Steil Introduces Legislation to Ban Congressional Stock Trading

Washington, D.C. – Today, Congressman Bryan Steil (WI-01), Chairman of the Committee on House Administration, introduced the Stop Insider Trading Act. This legislation prohibits Members of Congress, spouses, and dependent children from purchasing publicly traded stocks. The Stop Insider Trading Act also requires public notice 7 days before a lawmaker, spouse, or dependent child may sell a stock.

“The American people deserve to know their Member of Congress is not profiting off insider information. The Stop Insider Trading Act ensures that cannot happen,” said Steil. “This legislation is critical to restoring the public’s trust in their elected officials. If you want to trade stocks, go to Wall Street, not Capitol Hill.”

The Stop Insider Trading Act will:

Ban Members, their spouses, and their dependent children from purchasing a security issued by a publicly traded company.

Require Members of Congress to file a public notice at least seven days, but no more than 14 days, in advance for each intended sale with the Clerk of the House of Representatives.

Require the House Ethics Committee to issue a fee equal to $2,000 or 10% of the value of the covered investment for violations of the law - whichever is greater and the net gain realized from the sale.

Catch Chairman Steil’s interview on the Stop Insider Trading Act on Mornings with Maria here.