The Public Service Accountability Act
- Bill Number
- H.R. 9429
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Congress
- Status
- Introduced
- Latest Action
- 2026-06-24: Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on House Administration, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Last Updated
- 2026-07-07T18:45:14Z
AI-Generated Summary
Purpose The legislation, titled the Public Service Accountability Act, aims to restrict certain federal officials and their immediate family members from owning or trading specific investments to reduce potential conflicts of interest.
Key Provisions
- Definitions: Establishes terms such as "covered individual" (including Members of Congress, the President, Vice President, judicial officers, senior executives, and certain other federal employees and their spouses/dependents), "covered investment" (securities, commodities, futures, and synthetic interests, with exceptions for diversified funds, Treasury securities, real estate for personal residence, and small business interests), and related terms like "diversified" and "supervising ethics office."
- Restrictions: Prohibits covered individuals from directly or indirectly owning or trading covered investments during federal service, with limited exceptions for qualified blind trusts and assets acquired through special circumstances like inheritance.
- Compliance Requirements: Existing covered individuals must divest within 180 days of enactment; new individuals have 90 days. Divestment must occur at fair market value.
- Certificates of Divestiture: Allows supervising ethics offices to issue certificates for tax relief under the Internal Revenue Code.
- Penalties: Violators face a fine equal to 10 percent of the investment's value, must disgorge profits, and payments cannot come from congressional allowances or campaign funds. Fines are published publicly.
- Rule of Construction: Clarifies that the restrictions do not apply to positions under the General Schedule.
Significant Changes to Existing Law This bill adds a new Subchapter IV to Chapter 131 of Title 5, United States Code, introducing broad prohibitions on stock and investment ownership for a wide range of officials. It expands beyond current ethics rules by mandating divestment timelines and applying to spouses and dependents of Members of Congress, the President, and Vice President. It also creates new penalty mechanisms and publication requirements not present in prior conflict-of-interest statutes.
Potential Impacts
- Government Agencies: Increases administrative duties for supervising ethics offices in issuing guidance, certificates, and enforcing penalties.
- Citizens: Limits personal financial flexibility for covered officials and their families but aims to promote public trust in government decision-making.
- International Relations: No direct provisions affect foreign policy or relations.
Main Stakeholders Affected
- Members of Congress and their spouses/dependents.
- The President, Vice President, and their spouses/dependents.
- Judicial officers and employees.
- Senior executive branch officials and certain political appointees.
- Supervising ethics offices responsible for oversight and enforcement.
Notable Legal, Constitutional, or Political Implications The measure treats the new restrictions as a federal conflict-of-interest statute for tax purposes under Section 1043 of the Internal Revenue Code. It imposes financial penalties enforced through ethics offices rather than courts, with explicit limits on using official or campaign funds for payments. The broad definition of covered individuals raises questions about scope across all three branches of government, though the bill includes a carve-out for General Schedule employees.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Rep. Goodlander, Maggie [D-NH-2]
Cosponsors (1)
Rep. Fitzpatrick, Brian K. [R-PA-1]
Recent Actions
- 2026-06-24: Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on House Administration, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2026-06-24: Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on House Administration, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2026-06-24: Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on House Administration, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2026-06-24: Introduced in House
- 2026-06-24: Introduced in House
Bill Versions
- The Public Service Accountability Act — issued 2026-06-24 — PDF (11 pages)