119 S2877 IS: No Stock Act
U.S. Senate
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II
119th CONGRESS
1st Session
S. 2877
IN THE SENATE OF THE UNITED STATES
September 18 (legislative day, September 16), 2025
Mrs. Gillibrand introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs
A BILL
To ban stock trading for certain senior Government officials, and for other purposes.
1.

Short title
This Act may be cited as the “No Stock Act”.
2.

Banning conflicted interests
(a)

In general
(1)

Banning conflicted interests
Chapter 131 of title 5, United States Code, is amended by adding at the end the following:
“IV

Banning conflicted interests
13161.

Definitions
In this subchapter:
(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 financial interest
(A)

In general
The term covered financial interest means—
(i)
any investment in—
(I)
a security (as defined in section 3(a) of Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
(II)
a future;
(III)
a commodity (as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a)); or
(IV)
a cryptocurrency, meme coin, token, non-fungible token, or other digital asset that is sold for remuneration; and
(ii)
any economic interest comparable to an interest described in clause (i) that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means.
(B)

Exclusions
The term covered financial interest does not include—
(i)
an investment fund registered as an investment company under section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a–3) that is diversified, as defined in section 2640.102 of title 5, Code of Federal Regulations;
(ii)
compensation from the primary occupation of the spouse of an individual described in subparagraphs (A) through (G) of paragraph (3), or any security that is issued or paid by an operating business that is the primary employer of such a spouse that is issued or paid to such a spouse;
(iii)
a United States Treasury bill, note, or bond; or
(iv)
a payment stablecoin, as defined in section 2(22) of the GENIUS Act (Public Law 119–27).
(3)

Covered individual
The term covered individual means—
(A)
a Member of Congress (as defined in section 13101);
(B)
the President;
(C)
the Vice President;
(D)
the Chief Justice of the United States;
(E)
an Associate Justice of the Supreme Court of the United States;
(F)
a member of the Board of Governors of the Federal Reserve System;
(G)
a president or vice president of a Federal Reserve bank; or
(H)
the spouse or dependent child of an individual described in subparagraphs (A) through (G).
(4)

Dependent child
The term dependent child means any individual who is—
(A)
under the age of 19; and
(B)
a dependent of an individual described in subparagraphs (A) through (G) of paragraph (3) within the meaning of section 152 of the Internal Revenue Code of 1986.
(5)

Future
The term future means—
(A)
a security future (as defined in section 3(a) of Securities Exchange Act of 1934 (15 U.S.C. 78c(a))); and
(B)
any other contract for the sale of a commodity for future delivery.
(6)

Supervising ethics office
The term supervising ethics office, with respect to a covered individual, has the meaning given the term in section 13101 with respect to that covered individual.
13162.

Prohibitions
(a)

Transactions
Except as provided in section 13163, no covered individual may—
(1)
hold, purchase, sell, or conduct any type of transaction with respect to a covered financial interest; or
(2)
enter into a transaction that creates a net short position in any security.
(b)

Positions
A covered individual may not serve as an officer or member of any board of any for-profit association, corporation, or other entity.
(c)

Cooling-Off period
Any individual subject to the restrictions contained in subsection (a) who, within 120 days after such individual ceases to be a covered individual, engages in any of the actions under such subsection, shall be in violation of this subchapter.
13163.

Divestiture
(a)

Covered financial interests acquired prior to Federal service or enactment of No Stock Act
With respect to any covered financial interest held by a covered individual, the covered individual shall sell the covered financial interest during the applicable 120-day period beginning on the later of—
(1)
the date on which an individual becomes a covered individual; and
(2)
the date of enactment of the No Stock Act.
(b)

Covered financial interests acquired through inheritance after the applicable period
(1)

In general
A covered individual who inherits a covered financial interest after the conclusion of the applicable 120-day period described in subsection (a) shall sell the covered financial interest during the 120-day period beginning on the date on which the covered financial interest is inherited.
(2)

Extensions
A covered individual may request, and the supervising ethics office may grant, 1 or more reasonable extensions of the period described under paragraph (1), subject to the conditions that—
(A)
the total period of time covered by all extensions granted for the covered financial interest shall not exceed 150 days; and
(B)
the period covered by a single extension shall be not longer than 45 days.
13164.

Certificate of compliance
Each covered individual shall submit to the supervising ethics office a written certification that such covered individual has achieved compliance with the requirements of this subchapter.
13165.

Publication
Each supervising ethics office shall make publicly available on a website of such office the following:
(1)
Within 30 days of receipt, each request for an extension under section 13163(b)(2).
(2)
The outcome of the decision to grant or deny each such request within 30 days of such decision.
13166.

Enforcement
A covered individual who knowingly fails to comply with this subchapter shall be assessed a fine by the supervising ethics office of not less than 10 percent of the value of the covered financial interest that was purchased, sold, or held, or the security in which a net short position was created, in violation of this title, as applicable.
13167.

Applicability
This subchapter shall apply to any covered financial interest held in any trust with respect to which the covered individual is a beneficial owner, regardless of whether the trust is a qualified blind trust.”.
(2)

Clerical amendment
The table of sections for chapter 131 of title 5, United States Code, is amended by adding at the end the following:
Subchapter IV—Banning Conflicted Interests
Sec. 13161. Definitions.
Sec. 13162. Prohibitions.
Sec. 13163. Divestiture.
Sec. 13164. Certificate of compliance.
Sec. 13165. Publication.
Sec. 13166. Enforcement.
Sec. 13167. Applicability.
(b)

Certificate of divestiture
Section 1043(b)(2)(B) of the Internal Revenue Code of 1986 is amended to read as follows:
“(B)
that has been issued by—
(i)
the President or the Director of the Office of Government Ethics, in the case of executive branch officers or employees or the spouse or dependent child of a member of the Board of Governors of the Federal Reserve System,
(ii)
the Director of the Office of Government Ethics, in the case of the President, Vice President, or the spouse or dependent child of the President or Vice President,
(iii)
the Judicial Conference of the United States (or its designee), in the case of judicial officers or the spouse or dependent child of the Chief Justice or the Associate Justice,
(iv)
the applicable congressional ethics committee, in the case of Members of Congress or the spouse or dependent child of a Member of Congress, or
(v)
the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection, in the case of a president of a Federal Reserve bank, vice president of a Federal Reserve bank, or the spouse or dependent child of the president or vice president of a Federal Reserve Bank, and”.
(c)

Conforming amendments
(1)

Authority and functions
Section 13122(f)(2)(B) of title 5, United States Code, is amended—
(A)
by striking “Subject to clause (iv) of this subparagraph, before” each place it appears and inserting “Before”; and
(B)
by striking clause (iv).
(2)

Lobbying Disclosure Act of 1995
Section 3(4)(D) of the Lobbying Disclosure Act of 1995 (2 U.S.C. 1602(4)(D)) is amended by striking “legislative branch employee serving in a position described under section 13101(13) of title 5, United States Code” and inserting “officer or employee of Congress (as defined in section 13101 of title 5, United States Code)”.
(3)

STOCK Act
Section 2 of the STOCK Act (5 U.S.C. 13101 note) is amended—
(A)
in paragraph (2)(B), by striking “(11)”;
(B)
in paragraph (4), by striking “(10)”;
(C)
in paragraph (5), by striking “(9)”; and
(D)
in paragraph (6), by striking “(18)”.
(4)

Securities Exchange Act of 1934
Section 21A of the Securities Exchange Act of 1934 (15 U.S.C. 78u–1) is amended—
(A)
in subsection (g)(2)(B)(ii), by striking “(11)”; and
(B)
in subsection (h)(2)—
(i)
in subparagraph (B), by striking “(9)”; and
(ii)
in subparagraph (C), by striking “(10)”.