Discussion · House of Representatives
Bryan Steil 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 makes them give seven days notice before selling any stock they own, so they cannot profit from insider information. This bill also requires people to show a photo ID to vote in federal elections. Both changes will help Americans trust Congress and our elections.”
“Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, as we close out today, I begin by thanking leadership for giving us this opportunity. Congress has not had a bill on the House floor on this topic with this opportunity before. I thank Speaker Johnson, Leader Scalise, Whip Emmer for their work on this. I also thank the Members of this body who have doggedly worked on this issue, in particular Congressman Chip Roy, as well as Brian Fitzpatrick, Tim Burchett, Anna Paulina Luna, and others for their feedback and work throughout the process to get to this point. Before us is the Stop Insider Trading Act. Mr. Speaker, I will touch on a handful of things that came up today about what is in and what is not in the bill. I think this is important for the American people to know. Some of the arguments made today are what I call a Goldilocks argument: The bill doesn’t do enough. The bill does too much. Let’s take this moment to take a real and substantive step forward. I will begin as I close by discussing what is in the bill. The bill ensures that Members and lawmakers cannot use their positions to profit off of insider information. Mr. Speaker, insider trading is already illegal, and individuals who engage in it should be held accountable by the full force of the law. However, as we know, prosecuting insider trading is actually quite difficult. It is why this bill is so important to provide a bright-line rule to remove even the appearance of impropriety that someone has leveraged their position for financial gain. Under this bill, Members, their spouses, and their dependent children are prevented from purchasing individual companies’ shares of stock, period, full stop. The question then becomes: What if a Member arrives in Congress with stock in their portfolio? Say they are saving up for their retirement or their children’s college education. We provide an opportunity with 7 days advance notice to be able to make that sale. That 7 days of advance notice tells the American people what is going on in advance rather than current law, which allows a 30-day filing after the fact. This prevents Members from being able to profit off of any insider information they may gain in this institution. Mr. Speaker, the violations and penalties associated with this bill are steep: a fine equal to $2,000 or 10 percent of the transaction, as well as a disgorgement of profits. Violators would be forfeiting any gain realized if they fail to comply with this legislation. The legislation is critical in restoring trust in this institution. One of the challenges we face is that this institution 15 years ago passed the STOCK Act, publicly disclosing any trade a Member of this institution makes. However, the disclosure rules lack detail and are filed a month after the transaction. When you couple that with the increased attention to Member trades, in particular, through social media accounts, it has fueled public frustration. I believe this is our opportunity where we can simply stop Members of Congress from trading individual stocks, period, full stop. Doing so removes even the appearance of wrongdoing. Americans should be confident that individuals working here are working on their behalf, not on behalf of their own financial interests. This bill is coupled with the Voter ID Act. In jurisdictions across this country, States that neighbor mine, like Illinois or Minnesota, or as far away as California or New York, voters can go to the polls on election day and cast a ballot without providing proof of their identity. Our Voter ID Act implements commonsense election integrity measures by requiring voters to show photo ID when casting a ballot in Federal elections. Mr. Speaker, 24 States already require some form of photo ID to vote. The bill simply takes this standard and makes it nationwide. Both of these provisions are commonsense reforms, but, in particular, the Stop Insider Trading Act is a moment when we can take a tremendous step forward in the ethics here in the House of Representatives, in the Senate, and in this institution. At a period of time when Americans are struggling to gain confidence in Congress, this legislation before us gives us that opportunity to begin restoring the trust. Mr. Speaker, I encourage all of my colleagues in this body today to vote in favor of the legislation before us, and I yield back the balance of my time.”
Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, as we close out today, I begin by thanking leadership for giving us this opportunity. Congress has not had a bill on the House floor on this topic with this opportunity before. I thank Speaker Johnson, Leader Scalise, Whip Emmer for their work on this. I also thank the Members of this body who have doggedly worked on this issue, in particular Congressman Chip Roy, as well as Brian Fitzpatrick, Tim Burchett, Anna Paulina Luna, and others for their feedback and work throughout the process to get to this point. Before us is the Stop Insider Trading Act. Mr. Speaker, I will touch on a handful of things that came up today about what is in and what is not in the bill. I think this is important for the American people to know. Some of the arguments made today are what I call a Goldilocks argument: The bill doesn’t do enough. The bill does too much. Let’s take this moment to take a real and substantive step forward. I will begin as I close by discussing what is in the bill. The bill ensures that Members and lawmakers cannot use their positions to profit off of insider information. Mr. Speaker, insider trading is already illegal, and individuals who engage in it should be held accountable by the full force of the law. However, as we know, prosecuting insider trading is actually quite difficult. It is why this bill is so important to provide a bright-line rule to remove even the appearance of impropriety that someone has leveraged their position for financial gain. Under this bill, Members, their spouses, and their dependent children are prevented from purchasing individual companies’ shares of stock, period, full stop. The question then becomes: What if a Member arrives in Congress with stock in their portfolio? Say they are saving up for their retirement or their children’s college education. We provide an opportunity with 7 days advance notice to be able to make that sale. That 7 days of advance notice tells the American people what is going on in advance rather than current law, which allows a 30-day filing after the fact. This prevents Members from being able to profit off of any insider information they may gain in this institution. Mr. Speaker, the violations and penalties associated with this bill are steep: a fine equal to $2,000 or 10 percent of the transaction, as well as a disgorgement of profits. Violators would be forfeiting any gain realized if they fail to comply with this legislation. The legislation is critical in restoring trust in this institution. One of the challenges we face is that this institution 15 years ago passed the STOCK Act, publicly disclosing any trade a Member of this institution makes. However, the disclosure rules lack detail and are filed a month after the transaction. When you couple that with the increased attention to Member trades, in particular, through social media accounts, it has fueled public frustration. I believe this is our opportunity where we can simply stop Members of Congress from trading individual stocks, period, full stop. Doing so removes even the appearance of wrongdoing. Americans should be confident that individuals working here are working on their behalf, not on behalf of their own financial interests. This bill is coupled with the Voter ID Act. In jurisdictions across this country, States that neighbor mine, like Illinois or Minnesota, or as far away as California or New York, voters can go to the polls on election day and cast a ballot without providing proof of their identity. Our Voter ID Act implements commonsense election integrity measures by requiring voters to show photo ID when casting a ballot in Federal elections. Mr. Speaker, 24 States already require some form of photo ID to vote. The bill simply takes this standard and makes it nationwide. Both of these provisions are commonsense reforms, but, in particular, the Stop Insider Trading Act is a moment when we can take a tremendous step forward in the ethics here in the House of Representatives, in the Senate, and in this institution. At a period of time when Americans are struggling to gain confidence in Congress, this legislation before us gives us that opportunity to begin restoring the trust. Mr. Speaker, I encourage all of my colleagues in this body today to vote in favor of the legislation before us, and I yield back the balance of my time.