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The
bill would also restrict lawmakers' spouses and dependent
children from trading stock and holding certain other
investments, as well as require public officials to divest from
such holdings or place them in a blind trust, according to the
framework.
It would also toughen disclosure requirements and beef up
penalties for officials who fail to complete those requirements
in time, the framework said.
The legislation comes after U.S. media scrutiny of potential
financial conflicts of interest in trading by officials and
their families.
"These stories undermine the American people's faith and trust
in the integrity of public officials and our federal government.
Members of the public may ask, are our public officials acting
in the public interest or their private financial interest?" Zoe
Lofgren, the chairwoman of the House Administration Committee,
said in text accompanying the framework.
Lofgren said she would release legislative text "soon."
The House may consider the legislation next week, according to a
schedule announced by the House Majority Leader on Thursday.
It was not immediately clear what the bill's chances of passage
were in the Senate.
The White House has said President Joe Biden would leave it to
Congress to decide the rules on members trading stocks.
(Reporting by Makini Brice; editing by Richard Pullin)
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