Source: United States House of Representatives – Representative Tom Kean, Jr. (NJ-07)
(August 27, 2024) WASHINGTON, DC – Last Friday, Representatives Tom Kean, Jr. (NJ-07) and Hillary Scholten (MI-03) introduced the Foreign Adversary Investment Prohibition Act, a bill to prohibit Members of Congress from conducting financial transactions involving certain foreign adversaries of the United States. This bipartisan bill would mandate that any disclosed financial transaction, directly or indirectly, that benefits a foreign adversary (or company that is designated by the US State Department as a foreign entity and adverse to the US) by a Member of Congress or Senator is accompanied by a fine to the affect of $5,000 for the first offense, $10,000 for the second offense, and $15,000 for subsequent offenses.
“The public servants who represent our country should not be profiting off other countries who wish to do us harm,” said Congressman Kean. “We cannot tolerate politicians who prioritize personal gain over what is best for the American people. Republicans and Democrats need to come together to ensure honesty and transparency in government.”
“Effective leadership starts with ethical leadership; and we cannot count on elected officials to act in America’s best interest if their finances are tied up in an adversarial nation’s economy,” said Congresswoman Scholten. “Today, I am proud to co-lead the Foreign Adversary Investment Prohibition Act to hold our nation’s leaders to a higher ethical standard ensuring we always put America first.”
Full text of the bill can be found HERE.
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