Vote Smart's Synopsis:

Vote to pass a bill that prohibits members of Congress and their family from trading stocks, and establishes a universal photo identification requirement for voting.

Highlights:

• Prohibits Members of Congress and their spouses and dependent children from purchasing stocks and requires public notice before these individuals may sell stocks (Sec. 2).

• Specifies that Members of Congress and the spouses and dependent children of Members of Congress may not purchase covered investments (Sec. 2).

• Requires the relevant Member to file public notice of the intent to sell a covered investment with the Clerk of the House of Representatives or the Secretary of the Senate 7-14 days before selling, and requires the Clerk or Secretary to publish this notice online (Sec. 2).

• Defines a “covered investment” as a security issued by a publicly traded company or a comparable economic interest, with some exemptions, including interest in a widely held investment fund and certain investments held in a trust (Sec. 2).

• Establishes a punishment for violation of a fee that is the greater of $2,000 or 10% of the transaction value, plus any net gain realized from the transaction during a specified period (Sec. 2).

• Prohibits this fee from being paid using campaign donations or Members’ official allowances (Sec. 2).

• Exempts certain transactions by covered spouses and dependents, including transactions made on behalf of another person or made as part of compensation from the individual’s employer (Sec. 2).

• Requires any individual voting in any election to provide valid photo identification prior to casting a ballot, including in person and absentee (Sec. 3).

• Authorizes the casting of a provisional ballot that may only be counted if the voter provides a valid photo identification to the appropriate election official within 3 days of casting the provisional ballot (Sec. 3).

• Defines “valid photo identification” as any of the following (Sec. 3):

• A valid state-issued driver’s license that includes a photo of the individual;

• A valid state-issued identification card that includes a photo of the individual;

• A valid United States passport;

• A valid photo identification card issued by the Department of Defense or the Department of Veterans Affairs; or

• A valid identification document issued by a Tribal government that includes a photo of the individual.

• Specifies that Section 3 of this act takes effect 90 days after its enactment (Sec. 3).

Full Bill Text

Full Bill Text