PlainBillCongress, translated.Legislation. Context. Public interest.Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 53 - 47. Record Vote Number: 253.
Congressional Research Service
Version 07 · Reported to House · Feb 3, 2026
Stop Insider Trading Act
This bill generally prohibits Members of Congress and their spouses and dependent children from purchasing stocks and requires public notice before these individuals may sell stocks.
Specifically, Members of Congress and the spouses and dependent children of Members of Congress may not purchase covered investments. Between 7 and 14 days before a Member or a covered spouse or dependent sells a covered investment, the relevant Member must file public notice of the intent to sell with the Clerk of the House of Representatives or the Secretary of the Senate, as appropriate. The Clerk or Secretary must publish this notice online. If the individual decides not to sell the covered investment, the notice must be withdrawn.
Showing the opening paragraphs of the official summary.
Under the bill, a covered investment is a security issued by a publicly traded company or a comparable economic interest. Some investments are exempt, including interest in a widely held investment fund and certain investments held in a trust.
Violations of these provisions are subject to a fee and, in the case of a purchase, a requirement to sell the covered investment. The fee must equal (1) the greater of $2,000 or 10% of the transaction value, and (2) any net gain realized from the transaction during a specified period. The fee may not be paid using campaign donations or Members’ official allowances.
Certain transactions by covered spouses and dependents are exempt, including transactions made on behalf of another person or made as part of compensation from the individual’s employer.
People & committees
Rep. Steil, Bryan [R-WI-1] · R–WI
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 53 - 47. Record Vote Number: 253.
Senate roll call 253 · Individual votesMotion to proceed to consideration of measure withdrawn in Senate.
Cloture motion on the motion to proceed to the measure presented in Senate. (CR S5065)
Motion to proceed to consideration of measure made in Senate. (CR S5065)
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 548.
Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Received in the Senate.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 232 - 198 (Roll no. 280). (text of amendment in the nature of a substitute: CR H5143-5144)
House roll call 280 · Individual votesPassed/agreed to in House: On passage Passed by the Yeas and Nays: 232 - 198 (Roll no. 280).
House roll call 280 · Individual votesOn motion to recommit Failed by the Yeas and Nays: 211 - 218 (Roll no. 279).
House roll call 279 · Individual votesConsidered as unfinished business. (consideration: CR H5157-5158)
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 7008, the Chair put the question on motion to recommit and by voice vote, announced the ayes had prevailed. Mr. Steil demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
Mr. Magaziner moved to recommit to the Committee on House Administration. (text: CR H5152)
The previous question was ordered pursuant to the rule.
DEBATE - The House proceeded with one hour of debate on H.R. 7008.
Rule provides for consideration of H.R. 8800, H.R. 8884, H. Con. Res. 113, H.R. 7008, H.R. 6955 and H.R. 9770. The resolution provides for consideration of H.R. 8800 under a structured rule and for consideration of H.R. 8884, H. Con. Res. 113, H.R. 7008, H.R. 6955, and H.R. 9770 under a closed rule, with one hour of debate on each measure and one motion to recommit on H.R. 8800, H.R. 8884, H.R. 7008, H.R. 6955, and H.R. 9770.
Considered under the provisions of rule H. Res. 1438. (consideration: CR H5143-5153)
Rules Committee Resolution H. Res. 1438 Reported to House. Rule provides for consideration of H.R. 8800, H.R. 8884, H. Con. Res. 113, H.R. 7008, H.R. 6955 and H.R. 9770. The resolution provides for consideration of H.R. 8800 under a structured rule and for consideration of H.R. 8884, H. Con. Res. 113, H.R. 7008, H.R. 6955, and H.R. 9770 under a closed rule, with one hour of debate on each measure and one motion to recommit on H.R. 8800, H.R. 8884, H.R. 7008, H.R. 6955, and H.R. 9770.
Placed on the Union Calendar, Calendar No. 409.
Reported (Amended) by the Committee on House Administration. H. Rept. 119-479.
Reported (Amended) by the Committee on House Administration. H. Rept. 119-479.
Ordered to be Reported (Amended) by the Yeas and Nays: 7 - 4.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on House Administration.
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.
Source last updated: Oct 1, 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.7008 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.7008 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.7008 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.7008 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 Placed on Calendar Senate · 2026-08-06 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 August 6, 2026 Senate-calendar version of this bill would generally bar members of Congress, their spouses and dependent children from buying stocks and other investments tied to publicly traded companies, starting 180 days after enactment. They could keep existing investments, but members would have to publicly announce sales covered by the bill—including sales by their spouses and dependent children—7–14 days beforehand. Exceptions cover certain investment funds, small-business interests, investments held by trustees whom the family cannot appoint, replace or direct and who are not the member’s spouse, child, parent or sibling, some work-related trades by spouses and dependent children, and prompt reinvestment of dividends—payments from an investment—into that same investment.
(1) Covered individual The term covered individual means any of the following: (A) A Member of Congress, as defined in section 13101. (B) A dependent child (as defined in section 13101) or a spouse of a Member of Congress.
The term covered investment means a security issued by a publicly traded company or any comparable economic interest acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means.
Except as described in subsection (c), no covered individual may purchase a covered investment.
No covered individual shall sell a covered investment, unless a notice of intent to sell the covered investment is made by the Member of Congress and publicly disclosed at least 7 calendar days, and no more than 14 calendar days, prior to the sale
A Member of Congress shall file the notice under paragraph (1) for each intended sale by the Member, or the spouse or dependent child of the Member
The term covered investment does not include— (i) an excepted investment fund (as described in section 13104(f)(8)); (ii) any other fund that would be an excepted investment fund but for the fact that the fund does not meet the diversification requirement solely because the fund is concentrated in— (I) the United States; or (II) the State, territory, or District of residence of the covered individual who owns the fund; (iii) an interest in a small business concern as defined under section 3 of the Small Business Act (15 U.S.C. 632); or (iv) investments held in a trust if no covered individual has any authority over a trustee of the trust, including the authority to appoint, replace, or direct the actions of such a trustee, and the trustee is not the spouse, child, parent, or sibling of a Member of Congress.
a spouse or dependent child of a Member of Congress may trade any covered investment if such covered investment is— (A) 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; or (B) made as a part of compensation from an employer of such individual or in furtherance of any fiduciary or occupational obligations of such individual.
The requirements of subsection (a) shall not apply to a covered individual with respect to a transaction for the purpose of reinvesting dividends received from a covered investment into the same covered investment automatically or without delay.
shall take effect on the date that is 180 days after the date of enactment of this Act.
Starting 90 days after enactment, voters in federal elections would generally need an approved physical photo ID to vote in person. Without it, they could cast a ballot held for an eligibility check, but within three days they would have to provide either the ID or a sworn statement that they lack it because of a religious objection to being photographed.
the appropriate State or local election official may not provide a ballot for an election for Federal office to an individual who desires to vote in person unless the individual presents to the official a valid physical photo identification.
If an individual does not present the identification required under subparagraph (A), the individual shall be permitted to cast a provisional ballot with respect to the election under section 302(a), except that the appropriate State or local election official may not make a determination under section 302(a)(4) that the individual is eligible under State law to vote in the election unless, not later than 3 days after casting the provisional ballot, the individual presents to the official— (I) the identification required under subparagraph (A); or (II) an affidavit developed and made available to the individual by the State attesting that the individual does not possess the identification required under subparagraph (A) because the individual has a religious objection to being photographed.
This section and the amendments made by this section shall take effect on the date that is 90 days after the date of the enactment of this Act.
People voting other than in person would need to send an approved photo ID copy, or their Social Security number’s last four digits plus a sworn statement that reasonable efforts failed to obtain a copy, or a notary’s certification that they personally marked the ballot. Exceptions would apply to qualifying absent uniformed-services voters and people entitled to vote away from the polls under a specified provision of federal voting-accessibility law; the supplied text refers to other laws to define these groups.
the appropriate State or local election official may not accept any ballot for an election for Federal office provided by an individual who votes other than in person unless the individual— (i) submits with the ballot a copy of a valid photo identification; (ii) submits with the ballot the last four digits of the individual’s Social Security number and an affidavit developed and made available to the individual by the State attesting that the individual is unable to obtain a copy of a valid photo identification after making reasonable efforts to obtain such a copy; or (iii) includes a notarization by a notary public attesting that the individual has personally marked the ballot.
Subparagraph (A) does not apply with respect to a ballot provided by— (i) an absent uniformed services voter, as defined in section 107(1) of the Uniformed and Overseas Citizens Absentee Voting Act (52 U.S.C. 20310(1)); or (ii) an individual provided the right to vote otherwise than in person under section 3(b)(2)(B)(ii) of the Voting Accessibility for the Elderly and Handicapped Act (52 U.S.C. 20102(b)(2)(B)(ii)).
Section 2 would cover members of Congress, their spouses and their dependent children.
(1) Covered individual The term covered individual means any of the following: (A) A Member of Congress, as defined in section 13101. (B) A dependent child (as defined in section 13101) or a spouse of a Member of Congress.
Covered investments would include securities issued by publicly traded companies and comparable economic interests obtained through derivatives, including options and warrants.
The term covered investment means a security issued by a publicly traded company or any comparable economic interest acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means.
The term publicly traded company means an issuer that has a class of securities registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l).
The proposal would exclude statutorily defined excepted investment funds, certain funds concentrated geographically in the United States or the owner's state, territory or district of residence, and interests in statutorily defined small businesses.
The term covered investment does not include— (i) an excepted investment fund (as described in section 13104(f)(8)); (ii) any other fund that would be an excepted investment fund but for the fact that the fund does not meet the diversification requirement solely because the fund is concentrated in— (I) the United States; or (II) the State, territory, or District of residence of the covered individual who owns the fund; (iii) an interest in a small business concern as defined under section 3 of the Small Business Act (15 U.S.C. 632)
Trust investments would be excluded if no covered person has authority over a trustee and the trustee is not a member's spouse, child, parent or sibling.
investments held in a trust if no covered individual has any authority over a trustee of the trust, including the authority to appoint, replace, or direct the actions of such a trustee, and the trustee is not the spouse, child, parent, or sibling of a Member of Congress.
Covered people generally could not buy covered investments. Subject to the occupational exception, sales would require a member's publicly disclosed notice at least 7 and no more than 14 calendar days before the sale.
(a) Conduct during federal service Except as described in subsection (c), no covered individual may purchase a covered investment.
No covered individual shall sell a covered investment, unless a notice of intent to sell the covered investment is made by the Member of Congress and publicly disclosed at least 7 calendar days, and no more than 14 calendar days, prior to the sale in accordance with the requirements of this subsection.
Notwithstanding subsections (a) and (b), a spouse or dependent child of a Member of Congress may trade any covered investment if such covered investment is— (A) 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; or (B) made as a part of compensation from an employer of such individual or in furtherance of any fiduciary or occupational obligations of such individual.
Sale notices would state the projected sale date, describe the sale and give the number of shares. Members would have to withdraw a notice before it expires if the covered person decides not to sell.
The notice under paragraph (1) shall include the following: (A) The projected date of sale of a covered investment. (B) A description of such sale. (C) The number of shares in such sale.
The notice under paragraph (1) shall be withdrawn by the Member of Congress who filed it, prior to the close of the expiration of the notice, if the covered individual determines not to sell the covered investment.
Members would file notices for their own and covered family members' intended sales with the House Clerk or Senate Secretary. Notices and withdrawals would be published on the relevant office's website upon receipt.
A Member of Congress shall file the notice under paragraph (1) for each intended sale by the Member, or the spouse or dependent child of the Member, with— (A) the Clerk of the House of Representatives, in the case of a Representative in Congress, a Delegate to Congress, or the Resident Commissioner from Puerto Rico; or (B) the Secretary of the Senate, in the case of a Senator.
The notice under paragraph (1) and the withdrawal under paragraph (3) shall, upon receipt, be made publicly available on a website controlled by the Clerk of the House of Representatives or the Secretary of the Senate, as applicable.
Spouses and dependent children would be excepted from both the purchase ban and sale-notice rules when trading as a function of their primary occupation only if no covered individual owns the investment. Separately, the exception would cover investments made as employer compensation or in furtherance of their fiduciary or occupational obligations; that separate ground does not state the nonownership condition.
Notwithstanding subsections (a) and (b), a spouse or dependent child of a Member of Congress may trade any covered investment if such covered investment is— (A) 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; or (B) made as a part of compensation from an employer of such individual or in furtherance of any fiduciary or occupational obligations of such individual.
The purchase ban would allow dividends to be reinvested into the same covered investment automatically or without delay.
The requirements of subsection (a) shall not apply to a covered individual with respect to a transaction for the purpose of reinvesting dividends received from a covered investment into the same covered investment automatically or without delay.
At the supervising ethics office's direction, violations would trigger a fee payable by the member responsible or by the member whose spouse or dependent child caused the violation. Unlawfully purchased investments would have to be sold.
Any covered individual who violates the restrictions in section 13152 with respect to a covered investment, shall, at the direction of the supervising ethics office— (1) incur a fee, as calculated in subsection (b), to be paid by the Member of Congress who— (A) caused the violation; or (B) is the spouse or parent of a covered individual who caused the violation; and (2) in the case of a purchase of a covered investment, be required to sell a covered investment purchased in violation of section 13152(a).
The fee would equal the greater of $2,000 or 10 percent of the violating transaction's value, plus any realized net gain over the specified period from most recently becoming covered through disposition, as determined by the ethics office.
The fee required under subsection (a) shall be equal to the sum of— (1) $2,000 or ten percent of the value of the transaction in the covered investment which violates section 13152, whichever is greater; and (2) the net gain realized, if any, from the covered investment during the period beginning on the most recent date on which the individual became a covered individual and ending on the date of disposition of the covered investment, as determined by the supervising ethics office.
Members could not pay these fees from the listed congressional office accounts, campaign contributions or donations supporting their federal officeholder activities. Collected fees would go to the Treasury's general fund.
A Member of Congress may not pay any of the fees under this section by using amounts 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.
Any amounts collected in fees authorized by this section shall be deposited in the general fund of the Treasury as miscellaneous receipts in accordance with section 3302(b) of title 31.
An ethics office could refer a former member to the Department of Justice if the member resigns or retires before paying a fee, with section 13106 applied as specified. The supplied text does not reproduce that section's procedures or remedies. Ethics offices could issue interpretive guidance and consider mitigating or aggravating circumstances.
The supervising ethics office has the authority to refer a former Member of Congress to the Department of Justice and section 13106 shall be applied in the same manner and to the same extent as a violation under such section if such former Member resigns or retires before paying the fee under this section.
Each supervising ethics office may issue interpretative guidance on this subchapter and in issuing such guidance, may consider mitigating or aggravating circumstances.
Section 2 and its investment-related amendments would take effect 180 days after enactment.
This section and the amendments made by this section shall take effect on the date that is 180 days after the date of enactment of this Act.
Section 3 would generally require people voting in person in federal elections to present valid physical photo identification before receiving a ballot, subject to its provisional-ballot exception.
Notwithstanding any other provision of law and except as provided in subparagraph (B), the appropriate State or local election official may not provide a ballot for an election for Federal office to an individual who desires to vote in person unless the individual presents to the official a valid physical photo identification.
An in-person voter without the required identification could cast a provisional ballot. Within three days after casting it, the voter would need to present the identification or a state-provided affidavit stating that a religious objection to being photographed explains its absence before officials could determine eligibility under the cited rule. Other reasons for provisional voting would remain outside this change.
If an individual does not present the identification required under subparagraph (A), the individual shall be permitted to cast a provisional ballot with respect to the election under section 302(a), except that the appropriate State or local election official may not make a determination under section 302(a)(4) that the individual is eligible under State law to vote in the election unless, not later than 3 days after casting the provisional ballot, the individual presents to the official— (I) the identification required under subparagraph (A); or (II) an affidavit developed and made available to the individual by the State attesting that the individual does not possess the identification required under subparagraph (A) because the individual has a religious objection to being photographed.
Nothing in clause (i) may be construed to apply to the casting of a provisional ballot pursuant to section 302(a) or any State law for reasons other than the failure to present the identification required under subparagraph (A).
People voting other than in person would generally need to submit a photo-identification copy; the last four Social Security number digits plus a state affidavit explaining inability to obtain a copy after reasonable efforts; or notarization that they personally marked the ballot.
the appropriate State or local election official may not accept any ballot for an election for Federal office provided by an individual who votes other than in person unless the individual— (i) submits with the ballot a copy of a valid photo identification; (ii) submits with the ballot the last four digits of the individual’s Social Security number and an affidavit developed and made available to the individual by the State attesting that the individual is unable to obtain a copy of a valid photo identification after making reasonable efforts to obtain such a copy; or (iii) includes a notarization by a notary public attesting that the individual has personally marked the ballot.
Those requirements for voting other than in person would not apply to statutorily defined absent uniformed-services voters or people granted that voting right under the cited accessibility-law provision. The referenced laws are not supplied, so the full scope of those classes cannot be established here.
Subparagraph (A) does not apply with respect to a ballot provided by— (i) an absent uniformed services voter, as defined in section 107(1) of the Uniformed and Overseas Citizens Absentee Voting Act (52 U.S.C. 20310(1)); or (ii) an individual provided the right to vote otherwise than in person under section 3(b)(2)(B)(ii) of the Voting Accessibility for the Elderly and Handicapped Act (52 U.S.C. 20102(b)(2)(B)(ii)).
Officials would have to ensure free public access to devices for copying identification at state and local government buildings, to the extent practicable.
the appropriate State or local government official of the State shall ensure, to the extent practicable, public access to a digital imaging device, which shall include a printer, copier, image scanner, or multifunction machine, at State and local government buildings in the State, including courts, libraries, and police stations, for the purpose of allowing individuals to use such a device at no cost to the individual to make a copy of a valid photo identification.
States would have to notify federal-election voter-registration applicants of the identification requirements. Online systems would have to provide notice before registration is completed.
Each State shall ensure that, at the time an individual applies to register to vote in elections for Federal office in the State, the appropriate State or local election official notifies the individual of the photo identification requirements of this section.
the online voter registration system notifies the individual of the photo identification requirements of this section before the individual completes the online registration process.
Accepted identification would include valid state driver's licenses and motor-vehicle-authority identification cards with photos and expiration dates; U.S. passports; Defense or Veterans Affairs photo cards; and tribal identification documents with photos and expiration dates.
(1) A valid State-issued motor vehicle driver’s license that includes a photo of the individual and an expiration date. (2) A valid State-issued identification card that includes a photo of the individual and an expiration date issued by a State motor vehicle authority. (3) A valid United States passport for the individual. (4) A valid photo identification card for the individual issued by the Department of Defense or the Department of Veterans Affairs. (5) A valid identification document issued by a Tribal government that includes a photo of the individual and an expiration date.
Section 3 would add a 90-day-after-enactment date for Election Assistance Commission recommendations on the new requirements. It would also replace the enforcement provision's reference to four enumerated sections with a reference to subtitle A of title III. The existing provisions are not supplied, so their full procedures and remedies cannot be described from this text.
Conforming amendment relating to voluntary guidance by Election Assistance Commission Section 311(b) of such Act (52 U.S.C. 21101(b)) is amended
(4) in the case of the recommendations with respect to section 303A, the date that is 90 days after the date of the enactment of this paragraph.
Section 401 of such Act (52 U.S.C. 21111) is amended by striking sections 301, 302, 303, and 304 and inserting subtitle A of title III.
Section 3 and its voting-related amendments would take effect 90 days after enactment.
This section and the amendments made by this section shall take effect on the date that is 90 days after the date of the enactment of this Act.
The October 1, 2026 source snapshot records House passage on July 22 by 232–198 and placement on the Senate legislative calendar on August 6.
Source snapshot updated 2026-10-01T10:57:12Z.
2026-07-22: On passage Passed by the Yeas and Nays: 232 - 198 (Roll no. 280). (text of amendment in the nature of a substitute: CR H5143-5144)
2026-08-06: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 548.
The October 1, 2026 source snapshot records that cloture on the motion to proceed was not invoked in the Senate on September 30, following a 53–47 vote. This was a procedural vote on proceeding to the measure.
Source snapshot updated 2026-10-01T10:57:12Z. 2026-09-30: Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 53 - 47. Record Vote Number: 253.
A closer look
Reviewed version: Placed on Calendar Senate · 2026-08-06. 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.
Findings to examine
The finding uses the subject-based definition of a rider in the supplied text version; it does not establish amendment attachment history.
Section 3's federal-election photo-identification requirements are unrelated to the congressional-investment restrictions indicated by the short title and Section 2. They qualify as a rider under the subject-based definition, without establishing when or how they were attached.
This Act may be cited as the Stop Insider Trading Act.
Except as described in subsection (c), no covered individual may purchase a covered investment.
the appropriate State or local election official may not provide a ballot for an election for Federal office to an individual who desires to vote in person unless the individual presents to the official a valid physical photo identification.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
After review of the complete supplied August 6, 2026 text, no congressionally directed spending for particular recipients or places was identified. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials; formal earmark disclosures and requests are not supplied.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
Findings to examine
The findings identify specific carve-outs from the main investment policy. Classification does not imply improper purpose or determine whether an exception is justified.
Members' spouses and dependent children would receive an exception from both the purchase ban and sale-notice rules for trades performed as a function of their primary occupation only if no covered individual owns the investment. A separate ground covers investments made as employer compensation or in furtherance of their fiduciary or occupational obligations, without stating that nonownership condition.
Notwithstanding subsections (a) and (b), a spouse or dependent child of a Member of Congress may trade any covered investment if such covered investment is— (A) 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; or (B) made as a part of compensation from an employer of such individual or in furtherance of any fiduciary or occupational obligations of such individual.
Covered people holding certain geographically concentrated funds would receive an exclusion even though those funds fail the referenced diversification requirement solely because of concentration in the United States or the owner's state, territory or district of residence. The full requirements for an excepted investment fund are not supplied.
The term covered investment does not include— (i) an excepted investment fund (as described in section 13104(f)(8)); (ii) any other fund that would be an excepted investment fund but for the fact that the fund does not meet the diversification requirement solely because the fund is concentrated in— (I) the United States; or (II) the State, territory, or District of residence of the covered individual who owns the fund
Covered people with investments in qualifying trusts would receive an exclusion from the investment rules, conditioned on no covered individual having authority over a trustee and the trustee not being a member's spouse, child, parent or sibling.
The term covered investment does not include—
investments held in a trust if no covered individual has any authority over a trustee of the trust, including the authority to appoint, replace, or direct the actions of such a trustee, and the trustee is not the spouse, child, parent, or sibling of a Member of Congress.
Full text preserved for this analysis. Legislative record snapshot: Oct 1, 2026. How PlainBill uses AI