Discussion · House of Representatives
Virginia Foxx Republican
“I want the House to pass this bill. It bans members of Congress, their spouses, and their children from buying individual stocks. It also requires lawmakers to give public notice before selling stocks. This will help restore public trust and make sure lawmakers do not use insider information to get rich.”
“Mr. Speaker, I yield myself such time as I may consume. Our colleagues on the other side of the aisle are skirting very closely to having their words taken down when they call out individual Members. Mr. Speaker, our colleagues sometimes ask who is to blame for the lack of trust of Members of Congress. It is Members of Congress and the press who call into question acts that are done by Members of Congress that are totally legal. We already have laws in place against insider trading. There have been a couple of Members of Congress who have been prosecuted for that, and that is appropriate, but the Stop Insider Trading Act will prevent that. I believe, and Republicans believe, that no lawmaker should profit off of insider information. I frankly don’t know how people get the insider information, but the top line of the legislation we are bringing here, the Stop Insider Trading Act, led by Committee on House Administration Chairman Bryan Steil, will ensure that lawmakers cannot use their positions to profit off insider information, if there is insider information. The Stop Insider Trading Act has a prohibition on stock purchasing. It bans Members, their spouses, and their dependent children from purchasing securities issued by publicly traded companies. It requires Members to file a public notice at least 7 days but no more than 14 days in advance for any intended stock sale with the Clerk of the House of Representatives or the Secretary of the Senate. Then, if a Member of Congress, spouse, or dependent child decides not to sell a covered investment, the Member must publicly withdraw the notice prior to its expiration. There are penalties, Mr. Speaker, for violators. They will be assessed a fine equal to $2,000 or 10 percent of the value of the transaction, whichever is greater, and then any net gain realized from a transaction. This is designed to make sure that Members do not take advantage of any potential information or advantage that the Member has. Mr. Speaker, we want to restore public trust in this institution. Members are doing their jobs diligently. They do not want to be under a cloud. News outlets and social media accounts have garnered significant attention for aggregating the stock trades of Members of Congress. Under the STOCK Act of 2012, lawmakers are prohibited from using nonpublic information for their own financial benefit, but many Americans have become concerned that the STOCK Act is insufficient and stronger measures must be implemented. The Stop Insider Trading Act will increase transparency and reinforce to the American people that Members are working for them, not themselves. Mr. Speaker, I reserve the balance of my time.”
Mr. Speaker, I yield myself such time as I may consume. Our colleagues on the other side of the aisle are skirting very closely to having their words taken down when they call out individual Members. Mr. Speaker, our colleagues sometimes ask who is to blame for the lack of trust of Members of Congress. It is Members of Congress and the press who call into question acts that are done by Members of Congress that are totally legal. We already have laws in place against insider trading. There have been a couple of Members of Congress who have been prosecuted for that, and that is appropriate, but the Stop Insider Trading Act will prevent that. I believe, and Republicans believe, that no lawmaker should profit off of insider information. I frankly don’t know how people get the insider information, but the top line of the legislation we are bringing here, the Stop Insider Trading Act, led by Committee on House Administration Chairman Bryan Steil, will ensure that lawmakers cannot use their positions to profit off insider information, if there is insider information. The Stop Insider Trading Act has a prohibition on stock purchasing. It bans Members, their spouses, and their dependent children from purchasing securities issued by publicly traded companies. It requires Members to file a public notice at least 7 days but no more than 14 days in advance for any intended stock sale with the Clerk of the House of Representatives or the Secretary of the Senate. Then, if a Member of Congress, spouse, or dependent child decides not to sell a covered investment, the Member must publicly withdraw the notice prior to its expiration. There are penalties, Mr. Speaker, for violators. They will be assessed a fine equal to $2,000 or 10 percent of the value of the transaction, whichever is greater, and then any net gain realized from a transaction. This is designed to make sure that Members do not take advantage of any potential information or advantage that the Member has. Mr. Speaker, we want to restore public trust in this institution. Members are doing their jobs diligently. They do not want to be under a cloud. News outlets and social media accounts have garnered significant attention for aggregating the stock trades of Members of Congress. Under the STOCK Act of 2012, lawmakers are prohibited from using nonpublic information for their own financial benefit, but many Americans have become concerned that the STOCK Act is insufficient and stronger measures must be implemented. The Stop Insider Trading Act will increase transparency and reinforce to the American people that Members are working for them, not themselves. Mr. Speaker, I reserve the balance of my time.