House Passes Miller-Meeks Backed Bill to Ban Congressional Stock Trading
WASHINGTON, D.C. — The U.S. House of Representatives has passed the Stop Insider Trading Act, led by Congresswoman Mariannette Miller-Meeks (IA-01), which bans Members of Congress, their spouses, and dependent children from purchasing stocks and requires public notice before these individuals may sell stocks.
Congresswoman Miller-Meeks is one of the few Members of both the House and Senate who owns zero individual stocks. She has long called for a ban on congressional stock trading because Members of Congress have access to information the public does not. Under the legislation, Members and covered family members must file a public notice between 7 and 14 days before selling a covered investment, and that notice must be published online by the Clerk of the House or the Secretary of the Senate.
"If you write the laws, you shouldn't profit from them," said Congresswoman Miller-Meeks. "A congressional stock-trading ban is common sense, long overdue, and overwhelmingly supported by the American people. Lawmakers should not be buying and selling individual stocks while writing legislation and receiving nonpublic briefings. I don't own a single individual stock, because I came here to represent the people of Iowa, not to pad a portfolio. It's time to put integrity first, rebuild public trust, and make sure every decision is made for the people we represent."
The Stop Insider Trading Act will:
- Ban Members, their spouses, and their dependent children from purchasing a security issued by a publicly traded company.
- Require Members of Congress to file a public notice at least seven days, but no more than 14 days, in advance for each intended sale with the Clerk of the House of Representatives.
- Require the House Ethics Committee to issue a fee equal to $2,000 or 10% of the value of the covered investment for violations of the law - whichever is greater and the net gain realized from the sale. The fee may not be paid using campaign donations or Members’ official allowances.
To read the full bill text, click HERE.
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