No Corruption in Government Act
No Corruption in Government Act
Plain Language Summary
# Summary of HR 358: No Corruption in Government Act **What the Bill Would Do** The No Corruption in Government Act aims to tighten ethics rules for members of Congress and former lawmakers. It has two main provisions: First, it extends the "cooling off period" that prevents former Congress members from lobbying their former colleagues—increasing it from one year to three years for House members and from two years to six years for Senators. Second, it would ban current members of Congress and their spouses from buying, selling, or holding stocks, securities, futures contracts, and commodities while in office. **Who It Affects and Current Status** The bill directly affects sitting members of Congress and their families, as well as former lawmakers who work as lobbyists.
It was introduced by Representative Zachary Nunn (R-IA) in the 119th Congress and is currently in committee, meaning it has not yet been voted on by the full House. The bill reflects broader debates about preventing conflicts of interest and the appearance of corruption in government, particularly around insider trading concerns and the revolving door between Congress and lobbying firms.
CRS Official Summary
No Corruption in Government ActThis bill lengthens the limitations on former Congress Members' contact with the legislative branch and restricts certain financial transactions by Members and their spouses.Specifically, the bill lengthens the cooling off period that prohibits former Members from contacting Members, officers, or employees of the House or Senate on behalf of a third party. During this post-employment waiting period, a former Member may not communicate with the intent to influence the official actions of a Member, officer, or employee of the House of Representatives or Senate. The bill lengthens the waiting period from one to three years after a Member of the House leaves office and from two to six years after a Senator leaves office.Next, the bill prohibits Members of Congress and their spouses from holding, buying, or selling financial instruments such as stocks, securities futures, and commodities while the Member holds office. However, covered financial instruments may be held in a qualified blind trust. A Member or spouse who violates this provision must disgorge any resulting profits, may not take a related financial loss as an income tax deduction, and may be fined up to $50,000. The supervising ethics office of each chamber must audit Members' compliance with these requirements every two years. Additionally, the bill eliminates automatic annual increases to Members' pay beginning in the 120th Congress.
Latest Action
Referred to the Committee on House Administration, and in addition to the Committees on Ways and Means, the Judiciary, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.