HR 396

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IN THE HOUSE OF REPRESENTATIVES

January 14, 2025

Mr. Magaziner (for himself, Mr. Roy, Ms. Adams, Mr. Beyer, Mr. Casar, Mr. Ciscomani, Mr. Cleaver, Ms. Craig, Mr. Crane, Mr. Crow, Ms. Davids of Kansas, Ms. DelBene, Mr. Deluzio, Mr. Garcia of California, Mr. Golden of Maine, Mr. Gottheimer, Ms. Houlahan, Mr. Huffman, Mr. Johnson of South Dakota, Mr. Keating, Mrs. Kim, Mr. Landsman, Mr. Lawler, Ms. Leger Fernandez, Mr. Levin, Ms. Mace, Ms. McCollum, Mr. Mrvan, Mr. Murphy, Mr. Nadler, Mr. Neguse, Ms. Norton, Ms. Perez, Mr. Perry, Ms. Pettersen, Mr. Pocan, Ms. Salinas, Ms. Sherrill, Mr. Sorensen, Mr. Stanton, Ms. Stevens, Ms. Titus, Mr. Tonko, Mr. Vasquez, Ms. Williams of Georgia, Mr. Mackenzie, and Mr. Pappas) introduced the following bill; which was referred to the Committee on House Administration

A BILL

To require Members of Congress and their spouses and dependent children to place certain assets into blind trusts, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Transparent Representation Upholding Service and Trust in Congress Act” or the “TRUST in Congress Act”.

SEC. 2. PLACEMENT OF CERTAIN ASSETS OF MEMBERS OF CONGRESS AND THEIR SPOUSES AND DEPENDENT CHILDREN IN BLIND TRUST.

(a) In General.—

(1) Members occupying office on date of enactment.—Not later than 180 days after the date of enactment of this Act, a Member of Congress and any spouse or dependent child of such Member shall place any covered investment owned by such Member, spouse, or dependent child into a qualified blind trust.

(2) Members assuming office after date of enactment.—Not later than 90 days after the date an individual becomes a Member of Congress after the date of enactment of this Act, such individual and any spouse or dependent child of such individual shall place any covered investment owned by such individual, spouse, or dependent child into a qualified blind trust.

(3) Mingling of assets.—A spouse or dependent child of a Member of Congress may place a covered investment in a qualified blind trust established by such Member under paragraph (1) or (2).

(4) Assets upon separation.—A Member of Congress and any spouse or dependent child of such Member may not dissolve any qualified blind trust in which a covered investment has been placed pursuant to paragraph (1) or (2), or otherwise control such an investment, until the date that is 180 days after the date such Member ceases to be a Member of Congress.

(b) Accountability.—

(1) Members of the house.—A Member of Congress who is a Member of the House of Representatives shall—

(A) not later than 15 days after the date a qualified blind trust is established under subsection

(a), certify to the Clerk of the House of Representatives that such trust has been established and that any covered investment owned by such Member or a spouse or dependent child of such Member has been placed in such trust; or

(B) certify to the Clerk that such Member or a spouse or dependent child of such Member does not own any covered investment.

(2) Members of the senate.—A Member of Congress who is a Senator shall—

(A) not later than 15 days after the date a qualified blind trust is established under subsection

(a), certify to the Secretary of the Senate that such trust has been established and that any covered investment owned by such Member or a spouse or dependent child of such Member has been placed in such trust; or

(B) certify to the Secretary that such Member or a spouse or dependent child of such Member does not own any covered investment.

(3) Report.—The Clerk of the House of Representatives and the Secretary of the Senate shall make available on the public website of the Clerk and the Secretary, respectively, any certification made under paragraph (1) or (2).

(c) Exception.—A spouse or dependent child who receives compensation from their primary occupation through any covered investment shall not be required to place such covered investment in a qualified blind trust under this Act.

(d) Definitions.—In this Act:

(1) Commodity.—The term “commodity” has the meaning given the term in section 1a of the Commodity Exchange Act (7 U.S.C. 1a).

(2) Covered investment.—The term “covered investment”—

(A) means investment in a security, a commodity, or a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative; and

(B) does not include—

(i) a widely held investment fund described in section 13104(f)(8) of title 5, United States Code; or

(ii) a United States Treasury bill, note, or bond.

(3) Dependent child.—The term “dependent child” has the meaning given that term in section 13101 of title 5, United States Code.

(4) Member of congress.—The term “Member of Congress” has the meaning given that term in such section 13101.

(5) Qualified blind trust.—The term “qualified blind trust” has the meaning given that term in section 13104(f)(3) of such title. <all>