A bill for an act 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.

SF 557 prohibits Iowa legislators, legislative staff, and their immediate family (spouse or child) from buying, selling, or trading financial instruments using nonpublic information gained from their official government roles. It requires these individuals to report all such transactions to the Iowa Ethics and Campaign Disclosure Board within 30 days, including details like the instrument type, value, and any relevant legislative matters. The board must publicly post these reports online in a searchable format for transparency. Violations are classified as a class C felony, with penalties including fines, disgorgement of profits, and potential disciplinary action by the ethics committee.