LGC 11.47 — PELOSI Act — PASSED

[ZMUN M441]

The  Preventing Elected Leaders from Owning Securities and Investments Act

Section 1: This bill will be known as the Pelosi act
Section II: Implementation:
A. This bill will prohibit members of the LGC and their spouses from trading stocks
B. The bill will allow for a 6-month grace period for all investments to either divest their interests or have them be transferred into a blind test.
C. This bill will take place effective 6 months after the signature of the Governor.

Occupying: Slot 1 of 10
Sponsor: Christian Man

[Pyro]

Speaker ZMUN, I propose the following amendment.

This is intended to widen the scope of the stock trading ban by reducing the grace period to 90 days and adding a provision for newly elected deputies. This also allows former deputies to dissolve the blind trust. I've additionally changed the effective date as to ensure this is enacted immediately.

The Preventing Elected Leaders from Owning Securities and Investments Act

Section I 1: Name
A. This bill will be known as the PELOSI Act[/b]

Section II: Objective Implementation:
A. This bill will prohibit members of the LGC, and, their spouses, and dependent children from investing in securities, commodities, futures, or any comparable economic interests excluding bonds. trading stocks.

Section III: Implementation
A. 90 days following the enactment of this Act, a Deputy of the Lincoln General Court and any spouse or dependent child shall place any covered investment owned by such Deputy, spouse, or dependent child into a qualified blind trust.
B. 90 days after an individual becomes a Deputy of the Lincoln General Court, following the enactment of this Act, such Deputy and any spouse or dependent child shall place any covered investment owned by such Deputy, spouse, or dependent child into a qualified blind trust.
C. A Deputy of the Lincoln General Court, spouse, or dependent child may not dissolve any qualified blind trust in which a covered investment has been placed pursuant to Section III-A or III-B until 6 months after the Deputy ceases to be a member of the Lincoln General Court.

B. The bill will allow for a 6-month grace period for all investments to either divest their interests or have them be transferred into a blind test.

D. C. This bill will take place effective 6 months after upon the signature of the Governor.

[Joseph Cao]

There was not a prescribed implementation period for the federal measure that I just signed into law, but here we do run up against the problem that the entire officeholding period for some Deputies could fit comfortably within 90 days. Artefact of our compressed election cycles of course but it does kind of remove a lot of the teeth this bill otherwise has.

[Pyro]

There was not a prescribed implementation period for the federal measure that I just signed into law, but here we do run up against the problem that the entire officeholding period for some Deputies could fit comfortably within 90 days. Artefact of our compressed election cycles of course but it does kind of remove a lot of the teeth this bill otherwise has.

Ah, that is a fair point. Thank you, Mr. President.

[Pyro]

Speaker ZMUN, I would like to rescind my earlier amendment and propose the following.

The Preventing Elected Leaders from Owning Securities and Investments Act

Section I 1: Name
A. This bill will be known as the PELOSI Act.

Section II: Objective Implementation:
A. This bill will prohibit members of the LGC, and, their spouses, and dependent children from investing in securities, commodities, futures, or any comparable economic interests excluding bonds. trading stocks.

Section III: Implementation
A. 10 days following the enactment of this Act, a Deputy of the Lincoln General Court and any spouse or dependent child shall place any covered investment owned by such Deputy, spouse, or dependent child into a qualified blind trust.
B. 5 days after an individual becomes a Deputy of the Lincoln General Court, following the enactment of this Act, such Deputy and any spouse or dependent child shall place any covered investment owned by such Deputy, spouse, or dependent child into a qualified blind trust.
C. A Deputy of the Lincoln General Court, spouse, or dependent child may not dissolve any qualified blind trust in which a covered investment has been placed pursuant to Section III-A or III-B until 6 months after the Deputy ceases to be a member of the Lincoln General Court.

B. The bill will allow for a 6-month grace period for all investments to either divest their interests or have them be transferred into a blind test.

D. C. This bill will take place effective 6 months after upon the signature of the Governor.

[Vice President Christian Man]

Speaker ZMUN, I would like to rescind my earlier amendment and propose the following.

The Preventing Elected Leaders from Owning Securities and Investments Act

Section I 1: Name
A. This bill will be known as the PELOSI Act.

Section II: Objective Implementation:
A. This bill will prohibit members of the LGC, and, their spouses, and dependent children from investing in securities, commodities, futures, or any comparable economic interests excluding bonds. trading stocks.

Section III: Implementation
A. 10 days following the enactment of this Act, a Deputy of the Lincoln General Court and any spouse or dependent child shall place any covered investment owned by such Deputy, spouse, or dependent child into a qualified blind trust.
B. 5 days after an individual becomes a Deputy of the Lincoln General Court, following the enactment of this Act, such Deputy and any spouse or dependent child shall place any covered investment owned by such Deputy, spouse, or dependent child into a qualified blind trust.
C. A Deputy of the Lincoln General Court, spouse, or dependent child may not dissolve any qualified blind trust in which a covered investment has been placed pursuant to Section III-A or III-B until 6 months after the Deputy ceases to be a member of the Lincoln General Court.

B. The bill will allow for a 6-month grace period for all investments to either divest their interests or have them be transferred into a blind test.

D. C. This bill will take place effective 6 months after upon the signature of the Governor.

I agree to the modifications

[ZMUN M441]

The Pyro amendment is adopted.

[ZMUN M441]

Motioning for a final vote.

[ZMUN M441]

A final vote on this bill has been initiated.


Aye

[nerd73]

Aye

[Pyro]

Aye

[Vice President Christian Man]

Aye

[Senator-elect Spark]

Aye

[ZMUN M441]

LGC 11.47 passes, 5-0.

[Former President tack50]

X tack50