Summary: H.R.3639 — 112th Congress (2011-2012)All Information (Except Text)

There is one summary for H.R.3639. Bill summaries are authored by CRS.

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Introduced in House (12/13/2011)

Prevent Insider Trading by Elected Officials Act - Amends the Ethics in Government Act of 1978 to require the President, Vice President, and each Member of Congress to place all of his or her stocks, bonds, commodities futures, and other forms of securities, including securities held jointly with a spouse, in a qualified blind trust.

Exempts from such requirement any financial interests in or income derived from: (1) the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS), including the Thrift Savings Plan (TSP); (2) any other federal retirement system for U.S. officers and employees, including the President, or for members of the uniformed services; or (3) benefits received under the Social Security Act.

Requires such individuals to comply with this Act within 30 days after taking office, or, if an incumbent, within 30 days after enactment of this Act.

Allows the President and Vice President to file with the Director of the Office of Government Ethics for an additional 30-day extension in order to comply with this Act.

Allows a Member of Congress to file, as appropriate, with the Clerk of the House of Representatives or the Secretary of the Senate for such 30-day extension.

Authorizes the Attorney General to bring a civil action against the President, the Vice President, or any Member of Congress for noncompliance with this Act.