a non-fungible token; or
``(E) any derivative, option, warrant, mutual fund,
or exchange-traded fund of an asset described in
subparagraphs (A) through (D).
``(3) Covered individual.--The term `covered individual'
means--
``(A) the President;
``(B) the Vice President;
``(C) a public official (as defined in section
201(a)); or
``(D) the spouse or dependent child of any
individual described in subparagraph (A), (B), or (C).
``(4) Dependent child.--The term `dependent child' has the
meaning given the term in section 13101 of title 5.
``(5) Prohibited financial transaction.--The term
`prohibited financial transaction' means the issuance,
sponsorship, or promotion of a covered asset for pecuniary
gain.
``(b) Benefit From Prohibited Financial Transaction.--Any covered
individual or adjacent individual who--
``(1) knowingly violates any provision of section 13152(a)
of title 5; and
``(2) through such violation--
``(A) causes an aggregate loss of not less than
$1,000,000 to 1 or more persons in the United States;
or
``(B) benefits financially, through profit, gain,
or advantage, directly or indirectly through any family
member or business associate of the covered individual
or adjacent individual, from the sale, purchase, or
distribution of the covered asset issued in violation
of section 13152(a) of title 5,
shall be fined under this title or imprisoned for not more than 5
years, or both.
``(c) Bribery.--Any covered individual or adjacent individual who--
``(1) knowingly violates any provision of section 13152(a)
of title 5; and
``(2) directly or indirectly, corruptly demands, seeks,
receives, accepts, or agrees to receive or accept any thing of
value personally or for any other person or entity, in return
for--
``(A) being influenced in the performance of any
official act;
``(B) being influenced to commit or aid in
committing, or to collude in, or allow, any fraud, or
make opportunity for the commission of any fraud, on
the United States; or
``(C) being induced to do or omit to do any act in
violation of the official duty of such official or
person,
shall be fined under this title or not more than 3 times the amount of
financial gain, if any, that the individual benefitted from relating to
the prohibited conduct, whichever is greater, or imprisoned for not
more than 15 years, or both, and may be disqualified from holding any
office of honor, trust, or profit under the United States.
``(d) Insider Trading.--Any covered individual or adjacent
individual who knowingly violates section 13152(a) of title 5 and, in
committing such violation, knowingly violates section 10(b) of the
Securities Exchange Act of 1934 (15 U.S.C. 78j(b)), shall be fined
under this title or not more than 3 times the amount of financial gain,
if any, that the individual benefitted from relating to the prohibited
conduct, whichever is greater, or imprisoned for not more than 15
years, or both, and may be disqualified from holding any office of
honor, trust, or profit under the United States.
``(e) Liability and Immunity.--For purposes of any immunities to
civil and criminal liability, any conduct comprising or relating to a
prohibited financial transaction under this section shall be deemed an
unofficial act and beyond the scope of the official duties of the
relevant covered individual or adjacent individual.''.
(2) Clerical amendment.--The table of sections for chapter
11 of title 18, United States Code, is amended by inserting
after the item relating to section 220 the following:
``221. Prohibited financial transactions.''.
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