House passes bill to limit stock purchases by members of Congress
Summary
The House of Representatives passed a bill that limits stock trading by members of Congress. The bill bans buying stocks by Congress members, their spouses, and children, and requires advance public disclosure of stock sales, but some Democrats criticized it for not being strict enough and for including a voter ID rule.Key Facts
- The bill is called the Stop Insider Trading Act, introduced by Rep. Bryan Steil of Wisconsin.
- It bans members of Congress, their spouses, and dependent children from buying publicly traded stocks.
- Lawmakers must disclose planned stock sales at least seven days before selling.
- Violators face fines of $2,000 or 10% of the transaction, plus loss of any profits made.
- The bill passed 232 to 198, with some Democrats joining all Republicans in support.
- Republicans added a photo voter ID requirement to the bill, which some Democrats oppose.
- Democrats want a stronger ban, including on stock ownership and trading by the president and administration officials.
- Current law (STOCK Act) bans insider trading by officials but has not led to any prosecutions over 13 years.
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