S 1620 ยท MEME Act
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- Introduced
- May 6, 2025
- Latest action
- May 6, 2025
- Sponsor
- Sen. Christopher Murphy [D-CT]
- Policy area
- Finance and Financial Sector
- Cosponsors
- 3
Summary
Modern Emoluments and Malfeasance Enforcement Act or the MEME Act This bill prohibits the President, the Vice President, Members of Congress, those holding Senior Executive Service positions, admirals, generals, and other federal public officials from engaging in or benefiting from the issuance, sponsorship, or promotion of certain assets. The spouse and dependent children of such an official are also covered by the prohibition. Assets covered by the bill are securities, security futures, commodities, digital assets such as cryptocurrency or a meme coin, as well as derivatives, options, warrants, mutual funds, or exchange traded funds of the preceding assets. The prohibition applies to (1) such officials during their term of service and for 180 days prior to and after their service, and (2) the spouse and dependent children of such an official during that same period. Civil and criminal penalties under the bill include disgorging (giving) to the Treasury any profits from prohibited transactions, fines, and imprisonment for up to five years. The bill provides additional penalties for such prohibited activities if they involve bribery or insider trading. The U.S. Office of Special Counsel may also determine that federal employees or officers serving in other positions are covered by the prohibition.
Recent actions
- May 6, 2025 Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- May 6, 2025 Introduced in Senate
Votes
No recorded votes are available for this bill.