Congressional Integrity and Conflict-Free Service Act

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I’m introducing the Congressional Integrity and Conflict-Free Service Act in the 120th

Congress. Members of Congress can keep the stocks they already own — but they

must step off any committee that could benefit those holdings. Real reform from a

candidate who actually followed FINRA insider-trading rules.

Why I’m Fighting for This:

I held Series 6, 7, 24, 54, 63, and 65 FINRA licenses and lived under strict insider-

trading rules every day. Congress should follow the same standard.

120th CONGRESS

1st SESSION

S. ____

To prohibit Members of Congress from serving on committees that could benefit their

existing financial holdings, and for other purposes.

IN THE SENATE OF THE UNITED STATES

Ms. PERKINS introduced the following bill; which was read twice and referred to the

Committee on Rules and Administration, and in addition to the Committee on Homeland

Security and Governmental Affairs, for a period to be subsequently determined by the

President pro tempore, in each case for consideration of such provisions as fall within

the jurisdiction of the committee concerned.

A BILL

SECTION 1. SHORT TITLE.

This Act may be cited as the “Congressional Integrity and Conflict-Free Service Act”.

SECTION 2. FINDINGS.

Congress finds the following:

(1) Members of Congress and their staff regularly receive non-public information about

prospective legislation that can materially affect the value of publicly traded securities.

(2) Individuals who held FINRA licenses are subject to strict insider-trading prohibitions.

(3) Public confidence in Congress is undermined when Members may personally benefit

from information unavailable to ordinary citizens.

SECTION 3. PROHIBITION ON CONFLICTED COMMITTEE SERVICE.

(a) In General. A Member of Congress may not serve on, chair, or otherwise participate

in any committee or subcommittee of the House of Representatives or the Senate if the

Member, the Member’s spouse, or a dependent child of the Member owns stock in any

company or industry under the jurisdiction of that committee or subcommittee valued in

excess of $10,000, as determined by the financial disclosure reports filed by the

Member pursuant to the Ethics in Government Act of 1978.

(b) Grandfathering. This prohibition shall not apply to any stock owned on the date of

enactment of this Act.

(c) Recusal From Votes. A Member shall publicly disclose and recuse himself or herself

from any vote or markup in which a personal financial conflict exists.

SECTION 4. APPLICATION TO CONGRESSIONAL STAFF.

Senior congressional staff (including chiefs of staff, legislative directors, and counsel)

with access to non-public legislative information shall be subject to the same

prohibitions in section 3.

SECTION 5. PROHIBITION ON DISCLOSURE OF NON-PUBLIC INFORMATION TO

CONFLICTED PARTIES.

(a) In General. No Member of Congress or congressional staff may knowingly disclose

to any Member of Congress, or to any staff of such a Member, who is prohibited under

section 3 from serving on a committee or subcommittee, any material non-public

information obtained in the course of official duties that relates to any matter under the

jurisdiction of that committee or subcommittee.

(b) Penalty. Any violation of this section shall be subject to the same penalties described

in section 6.

SECTION 6. ENFORCEMENT.

(a) The Senate Select Committee on Ethics and the House Committee on Ethics shall,

using the financial disclosure reports filed by Members pursuant to the Ethics in

Government Act of 1978, conduct a review of committee assignments and financial

holdings twice each year.

(b) Violations shall result in civil penalties of not less than $10,000, loss of committee

pay and benefits for the duration of the conflict, and public reporting of the violation.

SECTION 7. EFFECTIVE DATE.

This Act shall take effect 90 days after the date of enactment.