No Corruption in Government Act

This title may be cited as the Prohibit Insider Trading Act.

Chapter 131 of title 5, United States Code, is amended by adding after subchapter III the following:

In this subchapter:—

(1) the term covered financial instrument —

(A) 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 security future (as defined in that section); or

(III) a commodity (as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a)); and

(ii) any economic interest comparable to an interest described in subclause (I) that is acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means; and

(B) does not include—

(i) a diversified mutual fund;

(ii) a diversified exchange-traded fund;

(iii) any investment in the Thrift Savings Plan; or

(iv) a United States Treasury bill, note, or bond;

(2) the term Member of Congress has the meaning given that term in section 13101;

(3) the term supervising ethics office has the meaning given that term in section 13101; and

(4) the term qualified blind trust has the meaning given that term in section 13104(f)(3).

Except as provided in subsection (b), a Member of Congress and the Member’s spouse may not, during the term of service of the Member, hold, purchase, or sell any covered financial instrument.

The prohibition under subsection (a)—

(1) shall begin to apply with respect to a Member of Congress who commences service as a Member after the date of enactment of this subchapter on the date that is seven days after the first date of the initial term of service; and

(2) does not apply to a covered financial instrument held in a qualified blind trust operated on behalf of, or for the benefit of, a Member of Congress or the Member’s spouse.

A Member of Congress and the Member’s spouse shall disgorge to the general fund of the Treasury any profit from a transaction or holding involving a covered financial instrument that is conducted in violation of this section.

A loss from a transaction or holding involving a covered financial instrument that is conducted in violation of this section may not be deducted from the amount of income tax owed by the applicable Member of Congress or the Member’s spouse.

A Member of Congress who holds or conducts a transaction involving a covered financial instrument in violation of this section may be subject to a civil fine as described under section 13106(a).

Not later than seven days after the beginning of any session of Congress, each Member of Congress shall submit to the supervising ethics office a written certification that the Member and the Member’s spouse has achieved compliance with the requirements of this subchapter.

The supervising ethics office shall publish each certification submitted under paragraph (1) on a publicly available website.

Not less than every two years, the supervising ethics office shall conduct an audit of the compliance by Members of Congress with the requirements of this subchapter.

The table of sections for such chapter 131 is amended by inserting after the item relating to section 13146 the following:

The amendments made by subsection (a) shall begin to apply to Members of Congress and their spouses on the first day of the second session of the One Hundred Nineteenth Congress.

This title may be cited as the Ban Members From Lobbying Act.

Subparagraph (A) of section 207(e)(1) of title 18, United States Code, is amended by striking within 2 years after that person leaves office and inserting within 6 years after that person leaves office.

Paragraph (1) of section 207(e) of such title is amended by striking subparagraph (B) and inserting the following:

Any person who is a Member of the House of Representatives and who, within 3 years after that person leaves office, knowingly makes, with the intent to influence, any communication to or appearance before any Member, officer, or employee of either House of Congress and any employee of any other legislative office of the Congress, on behalf of any other person (except the United States) in connection with any matter on which such former Member seeks action by a Member, officer, or employee of either House of Congress, in his or her official capacity, shall be punished as provided in section 216 of this title.

Any person who is an elected officer of the House of Representatives and who, within 1 year after that person leaves office, knowingly makes, with the intent to influence, any communication to or appearance before any Member, officer, or employee of the House of Representatives, on behalf of any other person (except the United States) in connection with any matter on which such former elected officer seeks action by a Member, officer, or employee of either House of Congress, in his or her official capacity, shall be punished as provided in section 216 of this title.

The amendments made by this section shall apply with respect to any individual who, on or after the date of the enactment of this Act, leaves an office to which section 207(e)(1) of title 18, United States Code, applies.

Paragraph (2) of section 601(a) of the Legislative Reorganization Act of 1946 (2 U.S.C. 4501) is repealed.

Section 601(a) of such Act (2 U.S.C. 4501) is amended—

(1) by striking (a)(1) and inserting (a);

(2) by redesignating subparagraphs (A), (B), and (C) as paragraphs (1), (2), and (3), respectively; and

(3) by striking as adjusted by paragraph (2) of this subsection and inserting adjusted as provided by law.

This section and the amendments made by this section shall take effect on the date on which the One Hundred Twentieth Congress convenes.