[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2877 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 2877
To ban stock trading for certain senior Government officials, and for
other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 18 (legislative day, September 16), 2025
Mrs. Gillibrand introduced the following bill; which was read twice and
referred to the Committee on Homeland Security and Governmental Affairs
_______________________________________________________________________
A BILL
To ban stock trading for certain senior Government officials, 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 ``No Stock Act''.
SEC. 2. BANNING CONFLICTED INTERESTS.
(a) In General.--
(1) Banning conflicted interests.--Chapter 131 of title 5,
United States Code, is amended by adding at the end the
following:
``Subchapter IV--Banning Conflicted Interests
``Sec. 13161. Definitions
``In this subchapter:
``(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 financial interest.--
``(A) In general.--The term `covered financial
interest' means--
``(i) any investment in--
``(I) a security (as defined in
section 3(a) of Securities Exchange Act
of 1934 (15 U.S.C. 78c(a)));
``(II) a future;
``(III) a commodity (as defined in
section 1a of the Commodity Exchange
Act (7 U.S.C. 1a)); or
``(IV) a cryptocurrency, meme coin,
token, non-fungible token, or other
digital asset that is sold for
remuneration; and
``(ii) any economic interest comparable to
an interest described in clause (i) that is
acquired through synthetic means, such as the
use of a derivative, including an option,
warrant, or other similar means.
``(B) Exclusions.--The term `covered financial
interest' does not include--
``(i) an investment fund registered as an
investment company under section 3 of the
Investment Company Act of 1940 (15 U.S.C. 80a-
3) that is diversified, as defined in section
2640.102 of title 5, Code of Federal
Regulations;
``(ii) compensation from the primary
occupation of the spouse of an individual
described in subparagraphs (A) through (G) of
paragraph (3), or any security that is issued
or paid by an operating business that is the
primary employer of such a spouse that is
issued or paid to such a spouse;
``(iii) a United States Treasury bill,
note, or bond; or
``(iv) a payment stablecoin, as defined in
section 2(22) of the GENIUS Act (Public Law
119-27).
``(3) Covered individual.--The term `covered individual'
means--
``(A) a Member of Congress (as defined in section
13101);
``(B) the President;
``(C) the Vice President;
``(D) the Chief Justice of the United States;
``(E) an Associate Justice of the Supreme Court of
the United States;
``(F) a member of the Board of Governors of the
Federal Reserve System;
``(G) a president or vice president of a Federal
Reserve bank; or
``(H) the spouse or dependent child of an
individual described in subparagraphs (A) through (G).
``(4) Dependent child.--The term `dependent child' means
any individual who is--
``(A) under the age of 19; and
``(B) a dependent of an individual described in
subparagraphs (A) through (G) of paragraph (3) within
the meaning of section 152 of the Internal Revenue Code
of 1986.
``(5) Future.--The term `future' means--
``(A) a security future (as defined in section 3(a)
of Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
and
``(B) any other contract for the sale of a
commodity for future delivery.
``(6) Supervising ethics office.--The term `supervising
ethics office', with respect to a covered individual, has the
meaning given the term in section 13101 with respect to that
covered individual.
``Sec. 13162. Prohibitions
``(a) Transactions.--Except as provided in section 13163, no
covered individual may--
``(1) hold, purchase, sell, or conduct any type of
transaction with respect to a covered financial interest; or
``(2) enter into a transaction that creates a net short
position in any security.
``(b) Positions.--A covered individual may not serve as an officer
or member of any board of any for-profit association, corporation, or
other entity.
``(c) Cooling-Off Period.--Any individual subject to the
restrictions contained in subsection (a) who, within 120 days after
such individual ceases to be a covered individual, engages in any of
the actions under such subsection, shall be in violation of this
subchapter.
``Sec. 13163. Divestiture
``(a) Covered Financial Interests Acquired Prior to Federal Service
or Enactment of No Stock Act.--With respect to any covered financial
interest held by a covered individual, the covered individual shall
sell the covered financial interest during the applicable 120-day
period beginning on the later of--
``(1) the date on which an individual becomes a covered
individual; and
``(2) the date of enactment of the No Stock Act.
``(b) Covered Financial Interests Acquired Through Inheritance
After the Applicable Period.--
``(1) In general.--A covered individual who inherits a
covered financial interest after the conclusion of the
applicable 120-day period described in subsection (a) shall
sell the covered financial interest during the 120-day period
beginning on the date on which the covered financial interest
is inherited.
``(2) Extensions.--A covered individual may request, and
the supervising ethics office may grant, 1 or more reasonable
extensions of the period described under paragraph (1), subject
to the conditions that--
``(A) the total period of time covered by all
extensions granted for the covered financial interest
shall not exceed 150 days; and
``(B) the period covered by a single extension
shall be not longer than 45 days.
``Sec. 13164. Certificate of compliance
``Each covered individual shall submit to the supervising ethics
office a written certification that such covered individual has
achieved compliance with the requirements of this subchapter.
``Sec. 13165. Publication
``Each supervising ethics office shall make publicly available on a
website of such office the following:
``(1) Within 30 days of receipt, each request for an
extension under section 13163(b)(2).
``(2) The outcome of the decision to grant or deny each
such request within 30 days of such decision.
``Sec. 13166. Enforcement
``A covered individual who knowingly fails to comply with this
subchapter shall be assessed a fine by the supervising ethics office of
not less than 10 percent of the value of the covered financial interest
that was purchased, sold, or held, or the security in which a net short
position was created, in violation of this title, as applicable.
``Sec. 13167. Applicability
``This subchapter shall apply to any covered financial interest
held in any trust with respect to which the covered individual is a
beneficial owner, regardless of whether the trust is a qualified blind
trust.''.
(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--banning conflicted interests
Sec. 13161. Definitions.
Sec. 13162. Prohibitions.
Sec. 13163. Divestiture.
Sec. 13164. Certificate of compliance.
Sec. 13165. Publication.
Sec. 13166. Enforcement.
Sec. 13167. Applicability.
(b) Certificate of Divestiture.--Section 1043(b)(2)(B) of the
Internal Revenue Code of 1986 is amended to read as follows:
``(B) that has been issued by--
``(i) the President or the Director of the
Office of Government Ethics, in the case of
executive branch officers or employees or the
spouse or dependent child of a member of the
Board of Governors of the Federal Reserve
System,
``(ii) the Director of the Office of
Government Ethics, in the case of the
President, Vice President, or the spouse or
dependent child of the President or Vice
President,
``(iii) the Judicial Conference of the
United States (or its designee), in the case of
judicial officers or the spouse or dependent
child of the Chief Justice or the Associate
Justice,
``(iv) the applicable congressional ethics
committee, in the case of Members of Congress
or the spouse or dependent child of a Member of
Congress, or
``(v) the Inspector General of the Board of
Governors of the Federal Reserve System and the
Bureau of Consumer Financial Protection, in the
case of a president of a Federal Reserve bank,
vice president of a Federal Reserve bank, or
the spouse or dependent child of the president
or vice president of a Federal Reserve Bank,
and''.
(c) Conforming Amendments.--
(1) Authority and functions.--Section 13122(f)(2)(B) of
title 5, United States Code, is amended--
(A) by striking ``Subject to clause (iv) of this
subparagraph, before'' each place it appears and
inserting ``Before''; and
(B) by striking clause (iv).
(2) Lobbying disclosure act of 1995.--Section 3(4)(D) of
the Lobbying Disclosure Act of 1995 (2 U.S.C. 1602(4)(D)) is
amended by striking ``legislative branch employee serving in a
position described under section 13101(13) of title 5, United
States Code'' and inserting ``officer or employee of Congress
(as defined in section 13101 of title 5, United States Code)''.
(3) STOCK act.--Section 2 of the STOCK Act (5 U.S.C. 13101
note) is amended--
(A) in paragraph (2)(B), by striking ``(11)'';
(B) in paragraph (4), by striking ``(10)'';
(C) in paragraph (5), by striking ``(9)''; and
(D) in paragraph (6), by striking ``(18)''.
(4) Securities exchange act of 1934.--Section 21A of the
Securities Exchange Act of 1934 (15 U.S.C. 78u-1) is amended--
(A) in subsection (g)(2)(B)(ii), by striking
``(11)''; and
(B) in subsection (h)(2)--
(i) in subparagraph (B), by striking
``(9)''; and
(ii) in subparagraph (C), by striking
``(10)''.
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