H.R.253 - Bipartisan Restoring Faith in Government Act (119th Congress)
Summary
H.R.253, the Bipartisan Restoring Faith in Government Act, aims to restrict the trading and ownership of certain financial instruments by Members of Congress, their spouses, and dependents. The bill amends Title 5 of the United States Code to prohibit covered individuals from owning or trading covered financial instruments, with certain exceptions like widely held investment funds and U.S. Treasury securities. It also establishes compliance mechanisms, including divestment requirements and the use of qualified blind trusts.
Expected Effects
The likely effect of this bill is to reduce potential conflicts of interest and increase public trust in government. By restricting financial activities, the bill seeks to ensure that lawmakers' decisions are not influenced by personal financial gain. This could lead to a more ethical and transparent government.
Potential Benefits
- Increased public trust in government by reducing potential conflicts of interest.
- Ensures lawmakers' decisions are based on public interest rather than personal financial gain.
- Promotes a more ethical and transparent government.
- Reduces the potential for insider trading and misuse of information.
- Strengthens the integrity of the legislative process.
Potential Disadvantages
- May limit the financial freedom of Members of Congress and their families.
- Could potentially discourage qualified individuals from seeking public office due to financial restrictions.
- The divestment requirements may create administrative burdens.
- The definition of 'covered financial instrument' may need further clarification to avoid unintended consequences.
- Enforcement may prove challenging, requiring significant oversight and resources.
Constitutional Alignment
The bill's alignment with the US Constitution is primarily concerned with the balance between regulating potential conflicts of interest and protecting individual liberties. While the Constitution does not explicitly address financial regulations for members of Congress, Article I, Section 6, which addresses compensation and restrictions on holding other offices, suggests a concern for preventing conflicts of interest. The bill appears to be a reasonable measure to ensure the integrity of the legislative process, aligning with the overall principles of good governance.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).