The No Stock Act would ban stock trading and certain financial investments for the highest-ranking government officials and their families. Specifically, it applies to members of Congress, the President, Vice President, Supreme Court justices, Federal Reserve board members and bank presidents, plus their spouses and dependent children under 19.

Under this law, these officials would be prohibited from buying, selling, or holding stocks, bonds, cryptocurrencies, futures contracts, and most other financial investments. They also couldn't serve on corporate boards. The only exceptions are diversified mutual funds, U.S. Treasury bonds, and certain spousal income from their primary job. Anyone currently holding these investments would have 120 days to sell them after the law takes effect. If someone inherits investments after that period, they'd have another 120 days to sell. The law includes a 120-day "cooling-off period" after someone leaves office, meaning they still can't trade during that time.

Officials must certify in writing that they've complied with the rules. If someone knowingly violates the law, they face a fine of at least 10 percent of the value of whatever investment they illegally bought or sold. The ethics offices overseeing each branch of government would handle enforcement and must publicly post any requests for extensions to the selling deadlines, along with their decisions.