TRUST in Congress Act

Summary

Requires Members of Congress and their spouses and dependent children to put most of their financial holdings into qualified blind trusts and to publicly certify those trusts. Current Members must transfer covered investments into trusts within 180 days of enactment; newly elected or appointed Members must do so within 90 days of taking office. Spouses and dependent children may place investments into a Member’s trust; families cannot control or dissolve those trusts or the assets in them until 180 days after the Member leaves office. Certifications must be filed with and posted by House and Senate offices, and limited exceptions apply for a spouse’s or dependent child’s primary-occupation income from a covered investment.

• Members must place covered investments of themselves, spouses, and dependent children into qualified blind trusts within deadlines (180 days for current Members; 90 days for new Members).
• Spouses and dependent children may transfer their covered investments into a Member’s qualified blind trust rather than creating separate trusts.
• Members and covered family members cannot control or dissolve the trust or sell/reclaim placed investments until 180 days after the Member leaves office.
• Members must certify establishment of a qualified blind trust (or absence of covered investments) to the Clerk of the House or Secretary of the Senate within 15 days of establishment.
• Certifications must be posted publicly on the House or Senate website for transparency.
• An exception allows income from a covered investment to be excluded if it is the spouse’s or dependent child’s primary-occupation income.
• Key terms are defined by reference to existing federal statutes, which determines scope and technical standards.
• The law focuses on preventing conflicts of interest and increasing public transparency about Members’ financial holdings.