Unwritten rules are fine, so long as everyone complies with them. But then a person or group comes along—such as the Trump Crime Family—that requires us to put actual words to these unwritten rules to turn them into written law.
And after years of Congressional representatives talking about preventing themselves from trading stocks while not actually doing anything, I think it’s time we the people proposed the law we want. Therefore, as my contribution to the discussion, I offer…
A Law Delineating Emoluments Prohibitions that Were Previously Understood but Unwritten
Section I: People Subject to This Law
1. Elected and appointed members of the House of Representatives and the Senate.
2. Members of the Supreme Court.
3. The President and Vice President of the United States.
4. People appointed by the President, whether confirmed by the Senate or not.
5. People hired or appointed by, or who in the normal course of business report directly to, anyone in lines 1, 2, 3, or 4.
6. People hired or appointed by, or who in the normal course of business report directly to, anyone in line 5.
7. Immediate family members of anyone in lines 1, 2, 3, 4, 5, or 6.
Section II: Prohibited and Required Actions of People in Section I.
1. All people covered by this law are prohibited from buying or selling stocks, bonds, or any other form of ownership of any company, whether publicly traded or privately held.
2. All people covered by this law are required to place all assets in a blind trust.
2.a. Assets with a combined value of less than 50% of the mean personal annual income of the United States may be exempted from this requirement.
2.b. A primary residence may be exempted from this requirement.
2.c. Covered people shall have 30 days from notice of election, appointment, or hiring to a position listed in Section I in order to complete this requirement.
3. All people covered by this law are prohibited from communicating what would be considered “insider information” about any government or business activities to any person or people for financial benefit.
Section III: Penalties for Failure to Comply with This Law
1. Stocks, bonds, or other forms of ownership purchased are subject to forfeiture—in their entirety—to the United States Treasury General Account.
2. Proceeds from sales of stocks, bonds, or other forms of ownership are subject to forfeiture—in their entirety—to the United States Treasury General Account.
3. Assets with a combined value greater than 50% of the mean personal annual income of the United States held outside of a blind trust are subject to forfeiture—in their entirety—to the United States Treasury General Account.
4. Instances of communicating insider information (see Section II, 3) shall be fined at a rate equal to the potential gain enjoyed by the recipients of such communication.
Section IV: Duration of These Requirements
1. People listed in Section I shall be subject to this law during the entire time they hold one of the offices listed in Section I, and for 180 days after leaving such office.
2. Those people in office when this law is adopted shall have 30 days to comply with all the provisions herein.
