by ZeroHedge
House Republicans are lining up behind a long-sought effort to curb stock trading by members of Congress, signaling what party leaders say may be their strongest opportunity yet to address concerns that lawmakers can profit from insider information.
The proposal, drafted by Rep. Bryan Steil (R-WI), chairman of the Committee on House Administration, would prohibit House and Senate members from purchasing individual stocks while in office. The measure, titled the Stop Insider Trading Act, has secured backing from House GOP leadership and support from Republicans across ideological factions. Steil plans to formally introduce the bill Monday.
Lawmakers first attempted to rein in congressional trading with the 2012 Stock Act, which expanded disclosure requirements and explicitly banned trading on nonpublic information. But repeated efforts to go further – by restricting trading outright – have stalled despite broad public support and bipartisan interest.
“I think we have an opportunity to improve upon the Stock Act, in particular to remove a lot of concerns Americans have that members of Congress are profiting off of insider information by engaging in stock trading,” Steil said in an interview ahead of the bill’s release. “Not only do I think this is the best chance, I think we will ultimately prove ourselves to be successful.”
Under the proposal,…
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