This bill lengthens the limitations on former Congress Members' contact with the legislative branch and restricts certain financial transactions by Members and their spouses.
Specifically, the bill lengthens the cooling off period that prohibits former Members from contacting Members, officers, or employees of the House or Senate on behalf of a third party. During this post-employment waiting period, a former Member may not communicate with the intent to influence the official actions of a Member, officer, or employee of the House of Representatives or Senate. The bill lengthens the waiting period from one to three years after a Member of the House leaves office and from two to six years after a Senator leaves office.
Next, the bill prohibits Members of Congress and their spouses from holding, buying, or selling financial instruments such as stocks, securities futures, and commodities while the Member holds office. However, covered financial instruments may be held in a qualified blind trust. A Member or spouse who violates this provision must disgorge any resulting profits, may not take a related financial loss as an income tax deduction, and may be fined up to $50,000. The supervising ethics office of each chamber must audit Members' compliance with these requirements every two years.
Additionally, the bill eliminates automatic annual increases to Members' pay beginning in the 120th Congress.