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119th Congress > House > Vote 639
Clerk session vote number: 279
Sponsor: STEIL, Bryan (R-WI)
Description: Stop Insider Trading Act
Bill summary:
Stop Insider Trading Act
This bill generally prohibits Members of Congress and their spouses and dependent children from purchasing stocks and requires public notice before these individuals may sell stocks.
Specifically, Members of Congress and the spouses and dependent children of Members of Congress may not purchase covered investments. Between 7 and 14 days before a Member or a covered spouse or dependent sells a covered investment, the relevant Member must file public notice of the intent to sell with the Clerk of the House of Representatives or the Secretary of the Senate, as appropriate. The Clerk or Secretary must publish this notice online. If the individual decides not to sell the covered investment, the notice must be withdrawn.
Under the bill, a covered investment is a security issued by a publicly traded company or a comparable economic interest. Some investments are exempt, including interest in a widely held investment fund and certain investments held in a trust.
Violations of these provisions are subject to a fee and, in the case of a purchase, a requirement to sell the covered investment. The fee must equal (1) the greater of $2,000 or 10% of the transaction value, and (2) any net gain realized from the transaction during a specified period. The fee may not be paid using campaign donations or Members’ official allowances.
Certain transactions by covered spouses and dependents are exempt, including transactions made on behalf of another person or made as part of compensation from the individual’s employer.
Bill titles: To amend chapter 131 of title 5 to require certain restrictions on stocks for Members of Congress and their spouses and dependents, and for other purposes.; To amend chapter 131 of title 5 to require certain restrictions on stocks for Members of Congress and their spouses and dependents, and for other purposes.
Links for more info on the vote: congress.gov
Note: This is a recent vote, subject to change by official sources.
