H.R. 10199
Sell Your Stocks or Step Down Act
Summary:
• The "Sell Your Stocks or Step Down Act" prohibits the President, Vice President, Members of Congress, senior executive branch officials, federal judges, and their spouses and dependents from owning or trading stocks, digital assets, futures, commodities, and event/prediction market contracts.
• Covered individuals must divest prohibited investments within 30 days of the bill's enactment (or within 30 days of becoming a covered individual), and the standard tax deferral under IRC section 1043 does not apply to these divestitures.
• Violations carry significant financial penalties, including a daily fee of 10% of the fair market value of non-divested holdings (capped at 50% total) and, for illegal trades, a fee equal to the investment's value plus $10,000, plus disgorgement of profits — all deposited into the Treasury for deficit reduction.
---
• Covered individuals must divest prohibited investments within 30 days of the bill's enactment (or within 30 days of becoming a covered individual), and the standard tax deferral under IRC section 1043 does not apply to these divestitures.
• Violations carry significant financial penalties, including a daily fee of 10% of the fair market value of non-divested holdings (capped at 50% total) and, for illegal trades, a fee equal to the investment's value plus $10,000, plus disgorgement of profits — all deposited into the Treasury for deficit reduction.
---