The "No Stock Act" seeks to prevent conflicts of interest by imposing a comprehensive ban on certain financial transactions for a wide range of senior government officials and their immediate families. This legislation prohibits covered individuals from holding, purchasing, selling, or transacting in specific "covered financial interests," such as individual stocks, futures, commodities, and cryptocurrencies, and also forbids creating net short positions or serving on for-profit boards.

The scope of "covered individuals" is extensive, encompassing Members of Congress, the President, the Vice President, Supreme Court Justices, members of the Federal Reserve Board of Governors, and presidents and vice presidents of Federal Reserve banks. Significantly, these restrictions also apply to the spouses and dependent children of these officials, ensuring a broad ethical standard. However, certain investments are excluded from the ban, such as diversified investment funds, U.S. Treasury bills, and compensation from a spouse's primary occupation.

For any existing covered financial interests, the bill mandates a divestiture period of 120 days from either the individual becoming covered or the Act's enactment. Inherited interests also require divestiture within 120 days, with limited extension possibilities. To ensure accountability, covered individuals must submit a certificate of compliance to their supervising ethics office, and these offices are required to publicly disclose extension requests and decisions. Non-compliance with these prohibitions carries a significant penalty, with fines of not less than 10 percent of the value of the conflicted financial interest or short position.