Bipartisan Ban on Congressional Stock Ownership Act of 2023
Latest action · Mar 21, 2023 Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, 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.
- IntroducedMar 21, 2023
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Bipartisan Ban on Congressional Stock Ownership Act of 2023
This bill prohibits Members of Congress and their spouses from owning or trading stocks, bonds, commodities, futures, or any other form of security.
Each current Member must divest within 180 days after the bill is enacted and each new Member must divest within 180 days after becoming a Member. However, Members and their spouses have 5 years to divest from specified complex investment vehicles. The bill does not apply to certain investments, such as investments in widely held investment funds that are diversified and do not present a conflict of interest and investments held in government employee retirement plans.
A Member or spouse who violates the bill may be subject to a fine of up to $50,000 for each violation. The bill permits a Member or spouse who is required to divest property under the bill to avoid recognizing gain for income tax purposes from the sale of that property to the extent that the Member or spouse purchases permitted bonds or diversified investment funds within 60 days of the divestiture.
Cosponsors 29
Members who signed on, in the order they did. Signatures ran from Mar 21, 2023 to Apr 11, 2024; 11 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Andy Kim | Original | Mar 21, 2023 |
| D-DC | Eleanor Holmes Norton | Original | Mar 21, 2023 |
| D-MA | Jake Auchincloss | Original | Mar 21, 2023 |
| D-NY | Jerrold Nadler | Original | Mar 21, 2023 |
| D-IL | Jesús G. "Chuy" García | Original | Mar 21, 2023 |
| D-CA | Katie Porter | Original | Mar 21, 2023 |
| R-CO | Ken Buck | Original | Mar 21, 2023 |
| D-CA | Mark Takano | Original | Mar 21, 2023 |
| R-MT | Matthew M. Rosendale, Sr. | Original | Mar 21, 2023 |
| D-NY | Paul Tonko | Original | Mar 21, 2023 |
| D-CT | Rosa L. DeLauro | Original | Mar 21, 2023 |
| R-AZ | Elijah Crane | Mar 28, 2023 | |
| R-TX | Keith Self | Mar 28, 2023 | |
| R-FL | Matt Gaetz | Apr 3, 2023 | |
| R-TN | Tim Burchett | Apr 3, 2023 | |
| D-CO | Joe Neguse | Apr 13, 2023 | |
| R-OK | Josh Brecheen | Apr 24, 2023 | |
| D-CA | Grace F. Napolitano | May 5, 2023 | |
| D-CA | Barbara Lee | May 11, 2023 | |
| D-MN | Betty McCollum | May 17, 2023 | |
| D-PA | Christopher R. Deluzio | May 25, 2023 | |
| D-WI | Mark Pocan | Jun 6, 2023 | |
| D-OR | Val T. Hoyle | Jul 18, 2023 | |
| D-NY | Daniel S. Goldman | Aug 15, 2023 | |
| R-NY | Michael Lawler | Sep 12, 2023 | |
| D-CA | Jimmy Gomez | Nov 7, 2023 | |
| D-PA | Summer L. Lee | Jan 29, 2024 | |
| D-MI | Rashida Tlaib | Mar 20, 2024 | |
| D-PA | Matt Cartwright | Apr 11, 2024 |
Committees 4
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 21, 2023 |
| House | Agriculture Committee | Referred Mar 21, 2023 |
| House | Committee on House Administration | Referred Mar 21, 2023 |
| House | Ways and Means Committee | Referred Mar 21, 2023 |
Actions 2
Everything that happened, newest first.
- Mar 21, 2023Introduced in House
- Mar 21, 2023Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, House Administration, 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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 169, no. 51, March 21, 2023, page H1302.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R47818 | Proposals to Limit Financial Activities of Members of Congress: Background and Analysis of Legislative Proposals | Report | Mar 19, 2025 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6678 | Bipartisan Ban on Congressional Stock Ownership Act of 2022 | Reintroduction of | Feb 24, 2022 |
| HR 7264 | Stop Politicians Profiting from War Act of 2024 | Related bill | Aug 29, 2024 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To prohibit stock trading and ownership by Members of Congress and spouses of Members of Congress, and for other purposes.
- Short Title(s) as Introduced
- Bipartisan Ban on Congressional Stock Ownership Act of 2023
Subjects
Assigned by the Library of Congress. Policy area: Congress.
Text 1
Each version as it was printed, newest first.
- Mar 21, 2023Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
