Prohibit members of Congress from stock trading?

Economy and Taxation Government Operations (e.g., Election Laws)
Stop Insider Trading Act (H.R. 7008)
Awaiting Vote
Bill Summary

H.R. 7008 prohibits covered individuals (members of Congress, (including spouses and dependent children) from purchasing publicly traded company stock. The bill also prohibits sales unless publicly disclosed 1-2 weeks beforehand. These restrictions do not apply to spouses or dependent children of Congress who are doing the transaction on behalf of others, made as part of compensation to the individual, or done out of legal or job obligations. Violations would incur fees to be paid by members of Congress, their spouses, or the parents of the individual who violated the provisions. The fee would be $2,000 or 10% of the transaction value, whichever is greater, added to the net gain of the investment from when the violator became a covered individual up to when the investment ownership is terminated. Members of Congress are also prohibited from using their allocated government expenses or political campaign contributions to pay any fees. Sponsor: Rep. Bryan Steil (Republican, Wisconsin, District 1)
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Opponents say

•     "There are many deficiencies in the Stop Insider Trading Act, including its limited application to a narrow range of assets, its loopholes for the families of members of Congress to continue trading, and its insufficient enforcement mechanisms. Most alarmingly, however, it only requires lawmakers to stop buying new stocks and allows them to retain or sell their existing holdings, as well as keep the profits. This is simply not a ban on congressional stock trading, and it is not the comprehensive reform that Americans across the country have demanded. As long as members of Congress can keep and sell their existing stocks, the public cannot be reassured that elected officials are prioritizing their constituents. Members of Congress have access to information that everyday Americans do not, and they have a direct ability through their committee assignments and votes to shape the very laws that impact our economy—and their personal portfolios. Recent history has repeatedly shown that at least some elected officials will use these advantages to accrue personal wealth, including during the 2020 global health emergency, the rollout of new tariffs, and even the 2025 government shutdown. Source: Campaign Legal Center (CLC)


•     "I strongly support a ban on federal officers—including Members of Congress, the President, the Vice President, and judges and justices of the federal judiciary—trading individual stocks. Sadly, this legislation does nothing of the sort. When politicians trade individual stocks, it sends a clear message to the public that Washington is looking out for itself, not for them. At a time when families are struggling with rising costs, Congress should not be protecting a system that lets elected officials get richer while everyday Americans fall behind. Source: Rep. Joseph Morelle (Democrat, New York, District 22)

Proponents say

•      "Members of Congress are entrusted to serve their communities, not themselves. It’s time to hold representatives accountable when they prioritize self-interest and secrecy. That’s why I’ve supported every leading effort to crack down on insider trading and increase transparency in Congress. " Source: Rep. Ryan Mackenzie (Republican, Pennsylvania, District 7)


•      "By prohibiting members of Congress from purchasing individual stocks, this practical ethics reform is a much-needed step toward restoring public trust in government. Few issues spark as much public outrage as the perception that members of Congress use their privileged access to information to further their own financial interests. It’s only reasonable for Americans to expect their elected officials to be guided by the public interest rather than their personal brokerage accounts. This legislation takes a prudent, targeted approach that focuses on preventing opportunities to profit off of inside information. This bill prohibits members of Congress, their spouses, and dependents from purchasing new individual stocks while in office. Lawmakers and other covered persons are also required to file a public notice at least seven days before selling any stock.  While there are other worthy proposals to improve ethical guidelines, NTU is pleased to support this legislation that offers a pragmatic, enactable approach." Source: National Taxpayers Union

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