What does Preamble of HR 358 do?

This bill, formally titled 'To amend title 5, United States Code, to prohibit insider trading by Members of Congress and their spouses, to amend title 18, United States Code, to extend the length of the post-employment ban on lobbying by Members of Congress, to repeal the automatic adjustment in the pay of Members of Congress, and for other purposes,' aims to modify several aspects of Congressional conduct. The bill proposes to prohibit insider trading by Members of Congress and their spouses. It seeks to extend the post-employment ban on lobbying for former Members of Congress. The bill also intends to repeal the automatic adjustment in the pay of Members of Congress.

What does SHORT TITLE. of HR 358 do?

This bill is formally titled the No Corruption in Government Act

What does SHORT TITLE. of HR 358 do?

This bill is formally titled the 'Prohibit Insider Trading Act'.

What does PROHIBITING TRANSACTIONS AND OWNERSHIP OF CERTAIN FINANCIAL of HR 358 do?

This section amends Chapter 131 of title 5, United States Code, to establish restrictions regarding financial instruments for Members of Congress and their spouses. It defines 'covered financial instrument' as investments in securities, security futures, or commodities, excluding diversified mutual funds, exchange-traded funds, Thrift Savings Plan investments, and U.S. Treasury bills, notes, or bonds. Members of Congress and their spouses are prohibited from holding, purchasing, or selling covered financial instruments during their term of service, with exceptions for instruments held in qualified blind trusts. Violations of this section may result in disgorgement of profits, denial of income tax deductions for losses, and civil fines. Members of Congress must certify compliance with these requirements to the supervising ethics office, which will publish these certifications. The supervising ethics office must conduct audits of compliance every two years.

What does SHORT TITLE. of HR 358 do?

This bill is formally titled the 'Ban Members From Lobbying Act'.

What does INCREASE IN LENGTH OF POST-EMPLOYMENT BAN ON LOBBYING OF of HR 358 do?

This section amends Title 18, United States Code, section 207(e)(1) to increase the post-employment ban on lobbying Congress by former senators. The ban for former senators is extended from two years to six years after leaving office. The section modifies the rules regarding former members of the House of Representatives, establishing a three-year ban on lobbying. It also establishes rules for former elected officers of the House of Representatives, imposing a one-year ban on lobbying. The amendments apply to individuals leaving office on or after the enactment date of this Act.

What does ELIMINATION OF AUTOMATIC PAY ADJUSTMENTS FOR MEMBERS OF of HR 358 do?

This section repeals paragraph (2) of section 601(a) of the Legislative Reorganization Act of 1946. It amends section 601(a) of the Legislative Reorganization Act of 1946 to redesignate subparagraphs and modify language regarding adjustments. The amendments made by this section take effect on the date the One Hundred Twentieth Congress convenes.

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No Corruption in Government Act — HR. 358

Last updated: 1/13/2025 · Introduced: 1/13/2025

Author: Zachary Nunn (R-IA)

TL;DR (AI)

This bill prohibits Members of Congress and their spouses from holding, purchasing, or selling certain financial instruments (excluding diversified funds and U.S. Treasury securities) during their term of service.
It extends the post-employment ban on lobbying for former senators from two years to six years and establishes a three-year ban for former members of the House of Representatives.
The bill repeals the automatic adjustment in the pay of Members of Congress.

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Other Sections

Includes provisions on preamble, short title..

2 sections

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TITLE I

-PROHIBITING INSIDER TRADING BY MEMBERS OF CONGRESS

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TITLE II

-INCREASING LENGTH OF POST-EMPLOYMENT LOBBYING BAN

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TITLE III

-ELIMINATING MEMBER COLA

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