119th Congress Finance and Financial Sector
S. 1620: MEME Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill prohibits the President, the Vice President, Members of Congress, those holding Senior Executive Service positions, admirals, generals, and other federal public officials from engaging in or benefiting from the issuance, sponsorship, or promotion of certain assets. The spouse and dependent children of such an official are also covered by the prohibition.
Assets covered by the bill are securities, security futures, commodities, digital assets such as cryptocurrency or a meme coin, as well as derivatives, options, warrants, mutual funds, or exchange traded funds of the preceding assets.
The prohibition applies to (1) such officials during their term of service and for 180 days prior to and after their service, and (2) the spouse and dependent children of such an official during that same period.
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Civil and criminal penalties under the bill include disgorging (giving) to the Treasury any profits from prohibited transactions, fines, and imprisonment for up to five years. The bill provides additional penalties for such prohibited activities if they involve bribery or insider trading.
The U.S. Office of Special Counsel may also determine that federal employees or officers serving in other positions are covered by the prohibition.
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
- Richard Blumenthal D-CT
- Gary Peters D-MI
- Elizabeth Warren D-MA
Who scored on this bill
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Other bills by Christopher Murphy
History
- Introduced in the Senate by Christopher Murphy.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Homeland Security and Governmental Affairs.