[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9989 Introduced in House (IH)]
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119th CONGRESS
2d Session
H. R. 9989
To require candidates for Federal office to divest publicly traded
securities or place such securities in a qualified blind trust upon
filing for office, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 30, 2026
Mr. Mackenzie 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 require candidates for Federal office to divest publicly traded
securities or place such securities in a qualified blind trust upon
filing for office, 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 ``Candidate Investment Transparency
and Ethics Act of 2026'' or the ``CITE Act of 2026''.
SEC. 2. DEFINITIONS.
In this Act:
(1) Candidate.--The term ``candidate'' means any individual
who files a statement of candidacy or statement of organization
with the Federal Election Commission or otherwise formally
declares their intention to seek election to--
(A) the Office of President or Vice President of
the United States;
(B) the United States Senate; or
(C) the United States House of Representatives.
(2) Covered investment.--The term ``covered investment''
means any security issued by a publicly traded company,
including--
(A) common or preferred stock;
(B) bonds, debentures, or other debt instruments of
a publicly traded issuer;
(C) stock options, warrants, or convertible
securities; and
(D) exchange-traded funds and similar products that
hold individual securities of publicly traded
companies, except to the extent such funds qualify as
exempt investments under paragraph (4).
(3) Covered individual.--The term ``covered individual''
means a candidate and the spouse and dependent children of the
candidate.
(4) Exempt investments.--The term ``exempt investment''
means--
(A) widely diversified mutual funds;
(B) index funds or exchange-traded funds that track
a broad market index, including the S&P 500, the Dow
Jones Industrial Average, or a comparable index;
(C) widely diversified exchange-traded funds,
including sector-based or thematic exchange-traded
funds;
(D) United States Treasury securities, obligations
of the United States Government, or obligations of
State or local governments;
(E) certificates of deposit, money market funds,
and cash equivalents; and
(F) interests in a defined benefit pension plan or
similar retirement arrangement not subject to
individual investment direction.
(5) Filing date.--The term ``filing date'' means the date
on which a candidate files any document with the Federal
Election Commission, a State election authority, or the Clerk
of the House of Representatives or the Secretary of the Senate
that formally initiates the candidacy.
(6) Qualified blind trust.--The term ``qualified blind
trust'' has the meaning given that term under section
13104(f)(3) of title 5, United States Code.
(7) Supervising ethics office.--The term ``supervising
ethics office'' means--
(A) the Committee on Ethics of the House of
Representatives, for candidates for the House of
Representatives;
(B) the Select Committee on Ethics of the Senate,
for candidates for the Senate; and
(C) the Office of Government Ethics, for candidates
for President or Vice President.
SEC. 3. DIVESTITURE OR BLIND TRUST REQUIREMENT FOR CANDIDATES FOR
FEDERAL OFFICE.
(a) Requirement.--Not later than 90 days after the filing date,
each covered individual shall--
(1) divest all covered investments held by the covered
individual; or
(2) place all covered investments held by the covered
individual into a qualified blind trust that meets the
requirements of subsection (b).
(b) Requirements for Qualified Blind Trust.--A qualified blind
trust established pursuant to subsection (a)(2) shall--
(1) be established and administered in accordance with the
requirements of section 13104(f) of title 5, United States
Code;
(2) be managed by an independent trustee who is not a
relative, business associate, or political affiliate of the
covered individual;
(3) prohibit the covered individual from having any
knowledge of, or influence over, the investment decisions made
by the trustee; and
(4) prohibit any communication between the covered
individual and the trustee regarding the assets or transactions
within the trust, except as required by law or for tax
purposes.
(c) Certification.--Not later than 90 days after the filing date,
each covered individual shall file a written certification with the
applicable supervising ethics office attesting that--
(1) the covered individual holds no covered investments
other than exempt investments; or
(2) all covered investments have been placed in a qualified
blind trust in compliance with this section, including the name
of the trustee and the financial institution administering the
trust.
(d) Spousal and Dependent Child Assets.--A covered individual shall
make good faith efforts to ensure that the covered investments of a
spouse or dependent child are divested or placed in a qualified blind
trust pursuant to this section. If a spouse maintains legally
independent finances and does not consent to such divestiture or
placement, the candidate shall certify such fact to the supervising
ethics office, which shall have authority to determine whether an
exemption is warranted.
SEC. 4. PROHIBITION ON ACQUISITION OF COVERED INVESTMENTS DURING
CANDIDACY.
(a) In General.--During the period beginning on the filing date and
ending on the date on which the covered individual is no longer a
candidate or no longer holds or is seeking Federal office, a covered
individual may not purchase or otherwise acquire any new covered
investment.
(b) Exception.--Subsection (a) shall not apply to--
(1) the receipt of a covered investment as part of a will,
trust distribution, or similar inheritance, provided that such
investment is divested or placed in a qualified blind trust
within 90 days of receipt; and
(2) purchases made within a qualified blind trust
established pursuant to section 3.
SEC. 5. RULEMAKING.
(a) In General.--Not later than 180 days after the date of the
enactment of this Act, the Committee on Ethics of the House of
Representatives, the Select Committee on Ethics of the Senate, and the
Office of Government Ethics shall each issue regulations to carry out
this Act with respect to candidates under their respective
jurisdiction.
(b) Contents.--The regulations issued under subsection (a) shall
include--
(1) procedures for filing and reviewing certifications
under section 3(c);
(2) standards for determining whether a trust qualifies as
a qualified blind trust for purposes of this Act; and
(3) a process for covered individuals to request a hardship
waiver, which may be granted only in extraordinary
circumstances and shall be made publicly available.
SEC. 6. RELATION TO OTHER LAW.
(a) Stock Act.--Nothing in this Act shall be construed to limit the
application of the STOCK Act of 2012 (Public Law 112-105) or any other
applicable Federal law governing insider trading, conflicts of
interest, or financial disclosure.
(b) Ethics in Government Act.--This Act shall be construed in
conjunction with, and not in derogation of, chapter 131 of title 5,
United States Code, and the financial disclosure requirements
applicable to Federal candidates.
SEC. 7. EFFECTIVE DATE.
This Act shall take effect on the date that is 180 days after the
date of enactment of this Act and shall apply to any individual who
files for Federal office on or after such effective date.
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