Current status is Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

119th CONGRESS

1st Session

S. 1620

1. Short title
2. Sense of Congress
3. Prohibited financial transactions

1. Short title

This Act may be cited as the "Modern Emoluments and Malfeasance Enforcement Act" or the "MEME Act".

2. Sense of Congress

It is the sense of Congress that—

(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.

3. Prohibited financial transactions

(a) Financial exploitation by public office holders -

(1) In general - Chapter 131 of title 5, United States Code, is amended by adding at the end the following:

(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:

(b) Criminal penalties -

(1) Prohibited financial transactions - Chapter 11 of title 18, United States is amended by inserting after section 220 the following:

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)));

(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;

(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,

(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

(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.

(2) Clerical amendment - The table of sections for chapter 11 of title 18, United States Code, is amended by inserting after the item relating to section 220 the following:

119-S1620