H.R. 396: TRUST in Congress Act
Sponsor
Seth Magaziner
Democrat · RI-2
Bill Progress
Latest Action · Jan 14, 2025
Referred to the House Committee on House Administration.
Congress shouldn't trade on inside access
Why it matters
H.R. 396 gives current lawmakers 180 days and new ones 90 days to move covered investments into blind trusts, then requires a public certification within 15 days. That means you could actually check whether your representatives complied or said they own none of the covered assets.
H.R. 396 would require members of Congress and many of their immediate family holdings to be moved into a qualified blind trust. If someone is already in office when the bill becomes law, the deadline is 180 days. If they join Congress later, the deadline is 90 days after taking office.
The bill covers more than just individual stocks. It also reaches commodities, futures, and similar financial exposure created through derivatives or other synthetic positions. But it excludes widely held investment funds and U.S. Treasury bills, notes, and bonds.
The bill also tries to stop an easy exit. Once a covered investment goes into the blind trust, the member or family cannot dissolve the trust or retake control until 180 days after the member leaves Congress.
Enforcement here is mostly public disclosure. House members would certify compliance to the Clerk of the House, and senators to the Secretary of the Senate, within 15 days after setting up the trust — or certify that they, their spouse, and dependent children own no covered investments. Those certifications must be posted publicly.
H.R. 396 Bill Summary
What H.R. 396 actually does.
Lawmakers must give up direct control of covered assets
Current members of Congress, along with their spouses and dependent children, would have 180 days after enactment to place covered investments into a qualified blind trust.
New members get a faster 90-day clock
Anyone who joins Congress after enactment would have 90 days after taking office to move covered investments into a qualified blind trust.
Families can use one shared blind trust
A spouse or dependent child may place covered investments into the same qualified blind trust set up by the member, rather than creating a separate trust.
Assets stay out of reach after leaving office
A member, spouse, or dependent child could not dissolve the blind trust or regain control of those covered investments until 180 days after the member leaves Congress.
Compliance records go online fast
House members and senators would have to certify within 15 days that the trust was created and funded — or certify that they and their family own no covered investments — and those certifications must be posted on public websites.
Broad funds and Treasuries stay allowed
The bill excludes widely held investment funds and U.S. Treasury bills, notes, and bonds from the assets that must be moved into a blind trust.
A spouse's or child's job-based holding can be exempt
If a spouse or dependent child receives compensation from their primary occupation through a covered investment, that specific investment would not have to go into the blind trust.
Who benefits from H.R. 396?
Voters who want cleaner conflict rules
You would get a public yes-or-no record showing whether a House member or senator put covered assets into a blind trust or reported owning none.
Watchdog groups and reporters tracking congressional trades
The bill creates clear deadlines — 90 days, 180 days, and 15 days for certification — that make compliance easier to monitor.
Lawmakers who prefer diversified investing
Members and their families could still hold widely held funds and U.S. Treasury securities without moving those assets into a blind trust.
Who is affected by H.R. 396?
Current members of Congress
They would have to move covered investments they control into a blind trust within 180 days and stay out of those holdings until 180 days after leaving office.
Newly elected or appointed lawmakers
They face the shorter timeline: 90 days after taking office to place covered investments into a blind trust.
Spouses and dependent children
Their covered investments are included too, unless a specific holding is tied to compensation from the spouse's or child's primary occupation.
House and Senate administrative offices
The Clerk of the House and the Secretary of the Senate would have to receive certifications and publish them online for the public to review.
HR396 Legislative Journey
House: Committee Action
Jan 14, 2025
Referred to the House Committee on House Administration.
About the Sponsor
Seth Magaziner
Democrat, Rhode Island's 2nd congressional district · 3 years in Congress
Committees: Homeland Security, Natural Resources
View full profile →
Cosponsors (103)
This bill has 103 cosponsors: 84 Democrats, 19 Republicans, reflecting bipartisan support. Cosponsors represent 36 states: Arizona, California, Colorado, and 33 more.
Chip Roy
Republican · TX
Alma Adams
Democrat · NC
Donald Beyer
Democrat · VA
Greg Casar
Democrat · TX
Juan Ciscomani
Republican · AZ
Emanuel Cleaver
Democrat · MO
Angie Craig
Democrat · MN
Elijah Crane
Republican · AZ
Jason Crow
Democrat · CO
Sharice Davids
Democrat · KS
Suzan DelBene
Democrat · WA
Christopher Deluzio
Democrat · PA
Cosponsor Coverage Map
Committee Sponsors
Committee on House Administration
1 of 12 committee members cosponsored
4 Democrats across this committee haven't cosponsored yet. Mobilize their constituents
H.R. 396 Quick Facts
- Committee
- House Administration
- Chamber
- House
- Policy
- Congress
- Introduced
- Jan 14, 2025
Referred to the House Committee on House Administration.
Jan 14, 2025
Official Sources
Official bill page with text, status, sponsor, and committee information for the TRUST in Congress Act.
Provides official ethics guidance relevant to how federal conflict-of-interest and financial disclosure concepts are defined and applied.
Relevant because H.R. 396 would require House members to certify compliance to the Clerk and have those certifications posted publicly.
Relevant because senators would file compliance certifications with the Secretary of the Senate, who must make them public online under the bill.
Contains the statutory federal ethics provisions referenced in the bill text, including the definition of a qualified blind trust and widely held investment fund.
Contains definitions incorporated by H.R. 396, including Member of Congress and dependent child.
Relevant because H.R. 396 adopts the Commodity Exchange Act definition of commodity when describing covered investments.
Useful for the bill's exemption for U.S. Treasury bills, notes, and bonds, which would not need to be placed in a blind trust.
H.R. 396 Common Questions
What does H.R. 396 actually make members of Congress do?
It would require members of Congress, plus many investments owned by their spouses and dependent children, to be placed into a qualified blind trust so the family no longer directly controls those assets while the member serves.
How long would lawmakers have to comply under H.R. 396?
Current members would get 180 days after enactment. New members would get 90 days after taking office.
Would H.R. 396 apply to spouses and dependent children?
Yes. The bill covers members, their spouses, and dependent children, though a spouse or child can use the same blind trust as the member.
What investments are exempt from H.R. 396?
Widely held investment funds and U.S. Treasury bills, notes, and bonds are excluded. Those would not have to be moved into a blind trust.
Would derivatives and similar financial bets count?
Yes. H.R. 396 says covered investments include comparable economic interests created through synthetic means, such as derivatives.
Would the public be able to see who complied?
Yes. House members and senators would have to file a certification within 15 days after creating the trust, and those certifications must be posted publicly online.
What if a lawmaker or family owns no covered investments?
They would still have to certify that they, their spouse, and dependent children own no covered investments.
Does H.R. 396 create fines or criminal penalties?
Not in the bill text provided. H.R. 396 relies on deadlines, certifications, and public posting of those records, rather than listing a specific fine or criminal punishment.
Based on H.R. 396 bill text
H.R. 396 Bill Text
“To require Members of Congress and their spouses and dependent children to place certain assets into blind trusts, and for other purposes.”
Source: U.S. Government Publishing Office
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