MEME Act

This bill aims to stop federal officials from using their public office to make money for themselves. It says that issuing or promoting financial products while in office cheats the public’s trust and can invite bribery and foreign influence.

It would ban certain financial deals by “covered” officials and related individuals (called adjacent individuals in the bill) while they are in office, and for 180 days before starting and 180 days after leaving. Advertising, promoting, or endorsing a covered asset would also count as a violation. The Justice Department could sue violators, courts could fine up to $250,000, and any profits would have to be paid back to the U.S. Treasury—even if the asset was created before the law. People who are harmed, like investors or competitors, could sue too. Criminal penalties apply if someone knowingly violates the rules and either causes at least $1 million in public losses or personally profits; penalties include fines and up to five years in prison, with related bribery and insider trading rules also in play. These acts would not be protected as part of “official duties,” so no official-duty immunity would apply. Existing conflict-of-interest rules for related individuals remain unchanged.

• Who is affected: Federal elected officials and certain related individuals (defined in the bill); investors, competitors, or others harmed by a violation.
• What changes: Bans certain financial transactions and promotions during service and for 180 days before/after; DOJ can sue; fines up to $250,000; profits must be returned (even for earlier assets); private lawsuits allowed; possible prison time for serious, knowing violations; no official-duty immunity; existing conflict rules still apply to related individuals.
• When: Applies during time in office and within 180 days before and after; profit return applies even if the asset was issued before this becomes law.