Somerset Times

On August 27, 2024, Representatives Tom Kean Jr. (NJ-07) and Hillary Scholten (MI-03) introduced the Foreign Adversary Investment Prohibition Act in Washington, DC. The bill aims to prohibit Members of Congress from engaging in financial transactions involving certain foreign adversaries of the United States.

The bipartisan legislation mandates fines for disclosed financial transactions that benefit a foreign adversary or a company designated by the US State Department as adverse to the US. The penalties include a $5,000 fine for the first offense, $10,000 for the second offense, and $15,000 for subsequent offenses.

“The public servants who represent our country should not be profiting off other countries who wish to do us harm,” said Congressman Kean. “We cannot tolerate politicians who prioritize personal gain over what is best for the American people. Republicans and Democrats need to come together to ensure honesty and transparency in government.”

"Effective leadership starts with ethical leadership; and we cannot count on elected officials to act in America's best interest if their finances are tied up in an adversarial nation’s economy,” stated Congresswoman Scholten. “Today, I am proud to co-lead the Foreign Adversary Investment Prohibition Act to hold our nation's leaders to a higher ethical standard ensuring we always put America first."

Full text of the bill can be found HERE.