Proposals to Limit Financial Activities of Members of Congress: Background and Analysis of Legislative Proposals (CRS Report for Congress)
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| Release Date |
Revised Feb. 23, 2024 |
| Report Number |
R47818 |
| Report Type |
Report |
| Authors |
Jacob R. Straus |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
In recent years, Members of Congress have proposed reforms that would prohibit the purchase,
sale, or ownership of certain financial instruments by Members of Congress and other specified
congressional officers and employees. In the 117th Congress (2021-2022), the Committee on
House Administration held a hearing on these proposals, with Members and witnesses focused on legislative proposals to
require divestiture, limit the sale or purchase of certain assets, and enhance public disclosure.
Members of the House of Representatives and Senate are not currently required by law or by House or Senate rules to divest
themselves of assets or holdings upon taking office. Legislation has been introduced to propose limitations on the financial
activities of Members of Congress as a potential means to address real or perceived conflicts of interest. Analysis of
introduced legislation reveals several options should the House and/or Senate desire to limit financial activities for Members
of Congress and covered officers and staff. These measures propose to prohibit or limit covered individuals from the holding,
purchase, sale, and/or active management of certain types of financial assets; to define the assets that would be included and
excluded from filing requirements; to allow or require certain assets to be placed in qualified blind trusts; to broaden public
access to Member financial disclosure statements and other filings; and to amend penalties for noncompliance.
This report examines bills and resolutions introduced to date between the 115th Congress (2017-2018) and the 118th Congress
(2023-2024) that would limit or prohibit Members of Congress from owning, buying, or selling certain assets. The report
provides an overview of current financial disclosure requirements for Members of Congress and covered congressional
employees, analyzes bills that would limit or prohibit certain financial activities by Members of Congress, and discusses the
most common approaches included in the introduced legislation.
