Committee on House Administration Chairman Bryan Steil appeared on CNBC's "Squawk Box" to discuss the Committee's recent hearing on Congressional stock trading, titled "Taking Stock of the STOCK Act."
During the interview, Steil addressed concerns about members of Congress engaging in financial activities that could be seen as conflicts of interest. He stated, "I come at this with a premise that no Member of Congress should be benefitting themselves financially by insider trading. If you want to make a living of trading stocks, you should go to Wall Street, not to Capitol Hill."
Steil emphasized the significance of reviewing the STOCK Act 13 years after its passage. The law was designed to place members of Congress under insider trading regulations. He said, "Today's hearing is an opportunity to really explore where we are 13 years after the passage of the STOCK Act, which formally put Members under insider trading laws, are we enforcing those at the levels that we should, and what reforms need to be made to the STOCK Act to make sure that we're building the confidence in the American people. We're trying to have a structured and thoughtful process to do this so that at the end of the day we can actually get improvements across the line."
The Committee is considering potential reforms and examining how effectively current regulations are being enforced.
