House To Vote On Ban On Members Of Congress Buying Individual Stocks

According to CNBC, the U.S. House is set to take up legislation Wednesday afternoon that would bar members of Congress from buying individual stocks while in office, in what would be the first meaningful action on the issue in years. The GOP-led Stop Insider Trading Act would not require lawmakers to divest existing holdings, but would allow them to sell parts of a portfolio if they disclose the intent to sell at least seven days in advance. The measure would also raise penalties for disclosure violations to $2,000 or 10% of the transaction value, whichever is greater, from $200 for first-time offenders. Rep. Seth Magaziner, D-R.I., called the bill weak, while Rep. Bryan Steil, R-Wis., said the goal was to end the appearance of impropriety around congressional stock trading. House Republicans also attached a voter-identification provision to the bill, making Democratic support less likely and complicating its path in the Senate.