patrick.net

A Republican-led effort to crack down on insider trading in Congress advanced out of committee this week, even as every single House Democrat withheld support for the measure.

The House Administration Committee voted to advance the Stop Insider Trading Act, sponsored by Bryan Steil (R-WI), sending the legislation to the full House for consideration.

If enacted, the bill would prohibit members of Congress from buying individual stocks while in office and require lawmakers to provide notice seven to fourteen days before selling securities.

Members would still be permitted to invest in index funds and mutual funds and to reinvest dividends from assets they already own.