119-S2877

Bill is currently in: Senate
Path to Law
House Senate President

119th CONGRESS

1st Session

S. 2877

1. Short title
2. Banning conflicted interests

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:

(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) 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)".