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Bill

HR 9989

To require candidates for Federal office to divest publicly traded securities or place such securities in a qualified blind trust upon filing for office, and for other purposes.

119th Congress Introduced by Ryan Mackenzie

Candidates for federal office must divest from all publicly traded securities or place them in a qualified blind trust upon filing to run.

Introduced in House
0
WeVote Research Nonpartisan
Bill Summary · HR 9989

Bill overview

  • bill: HR 9989
  • session: 119
  • jurisdiction: United States
  • title: To require candidates for Federal office to divest publicly traded securities or place such securities in a qualified blind trust upon filing for office, and for other purposes
  • status: Introduced and referred to multiple committees (Oversight and Government Reform; House Administration) on 2026-07-30
  • sponsor: primary sponsor not listed; co-sponsor: Ryan Mackenzie

Purpose and intent

The bill aims to increase financial transparency and reduce potential conflicts of interest by requiring individuals running for federal elective office to either:
- divest from all publicly traded securities, or
- place those securities into a qualified blind trust at the time they file to run for office.

The underlying goal is to prevent personal investment holdings from influencing official decision-making or policy advocacy.

Key provisions

While the exact legislative text is not provided here, the bill’s main provisions can be summarized as follows:

  • Eligibility trigger: Filing for candidacy for federal office.
  • Investment requirements for candidates:
    • Option A: Divest all publicly traded securities (relinquish ownership and control to eliminate conflicts of interest).
    • Option B: Place publicly traded securities into a qualified blind trust (where assets are managed by an independent trustee, and the candidate typically has no knowledge or control over specific investment decisions).
  • Scope of assets covered:
    • Publicly traded securities (stocks, bonds, and other securities traded on public markets). The bill may specify excluding non-public investments, real estate, or other asset types; the exact scope would be defined in the text.
  • Compliance and administration:
    • Procedures for documentation, verification, and timing (presumably at or after filing for office).
    • Penalties or enforcement mechanisms for failure to comply (e.g., disqualification, fines, or other remedies) would be specified in the bill.
  • Oversight and implementation:
    • Role of relevant federal committees (Oversight and Government Reform; House Administration) in consideration, monitoring, and enforcement.
    • Potential creation of rulemaking or guidance for qualified blind trusts, including standards for trustee independence and reporting.

Who would be affected

  • Primary: Individuals seeking federal elected office (Members of Congress, and possibly other federal office candidates as defined by the bill’s scope).
  • Affected assets: Publicly traded securities held by candidates at the time of filing.
  • Financial and legal entities involved:
    • Qualified blind trust arrangements (trusts that meet statutory standards).
    • Trustees and financial institutions administering blind trusts.
  • Government entities: Committees of Jurisdiction (Oversight and Government Reform; House Administration) responsible for oversight, implementation, and enforcement.

Procedural and timeline aspects

  • Introduction and referral:
    • Introduced in the House on 2026-07-30.
    • Referred to the Committee on Oversight and Government Reform and, in addition, to the Committee on House Administration, for consideration of provisions falling under their jurisdictions.
  • Potential next steps:
    • Committee hearings, markups, and votes.
    • If approved, advancement to the full House for debate and a floor vote.
    • Possible conference actions if paired with companion legislation or Senate consideration.
  • Effective date and transition:
    • The summary does not specify effective dates; typically, if enacted, there would be a defined effective date or phased implementation for current candidates and future filings.

Potential impact and considerations

  • Transparency and ethics: Could improve perceived and actual independence by limiting direct financial influence on decision-making.
  • Compliance burden: Candidates would need to reorganize investments, potentially incur legal/financial costs, and obtain compliant blind trusts.
  • Enforcement: Effectiveness depends on clear penalties and robust verification mechanisms.
  • Scope and definitions: The exact definitions of “publicly traded securities” and “qualified blind trust” will determine who is subject and how easily arrangements can be made.

If you’d like, I can tailor this summary to include hypothetical examples, potential fiscal implications, or compare to existing ethics/divestment provisions.

Compiled from official sources — confirm details with the bill’s official record.

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