The Government Restrictions on Ethics, Age, and Term Limits (GREAT) Act

The GREAT act is intended to reform government to align the interest of our representatives with the general public. Too often our politics will use their position for personal gain, either through Insider Trading, stock tips, Land deals, earmarks, etc. That stops with this bill.

Below you will find the restrictions on:

Ethics

• ALL elected members of the US Congress, the Senate, The Executive Branch, and the Judicial branch would be banned from trading, and owning individual stocks. This also extends to their staffs and immediate family members.

• All restrictions would be enforced the moment that a candidate is sworn in through the end of their term(s)

• All investments would only be allowed to be:

  • Mutual Funds owned by a old 401k, 403b, or other retirement plan offered by one of their prior employers. Funds can also be held in a IRA, Roth IRA, SEP IRA, or SIMPLE IRA that was opened, and funded prior to running for office.

    • Members may continue to make contributions while in office, or select different target date funds ONLY while in office. Once they are no longer in office, the restrictions are removed.

  • Equity in a business they either worked at prior to getting elected, invested in, or were members of the board of directors. Equity must have been acquired PRIOR to running for political office

  • Real estate holdings (such as buildings, land, homes, etc.)

  • 529 College Savings Plans invested in Mutual Funds, or target date funds ONLY

• If an elected official is found to have violated any of the above rules, they will be subject to any of the following penalties:

  • Immediate expulsion from their seat

  • Civil fines, up to 5x the total of their account balance

  • Subject to the same insider trading penalties that the general public is subject to.

• Members of Congress would be forced to disclose all holdings in greater detail, including links to statements (can have portions redacted for safety reasons such as address, account #, etc.)

• To avoid conflicts of interest in land deals, aid grants, federal funds made available for development, members of those committees, and the representative for the district where the development is being completed, MUST disclose all property they own. Failure to do so will result in immediate expulsion from their seat, as well as fines up to $500,000.

Age

• Upon passage of this bill, elected officials must complete the current term before they turn 65 years old. If they are to turn 65while they are in office, they are ineligible from running for office.

  • For context, 67 years old is the current retirement age for Social Security when you can receive 100% of your Social Security benefit.

• This is applicable to the US Congress, Senate, Presidency, and Supreme Court

Term & Time-Based Limits

• The term limits are designed to continously get fresh, new, pro-active voices (on both side of the political spectrum) involved in Government. This would be a move to eliminate the permanent political class (think Nancy Pelosi, Chuck Schumer, Lindsay Graham, etc.) For each branch of government, term, or time limits would be imposed of:

  • The Senate = 2 terms (12 years total)

  • US Congress = 6 terms (12 years)

  • The President & Vice President = 2 terms (8 years total)

  • Supreme Court = 1 term of 20 years; and in order to keep the balance of the court, Presidents would only be able to name one justice per 4 year term. If a president has reached their limit, and a justice steps down or passes away, a president could nominate a justice, but this occasion would be subject to being approved in the Senate with a 2/3 majority, not the traditional 51 votes

• In addition to these limits, all branches of government would be banned from being lobbyists for five years upon leaving office.