No Shorting America Act

Tax Accountability: Individuals who violate the short sale prohibition cannot deduct losses from their income tax, which ensures that illegal trading activity does not result in a tax benefit. (Section 13152(b))

Transparency and Oversight: The bill requires Members of Congress to submit a pledge of compliance and provide necessary information to the supervising ethics office, which helps ensure they are following the law. (Section 13152(c)(1))

Public Access to Compliance Records: The supervising ethics office is required to publish certificates of compliance on a publicly accessible website, allowing the public to verify that officials are adhering to the rules. (Section 13152(c)(3))

Enforcement and Penalties: The bill provides a mechanism for the Attorney General to bring civil actions and assess penalties of up to $50,000 against those who knowingly and willfully violate the rules, providing a deterrent against misconduct. (Section 13153(b)(1))

Protection of Public Funds: The act prevents officials from using official office expense accounts or political committee funds to pay for civil penalties resulting from these violations. (Section 13153(b)(2))

Financial Restrictions on Families: The prohibition extends beyond the Member of Congress to include their spouses and dependents, which restricts the financial activities of their family members. (Section 13151(2))

Potential Civil Penalties: Covered individuals who knowingly and willfully fail to comply with the law could face civil penalties of up to $50,000 through actions brought by the Attorney General. (Section 13153(b)(1))