PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on the Judiciary, and House Administration, 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
Version 00 · Introduced in House · Feb 27, 2025
Modern Emoluments and Malfeasance Enforcement Act or the MEME Act
This bill prohibits the President, the Vice President, Members of Congress, those holding Senior Executive Service positions, admirals, generals, and other federal public officials from engaging in or benefiting from the issuance, sponsorship, or promotion of certain assets. The spouse and dependent children of such an official are also covered by the prohibition.
Assets covered by the bill are securities, security futures, commodities, digital assets such as cryptocurrency or a meme coin, as well as derivatives, options, warrants, mutual funds, or exchange traded funds of the preceding assets.
Showing the opening paragraphs of the official summary.
The prohibition applies to (1) such officials during their term of service and for 180 days prior to and after their service, and (2) the spouse and dependent children of such an official during that same period.
Civil and criminal penalties under the bill include disgorging (giving) to the Treasury any profits from prohibited transactions, fines, and imprisonment for up to five years. The bill provides additional penalties for such prohibited activities if they involve bribery or insider trading.
The U.S. Office of Special Counsel may also determine that federal employees or officers serving in other positions are covered by the prohibition.
People & committees
Rep. Liccardo, Sam [D-CA-16] · D–CA
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 the Judiciary, and House Administration, 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 the Judiciary, and House Administration, 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 the Judiciary, and House Administration, 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
Sponsor introductory remarks on measure. (CR H893)
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: Feb 11, 2026. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.1712 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.
Examine H.R.1712 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.1712 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.1712 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.
PlainBill explanation
Based on the full Introduced in House · 2025-02-27 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 bill would bar the President, Vice President, other covered officials, certain senior government personnel, and their spouses and dependent children from issuing, sponsoring, or promoting covered financial assets for financial gain—or benefiting from those transactions. It would cover assets including cryptocurrencies and meme coins. Restrictions would apply during service and for 180 days before and after service.
The term prohibited financial transaction means the issuance, sponsorship, or promotion of a covered asset for pecuniary gain.
The term covered individual means— (A) the President; (B) the Vice President; (C) a public official (as defined in section 201(a) of title 18); or (D) the spouse or dependent child of any individual described in subparagraph (A), (B), or (C).
The term adjacent individual means— (A) each officer or employee in the executive branch holding a Senior Executive Service position (as defined under section 3132(a)(2)); (B) each member of a uniformed service whose pay grade is at or in excess of O–7 under section 201 of title 37; (C) each officer or employee in any other position determined by the Special Counsel of the United States, in consultation with the Director of the Office of Government Ethics, to be of equal classification to a position described in subparagraph (A) or (B); or (D) the spouse or dependent child of any individual described in subparagraph (A), (B), or (C).
a digital asset which can be sold for remuneration, including a cryptocurrency, a meme coin, a token, or a non-fungible token
Except as provided in subsection (b), a covered individual or an adjacent individual may not engage in or benefit from a prohibited financial transaction— (1) during the term of service of the covered individual or adjacent individual; (2) during the 180-day period prior to the date on which the service of such covered individual or adjacent individual commenced; or (3) during the 180-day period beginning on the date on which the service of such covered individual or adjacent individual is terminated.
Section 1 would name the legislation the Modern Emoluments and Malfeasance Enforcement Act, or MEME Act.
This Act may be cited as the Modern Emoluments and Malfeasance Enforcement Act or the MEME Act.
Section 2 states Congress's proposed position that federal elected officials should not use public office for private financial gain. Its statements linking officials' financial promotions to bribery, exploitation, and foreign influence express the bill's rationale; they do not establish that those effects occurred.
It is the sense of Congress that Federal elected officials must not utilize their position, granted by the trust of the public, for private financial gain. The issuance, sponsorship, or promotion of financial instruments by public office holders will deprive the public of the office holder’s honest services, facilitate bribery by investors or purchasers, and result in public exploitation and corrupt foreign influence.
Section 3 would cover the President, Vice President, people meeting an existing federal definition of public official, and their spouses and dependent children. The bill incorporates outside statutory definitions of public official and dependent child.
The term covered individual means— (A) the President; (B) the Vice President; (C) a public official (as defined in section 201(a) of title 18); or (D) the spouse or dependent child of any individual described in subparagraph (A), (B), or (C). (4) Dependent child The term dependent child has the meaning given the term in section 13101.
The bill's additional category, called adjacent individuals, would include executive branch Senior Executive Service personnel, uniformed service members at pay grade O–7 or higher, and their spouses and dependent children. The Special Counsel, consulting the Office of Government Ethics director, could identify other positions of equal classification.
The term adjacent individual means— (A) each officer or employee in the executive branch holding a Senior Executive Service position (as defined under section 3132(a)(2)); (B) each member of a uniformed service whose pay grade is at or in excess of O–7 under section 201 of title 37; (C) each officer or employee in any other position determined by the Special Counsel of the United States, in consultation with the Director of the Office of Government Ethics, to be of equal classification to a position described in subparagraph (A) or (B); or (D) the spouse or dependent child of any individual described in subparagraph (A), (B), or (C).
Covered assets would include securities, security futures, commodities, and digital assets that can be sold for payment, including cryptocurrency, meme coins, tokens, and non-fungible tokens. Coverage would also include listed financial contracts and investment funds tied to those assets.
The term covered asset means— (i) a security (as such term is defined in section 3(a) of Securities Exchange Act of 1934); (ii) a security future (as such term is defined in section 3(a) of Securities Exchange Act of 1934); (iii) a commodity (as defined in section 1a of the Commodity Exchange Act); (iv) a digital asset which can be sold for remuneration, including a cryptocurrency, a meme coin, a token, or a non-fungible token; or (v) any derivative, option, warrant, mutual fund, or exchange-traded fund of an asset described in clause (i), (ii), (iii), or (iv).
The proposed restriction would prohibit engaging in or benefiting from issuing, sponsoring, or promoting covered assets for financial gain. It would run throughout service, the 180 days before service begins, and the 180-day period beginning when service ends.
The term prohibited financial transaction means the issuance, sponsorship, or promotion of a covered asset for pecuniary gain.
Except as provided in subsection (b), a covered individual or an adjacent individual may not engage in or benefit from a prohibited financial transaction— (1) during the term of service of the covered individual or adjacent individual; (2) during the 180-day period prior to the date on which the service of such covered individual or adjacent individual commenced; or (3) during the 180-day period beginning on the date on which the service of such covered individual or adjacent individual is terminated.
For adjacent individuals, the bill would preserve the application of 18 U.S.C. 208. This clause does not state an exemption from that existing law.
With respect to adjacent individuals, nothing in this section shall be construed to limit the application of section 208 of title 18.
For purposes of immunity from civil liability, the bill would classify conduct comprising or relating to a prohibited transaction as unofficial and outside official duties.
For purposes of any immunities to civil liability, any conduct comprising or relating to a prohibited financial transaction under this section shall be deemed an unofficial act, and beyond the scope of official duties.
The proposed civil enforcement section would treat any act intended to encourage a covered asset's sale as a violation, expressly including advertising, promotion, solicitation, marketing, and endorsement.
Any act intended to encourage the sale of a covered asset, including advertisement, promotion, solicitation, marketing, or endorsement of the covered asset, constitutes a violation of this section.
The Attorney General could sue covered or adjacent individuals in federal district court for violating the proposed prohibition. The court could impose a civil penalty of up to $250,000.
The Attorney General may bring a civil action in any appropriate United States district court against any covered individual or adjacent individual who violates any provision of section 13152.
The court in which any action is brought under subsection (a) may assess against a covered individual or an adjacent individual a civil penalty of not more than $250,000.
Covered or adjacent individuals would have to surrender profits from a prohibited transaction or holding conducted in violation of the proposed civil enforcement section to the U.S. Treasury. This surrender of profits is called disgorgement.
A covered individual or adjacent individual shall disgorge to the Treasury of the United States any profit from a prohibited financial transaction or holding conducted in violation of this section.
The profit-surrender requirement would apply to someone who violates the proposed prohibition even if the financial asset was issued before enactment.
Disgorgement shall be required for any person who violates section 13152 regardless of whether the issuance of the financial asset transpired prior to the enactment of this Act.
An investor, competitor, or other private party suffering harm could sue over a violation in federal district court despite a contrary asset-related contract provision. The bill would allow requests for court orders or declarations of rights and expressly includes monetary damages among the available relief.
Notwithstanding any contrary provision in any contract relating to the asset, any investor, competitor, or other private party suffering harm may bring an action in an appropriate district court of the United States for any appropriate equitable or declaratory relief, including monetary damages, with respect to a violation of section 13152.
A knowing violation would carry a fine, up to five years in prison, or both if it either caused at least $1 million in aggregate public losses or produced a financial benefit from the sale, purchase, or distribution of an asset issued in violation of the prohibition. The financial-benefit alternative includes indirect benefits through family or business associates and states no minimum dollar amount.
Where any covered individual or adjacent individual knowingly violates any provision of section 13152 of title 5, and has either— (1) caused an aggregate loss of $1,000,000 or more to members of the public; or (2) benefitted financially, through profit, gain, or advantage, directly or indirectly through family members or business associates, from the sale, purchase, or distribution of the covered asset issued in violation of section 13152 of title 5, shall be fined under this title or imprisoned for not more than five years, or both.
A knowing violation combined with corruptly seeking or accepting something of value in exchange for official influence, fraud against the United States, or a breach of official duty would be punished under the referenced federal bribery provision. The exchange could benefit the individual or another person or entity.
Where any covered individual or adjacent individual who knowingly violates any provision of section 13152 of title 5, and directly or indirectly, corruptly demands, seeks, receives, accepts, or agrees to receive or accept anything of value personally or for any other person or entity, in return for— (1) being influenced in the performance of any official act; (2) being influenced to commit or aid in committing, or to collude in, or allow, any fraud, or make opportunity for the commission of any fraud, on the United States; or (3) being induced to do or omit to do any act in violation of the official duty of such official or person, shall be punished pursuant to section 201(b).
The subsection titled Insider trading would direct punishment under section 201(b) when a covered or adjacent individual knowingly violates the proposed prohibition and also violates section 10(b) of the Securities Exchange Act of 1934.
(c) Insider trading Where any covered individual or adjacent individual who knowingly violates any provision of section 13152 of title 5, and violates section 10(b) of the Securities Exchange Act of 1934, shall be subject to punished pursuant to section 201(b).
Criminal liability would not require proof that the individual intended to create an investment asset by sponsoring, issuing, or promoting it. The criminal provisions separately require a knowing violation.
To incur criminal liability under this section, it is not required that the covered or adjacent individual intended to create an investment asset through the sponsorship, issuance, or promotion of the asset.
Where any covered individual or adjacent individual knowingly violates any provision of section 13152 of title 5
The proposed criminal section would also classify conduct comprising or relating to a prohibited transaction as unofficial and outside official duties for purposes of both civil and criminal immunity.
For purposes of any immunities to civil and criminal liability, any conduct comprising or relating to a prohibited financial transaction under this section shall be deemed an unofficial act and beyond the scope of official duties.
The supplied official-actions snapshot, updated February 11, 2026, records House introduction on February 27, 2025, and referral that day to the Oversight and Government Reform, Judiciary, and House Administration committees.
Source snapshot updated 2026-02-11T20:57:28Z.
2025-02-27: Introduced in House
2025-02-27: Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on the Judiciary, and House Administration, 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 · 2025-02-27. 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 in the complete supplied introduced text. This conclusion 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 in the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
None identified in the reviewed text
No materially narrow preferential exemption, carve-out, or special benefit was identified in the complete supplied introduced text. This conclusion does not establish absence in other versions or accompanying materials.
Full text preserved for this analysis. Legislative record snapshot: Feb 11, 2026. How PlainBill uses AI