[Congressional Record Volume 171, Number 86 (Wednesday, May 21, 2025)]
[Senate]
[Pages S3083-S3085]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2259. Mr. MURPHY submitted an amendment intended to be proposed by
him to the bill S. 1582, to provide for the regulation of payment
stablecoins, and for other purposes; which was ordered to lie on the
table; as follows:
At the appropriate place, insert the following:
SEC. ___. MEME ACT.
(a) Short Title.--This section may be cited as the ``Modern
Emoluments and Malfeasance Enforcement Act'' or the ``MEME
Act''.
(b) Sense of Congress.--It is the sense of Congress that--
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(1) federally elected officials must not utilize those
positions, granted by the trust of the public, for private
financial gain;
(2) the issuance, sponsorship, or promotion of financial
instruments by public office holders deprives the public of
the honest services of the public office holders, facilitates
bribery by investors or purchasers, and results in public
exploitation and corrupt foreign influence; and
(3) Members of Congress and the executive branch must not
seek to use public office to benefit financially, but rather
those positions should be held in trust for the benefit of
the public in the United States.
(c) Prohibited Financial Transactions.--
(1) Financial exploitation by public office holders.--
(A) In general.--Chapter 131 of title 5, United States
Code, is amended by adding at the end the following:
``Subchapter IV--Financial Exploitation by Public Office Holders
``Sec. 13151. Definitions
``In this subchapter:
``(1) Adjacent individual.--The term `adjacent individual'
means--
``(A) each officer or employee in the executive branch
holding a Senior Executive Service position (as defined in
section 3132(a)(2));
``(B) each member of a uniformed service whose pay grade is
at or in excess of O-7 under section 201 of title 37;
``(C) each officer or employee in any other position in the
executive branch determined by the Office of the Special
Counsel, in consultation with the Director of the Office of
Government Ethics, to be of equal classification to a
position described in subparagraph (A) or (B); or
``(D) the spouse or dependent child of any individual
described in subparagraph (A), (B), or (C).
``(2) Covered asset.--The term `covered asset' means--
``(A) a security (as defined in section 3(a) of Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(B) a security future (as defined in section 3(a) of
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(C) a commodity (as defined in section 1a of the
Commodity Exchange Act (7 U.S.C. 1a));
``(D) a digital asset that can be sold for remuneration,
including a cryptocurrency, a meme coin, a token, or a non-
fungible token; or
``(E) any derivative, option, warrant, mutual fund, or
exchange-traded fund of an asset described in subparagraphs
(A) through (D).
``(3) Covered individual.--The term `covered individual'
means--
``(A) the President;
``(B) the Vice President;
``(C) a public official (as defined in section 201(a) of
title 18); or
``(D) the spouse or dependent child of any individual
described in subparagraph (A), (B), or (C).
``(4) Dependent child.--The term `dependent child' has the
meaning given the term in section 13101.
``(5) Prohibited financial transaction.--The term
`prohibited financial transaction' means the issuance,
sponsorship, or promotion of a covered asset for pecuniary
gain.
``Sec. 13152. Prohibition on certain transactions
``(a) Prohibition.--Except as provided in subsection (b), a
covered individual or an adjacent individual may not engage
in or benefit from a prohibited financial transaction--
``(1) during the term of service of the covered individual
or adjacent individual;
``(2) during the 180-day period ending on the date on which
the service of the covered individual or adjacent individual
commences; or
``(3) during the 180-day period beginning on the date on
which the service of the covered individual or adjacent
individual is terminated.
``(b) Adjacent Individuals.--With respect to adjacent
individuals, nothing in this section shall be construed to
limit the application of section 208 of title 18.
``(c) Liability and Immunity.--For purposes of any
immunities to civil liability, any conduct comprising or
relating to a prohibited financial transaction under this
section shall be deemed an unofficial act and beyond the
scope of the official duties of the relevant covered
individual or adjacent individual.
``Sec. 13153. Civil penalties
``(a) Civil Action.--The Attorney General may bring a civil
action in any appropriate district court of the United States
against any covered individual or adjacent individual who
violates section 13152(a).
``(b) Civil Penalty.--Any covered individual or adjacent
individual who knowingly violates section 13152(a) shall be
subject to a civil monetary penalty of not more than
$250,000.
``(c) Disgorgement.--A covered individual or an adjacent
individual who is found to have violated section 13152(a) in
a civil action under subsection (a) of this section shall
disgorge to the Treasury of the United States any profit from
the unlawful activity that is the subject of that civil
action.''.
(B) 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--financial exploitation by public office holders
``13151. Definitions.
``13152. Prohibition on certain transactions.
``13153. Civil penalties.''.
(2) Criminal penalties.--
(A) Prohibited financial transactions.--Chapter 11 of title
18, United States is amended by inserting after section 220
the following:
``Sec. 221. Prohibited financial transactions
``(a) Definitions.--In this section:
``(1) Adjacent individual.--The term `adjacent individual'
means--
``(A) each officer or employee in the executive branch
holding a Senior Executive Service position (as defined in
section 3132(a)(2) of title 5);
``(B) each member of a uniformed service whose pay grade is
at or in excess of O-7 under section 201 of title 37;
``(C) each officer or employee in any other position in the
executive branch determined by the Office of the Special
Counsel, in consultation with the Director of the Office of
Government Ethics, to be of equal classification to a
position described in subparagraph (A) or (B); or
``(D) the spouse or dependent child of any individual
described in subparagraph (A), (B), or (C).
``(2) Covered asset.--The term `covered asset' means--
``(A) a security (as defined in section 3(a) of Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(B) a security future (as defined in section 3(a) of
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(C) a commodity (as defined in section 1a of the
Commodity Exchange Act (7 U.S.C. 1a));
``(D) a digital asset that can be sold for remuneration,
including a cryptocurrency, a meme coin, a token, or a non-
fungible token; or
``(E) any derivative, option, warrant, mutual fund, or
exchange-traded fund of an asset described in subparagraphs
(A) through (D).
``(3) Covered individual.--The term `covered individual'
means--
``(A) the President;
``(B) the Vice President;
``(C) a public official (as defined in section 201(a)); or
``(D) the spouse or dependent child of any individual
described in subparagraph (A), (B), or (C).
``(4) Dependent child.--The term `dependent child' has the
meaning given the term in section 13101 of title 5.
``(5) Prohibited financial transaction.--The term
`prohibited financial transaction' means the issuance,
sponsorship, or promotion of a covered asset for pecuniary
gain.
``(b) Benefit From Prohibited Financial Transaction.--Any
covered individual or adjacent individual who--
``(1) knowingly violates any provision of section 13152(a)
of title 5; and
``(2) through such violation--
``(A) causes an aggregate loss of not less than $1,000,000
to 1 or more persons in the United States; or
``(B) benefits financially, through profit, gain, or
advantage, directly or indirectly through any family member
or business associate of the covered individual or adjacent
individual, from the sale, purchase, or distribution of the
covered asset issued in violation of section 13152(a) of
title 5,
shall be fined under this title or imprisoned for not more
than 5 years, or both.
``(c) Bribery.--Any covered individual or adjacent
individual who--
``(1) knowingly violates any provision of section 13152(a)
of title 5; and
``(2) directly or indirectly, corruptly demands, seeks,
receives, accepts, or agrees to receive or accept any thing
of value personally or for any other person or entity, in
return for--
``(A) being influenced in the performance of any official
act;
``(B) being influenced to commit or aid in committing, or
to collude in, or allow, any fraud, or make opportunity for
the commission of any fraud, on the United States; or
``(C) being induced to do or omit to do any act in
violation of the official duty of such official or person,
shall be fined under this title or not more than 3 times the
amount of financial gain, if any, that the individual
benefitted from relating to the prohibited conduct, whichever
is greater, or imprisoned for not more than 15 years, or
both, and may be disqualified from holding any office of
honor, trust, or profit under the United States.
``(d) Insider Trading.--Any covered individual or adjacent
individual who knowingly violates section 13152(a) of title 5
and, in committing such violation, knowingly violates section
10(b) of the Securities Exchange Act of 1934 (15 U.S.C.
78j(b)), shall be fined under this title or not more than 3
times the amount of financial gain, if any, that the
individual benefitted from relating to the prohibited
conduct, whichever is greater, or imprisoned for not more
than 15 years, or both, and may be disqualified from holding
any office of honor, trust, or profit under the United
States.
``(e) Liability and Immunity.--For purposes of any
immunities to civil and criminal liability, any conduct
comprising or relating to a prohibited financial transaction
under this section shall be deemed an unofficial act and
beyond the scope of the official duties of the relevant
covered individual or adjacent individual.''.
(B) Clerical amendment.--The table of sections for chapter
11 of title 18, United
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States Code, is amended by inserting after the item relating
to section 220 the following:
``221. Prohibited financial transactions.''.
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