PRINTER'S NO. 4424
No. 854 Session of 2004
INTRODUCED BY PERZEL, ARGALL, CIVERA, DeWEESE, FEESE, PHILLIPS,
S. H. SMITH, E. Z. TAYLOR, VEON, DiGIROLAMO, ADOLPH, ALLEN,
BAKER, BARRAR, BASTIAN, BIRMELIN, BLAUM, BUXTON, CALTAGIRONE,
CAPPELLI, CASORIO, CORRIGAN, CRAHALLA, CURRY, DENLINGER,
J. EVANS, FABRIZIO, FAIRCHILD, FICHTER, FLEAGLE, FRANKEL,
FREEMAN, GEIST, GEORGE, GERGELY, GOOD, GRUITZA, HARHART,
HENNESSEY, HESS, KOTIK, LaGROTTA, LAUGHLIN, LEWIS, MACKERETH,
MAJOR, MANDERINO, MANN, MARKOSEK, MARSICO, McCALL, R. MILLER,
MUNDY, NAILOR, NICKOL, PALLONE, PAYNE, PETRARCA, PETRI,
PICKETT, PISTELLA, RAYMOND, READSHAW, RIEGER, ROBERTS,
RUBLEY, SANTONI, SAYLOR, SHANER, B. SMITH, SOLOBAY, STABACK,
STERN, T. STEVENSON, SURRA, THOMAS, TIGUE, TRUE, TURZAI,
VANCE, WALKO, WATSON, WRIGHT, YUDICHAK AND ZUG,
OCTOBER 4, 2004
REFERRED TO COMMITTEE ON RULES, OCTOBER 4, 2004
A RESOLUTION
1 Amending the Rules of the House of Representatives by adding a
2 rule relating to financial interests in gaming entities.
3 RESOLVED, That the Rules of the House of Representatives be
4 amended by adding a rule to read:
5 RULE 65 (b)
6 Financial Interests in Gaming Entities
7 (1) Except as hereinafter provided, no member, his or her
8 spouse, or any minor or unemancipated children, shall hold or
9 acquire during his or her tenure in office, any ownership or
10 other financial interest, including both equity and
11 indebtedness, in any entity required to be licensed by the act
12 of July 5, 2004 (P.L. 572, No. 71), known as the Pennsylvania
1 Race Horse Development and Gaming Act, or in the subsidiaries or
2 affiliates, as defined in that act, of any such licensed entity.
3 (2) The provisions of this Rule shall not be applicable to
4 the following:
5 (a) an interest held through a defined benefit pension
6 plan;
7 (b) an interest held through a deferred compensation
8 plan organized and operated pursuant to section 457 of the
9 Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. §
10 1 et seq);
11 (c) an interest held through a tuition account plan
12 organized and operated pursuant to section 529 of the
13 Internal Revenue Code;
14 (d) an interest held through a plan described in section
15 401(k) of the Internal Revenue Code;
16 (e) an interest held in an employer profit-sharing plan
17 qualified under the Internal Revenue Code;
18 (f) an interest held in a mutual fund where the interest
19 owned by the individual fund in the licensed entity as
20 described herein does not amount to control of the entity as
21 defined by the Federal Investment Company Act of 1940;
22 (g) an interest held in a blind trust over which the
23 holder may not exercise any managerial control or receive
24 income during the time period the member holds office;
25 (h) an interest held in a licensed entity otherwise
26 prohibited by this Rule if such interest was acquired prior
27 to January 7, 2003.
28 (3) Exceptions provided for in paragraph (2)(a) through (f)
29 above shall be inapplicable if the member, his or her spouse, or
30 any minor or unemancipated children have any discretion in
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1 choosing individual investments within the portfolio in which
2 the interest is held.
3 (4) Annually, on or before January 31st of each calendar
4 year, members shall file an affidavit with the Chief Clerk, on a
5 form provided by the Chief Clerk, either disclosing holdings
6 prohibited by this rule or affirming that he or she holds no
7 such interests.
8 (5) Any member, including a spouse and any minor or
9 unemancipated children, holding an ownership or other financial
10 interest prohibited by this Rule on the date of its adoption by
11 the House, shall have three months from that date to completely
12 divest his or her interest and to file an affidavit affirming
13 the divestiture with the Chief Clerk.
14 (6) Members, including a spouse and any minor or
15 unemancipated children, elected to the House of Representatives
16 subsequent to the adoption of this Rule shall have three months
17 from the date they are sworn into office to divest such
18 interests and file the affidavit referred to in paragraph (4).
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