TRUST in Congress Act

Key Points

• All members of Congress, along with their spouses and dependent children, would be required to place individual stocks, commodities, futures, and derivatives into a qualified blind trust managed by an independent trustee. This means lawmakers would no longer know which specific companies they own while in office.
• Current members would have 180 days after the law passes to set up their blind trusts. Newly elected members would have 90 days after taking office. The trust cannot be dissolved until 180 days after the member leaves Congress.
• Broadly diversified investments like mutual funds and U.S. Treasury bonds are exempt from the blind trust requirement because they do not create the same conflict-of-interest risks as owning individual company stock.
• Members must certify in writing that they have set up a trust and moved their covered investments, or certify that they do not own any covered investments. These certifications will be posted on a public website so anyone can verify compliance.
• The bill has broad bipartisan support, introduced by Democrat Magaziner and Republican Roy with dozens of cosponsors from both parties. It was referred to the House Administration Committee.
• A spouse or dependent child whose primary job involves a covered investment does not have to place that particular investment in a blind trust, protecting family members who work in the financial industry or own businesses.