MEME Act

Prevention of Financial Exploitation: The bill seeks to prevent federal elected officials from using their public office for private financial gain, which the text states can result in public exploitation (Section 2).

Protection Against Corruption: By prohibiting the promotion of certain assets, the bill aims to prevent the deprivation of honest services and the facilitation of bribery by investors or purchasers (Section 2).

Financial Accountability through Disgorgement: The bill requires that any profit made from prohibited financial transactions be given back to the Treasury of the United States (Section 3(a) - SEC. 13153(d)(1)).

Empowerment of Private Parties: The bill allows investors, competitors, or other private parties who suffer harm to bring legal action for relief or damages (Section 3(a) - SEC. 13153(e)).

Financial Burden of Civil Penalties: Individuals found in violation may be required to pay civil penalties of up to $250,000 (Section 3(a) - SEC. 13153(c)).

Criminal Liability and Imprisonment: Individuals who knowingly violate these provisions and meet certain financial thresholds or benefits may face fines or imprisonment for up to five years (Section 3(b) - SEC. 228(a)).

Retroactive Financial Requirements: The requirement to give up profits (disgorgement) applies even if the financial asset was issued before this Act was passed (Section 3(a) - SEC. 13153(d)(2)).

Loss of Legal Immunity: Conduct related to prohibited financial transactions will be treated as an "unofficial act" and considered beyond the scope of official duties for the purposes of civil and criminal immunity (Section 3(a) - SEC. 13152(c) and Section 3(b) - SEC. 228(e)).