Committee on House Administration Chairman Bryan Steil led debate on July 22 in support of the Stop Insider Trading Act on the floor of the U.S. House of Representatives.
Steil said, “Mr. Speaker, I rise today in support of the Stop Insider Trading Act.” He addressed concerns about transparency and ethics in Congress, stating, “Under current law, Members of Congress are required to publicly disclose their stock trades. But these 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.”
He continued, “It’s time we ban Members of Congress from being able to buy individual companies’ shares of stock. Doing so removes even the appearance of impropriety.” Steil described this legislation as “the first Congressional stock trading ban to receive a vote on the floor of the House,” adding that it would provide clarity for constituents: “Today, every American will know where their member stands.”
In addition to banning individual stock purchases by members, Steil highlighted an additional provision included in the bill: voter identification requirements for federal elections. He said, “Voter ID strengthens election integrity, is nonpartisan, and it’s commonsense… In this country, you have to show a photo ID to fly, open a bank account… But you don’t have to show an ID to vote in states like Minnesota, Illinois, California…” The proposal allows provisional voting if someone forgets their ID at polling places.
The Committee on House Administration forms part of the U.S. House of Representatives and handles oversight over federal elections and Capitol security; it also exercises jurisdiction over congressional contests nationwide and played a key role in passing legislation such as the Help America Vote Act allocating funds for voting system improvements, according to its official website.
Steil concluded his remarks by saying these proposals would “clean up Washington and strengthen the integrity of our elections.” He urged colleagues across party lines to support passage.