Drain the Swamp Act

Key Points

• The bill bans the President, Vice President, members of Congress, and Supreme Court justices (plus their spouses and dependent children) from owning or trading individual stocks, commodities, and futures. Covered individuals already holding these investments would have to divest within 180 days. Violators face a penalty of 10% of the investment value plus disgorgement of profits.
• The bill proposes constitutional amendments to set term limits for Congress (9 terms for House members, 3 terms for Senators) and creates 18-year terms for Supreme Court justices, replacing lifetime appointments. A new justice would be appointed in the first and third years after each presidential election.
• Members of Congress would lose their pay during government shutdowns or when the debt ceiling is reached. Pay would be reduced by one day's worth for each day of a shutdown or default, and during the current Congress, withheld amounts would be held in escrow.
• The bill bans presidential self-pardons, requires disclosure when the president pardons allies or family, tolls the statute of limitations for crimes committed by a sitting president or vice president, and strips government pensions from former presidents convicted of felonies.
• Campaign finance would be overhauled by proposing a constitutional amendment to overturn Citizens United, banning corporate PACs, requiring disclosure of dark money donors who spend more than $10,000 on elections, and capping inaugural committee donations at $50,000 per person.
• The bill includes the John R. Lewis Voting Rights Advancement Act and redistricting reform to ban partisan gerrymandering. States would be required to follow ranked criteria for drawing fair districts and could not favor or disfavor any political party. New preclearance requirements would apply to states and subdivisions with a history of voting rights violations.