This bill aims to prevent conflicts of interest by restricting what federal officials and their families can own and do while in public service. Here's what it does:

First, it bans federal officials—including members of Congress, judges, and top executive branch appointees—from owning individual stocks, bonds, cryptocurrencies, and similar investments. They have 90 days to sell any such investments they currently own. The law makes exceptions for broad mutual funds and Treasury bonds, which are considered too diversified to create conflicts. If someone violates this rule, they face penalties ranging from standard ethics fines to losing an entire month's salary, depending on their position. Violations will be publicly listed on government websites.

Second, the bill severely restricts outside income for members of Congress. Currently, they can earn up to 15% of their salary from outside work, but this bill eliminates that allowance entirely—with narrow exceptions for practicing medicine and teaching. Members also cannot serve on corporate boards, though they can serve on nonprofit boards without pay.

Third, the bill creates a lifetime lobbying ban for members of Congress. Once they leave office, they can never lobby Congress or the executive branch again. This is much stricter than current law, which only restricts lobbying for a limited time period. The bill also expands restrictions on former officials working for foreign governments or entities.

The law includes a tax benefit: when covered officials divest their investments to comply, they can defer capital gains taxes if they reinvest the proceeds into Treasury securities, making it easier to comply without facing a huge tax bill.