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Adds a new subsection (d) to 26 U.S.C. §1043 applying the section's tax rules for sales of property to the prohibition on Congressional ownership: treats subchapter IV of title 5 as a Federal conflict-of-interest statute, treats covered individuals (as defined in 5 U.S.C. 13151) as 'eligible persons' for purposes of the section, and permits certificates of divestiture issued by the applicable Congressional ethics committee to satisfy the certificate requirement.
Adds new material at the end of chapter 131 of title 5 (including a new section 13151 referenced in the amendment) to establish the prohibition on Congressional ownership of certain financial investments and to define 'covered individuals' referenced elsewhere in the bill.
Makes sure members of Congress who must sell investments to avoid conflicts of interest get the same tax treatment already available to executive branch officials. It updates federal law so these required sales can qualify for tax deferral when proceeds are promptly reinvested in permitted assets.
It recognizes congressional “covered individuals” as eligible for this treatment and accepts a divestiture certificate issued by a House or Senate ethics committee as the needed documentation. It also makes a small clerical update to the U.S. Code.
Referred to the Committee on House Administration, and in addition to the Committee on 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 January 9, 2025 by Brian K. Fitzpatrick · Last progress January 9, 2025