PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Committee on Oversight and Government 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.
Congressional Research Service
No official summary is available in the imported record yet.
People & committees
Rep. Miller-Meeks, Mariannette [R-IA-1] · R–IA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the Committee on Oversight and Government 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.
Referred to the Committee on Oversight and Government 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.
Referred to the Committee on Oversight and Government 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.
Referred to the Committee on Oversight and Government 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.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Oct 5, 2026. Consult Congress.gov for the current record.
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Analyze H.R.10450 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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PlainBill explanation
Based on the full Introduced in House · 2026-09-16 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
The proposed REVEAL Act would bar members of Congress, the President, the Vice President, specified appointees and judicial officers, their spouses and dependent children, and certain financial representatives from event-based prediction-market transactions. It would also generally prohibit them from owning or trading covered investments, requiring divestiture within specified deadlines. Exceptions would preserve certain investments and activities. Ethics offices would oversee compliance and impose financial penalties. These are proposed requirements, not established enacted law in the supplied evidence.
(2) Covered individual The term covered individual means any of the following: (A) A Member of Congress (as defined in section 13101 of this title). (B) The President. (C) The Vice President. (D) A political appointee. (E) A judicial officer (as defined in section 13101 of this title). (F) A dependent child or spouse of an individual described in subparagraphs (A) through (E). (G) An individual or entity with fiduciary duties and the authority to enter into or offer to enter into an agreement, contract, or transaction with respect to prediction markets or covered investments for any individual described in subparagraphs (A) through (F).
No covered individual may enter into, or offer to enter into an agreement, contract, or transaction that provides for any purchase, sale, payment, or delivery of an excluded commodity (as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a)), that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of a specific event or contingency.
Except as described in subsection (b)(1)(B) and subsections (d) through (f), no covered individual may, directly or indirectly, own or trade a covered investment.
a covered individual shall divest of any covered investment by the effective date established in paragraph (2) at fair market value.
Any covered individual who violates the restrictions in section 13152 or 13153 of this title shall, at the direction of the supervising ethics office— (A) pay a fee equal to 10 percent of the value of the agreement, contract, or transaction in violation; and (B) disgorge the profits of any agreement, contract, or transaction that violates the provisions of such section 13152 or 13153.
2026-09-16: Introduced in House
Section 1 gives the proposal the short title “Revealing Egregious Violators of Ethics and the Law Act,” or “REVEAL Act.”
1. Short title This Act may be cited as the Revealing Egregious Violators of Ethics and the Law Act or the REVEAL Act.
Coverage would include the listed officials’ spouses and dependent children. It would also reach people and entities that have fiduciary duties and authority to make or offer prediction-market or covered-investment transactions on their behalf.
(F) A dependent child or spouse of an individual described in subparagraphs (A) through (E). (G) An individual or entity with fiduciary duties and the authority to enter into or offer to enter into an agreement, contract, or transaction with respect to prediction markets or covered investments for any individual described in subparagraphs (A) through (F).
Covered political appointees would include people in the specified Executive Schedule positions, noncareer Senior Executive Service appointments, and confidential or policy-determining executive-branch positions under Schedule C.
(7) Political appointee The term political appointee means an individual— (A) occupying a position described under sections 5312 through 5316 of this title (relating to the Executive Schedule); (B) serving under a noncareer appointment in the Senior Executive Service, as defined under paragraph (7) of section 3132(a) of this title; or (C) occupying a position in the executive branch of the Government of a confidential or policy-determining character under schedule C of subpart C of part 213 of title 5, Code of Federal Regulations.
The prediction-market restriction would cover both entering and offering to enter transactions involving the statutory category “excluded commodity” when payment, purchase, sale, or delivery depends on whether an event happens or to what extent it happens. Insurance would be excepted when the insured has a lawful insurable interest.
13152. Trading on prediction markets (a) Conduct during Federal service No covered individual may enter into, or offer to enter into an agreement, contract, or transaction that provides for any purchase, sale, payment, or delivery of an excluded commodity (as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a)), that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of a specific event or contingency. (b) Rule of construction Nothing in subsection (a) shall be construed to apply to insurance for which the insured holds a lawful insurable interest.
Covered investments would include securities, commodities, futures, and comparable economic interests acquired through synthetic means, such as derivatives including options or warrants. A future is a contract requiring a purchase or sale at a predetermined future date and price. The bill’s definition of commodity excludes precious metals, using a regulatory definition.
(3) Covered investment The term covered investment— (A) means an investment in a security, a commodity, a future, or any comparable economic interest acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means;
(6) Future The term future means a financial contract obligating the buyer to purchase an asset or the seller to sell an asset, such as a physical commodity or a financial investment, at a predetermined future date and price.
(1) Commodity The term commodity— (A) has the meaning given the term in section 1a of the Commodity Exchange Act (7 U.S.C. 1a); and (B) does not include a precious metal (as defined in section 1027.100 of title 31, Code of Federal Regulations).
The covered-investment definition would exclude qualifying widely held funds that are diversified and publicly traded on a national or regional stock exchange. It would also exclude U.S. Treasury and state or municipal government bills, notes, and bonds.
(B) does not include— (i) a widely held investment fund described in section 13104(f)(8) that is diversified and publicly traded on a national or regional stock exchange; (ii) a United States Treasury bill, note, or bond; (iii) a State or municipal government bill, note, or bond;
For the fund exception, “diversified” would mean the fund has no stated policy of concentrating investments in an industry, business, single foreign country, or one state’s bonds. The definition permits a stated policy of concentrating in bonds of the state where the member of Congress resides. This test concerns the fund’s stated policy, not its actual holdings alone.
(5) Diversified The term diversified, with respect to an investment fund, means such fund does not have a stated policy of concentrating its investments in any industry, business, single country other than the United States, or bonds of a single State within the United States except for the State in which the Member of Congress resides.
Other exclusions would cover employer compensation received by a covered official’s spouse or dependent child, interests in qualifying small businesses, and interests in a limited liability company formed solely to purchase or hold a member of Congress’s personal residence. Specified Alaska Native Claims Settlement Act Settlement Common Stock would also be excluded.
(iv) any compensation received by the spouse or dependent child of a covered official from their employer; (v) an interest in a small business concern; (vi) an interest in a limited liability company created for the sole purpose of purchasing or holding real estate that serves as the personal residence of the Member of Congress; (vii) any share of Settlement Common Stock issued under section 7(g)(1)(A) of the Alaska Native Claims Settlement Act (43 U.S.C. 1606(g)(1)(A)); or (viii) any share of Settlement Common Stock, as defined in section 3 of the Alaska Native Claims Settlement Act (43 U.S.C. 1602).
(9) Small Business Concern The term small business concern has the meaning given that term under section 3 of the Small Business Act (15 U.S.C. 632).
Subject to the stated exceptions, covered people and entities could not directly or indirectly own or trade covered investments. Compliance would require avoiding purchases and divesting existing covered investments at fair market value by the applicable deadline.
13153. Trade and ownership of covered investments (a) Conduct during federal service Except as described in subsection (b)(1)(B) and subsections (d) through (f), no covered individual may, directly or indirectly, own or trade a covered investment. (b) Compliance (1) Requirement To comply with subsection (a)— (A) a covered individual may not purchase a covered investment; and (B) a covered individual shall divest of any covered investment by the effective date established in paragraph (2) at fair market value.
Those already covered at enactment would have a divestiture deadline 180 days after enactment. For those becoming covered later, the bill specifies a 90-day period but uses the unclear wording “90 days within the date” they become covered.
(2) Effective date The effective date is established as follows: (A) 180 days after the date of the enactment of this subchapter for an individual who is a covered individual on such date. (B) 90 days within the date on which an individual becomes a covered individual if such date occurs after the date of enactment of this subchapter.
For the certificate-of-divestiture program under Internal Revenue Code section 1043, the proposal would treat its investment section as a federal conflict-of-interest statute and designate covered people and entities as eligible persons under the specified provisions. Ethics offices would have to issue certificates after receiving proof of compliance with divestiture requirements or granted extensions, identifying the specific eligible property. The underlying tax rules are not reproduced, so the resulting tax treatment cannot be determined from this text alone.
(c) Certificates of divestiture (1) Application of certificate of divestiture program For purposes of section 1043 of the Internal Revenue Code of 1986— (A) this section shall be treated as a Federal conflict of interest statute; (B) any covered individual described in subparagraphs (A), (B), (C), (D), (E), and (G) of section 13151(2) shall be treated as an eligible person described in section 1043(b)(1)(A) of such Code; and (C) any spouse or dependent child described in section 13151(2)(F) shall be treated as an eligible person described in section 1043(b)(1)(B) of such Code.
(2) Issuance of certificate of divestiture (A) In general Each supervising ethics office shall issue a certificate of divestiture to each covered individual required to divest under this subchapter upon submission of proof of compliance by such individual with the requirements to divest or any extensions granted by the supervising ethics office. (B) Eligibility Such certificate shall include an identification of each specific property eligible for the application of the certificate of divestiture program as determined by the supervising ethics office.
A member of Congress’s spouse or dependent child could trade covered investments as part of their primary occupation, but only if those investments were not owned by any covered person or entity.
(d) Occupational exception A spouse or dependent child of a Member of Congress may trade any covered investment if such covered investment is not owned by a covered individual and if such trade is performed as a function of the primary occupation of the spouse or dependent child.
Holding covered investments in a qualified blind trust would not remove the requirement to divest them at fair market value by the applicable deadline.
(e) Trusts (1) Qualified blind trust Any covered investment held in a qualified blind trust as defined in section 13104(f)(3) shall be divested in accordance with subsection (b)(1)(B) by the effective date established in subsection (b)(2).
(B) a covered individual shall divest of any covered investment by the effective date established in paragraph (2) at fair market value.
An ethics office could exempt covered investments in a family trust if its grantor is or was a family member of the covered individual and no covered person or entity is a grantor, contributed covered investments, or currently has authority over a trustee. Applicants would need to request the exemption in writing and certify that these conditions are met. The trustee-authority condition does not expressly disqualify previously relinquished authority.
(2) Family trust A supervising ethics office may grant an exemption for covered investments held in a family trust only if— (A) no covered individual— (i) is a grantor of the family trust; (ii) contributed any covered investment to the family trust; or (iii) has any authority over a trustee of the family trust, including the authority to appoint, replace, or direct the actions of such a trustee; and (B) the grantor of the family trust is or was a family member of the covered individual. (3) Requests A covered individual seeking an exemption under paragraph (2) shall submit to the applicable supervising ethics office a request for the exemption, in writing, certifying that the conditions described in that paragraph are met.
A covered investment acquired after enactment without a purchase—for example, through marriage, inheritance, or a divorce settlement—would have to be divested at fair market value within 90 days of acquisition, subject to the extension provision.
(f) Assets acquired in special circumstances In the event that a covered individual acquires a covered investment after the date of enactment of the REVEAL Act other than by purchase (such as by marriage, inheritance, divorce settlement, or other circumstance), the covered individual shall have 90 days from the date on which such investment was acquired to divest such covered investment at fair market value.
(g) Extension A supervising ethics office may grant a covered individual an extension of time to comply with a divestment deadline under this section if a covered investment cannot be divested by such deadline due to low liquidity, vesting schedules, or contractual restrictions.
Ethics offices could extend a divestiture deadline when an investment cannot be divested on time because of low liquidity, vesting schedules, or contractual restrictions.
(g) Extension A supervising ethics office may grant a covered individual an extension of time to comply with a divestment deadline under this section if a covered investment cannot be divested by such deadline due to low liquidity, vesting schedules, or contractual restrictions.
The proposal would use the referenced statutory definition of supervising ethics office and assign that role to the Office of Government Ethics for independent agencies. It defines independent agency by reference to the statutory definition of independent establishment. Supervising ethics offices would have to issue interpretive guidance on relevant terms left undefined in the prediction-market and investment sections.
(10) Supervising ethics office The term supervising ethics office— (A) has the meaning given the term in section 13101 of this title; and (B) in the case of an independent agency, means the Office of Government Ethics.
(4) Independent agency The term independent agency has the meaning given the term independent establishment as defined in section 104 of this title.
(c) Interpretative guidance The supervising ethics office shall issue interpretive guidance on any relevant term not defined in this section.
(h) Interpretative guidance The supervising ethics office shall issue interpretive guidance on any relevant term not defined in this section.
Violations would require, at the direction of the supervising ethics office, both a fee equal to 10 percent of the value of the prohibited agreement, contract, or transaction and surrender of its profits. The surrendered profits would be payable to the Treasury.
13154. Penalties (a) In general (1) Penalties Any covered individual who violates the restrictions in section 13152 or 13153 of this title shall, at the direction of the supervising ethics office— (A) pay a fee equal to 10 percent of the value of the agreement, contract, or transaction in violation; and (B) disgorge the profits of any agreement, contract, or transaction that violates the provisions of such section 13152 or 13153. (2) Payment of penalty to Treasury A penalty imposed under paragraph (1)(B) shall be payable into the Treasury.
Penalties could not be paid from the specified House or Senate office accounts, campaign contributions, donations supporting the person’s federal-office activities, or other funds available through federal employment or service. Salary would be excepted from that last restriction.
(b) Payment restrictions A covered individual may not pay any of the penalties under this section from the following sources: (1) The Members’ Representational Allowance. (2) The Senators’ Official Personnel and Office Expense Account. (3) Any contribution (as defined in section 301(8) of the Federal Election Campaign Act of 1971 (52 U.S.C. 30101(8))) accepted as a candidate, and any other donation received as support for activities of the individual as a holder of Federal office. (4) Any other source of funds, other than a salary, available to such individual through employment or service in the Federal Government.
Each supervising ethics office would have to publish on a public website a description of every fine it assesses, the reason for the fine, and the result of the assessment.
(c) Publication Each supervising ethics office shall publish on a publicly available website a description of— (1) each fine assessed by the supervising ethics office pursuant to this section; (2) the reason why each such fine was assessed; and (3) the result of each assessment.
The supplied actions snapshot, updated October 5, 2026, records introduction in the House on September 16, 2026, and referral that day to Oversight and Government Reform, House Administration, Judiciary, and Ways and Means for provisions within their respective jurisdictions.
Source snapshot updated 2026-10-05T20:06:37Z.
2026-09-16: Introduced in House
2026-09-16: Referred to the Committee on Oversight and Government 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.
A closer look
Reviewed version: Introduced in House · 2026-09-16. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or policy change attached to appropriations was identified after reviewing the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified after reviewing the complete supplied introduced text. This conclusion is limited to that version; the source set cannot establish formal earmark status or absence in accompanying materials.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
Findings to examine
The cited findings identify narrow exceptions within the bill’s main ethics policy. Classification does not judge their justification or motive.
Covered holders of specified Alaska Native Claims Settlement Act Settlement Common Stock would benefit from an express exclusion from the covered-investment definition and its ownership and trading restrictions.
(B) does not include—
(vii) any share of Settlement Common Stock issued under section 7(g)(1)(A) of the Alaska Native Claims Settlement Act (43 U.S.C. 1606(g)(1)(A)); or (viii) any share of Settlement Common Stock, as defined in section 3 of the Alaska Native Claims Settlement Act (43 U.S.C. 1602).
Except as described in subsection (b)(1)(B) and subsections (d) through (f), no covered individual may, directly or indirectly, own or trade a covered investment.
The proposal would exclude interests in a limited liability company formed solely to purchase or hold a member of Congress’s personal residence. This is a residence-specific carve-out expressly tied to members of Congress.
(B) does not include—
(vi) an interest in a limited liability company created for the sole purpose of purchasing or holding real estate that serves as the personal residence of the Member of Congress;
A member of Congress’s spouse or dependent child would receive an occupational trading exception for investments owned by no covered person or entity. The exception is expressly limited to congressional families and trades performed as part of the spouse’s or child’s primary occupation.
(d) Occupational exception A spouse or dependent child of a Member of Congress may trade any covered investment if such covered investment is not owned by a covered individual and if such trade is performed as a function of the primary occupation of the spouse or dependent child.
For members of Congress, a fund with a stated policy of concentrating in their home state’s bonds could still meet the bill’s diversification definition and qualify for the investment-fund exclusion if it meets the other requirements. A stated policy of concentrating in another single state’s bonds would fail that definition. Actual concentration alone is not the stated test.
(B) does not include— (i) a widely held investment fund described in section 13104(f)(8) that is diversified and publicly traded on a national or regional stock exchange;
(5) Diversified The term diversified, with respect to an investment fund, means such fund does not have a stated policy of concentrating its investments in any industry, business, single country other than the United States, or bonds of a single State within the United States except for the State in which the Member of Congress resides.
Covered holders of investments in certain family trusts could obtain a discretionary exemption from the investment restrictions. It would require that the grantor is or was a family member of the covered individual and that no covered person or entity is a grantor, contributed covered investments, or currently has authority over a trustee, with a written request certifying these conditions. The authority condition does not expressly disqualify previously relinquished authority.
(2) Family trust A supervising ethics office may grant an exemption for covered investments held in a family trust only if— (A) no covered individual— (i) is a grantor of the family trust; (ii) contributed any covered investment to the family trust; or (iii) has any authority over a trustee of the family trust, including the authority to appoint, replace, or direct the actions of such a trustee; and (B) the grantor of the family trust is or was a family member of the covered individual. (3) Requests A covered individual seeking an exemption under paragraph (2) shall submit to the applicable supervising ethics office a request for the exemption, in writing, certifying that the conditions described in that paragraph are met.
Covered holders of qualifying small-business interests would receive an express exclusion from the covered-investment definition. Eligibility depends on a Small Business Act definition that is not reproduced in the bundle.
(B) does not include—
(v) an interest in a small business concern;
(9) Small Business Concern The term small business concern has the meaning given that term under section 3 of the Small Business Act (15 U.S.C. 632).
Full text preserved for this analysis. Legislative record snapshot: Oct 5, 2026. How PlainBill uses AI