Chairman Bryan Steil of the Committee on House Administration addressed concerns about congressional stock trading during a full committee hearing titled "Taking Stock of the STOCK Act" in Washington, D.C. Steil emphasized the importance of prosecuting insider trading among lawmakers and maintaining public trust in Congress.
“Let me be clear from the outset: trading stocks on insider information is a serious crime, and must be prosecuted to the fullest extent of the law,” Steil said. He underscored his commitment to ensuring that all lawmakers, regardless of party or seniority, are not using information obtained through their positions for personal gain.
Steil acknowledged recent media attention fueled by social media accounts tracking congressional stock trades, which has increased public scrutiny over whether lawmakers are profiting from their roles. While existing regulations address how officials may trade stocks, Steil suggested that more robust restrictions could help restore confidence in Congress.
The current legislation governing these activities is the Stop Trading on Congressional Knowledge (STOCK) Act, passed with bipartisan support in 2012. The law prohibits members of Congress and certain federal employees from using nonpublic information for financial benefit and mandates disclosure of trades over $1,000 within 45 days.
Steil noted criticism that the STOCK Act does not provide enough transparency since required disclosures do not specify exact transaction amounts. “Because of this, you cannot determine a lawmaker’s actual realized profit or loss on a specific trade,” he explained.
Potential reforms discussed at the hearing include strengthening reporting and enforcement requirements under the STOCK Act, mandating advanced disclosures, or banning individual stock ownership for members and their families. Steil credited several colleagues—Representatives Chip Roy, Seth Magaziner, Brian Fitzpatrick, Tim Burchett, Mark Alford, and Anna Paulina Luna—for introducing or supporting related legislation aimed at tightening restrictions on congressional stock trading.
“The American people should be confident that lawmakers are working for them – not seeking office to financially benefit themselves,” Steil stated. He reiterated his goal: “to ensure no lawmaker is profiting from insider information while serving in the United States Congress.”
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