Plain Language Summary
# MEME Act Summary **What It Would Do:** The Modern Emoluments and Malfeasance Enforcement Act would ban high-ranking federal officials—including the President, Vice President, Congress members, and senior military leaders—from creating, promoting, or profiting from certain financial assets. These banned assets include cryptocurrencies (particularly "meme coins"), stocks, commodities, and related financial products. The restrictions would apply not just to the officials themselves, but also to their spouses and dependent children. **Who It Affects and Key Details:** The bill covers a broad range of federal officials during their time in office, plus 180 days before and after their service. If officials or their families violate these rules, they would face penalties including having to return any profits to the U.S.
Treasury, plus potential civil and criminal punishment. The bill essentially aims to prevent conflicts of interest where government officials could use their positions to benefit from promoting or issuing financial assets. **Current Status:** The bill was introduced in the 119th Congress by Senator Christopher Murphy (D-CT) and is currently in committee, meaning it has not yet been debated or voted on by the full Senate. It remains in the early stages of the legislative process.
CRS Official Summary
Modern Emoluments and Malfeasance Enforcement Act or the MEME ActThis 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.
Latest Action
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.