119-s2877

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2877 Introduced in Senate

    (IS) ]

<DOC>

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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