Overview
- Rep. Bryan Steil unveiled legislation to prohibit members of Congress, their spouses, and dependent children from buying individual stocks while in office.
- The proposal allows lawmakers to retain current individual stock holdings and to trade diversified funds such as mutual funds and ETFs.
- Planned sales of covered stocks would need to be disclosed publicly 7 to 14 days in advance, with the notice withdrawn if the sale does not occur.
- Violations would bring a penalty of $2,000 or 10% of the transaction, whichever is greater, plus any net gain, with fines barred from using office or campaign funds and potential DOJ referral for unpaid penalties after retirement.
- The House Administration Committee plans a Wednesday markup as GOP leaders signal support for moving to a floor vote, Democrats’ backing remains uncertain, and the restrictions would take effect 180 days after enactment.