117th Congress
2d Session

S. __

To establish a cap on the net worth of elected officials, to reduce incentives for financial gain through public service, and for other purposes.

IN THE SENATE OF THE UNITED STATES

Mr./Ms. ________ introduced the following bill; which was read twice and referred to the Committee on _____________

A BILL

To establish a cap on the net worth of elected officials, to reduce incentives for financial gain through public service, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Public Service Financial Integrity Act of 2023.”

SECTION 2. FINDINGS.

Congress finds that:

(1) Public service should not be a means of personal enrichment.
(2) The excessive accumulation of wealth during public service undermines public trust and risks corrupting the motivations of public officials.

SECTION 3. NET WORTH CAP.

(a) IN GENERAL.—The net worth of an elected official may not exceed a certain amount during their term of service and for a period of 5 years following the conclusion of their service.

(b) AMOUNT.—The cap on net worth will be determined through a formula established by the Office of Government Ethics, which takes into consideration factors such as inflation and the cost of living.

(c) EXCEPTIONS.—Exceptions to this cap may be made for assets accrued prior to the start of public service or through non-political, non-conflict of interest means, such as inheritance or the sale of a previously-owned business.

SECTION 4. ENFORCEMENT.

The Office of Government Ethics shall have the authority to monitor compliance with this Act and to take appropriate enforcement action for violations.