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Congress·In Committee·H.R. 358

Rep. Nunn and Rep. Perez Push Bill to Ban Congressional Stock Trading and Extend Lobbying Limits

No Corruption in Government Act

about 1 year ago·View on Congress.gov
⏸

Stalled

No legislative action in over 90 days.

Legislative Progress

House
Senate
President
Law

Key Points

  • This bill would stop members of Congress and their spouses from owning or trading individual stocks, futures, or commodities. To avoid conflicts of interest, they would only be allowed to invest in broad options like mutual funds or use "blind trusts" where they have no say in what is bought or sold.
  • The proposal significantly increases the "cooling off" period before a former lawmaker can work as a lobbyist. Former Senators would have to wait six years instead of two, and former House members would have to wait three years instead of one before they can try to influence their former colleagues.
  • It would end automatic yearly pay raises for members of Congress. Currently, their pay can go up automatically to keep up with the cost of living, but this bill would require a specific law to be passed whenever they want a raise.
  • Lawmakers who break the stock trading rules would be forced to give any profits they made to the U.S. Treasury. They would also be blocked from using any losses from those trades to lower their taxes and could be hit with expensive civil fines.
Economy FinanceCriminal Justice

Impact Analysis

Personal Impact

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Milestones

2 milestones2 actions
Jan 13, 2025House

Referred to the Committee on House Administration, and in addition to the Committees on Ways and Means, the Judiciary, and Oversight and Government Reform, 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.

Jan 13, 2025

Introduced in House

Related Bills

2 bills
H.R. 7628Related bill

To repeal the provision of law that provides automatic pay adjustments for Members of Congress.

Feb 20 — Referred to the Committee on House Administration, and in addition to the Committee on Oversight and Government Reform, 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.

S. 86Related bill

A bill to repeal the provision of law that provides automatic pay adjustments for Members of Congress.

Jan 14 — Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Source Information

Document Type

Congressional Bill

Official Title

No Corruption in Government Act

Bill NumberHR 358
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the Committee on House Administration, and in addition to the Committees on Ways and Means, the Judiciary, and Oversight and Government Reform, 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.

Sponsor

Cosponsors

(2)
D: 2

Analysis generated by AI. Always verify with official sources.