PORTFOLIO Act
Latest action · Oct 21, 2022 Referred to the Committee on Oversight and Reform, and in addition to the Committees on House Administration, the Judiciary, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 21, 2022
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Preventing Opportunistic Returns on Trades and Futures by Officials, Leadership, and Individuals in Office Act or the PORTFOLIO Act
This bill generally prohibits federal employees and officials from owning or trading in synthetic assets (i.e., tokenized derivatives). It also establishes financial disclosure requirements with respect to cryptocurrency.
Specifically, the bill prohibits federal employees, Members of Congress, the President, and Vice President from owning or trading investments in a security, a commodity, a future, cryptocurrency, or any comparable economic interest acquired through synthetic means, such as through a derivative. Such investments must be divested through gift or donation, cashing out, or a qualified blind trust. The appropriate ethics office may grant temporary exemptions in certain situations, such as for preexisting complex financial arrangements from which investments cannot be withdrawn, and may assess fees for violations. The Department of Justice may also bring civil actions for violations.
The bill also (1) incorporates cryptocurrency and other digital assets into current financial disclosure requirements; (2) modifies the categories and timelines for financial disclosures; and (3) requires agencies, ethics offices, and the Department of Justice to regularly report on violations of this bill and other related requirements.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Oct 21, 2022Introduced in House
- Oct 21, 2022Referred to the Committee on Oversight and Reform, and in addition to the Committees on House Administration, the Judiciary, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 8990 | Combatting Financial Conflicts of Interest in Government Act | Related bill | Sep 28, 2022 |
Subjects
Assigned by the Library of Congress. Policy area: Government Operations and Politics.
- Advanced technology and technological innovations
- Civil actions and liability
- Commodities markets
- Computers and information technology
- Congressional officers and employees
- Congressional oversight
- Currency
- Digital media
- Family relationships
- Federal officials
- Financial services and investments
- Government employee pay, benefits, personnel management
- Government ethics and transparency, public corruption
- Government information and archives
- Government Operations and Politics
- Members of Congress
- Postal service
- Presidents and presidential powers, Vice Presidents
- Securities
Text 1
Each version as it was printed, newest first.
- Oct 21, 2022Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.