Bean, Steil Introduce Bill to Ban Congressional Stock Trading

WASHINGTON-Today, U.S. Congressman Aaron Bean (FL-04) joined U.S. Congressman Bryan Steil (WI-01) in introducing the Stop Insider Trading Act, legislation to restrict members of Congress, as well as their spouses and dependents, from trading individual stocks.

Congressman Bean said, "Too many in Congress seem more focused on playing the markets than serving the American people. We can't allow Crazy Town to prioritize its stock portfolios over the future of our nation. Our job is to represent the people-not to act like day-traders with privileged information."

Congressman Steil said, "The American people deserve to know their Member of Congress is not profiting off insider information. The Stop Insider Trading Act ensures that cannot happen. This legislation is critical to restoring the public's trust in their elected officials. If you want to trade stocks, go to Wall Street, not Capitol Hill."

BACKGROUND
The Stop Insider Trading Act will:

• Ban Members, their spouses, and their dependent children from purchasing a security issued by a publicly traded company.
• Require Members of Congress to file a public notice at least 7 days, but no more than 14 days, in advance for each intended sale with the Clerk of the House of Representatives.
• Require the House Ethics Committee to issue a fee equal to $2,000 or 10% of the value of the covered investment, whichever is greater, and the net gain realized from the sale.

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