United StatesSenate Bill 1620S 1620
MEME Act
Finance and Financial Sector
11 pages
- senate
- house
- president
Last progress May 6, 2025 (7 months ago)
Introduced on May 6, 2025 by Christopher Murphy
Sponsors (4)
Last progress May 6, 2025 (7 months ago)
Introduced on May 6, 2025 by Christopher Murphy
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
This bill aims to stop financial self-dealing by people in public office. It bans certain money-making moves tied to issuing, sponsoring, or promoting financial assets for profit, called “prohibited financial transactions.” The rules apply to covered public officials and certain related individuals, described in the bill as “adjacent individuals,” with special notes that existing conflict-of-interest law for adjacent individuals still applies (section 208 of title 18). Any such conduct is treated as outside official duties, meaning it doesn’t get official immunity .
Key points:
| Who is affected | What is banned | When it applies | Who enforces | Penalties |
|---|---|---|---|---|
| Covered public officials and “adjacent individuals” | Issuing, sponsoring, or promoting certain financial assets for profit (“prohibited financial transactions”) | During service, plus 180 days before starting and 180 days after leaving | Attorney General may bring a civil case | Up to $250,000 fine and disgorgement (give up profits) to the Treasury; conduct is treated as unofficial for immunity purposes |