U.S. Reps. Stephanie Bice (R-OK), Zach Nunn (R-IA), and Bryan Steil (R-WI) applauded action by the U.S. House of Representatives, which on July 22 voted 232-198 to approve legislation that would prohibit members of Congress and their immediate family members from buying individual stocks while serving in office.
The House passed the Stop Insider Trading Act, H.R. 7008, which Rep. Steil sponsored on Jan. 12 alongside 72 GOP original cosponsors, including Rep. Bice and Rep. Nunn, to also establish additional public disclosure requirements for stock sales.
“The Stop Insider Trading Act is a major step forward for ethics reform on Capitol Hill,” Rep. Steil posted Wednesday on X. “It ensures no lawmaker can profit off of insider information. I urge my Senate colleagues to quickly take it up and send it to President Trump’s desk.”
H.R. 7008 also would require advance public notice before members sell existing holdings, impose penalties of $2,000 or 10 percent of the transaction value — whichever is greater — for violations, and mandate divestment of any stock purchased in violation of the law. The prohibition would take effect 180 days after the bill’s enactment.
“I was proud to be an original cosponsor of the Stop Insider Trading Act. The American people deserve to know their elected officials are serving the public, not their own financial interests,” said Rep. Bice. “Members of Congress should be held to the highest standards of transparency and accountability, and this legislation is an important step toward restoring trust in Congress.”
“This isn’t a red or blue issue. Banning stock trades in Congress is about accountability, and every American should demand it from their elected officials,” Rep. Nunn said. “One of the very first bills I introduced when I got to D.C. was to ban members and their immediate families from trading stocks.
“Today, the House finally acted on an issue that shouldn’t be partisan,” he added. “Iowans are tired of the double standard in Washington. Public office is a public trust, and now it’s time for the Senate to finish the job.”
H.R. 7008 now heads to the U.S. Senate for consideration.