Today, Congressman John Moolenaar voted in favor of, H.R. 7008, the Stop Insider Trading Act, to ban members of Congress and their immediate families from purchasing individual stocks. Moolenaar cosponsored the bill upon its introduction, and applauds its passage through the House of Representatives.

"Members of Congress are entrusted by their constituents to represent them faithfully in Washington, D.C., and members should never use their position to enrich themselves and their families. In Congress, I have never bought or sold individual stocks; unfortunately, far too often elected officials have used knowledge gained in classified settings for profit. The Stop Insider Trading Act will ensure that members of Congress do not benefit financially from their role as public servants, and I urge the Senate to immediately pass this commonsense legislation," said Moolenaar.

Specifically, the legislation prohibits Members of Congress, their spouses, and their dependent children from purchasing individual stocks of publicly traded companies. Additionally, it requires public disclosure seven days prior to the sale of any previously held stock, and establishes penalties including forced divestment for violations.

H.R. 7008 passed the House of Representatives in a bipartisan vote of 232 to 198. All 198 representatives who voted against the legislation are members of the Democrat Party.