What does Preamble of No Stock Act do?

This bill, formally titled 'To ban stock trading for certain senior Government officials, and for other purposes,' aims to restrict stock trading for specified senior government officials. The bill was introduced in the Senate by Mrs. Gillibrand on September 18, 2025.

What does SHORT TITLE. of No Stock Act do?

This bill is formally titled the ``No Stock Act''.

What does BANNING CONFLICTED INTERESTS. of No Stock Act do?

This section amends Chapter 131 of title 5, United States Code, by adding a new Subchapter IV titled 'Banning Conflicted Interests'. The subchapter defines key terms including 'commodity,' 'covered financial interest,' 'covered individual,' and 'dependent child'. It prohibits covered individuals from holding, purchasing, selling, or conducting transactions with respect to covered financial interests, and from creating net short positions in securities. Covered individuals are required to divest of covered financial interests acquired prior to federal service or the enactment of the No Stock Act within 120 days. Extensions of up to 150 days (with single extensions not exceeding 45 days) may be granted for inherited covered financial interests. Covered individuals must submit a certificate of compliance to the supervising ethics office. Supervising ethics offices must publicly disclose extension requests and decisions on a website. A fine of not less than 10 percent of the value of the violating financial interest may be assessed for non-compliance.

What does Applicability. of No Stock Act do?

This section amends Section 1043(b)(2)(B) of the Internal Revenue Code of 1986 to specify the entities authorized to issue certificates of divestiture for various government officials and their families. The amendments outline different issuing authorities based on the individual's position, including the President, Director of the Office of Government Ethics, Judicial Conference of the United States, congressional ethics committees, and Inspectors General. Section 13122(f)(2)(B) of Title 5, United States Code, is amended to remove certain language related to subject to clause (iv). Section 3(4)(D) of the Lobbying Disclosure Act of 1995 is amended to replace 'legislative branch employee serving in a position described under section 13101(13) of title 5, United States Code' with 'officer or employee of Congress (as defined in section 13101 of title 5, United States Code)'. Several sections of the STOCK Act (5 U.S.C. 13101 note) are amended by striking specific numbers (11, 10, 9, 18) in various paragraphs. Section 21A of the Securities Exchange Act of 1934 is amended by striking specific numbers (11, 9, 10) in subsections (g)(2)(B)(ii) and (h)(2).

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No Stock Act

Last updated: 9/18/2025 · Introduced: 9/18/2025

Author: Kirsten Gillibrand (D-NY)

TL;DR (AI)

This bill prohibits specified senior government officials from holding, purchasing, selling, or conducting transactions with respect to covered financial interests, including commodities and securities.
Covered individuals must divest of existing covered financial interests within 120 days, with potential extensions for inherited assets.
The bill amends existing laws to clarify entities authorized to issue divestiture certificates and modifies definitions within the Lobbying Disclosure Act and the Securities Exchange Act.

119th Congressin committeeHR. 3779(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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