With regard to the “general application” loophole, certainly if you have any kind of financial interest you should not be able to participate in the decision-making process, even if it does apply generally. That would be a solid line to draw that would improve things greatly, but again, a divestment of investments is the real way to solve that problem.
If you have an interest with a broad class of persons and entities, you could define the list there. Obviously, taxes are changed. Taxes apply to everybody. There are income taxes and some other taxes. That could be one of the defined things where you're allowed to participate. However, if you had a specific financial interest or other type of private interest that would in any way distinguish or have a significant effect for you beyond what would affect an average person, then that would be another line that could be added to those provisions to narrow them down so that the law applies more than just 1% of the time.