; or (ii) placed in a qualified blind trust, including through the establishment of a qualified blind trust for that purpose, if necessary, as described in paragraph (2)(A); and (B) no spouse or dependent child of the Member of Congress owns, or has custody of, covered investments with a cumulative amount equal to more than $10,000, in accordance with paragraph (6). (2) Divestiture or placement in qualified blind trust (A) Requirement Subject to paragraphs (3) and (6) and subsection (b)(2), not later than 120 days after the applicable effective date described in subsection (j), a Member of Congress shall divest, or place in a qualified blind trust (including by establishing a qualified blind trust for that purpose, if necessary), each covered investment owned or in the custody of— (i) the Member of Congress; or (ii) a spouse or dependent child of the Member of Congress. (B) Divestiture A covered person shall divest any covered investment owned by or in the custody of the covered person that is not placed in a qualified blind trust not later than the date described in subparagraph (A), subject to any extension granted under paragraph (3). (C) Qualified blind trusts (i) Mandatory sale of initial property in qualified blind trust (I) In general Subject to clause (ii), if a covered person places, or has placed before the applicable effective date described in subsection (j), 1 or more covered investments in a qualified blind trust, the trustee of the qualified blind trust shall divest any such covered investment not later than the date specified in subclause (II). (II) Deadline The date specified in this subclause is— (aa) with respect to a covered investment placed in a qualified blind trust before the applicable effective date described in subsection (j), 120 days after such applicable effective date