What This Bill Does
This bill requires Members of Congress and their spouses and dependent children to place certain investments into blind trusts (special accounts where a trustee (a neutral third party) manages investments and the owner cannot see what is being bought or sold). The bill also requires Members of Congress to report to their chamber whether they have established these trusts or do not own any covered investments.
Who It Affects
Members of the House of Representatives, Senators, their spouses and dependent children, the Clerk of the House of Representatives and the Secretary of the Senate.
Key Provisions
* Members of Congress and their spouses and dependent children must place any covered investments (stocks, commodities, futures, or similar economic interests) into a qualified blind trust within 90 days of the bill becoming law or within 90 days of becoming a Member of Congress (Sec. 2(a)(1) and 2(a)(2)).
* House Members must certify within 15 days to the Clerk of the House that they have established a qualified blind trust with covered investments placed in it, or certify that they do not own any covered investments (Sec. 2(b)(1)).
* Senators must certify within 15 days to the Secretary of the Senate that they have established a qualified blind trust with covered investments placed in it, or certify that they do not own any covered investments (Sec. 2(b)(2)).
* All certifications made by Members must be made available to the public on the websites of the Clerk of the House and the Secretary of the Senate (Sec. 2(b)(3)).
* A spouse or dependent child who receives compensation from their primary occupation through a covered investment does not have to place that investment in a blind trust (Sec. 2(c)).
What Changes
If this becomes law, Members of Congress and their families will be required to place covered investments into blind trusts rather than maintain direct control over them. The public will be able to see on official government websites whether Members have complied with this requirement.
Important Definitions
* "Covered investment" means investments in stocks, commodities, futures, or similar economic interests created through derivatives (complex financial instruments). This does not include widely held investment funds or U.S. Treasury bills, notes, or bonds.
* "Qualified blind trust" is defined in existing federal law (section 13104(f)(3) of title 5, United States Code).
* "Dependent child" and "Member of Congress" are defined in existing federal law (section 13101 of title 5, United States Code).
I
118TH CONGRESS
1ST SESSION
H. R. 345
To require Members of Congress and their spouses and dependent children
to place certain assets into blind trusts, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 12, 2023
Ms. SPANBERGER (for herself, Mr. ROY, Mr. CLEAVER, Mr. CLOUD, Mr.
COURTNEY, Ms. CRAIG, Mr. CROW, Ms. DEAN of Pennsylvania, Mr.
FITZPATRICK, Mr. GAETZ, Mr. GOLDEN of Maine, Mr. GOTTHEIMER, Mr.
GRIJALVA, Ms. HOULAHAN, Mr. JOHNSON of South Dakota, Mr. KIL-
DEE, Mr. KILMER, Mrs. KIM of California, Ms. LEGER FERNANDEZ, Ms.
MCCOLLUM, Ms. MENG, Mr. NADLER, Mr. PAPPAS, Ms. PEREZ, Mr.
PERRY, Mr. PHILLIPS, Ms. PINGREE, Ms. PORTER, Ms. SCANLON, Mr.
SCHIFF, Mr. SESSIONS, Ms. SLOTKIN, Ms. STEVENS, Ms. TITUS, Mr.
TONKO, Ms. WILD, Ms. WILLIAMS of Georgia, and Mr. MAGAZINER) in-
troduced the following bill; which was referred to the Committee on
House Administration
A BILL
To require Members of Congress and their spouses and de-
pendent children to place certain assets into blind trusts,
and for other purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
VerDate Sep 11 2014
01:58 Jan 25, 2023
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H345.IH
H345
kjohnson on DSK79L0C42PROD with BILLS
2
•HR 345 IH
SECTION 1. SHORT TITLE.
1
This Act may be cited as the ‘‘Transparent Represen-
2
tation Upholding Service and Trust in Congress Act’’ or
3
the ‘‘TRUST in Congress Act’’.
4
SEC. 2. PLACEMENT OF CERTAIN ASSETS OF MEMBERS OF
5
CONGRESS AND THEIR SPOUSES AND DE-
6
PENDENT CHILDREN IN BLIND TRUST.
7
(a) IN GENERAL.—
8
(1) MEMBERS OCCUPYING OFFICE ON DATE OF
9
ENACTMENT.—Not later than 90 days after the date
10
of enactment of this Act, a Member of Congress and
11
any spouse or dependent child of such Member shall
12
place any covered investment owned by such Mem-
13
ber, spouse, or dependent child into a qualified blind
14
trust.
15
(2) MEMBERS ASSUMING OFFICE AFTER DATE
16
OF ENACTMENT.—Not later than 90 days after the
17
date an individual becomes a Member of Congress
18
after the date of enactment of this Act, such indi-
19
vidual and any spouse or dependent child of such in-
20
dividual shall place any covered investment owned by
21
such individual, spouse, or dependent child into a
22
qualified blind trust.
23
(3) MINGLING OF ASSETS.—A spouse or de-
24
pendent child of a Member of Congress may place
25
VerDate Sep 11 2014
01:58 Jan 25, 2023
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H345.IH
H345
kjohnson on DSK79L0C42PROD with BILLS
3
•HR 345 IH
a covered investment in a qualified blind trust estab-
1
lished by such Member under paragraph (1) or (2).
2
(4) ASSETS UPON SEPARATION.—A Member of
3
Congress and any spouse or dependent child of such
4
Member may not dissolve any qualified blind trust in
5
which a covered investment has been placed pursu-
6
ant to paragraph (1) or (2), or otherwise control
7
such an investment, until the date that is 180 days
8
after the date such Member ceases to be a Member
9
of Congress.
10
(b) ACCOUNTABILITY.—
11
(1) MEMBERS OF THE HOUSE.—A Member of
12
Congress who is a Member of the House of Rep-
13
resentatives shall—
14
(A) not later than 15 days after the date
15
a qualified blind trust is established under sub-
16
section (a), certify to the Clerk of the House of
17
Representatives that such trust has been estab-
18
lished and that any covered investment owned
19
by such Member or a spouse or dependent child
20
of such Member has been placed in such trust;
21
or
22
(B) certify to the Clerk that such Member
23
or a spouse or dependent child of such Member
24
does not own any covered investment.
25
VerDate Sep 11 2014
01:58 Jan 25, 2023
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H345.IH
H345
kjohnson on DSK79L0C42PROD with BILLS
4
•HR 345 IH
(2) MEMBERS OF THE SENATE.—A Member of
1
Congress who is a Senator shall—
2
(A) not later than 15 days after the date
3
a qualified blind trust is established under sub-
4
section (a), certify to the Secretary of the Sen-
5
ate that such trust has been established and
6
that any covered investment owned by such
7
Member or a spouse or dependent child of such
8
Member has been placed in such trust; or
9
(B) certify to the Secretary that such
10
Member or a spouse or dependent child of such
11
Member does not own any covered investment.
12
(3) REPORT.—The Clerk of the House of Rep-
13
resentatives and the Secretary of the Senate shall
14
make available on the public website of the Clerk
15
and the Secretary, respectively, any certification
16
made under paragraph (1) or (2).
17
(c) EXCEPTION.—A spouse or dependent child who
18
receives compensation from their primary occupation
19
through any covered investment shall not be required to
20
place such covered investment in a qualified blind trust
21
under this Act.
22
(d) DEFINITIONS.—In this Act:
23
VerDate Sep 11 2014
01:58 Jan 25, 2023
Jkt 039200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H345.IH
H345
kjohnson on DSK79L0C42PROD with BILLS
5
•HR 345 IH
(1) COMMODITY.—The term ‘‘commodity’’ has
1
the meaning given the term in section 1a of the
2
Commodity Exchange Act (7 U.S.C. 1a).
3
(2) COVERED
INVESTMENT.—The term ‘‘cov-
4
ered investment’’—
5
(A) means investment in a security, a com-
6
modity, or a future, or any comparable eco-
7
nomic interest acquired through synthetic
8
means such as the use of a derivative; and
9
(B) does not include—
10
(i) a widely held investment fund de-
11
scribed in section 13104(f)(8) of title 5,
12
United States Code; or
13
(ii) a United States Treasury bill,
14
note, or bond.
15
(3) DEPENDENT CHILD.—The term ‘‘dependent
16
child’’ has the meaning given that term in section
17
13101 of title 5, United States Code.
18
(4) MEMBER OF CONGRESS.—The term ‘‘Mem-
19
ber of Congress’’ has the meaning given that term
20
in such section 13101.
21
(5) QUALIFIED
BLIND
TRUST.—The term
22
‘‘qualified blind trust’’ has the meaning given that
23
term in section 13104(f)(3) of such title.
24
Æ
VerDate Sep 11 2014
01:58 Jan 25, 2023
Jkt 039200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\H345.IH
H345
kjohnson on DSK79L0C42PROD with BILLS