Bill · S. 1620· Senate(119-S-1620)
MEME Act
- Introduced
- 5/6/2025
- Last activity
- 5/6/2025 — Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- Sponsored by
- Christopher Murphy
- Cosponsors
- - 3 - 0
- Introduced
- In Committee
What this bill would do
The "Modern Emoluments and Malfeasance Enforcement Act," or "MEME Act," prohibits certain high-ranking government officials and their close associates from issuing, sponsoring, or promoting covered assets for money. These covered assets include securities, commodities, and digital assets like cryptocurrency or NFTs. The law applies to the President, Vice President, certain executive branch officials, and their spouses or dependent children. Violators may face civil penalties up to $250,000, the requirement to give back profits to the Treasury, or criminal penalties including fines and imprisonment. The bill aims to prevent public officials from using their positions for private financial gain.
Yes· 3 of 5
Does this make what the government does easier for the public to see?+6
Aims to eliminate corrupt financial influence and prevent public office exploitation.
Does this give people more protection from unfair business practices?+4
Protects investors from financial instruments promoted by public officials using their position of trust.
Does this give the federal government more power?+2
Increases federal oversight and enforcement of ethics laws for high-ranking officials.
The opposite· 3 of 4
Would high-income households be better off under this?-3
Restricts the ability of wealthy officials and their families to promote high-value financial assets.
Would people with substantial wealth be better off under this?-3
Imposes significant penalties and restrictions on the promotion of covered assets by officials.
Would the very wealthiest people be better off under this?-3
Limits financial activities and promotion of assets for the highest tiers of government officials.
Who it would affect, and how
Potential Positive Impacts for People
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Prevention of Public Office Exploitation: The bill states that officials must not use positions granted by public trust for private financial gain, ensuring positions are held for the benefit of the public (Sec. 2).
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Reducing Corrupt Influence: By prohibiting the promotion of financial instruments, the bill aims to stop bribery by investors and prevent corrupt foreign influence (Sec. 2).
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Financial Accountability: Individuals who knowingly violate the law can be hit with a civil penalty of up to $250,000 and must disgorge any profits from the unlawful activity to the U.S. Treasury (Sec. 13153).
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Strict Criminal Penalties for Serious Misconduct: The bill provides for imprisonment of up to 15 years and disqualification from holding future office for those involved in bribery or insider trading related to prohibited transactions (Sec. 221(c) and (d)).
Potential Negative Impacts for People
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Restrictions on Family Members: The prohibitions extend to spouses and dependent children of covered and adjacent individuals, meaning these private citizens are restricted from engaging in or benefiting from the issuance, sponsorship, or promotion of covered assets (Sec. 13151 and 13152).
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Broad Range of Restricted Assets: The ban covers a wide variety of financial activities, including the promotion of mutual funds, exchange-traded funds, and digital assets like meme coins or tokens (Sec. 13151).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Billionaires-3Good For High Income Households-3Good For High Net Worth Individuals-3Good For Ultra High Net Worth Individuals-3
- Governance And Ideology
- Improves Government Transparency+6Increases Federal Power+2
- Economy And Finance
- Improves Consumer Protection+4Improves Fiscal Responsibility+2Reduces National Debt+1
- 6/2/2025
- 2 Cosponsors added.
- 5/14/2025
- 1 Cosponsor added.
- 5/6/2025
- Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- Introduced in Senate
Richard BlumenthalDemocrat · Connecticut
Gary PetersDemocrat · Michigan
Elizabeth WarrenDemocrat · Massachusetts