Existing ethics law bars members of Congress and senior officials from issuing
What the document says“existing Office of Government Ethics laws and the ethics rules of the Senate and the House of Representatives prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin during their time in public service.”
Subsection (i)(2). The sentence is stated for the avoidance of doubt inside a rule of construction: nothing in the Act limits or prevents the continued application of the ethics statutes and regulations administered by the Office of Government Ethics, or the ethics rules of the Senate and the House, including section 208 of title 18, United States Code, and sections 2635.702 and 2635.802 of title 5, Code of Federal Regulations. An employee described in section 202 of title 18 is deemed an executive branch employee for the purposes of complying with section 208. What those rules say is not recorded here, because they are not indexed on this site.
What the document actually says“existing Office of Government Ethics laws and the ethics rules of the Senate and the House of Representatives prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin during their time in public service.”
Ethics rules already bar some people from making these coins. They cover members of Congress. They also cover top officials while in office.
This law does not change those rules. Subsection (i)(1) also says the Act does not widen what the Fed may offer the public.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.