U.S. Democrat Proposes Bill Banning Officials From Holding Stocks and Digital Assets

U.S. Democratic Representative Eugene Vindman on August 31 introduced the Sell Your Stocks or Step Down Act (H.R.10199), which would prohibit the president, vice president, members of Congress, senior executive officials, federal judges, and certain family members from holding or trading stocks, digital assets, commodities, futures, prediction market contracts, and related derivatives. According to Foresight News, the bill would require covered individuals to sell restricted assets within 30 days after it takes effect, while allowing holdings in U.S. Treasury securities, state and municipal bonds, and qualifying diversified publicly traded funds. The proposal says those who fail to sell on time could face daily fines of up to 10% of the market value of the violating assets, capped at 50% in total. It also says improper trades would trigger a penalty equal to the value of the traded assets plus $10,000, along with forfeiture of related profits. The bill is currently at the stage of being introduced in the House and referred to committee for review.