Chairman Bryan Steil (WI-01) addressed the House Administration Committee during a full committee markup session on the Stop Insider Trading Act. The proposed legislation aims to prevent members of Congress from using nonpublic information for personal financial gain.
“We’re here today because no Member of Congress, regardless of party or seniority, should be profiting off insider information,” Steil said in his opening statement. “If you want to trade stocks, go to Wall Street. Here on Capitol Hill, we're working for the American people.”
Steil referenced the STOCK Act of 2012, which prohibits public officials from using confidential information for their own benefit. He acknowledged that while this was an important step, further action is needed due to ongoing concerns and reports regarding lawmakers’ stock trades.
“There’s a lot of talk in this town about draining the swamp and cleaning up Washington. Well today, the rubber hits the road,” he said. “Good governance matters, and the Committee on House Administration is leading that charge.”
The Chairman highlighted months of work with various members both within and outside the committee. He thanked Representatives Chip Roy, Anna Paulina Luna, Tim Burchett, Michael Cloud, Brian Fitzpatrick, and others for their contributions over several years.
“I’m grateful for their collaboration,” Steil stated. “I'm also grateful for the collaboration of Members of this Committee who provided thoughtful feedback throughout this process.”
Steil emphasized two key principles: ensuring that no member can profit from insider information while allowing individuals with private sector experience to serve in Congress.
“This legislation ensures that no Member can profit off insider information. And, it still allows individuals who’ve had successful careers in the private sector to come to Congress,” he said.
He acknowledged possible disagreements over details but urged colleagues not to let perfection hinder progress: “They may try to allow perfection to be the enemy of the good.”
The markup provides an opportunity for discussion and clarification regarding bill provisions. Steil warned against amendments that could derail progress or undermine coalition support needed for passage on the House floor.
“This Committee is focused on cleaning up Washington and today that's what we're going to do,” he said. “As I’ve said, we have a real opportunity here to make substantive reforms that clean up Washington and increase the American people's trust in this institution.”
The House Administration Committee was established by law in 1947 through the Legislative Reorganization Act after consolidating previous committees (source). It oversees House operations—including federal elections—and participates in joint panels such as those concerning the Library of Congress (source). The committee has played a role in significant legislative efforts like passing voting system improvements under laws such as the Help America Vote Act (source).
Steil concluded his remarks by urging support for advancing the bill out of committee: “The American people should be confident that lawmakers are working for them – not seeking office to financially benefit themselves.”
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