118th Congress Congress
H.R. 7264: Stop Politicians Profiting from War Act of 2024
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill prohibits Members of Congress, their spouses, and their dependent children from owning or trading stocks, bonds, commodities, futures, or any other form of security from a defense contractor or which are significantly based upon defense contractors.
Each current Member must divest within 120 days after the bill is enacted and each new Member must divest within 120 days after becoming a Member. However, Members and their spouses have 180 days to divest from specified complex investment vehicles. Placing assets into qualified blind trusts does not qualify as divestment.
The bill does not apply to certain investments, such as investments in widely held investment funds that are diversified and do not present a conflict of interest and investments held in government employee retirement plans.
Read the full summary
A Member or spouse who violates the bill may be subject to a fine of up to $50,000 for each violation. The bill permits a Member, spouse, or dependent child who is required to divest property under the bill to avoid recognizing gain for income tax purposes from the sale of that property to the extent that the Member or spouse purchases permitted bonds or diversified investment funds within 60 days of the divestiture.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Cori Bush D-MOOriginal
- Summer Lee D-PA
Who scored on this bill
No member has earned points from it yet.
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Introductions and cosponsorships count toward weekly caps and show no points.
History
- Introduced in the House by Rashida Tlaib.
Show the full action history (4 actions)
- Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
- Sponsor introductory remarks on measure. (CR H644)
- Introduced in House
- Referred to the Committee on Financial Services, and in addition to the Committees on House Administration, Agriculture, and Ways and Means, 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.