[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3639 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3639

  To amend the Ethics in Government Act of 1978 to require federally 
 elected officials to place their stocks, bonds, commodities futures, 
            and other forms of securities in a blind trust.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 13, 2011

  Mr. Nugent introduced the following bill; which was referred to the 
 Committee on Oversight and Government Reform, and in addition to the 
  Committee on House Administration, 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

_______________________________________________________________________

                                 A BILL


 
  To amend the Ethics in Government Act of 1978 to require federally 
 elected officials to place their stocks, bonds, commodities futures, 
            and other forms of securities in a blind trust.

    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 ``Prevent Insider Trading by Elected 
Officials Act''.

SEC. 2. REQUIREMENT OF ELECTED OFFICIALS TO USE BLIND TRUST.

    The Ethics in Government Act of 1978 (5 U.S.C. App.) is amended by 
inserting after section 101 the following new section:

``SEC. 101A. ELECTED OFFICIALS REQUIRED TO ESTABLISH A BLIND TRUST.

    ``(a) Requirement.--The President, Vice President, and each Member 
of Congress shall place all of such person's stocks, bonds, commodities 
futures, and other forms of securities, including securities held 
jointly with such person's spouse, in a qualified blind trust (as 
defined in section 102(f)(3)).
    ``(b) Exclusion.--Subsection (a) shall not apply to the financial 
interests or benefits described under section 102(i).
    ``(c) Timing and Extension.--
            ``(1) In general.--The President, Vice President, and each 
        Member of Congress shall comply with subsection (a) not later 
        than 30 days after taking office, or in the case of those 
        persons serving in those offices on the date of enactment of 
        the Prevent Insider Trading by Elected Officials Act, not later 
        than 30 days after such date of enactment.
            ``(2) Extension.--
                    ``(A) The President and Vice President may file 
                with the Director of the Office of Government Ethics 
                for an additional 30 day extension to comply with 
                subsection (a).
                    ``(B) A Member of Congress may file, with the Clerk 
                of the House of Representatives in the case of a 
                Representative or Delegate of Congress and the Resident 
                Commissioner from Puerto Rico, and with the Secretary 
                of the Senate, in the case of a Senator, for an 
                additional 30 day extension to comply with subsection 
                (a).
    ``(d) Civil Penalty for Failure To Comply.--The Attorney General 
may bring a civil action in any appropriate United States district 
court against the President, Vice President, or any Member of Congress 
who knowingly and willfully fails to comply with subsection (a) by the 
end of the time period specified in subsection (c). The court in which 
such action is brought may assess against such person a civil penalty 
not to exceed $50,000.''.
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