Top U.S Authorities Might Have To Disclose Financial Dealings
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- The structure of the bill also suggested that the number of notifications be more precise.
- The initiative was taken by the chairman of the house management committee.
Members of Congress, the Senate, and the Supreme Court, who are also cryptocurrency traders, may be required to suspend their activities while in office if the proposed measure receives enough support.
Zoe Lofgren, the chairwoman of the House Administration Committee and the person responsible for the day-to-day running of the House, announced Thursday that she has a “significant and effective plan to combat financial conflicts of interest” by limiting members’ financial activities. Congress, Supreme Court justices and their spouses and children.
More detailed notification
If passed, the bill would mark a change in policy since the 2012 passage of the Stop Trading on Congressional Knowledge Act, which allowed members of Congress to buy, sell and trade stocks and other investments while in office. but also required them to disclose such transactions.
“Congress can act to restore the public’s faith and trust in its public servants and ensure that those public servants act in the public interest, not their private financial interests, by restricting senior government officials — including members of Congress and the Supreme Court — and their spouses and dependent children from engaging in commerce shares or have investments in securities, commodities, futures, cryptocurrencies and other similar investments and shorting shares.”
The framework recommended that lawmakers and Supreme Court justices, however, be allowed to hold and report a portfolio that includes a variety of mutual funds, ETFs, government bonds and other assets that “do not have the same potential for conflicts of interest.” The bill’s structure also proposed that the disclosure amounts be more specific than the “very broad” range now in use, such as $5 million to $25 million, and that they be made available to the public.
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