Bills › 91st General Assembly
Relating to transactions involving covered financial instruments by members of the general assembly, legislative staff, and their immediate family, based on nonpublic information, and providing penalties
Sponsored by Sen. Matt Blake (D), Sen. Sarah Trone Garriott (D), Sen. Thomas Townsend (D), Sen. Zach Wahls (D), Sen. Janice Weiner (D), Sen. Mike Zimmer (D)
Topics:State government
Where it is now
- Done: IntroducedMarch 6, 2025
- Done: SubcommitteeMarch 11, 2025
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: House committeeFunnel: by March 20, 2026
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The General Assembly adjourned on October 2, 2026. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
This bill relates to trading transactions involving covered financial instruments by members of the general assembly, legislative staff persons, and the immediate family of either based on nonpublic information. The bill prohibits a member of the general assembly, a legislative staff person, and the immediate family of either from directly or indirectly buying, selling, or otherwise engaging in a transaction involving a covered financial instrument if the transaction is based on information derived from the member’s position or official duties, that has not been made publicly available, and that could reasonably be expected to affect the market value of the covered financial instrument, subject to limited exceptions.
Read the full explanation
Current law requires members of, and candidates for, the general assembly to file personal financial disclosure statements with the member’s chamber. The bill requires members of the general assembly to report transactions involving covered financial instruments to the Iowa ethics and campaign disclosure board (board). The board must disclose the reports to the public on the board’s internet site. The board is required to investigate alleged violations of the bill and may refer cases of suspected violations to other appropriate authorities for further investigation and action. The board must submit an annual report to the general assembly including information regarding the effectiveness of the bill, the number of transactions reported, any penalties imposed, and any recommendations for further legislative action. A violation of the bill is a class “C” felony. A class “C” felony is punishable by confinement for no more than years and a fine of at least $1,370 but not more than $13,660. In addition, a person who violates the bill is subject to financial penalties, including disgorgement of any profits resulting from a prohibited transaction, tax liability relating to prohibited transactions, and a member or legislative staff person may face disciplinary action by the applicable ethics committee. The bill does not prohibit a federal authority from imposing additional penalties, if applicable.
From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text
Senate subcommittee
Named March 11, 2025. It hasn’t reported yet.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Creates§68B.40§68B.41§68B.42§68B.43§68B.44§68B.45
Amends§422.7
Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works