(X.com)
WASHINGTON, D.C. Congressman Bryan Steil, who chairs the Committee on House Administration, opened a high-profile hearing Wednesday by warning that lawmakers must never profit from insider information gained through their positions, and that Congress must consider stronger restrictions on stock trading to restore public trust.
Steil said the committee is continuing its oversight of the Legislative Branch and made clear that insider trading by elected officials is “a serious crime” that must be aggressively prosecuted. He noted that social-media accounts tracking congressional stock trades have helped fuel public skepticism about whether federal officials are using their access to influence their investments.
While the STOCK Act already prohibits members of Congress and executive-branch officials from using nonpublic information for personal financial gain, Steil said the existing rules may not go far enough. Under the 2012 law, lawmakers must disclose trades over $1,000 within 45 days, but those disclosures report only broad ranges rather than precise dollar amounts. That prevents the public from knowing exactly how much money an elected official earned or lost on a particular transaction.
Steil said several proposed reforms deserve serious consideration, including tighter reporting requirements, real-time disclosures, stronger enforcement mechanisms, or even an outright ban on members of Congress—and in some cases their spouses and dependent children—owning or trading individual stocks.
He credited several lawmakers for introducing bipartisan legislation aimed at strengthening or overhauling the STOCK Act, including Reps. Chip Roy, Seth Magaziner, Brian Fitzpatrick, Tim Burchett, Mark Alford and Anna Paulina Luna.
Steil said the goal is straightforward: to ensure no federal lawmaker is able to profit from insider information while in office. He emphasized that the American people deserve confidence that their elected officials are serving them, not using public office for private financial gain.
The committee also heard testimony Wednesday as part of its broader review of congressional stock-trading rules and potential reforms.
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One Response
Start with investigating Nancy Pelosi, we all know she does insider trading! So many people in the Senate and congress have become very wealthy once they get in office!