Discussion · House of Representatives
Bryan Steil Republican
“I want to correct what was said about this bill. It does place limits on lawmakers' spouses and dependent children. It stops them from buying stock in individual companies. It only makes an exception so spouses can keep doing their regular jobs, like selling life insurance.”
“Mr. Speaker, I want to go back to a comment that was just made by my colleague, in particular, what we refer to as the spousal exception. It is very important to know. The legislation before us on the Stop Insider Trading Act applies to a Member, a Member’s spouse, and the dependent children of that Member. There is what we call the spousal working exception, so if a Member’s spouse works in a capacity that engages in stock, think of a life insurance salesman, maybe your spouse is selling life insurance, Mr. Speaker, we want to make sure that individual can continue their work. Of course, they would be banned under this legislation from buying individual company’s shares of stock. I think it would be incorrect if we didn’t correct the record where it was not accurately stated that there are no restrictions on family members. This bill, specifically, takes that into account. It includes Members, their spouses, and dependent children. Mr. Speaker, I yield 3 minutes to the gentleman from Missouri (Mr. Alford).”
Mr. Speaker, I want to go back to a comment that was just made by my colleague, in particular, what we refer to as the spousal exception. It is very important to know. The legislation before us on the Stop Insider Trading Act applies to a Member, a Member’s spouse, and the dependent children of that Member. There is what we call the spousal working exception, so if a Member’s spouse works in a capacity that engages in stock, think of a life insurance salesman, maybe your spouse is selling life insurance, Mr. Speaker, we want to make sure that individual can continue their work. Of course, they would be banned under this legislation from buying individual company’s shares of stock. I think it would be incorrect if we didn’t correct the record where it was not accurately stated that there are no restrictions on family members. This bill, specifically, takes that into account. It includes Members, their spouses, and dependent children. Mr. Speaker, I yield 3 minutes to the gentleman from Missouri (Mr. Alford).