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Bryan Steil

Republican

“I want to talk about a bill. The bill will restrict insider trading by Congress and their families.”

Bryan Steil

Republican

“I want Congress to pass a bill. The bill will ban insider trading by Congress. The bill will also require voter ID. I think this will help clean up Washington. I urge my colleagues to support this bill.”

Official Congressional Record

Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of the Stop Insider Trading Act. There is a lot of talk in this town about draining the swamp and cleaning up Washington. Today, the rubber hits the road. Good governance matters, and the Committee on House Administration is leading the way. Under current law, Members of Congress are required to publicly disclose their stock trades. The disclosures lack details and are often filed months after a transaction. This lack of transparency and the continued practice of Members purchasing stock is fueling public frustration. It is time we ban Members of Congress from being able to buy individual companies' shares of stock. Doing so removes even the appearance of impropriety. Mr. Speaker, we have an opportunity to pass transformational congressional ethics reform. This is the first congressional stock trading ban to receive a vote on the floor of the House. Today, every American will know where their Member stands. If you want to day trade, there is a place for that. It is called Wall Street. If you want to come to Washington, you should be working on behalf of the American people. In addition, this bill also includes a commonsense proposal that we have advanced through committee on voter ID. Voter ID strengthens election integrity and is nonpartisan and common sense. In this country, you have to show a photo ID to fly, to open a bank account, to buy a beer, and, more recently, to enjoy a never-ending pasta bowl at Olive Garden. You don't have to show an ID to vote in States like Minnesota, Illinois, California, and others, which are literally not doing the job of securing our elections, when the easy task of photo ID is in front of us. Mr. Speaker, it is a simple concept: To vote in a Federal election, you need to show a photo ID. Twenty-four States already require a form of photo ID to vote. This bill, of course, allows provisional voting if someone forgets their ID when they go to the polls--again, common sense. That is why it is so popular with the American people. They understand it. They know the need for this commonsense reform. Photo ID will help strengthen election integrity, bolster voter confidence, and increase participation. That is a good thing for our democracy. Mr. Speaker, these two proposals will clean up Washington and strengthen the integrity of our elections. Mr. Speaker, I urge all of my colleagues to support this legislation, and I reserve the balance of my time.

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Mary E. Miller

Republican 2:20 p.m.

“I support this bill. I think it will make Congress more honest. Some people in Congress made a lot of money from stocks. I think that is why people don't trust us. We should not use our power to get rich. We are here to serve the people. I don't like that Democrats don't support voter ID. I think they need fraud to win. I think our voting rolls are a mess. I think Democrats don't support good ideas. That's why they need to cheat to win. I want this bill to pass so people can trust us again.”

Official Congressional Record

Mr. Speaker, I rise today in strong support of Chairman Steil's bill, H.R. 7008, the Stop Insider Trading Act, of which I am a proud cosponsor. As Members of the United States Congress, it is our job to preserve the integrity of this institution and take seriously the responsibility placed on us by our constituents. This legislation will bring about a more transparent and accountable Congress and will be a strong measure to restore the American people's trust in this institution. While older laws have prohibited Members from using nonpublic information when trading, they did not go far enough. More robust measures should be put in place, and that is exactly what this bill does. As the American people have seen, Members of this body have become extremely wealthy from trading the stock market while in office, and it is precisely because of this that the American people have lost faith in Congress and in government. We are elected to this office as a privilege to serve in this Chamber, not a right, and we should not be using our positions for our own personal and financial gain. The American people need to be reminded that we are working for them, that we have taken a solemn oath to protect and defend the Constitution, not our own bottom line. My colleague claimed that this bill is a poison pill because the SAVE America Act is included, which we have passed multiple times out of this House, with not any support from the Democrats. The Democrats are opposed to voter ID and proof of citizenship. They cannot win elections based on their own bad ideas. They have to continue with the fraud and cheating. We know that our voter rolls are outrageously dirty, that there are millions of ineligible voters on the rolls. I personally here in D.C. have received four ballots in the mail, of which I have not solicited anyone. We have chaos because they will not vote for the SAVE America Act.

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Bryan Steil

Republican 2:30 p.m.

“I want to correct the record. My colleague was wrong about the spouse exception. This bill applies to a Member's spouse and dependent children. It restricts stock trades for them. There is a working spouse exception. If a Member's spouse's job involves stocks, they can keep working in that job. This bill restricts their stock trades for individual companies. My colleague said this bill has no restrictions on family members. That's not true. This bill restricts stock trades for Members, their spouses, and dependent children.”

Official Congressional Record

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).

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Mark Alford

Republican 2:30 p.m.

“I want to look good. I will not trade stocks. It is wrong to profit from my work here. Do the right thing. Pass this bill. People don't trust us. That is bad.”

Official Congressional Record

Mr. Speaker, I thank Chairman Steil for his dedicated hard work on getting this bill to the floor. It wasn't easy. Mr. Speaker, public service is a privilege. It is not a pathway to personal profit. Yet, too many Americans look at us here in Congress and wonder if that line has been blurred, not proven, not assumed, but simply questioned. That question alone is a problem. Mr. Speaker, that is because when lawmakers consistently outperform Wall Street, then people start asking questions. They start doubting. They stop trusting in us. For example, Mr. Speaker, there is even a Member here in our body who entered Congress years ago with a net worth in the thousands, and yet now has a net worth of well more than $200 million. That is exactly why this matters, Mr. Speaker. When I came to Congress, I made it quite clear: We should not be trading individual stocks while we are making decisions that shape our economy. That is why I introduced the PELOSI Act to draw a bright, unmistakable line, no stock trading, no gray area, and no doubt, to be above the appearance of impropriety as Chairman Steil said. The very legislation we are debating today from my friend, Chairman Steil, advances that same principle. It says that if you have the privilege of serving in this body and serving your constituents, Mr. Speaker, then you don't get to personally profit from the markets that you help influence. This isn't complicated. The American people shouldn't have to wonder if their Representative is working for them or watching their stock portfolio on their phones here on the House Chamber. Let's remove that doubt. Let's restore trust to this body. Let's raise the standard of each and every one of us here in this body today. If I wanted to, I could have made a lot of money in the last 3\1/2\ years I was here trading stock and probably would be able to afford an apartment somewhere in D.C. However, I don't, and like a lot of Members who don't trade stocks, I sleep on my couch in my office. Do you know what, Mr. Speaker? I sleep well. I sleep well knowing that I am doing the right thing. In closing, I grew up in the Church of Christ down in Baytown, Texas. I worked for a while in West Palm Beach. There was a preacher there named Dan Jenkins who used to say all the time: It is always right to do right. It is always wrong to do wrong. It is never right to do wrong, and it is never wrong to do right. Mr. Speaker, this bill is the right thing to do, not just for the American people, but for our body to restore trust to us.

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Bryan Steil

Republican 2:30 p.m.

“I want to thank Mr. Roy. He worked hard on this stock trading ban. We would not be here without him.”

Chip Roy

Republican 2:30 p.m.

“I want to thank my friend for his work on this stock trading ban. I am proud of this legislation. There is a bipartisan problem with insider trading in Congress. Members should serve the public, not their portfolios. This bill is a step forward. I would prefer a divestiture approach, but this is still good. I hope everyone will support it. I think there should be a straight vote on this bill. I will keep pushing for that.”

Official Congressional Record

Mr. Speaker, I want to thank my friend from Wisconsin, Chairman Steil, for his incredible work on this, his leadership, his friendship, and making sure that we are here today and getting this done. It has been a partnership I have been happy to engage in. I am proud of the legislation that we put forward. Let me say that again to my colleagues on the other side of the aisle: I am proud of the legislation that we put forward. It is, in fact, good legislation. Let's back up 1 minute and talk about the problem. Right here, according to data I have got right now, 11,000 trades totaling between $600 million and $900 million of legislators over the last year. We have got one Member, a Democrat, $79 million of 406 trades; one man, a Republican, $75 million on 1,000 trades. A Democrat, $55 million on 3,923 trades. I could keep going on a bipartisan basis. I want to make clear that it is a bipartisan problem. I want to take a minute to say that we should recognize the bipartisan nature of the work that it took to get here, even though there is some disagreement here now. I have got friends on the other side of the aisle, Mr. Morelle, Seth Magaziner, and others I have been working with closely to try to advance this cause, and I want to thank them because they have worked in good faith to try to address this issue. I want to be clear to my colleagues on both sides of the aisle. I have often heard excuses. It says: I have a right to trade equities. I have a right to trade stocks. Let me be very clear: You do not have that right. There is no such right guaranteed in the Constitution. It is a privilege to serve in the United States Congress. When you come to Congress, you are supposed to set that aside. You are supposed to come here and serve. You come here for 2 years, 4 years, 6 years, 8 years--preferably not 40. You set down your personal interests, and you serve. Unfortunately, a lot of Members have been violating the spirit of that. That is why we are here today. We passed legislation in 2012 that made a lot of this transparent. Today, we have legislation on the floor that I am proud of, that would stop the ability of Members of Congress to acquire equities and would have significant transparency and presale requirements before you can sell equities you hold. Yes, I had legislation that would have required divestiture. I prefer that approach, but you have to build a coalition in a body. I think this is a giant step forward. I wish my colleagues on the other side of the aisle and my colleagues on this side of the aisle would recognize that and praise it. If we did that, it would be night and day in this body if people were not allowed to acquire Microsoft while you are voting on technology; acquire Lockheed when you are voting on Defense; acquire pharma or Big Insurance when you are voting on healthcare policies when you are supposed to be focusing on the American people and not focusing on your portfolio. That is where we should be as a body. I am proud that we are bringing this legislation forward today. I hope that everybody will support it, regardless of which side of the aisle you are on. Obviously, I am the lead author also of the SAVE America Act. That legislation has been offered on the back of this bill. I think my colleagues on the other side of the aisle should support it. I don't think they are supporting it for a lot of political reasons. I am not going to debate that here because right now we are talking about this bill addressing stock trading. I will say one thing that I think merits being said: I think we should be having a straight up-or-down vote on this stock trading bill. That is what I think. I think my friends who worked in good faith to do that deserve that on both sides of the aisle. I am going to end up voting for this because I support both measures. I am not done this year demanding that we have a straight up-or-down vote on stock trading. You can't, whether you are on this or that side of the aisle, hide behind the SAVE America Act for your opposition to what we need to do to change the culture of this institution. Mr. Speaker, I thank Chairman Steil and my friends who I worked with on this.

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Scott Perry

Republican 2:40 p.m.

“I want to praise the other guy. I was for this bill and a bunch of other bills. I don't have stock. I want to serve. I don't care about money. Service is sacrifice. Thank you. I like this bill. People are going to see how they vote.”

Official Congressional Record

Mr. Speaker, I thank the gentleman for his leadership and his dogged determination to bring this to the floor. Mr. Speaker, I am a proud original cosponsor of not only this bill but every other bipartisan bill that is not here. The record for me is clear on this. Last year alone, Members made, according to my count, over 13,000 trades, totaling over $600 million with 202 representatives and 56 senators trading, both Republican and Democrat. Every single year, at some point, somebody publishes a list of the Members that were most successful in trading. You will never see my name on there because I don't own any stock, no commodities, no crypto, none of it, because, Mr. Speaker, I came here to serve. If you know anything about service, you know service is about sacrifice. Service isn't about what you can get. It is about what you can give. Mr. Speaker, I thank the sponsor, the chairman, the author of this bill, for his dogged determination. I am glad we are going to vote on it, and everybody is going to see.

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Thomas H. Kean, Jr.

Republican 2:50 p.m.

“I support this bill. Members of Congress should not profit from their office. I put my investments in a blind trust. That is more than the rules require. Everyone in Congress should be held to a higher standard. I want everyone to vote yes on this bill.”

Official Congressional Record

Mr. Speaker, I believe that Members of Congress should serve the public, not profit from public office. That is why I strongly support the Stop Insider Trading Act, which would prohibit Members of Congress, their spouses, and dependent children from purchasing individual stocks. I have worked to lead by example by placing all of my investable assets into a blind structure that is managed by independent professionals. I do not direct, influence, or participate in any investment decisions, and every transaction occurs without my input, without my prior knowledge, and without my direction. That approach goes above and beyond current House ethics rules. It is past time that this entire body be held to that higher standard. Public service is a public trust. I urge every Republican and every Democrat to vote ``yes'' and to hold every Member of Congress to that high standard that the American people deserve.

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Young Kim

Republican 2:50 p.m.

“I want to ban Congress from trading stocks. Americans don't trust us. We need to pass this bill to make people trust us again. This should be easy.”

Official Congressional Record

Mr. Speaker, over 80 percent of Americans believe Members of Congress shouldn't be trading stocks and benefiting off insider information. Yet, while Americans have made their position clear, some Members of Congress and their families made more than 13,000 stock trades worth more than $600 million last year. Americans deserve to know they have honest representation that puts their interests first in Washington, not career politicians looking to get rich. That is why I am proud to rise in strong support of this Stop Insider Trading Act to restore trust in Congress and bring accountability that the American people are asking for. Congress is not a VIP club for lifelong insiders to enrich themselves. We are here to serve the American people, and the American people have given us a clear mandate. This is not partisan. It is not controversial. Stopping insider trading should be the easiest decision we make this week. Let's get this done.

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Zachary Nunn

Republican 3:00 p.m.

“I want this bill to pass. It would stop politicians from trading stocks. I think politicians should not get rich while they serve. Some politicians made a lot of money from stocks. I think that's bad. I sold my stocks when I came to Congress. I think we need rules to stop this. My party is trying to pass a bill to stop it. I want you to watch who votes yes and who votes no.”

Official Congressional Record

Mr. Speaker, I thank Chairman Steil for yielding me time. Mr. Speaker, I think there are now 200 million good reasons to vote for this bill, because that is exactly how much Members of Congress made in trading stock, most of it insider information contributing to their $200 million in take home. Now, here is the reality. Most Members of Congress are not trading stock on the job. Most of them are not day traders. They are in their districts. The reality is true; 35 Members of Congress beat the S&P 500 last year. As my colleague on the other side of the aisle just highlighted, one of the biggest stock trader wins in this is an app called Autopilot that tracks the trades of Nancy Pelosi and her husband. In the last 3 years alone, their stock trades have gone up more than 200 percent. Nobody believes that this is just Washington being smarter than Wall Street. Everyone recognizes that somebody here is getting ahead while the rest of America is falling behind. Let's talk about real solutions to hold Members accountable. Republicans wish to end insider trading happening in Washington, and it starts by legislation that Republicans are leading today. One of the first bills that I led on the floor was to make sure that we could stop this level of stock trading. When I came to Congress, I had very little stock to begin with--with 20 years serving in the military--but I sold it all because I think it is important that Members of Congress prioritize oversight and prioritize their constituents, not get rich while serving. For the first time, there is a bill before us that bans congressional stock trading, and it has reached the House floor with a lot of hard work on both sides of the aisle. To my colleagues back in Iowa, watch this vote. Watch who talks about ending stock trading and who delivers on ending stock trading. Watch who is committed beyond the rhetoric to holding Washington accountable. Together, Republicans are working to clean up Congress and working to secure our elections. These are two easy votes on the floor today. I urge my colleagues to vote ``yes.''

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Michael Lawler

Republican 3:00 p.m.

“I want this bill to pass. It would stop politicians from trading stocks. I think politicians should not get rich while they serve. Some politicians made a lot of money from stocks. I think that's bad. I want you to watch who votes yes and who votes no. I want people to trust the government. Insider trading by politicians is bad. It makes people lose trust. I want to stop it.”

Official Congressional Record

Mr. Speaker, I rise today in strong support of H.R. 7008, the Stop Insider Trading Act, to end stock trading by Members of Congress, because trust in our democracy cannot be a luxury item. It must be the everyday expectation of every American. For too long, the public has watched the headlines that read like a civic lesson gone wrong: elected officials buying and selling stocks in industries they regulate, profiting from information the public will never see. That is not merely unseemly, it is corrosive. It eats away at confidence in this institution, and confidence once lost is not easily rebuilt. Banning congressional stock trading is a simple proposition. If someone serves the public, they serve only the public. They don't get to play the market with one hand while writing the rules with the other. They don't get to benefit from the power the people have loaned them. This reform is about fairness--for the teacher saving for retirement, the nurse investing in her future, the small business owner trying to build something that lasts. They play by the rules. They deserve a Congress that does the same. Mr. Speaker, this is our chance to say clearly: Public service is a public trust. Let us honor it. The fact is this bill bans stock trading. And, yes, it requires photo ID, something 80 percent of Americans agree with. People just saw what came out yesterday by one of our former colleagues, the Governor of New Jersey, Mikie Sherrill, announcing that 6,600 non-U.S. citizens were added to the voter rolls in New Jersey and nearly 400 of them voted in the election. Voter ID ensures the sanctity of our elections and ensures confidence by the American people in our elections. Mr. Speaker, it is imperative that we pass this legislation, and the American people should watch how every single Member votes on this bill.

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Bryan Steil

Republican 3:00 p.m.

“I want this bill to pass. It has two parts. The first part stops politicians from using secret information to make money. No stocks for them or their families. If they break the rule, they pay a big fine. The second part makes people show ID to vote. Some states already do that. This bill makes it the same everywhere. I think this is good. It will help people trust Congress. I want people to trust us. Let's pass this bill.”

Official Congressional Record

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.

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