(File Photo by Kevin Mathewson, Kenosha County Eye)
WASHINGTON, D.C. — The U.S. House of Representatives on Tuesday approved legislation authored by U.S. Rep. Bryan Steil, R-Wis., that would ban members of Congress, their spouses, and dependent children from purchasing publicly traded stocks, marking one of the most significant congressional ethics reforms to clear the House in recent years.
The bill, H.R. 7008, known as the Stop Insider Trading Act, passed on a bipartisan 232-198 vote and now heads to the U.S. Senate for consideration.
Steil, who represents Wisconsin’s 1st Congressional District, said the legislation is designed to eliminate concerns that lawmakers could personally benefit from nonpublic information obtained through their official duties.
“The Stop Insider Trading Act is a major step forward for ethics reform on Capitol Hill,” Steil said in a statement. “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.”
Under the proposal, members of Congress, their spouses and dependent children would be prohibited from purchasing securities issued by publicly traded companies.
The legislation would also require lawmakers to publicly disclose any planned stock sale at least seven days, but no more than 14 days, before the transaction. The notice would be filed with the Clerk of the House or the Secretary of the Senate, allowing the public to see upcoming sales before they occur.
Violations would carry financial penalties. The bill requires the appropriate congressional ethics committee to impose a fine of $2,000 or 10 percent of the value of the covered investment, whichever is greater. In addition, any profits realized from a prohibited sale would be forfeited.
Steil introduced the legislation in January 2026 while serving as chairman of the House Administration Committee.
The issue has drawn increasing bipartisan attention in recent years, with lawmakers from both parties calling for stricter limits on congressional stock trading amid public concerns over potential conflicts of interest.
President Donald Trump also endorsed the proposal during his 2026 State of the Union address, urging Congress to pass the legislation quickly.
The measure must now be approved by the Senate before it can be sent to President Trump for his signature.
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