HOUSE 1138118th CongressReferred to the Committee on House Administration, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Prohibit Insider Trading Act

Last Action: 2/21/2023

Actions

2023-02-21Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2023-02-21Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2023-02-21Introduced in House
2023-02-21Introduced in House

CRS Summary

As of 2023-02-21 (00)

Prohibiting Insider Trading Act

This bill prohibits Members of Congress (or their spouses) from holding or trading certain investments (e.g., individual stocks and related financial instruments other than diversified investment funds, investments in the federal retirement savings plan, or U.S. Treasury securities).

Generally, the prohibition applies seven days after the first day of a Member's initial term, though for current Members, it applies on the first day of the second session of the 118th Congress. Additionally, the prohibition does not apply to assets held in a qualified blind trust.

Any profit stemming from a prohibited holding or transaction must be disgorged to the Treasury and may subject the Member to a civil fine. Additionally, a loss stemming from a prohibited holding or transaction may not be used as an income tax deduction.

Each Member must submit an annual certification of compliance to the supervising ethics office. The office must publish each certification on a public website and periodically audit Members' compliance with the bill's provisions.

Cosponsors (5)

Greg Stanton (D-AZ)
Jeff Jackson (D-NC)
Marie Perez (D-WA)
Nicholas Langworthy (R-NY)
Michael Lawler (R-NY)

Subjects

Commodities markets
Family relationships
Financial services and investments
Government ethics and transparency, public corruption
Government information and archives
Inflation and prices
Members of Congress
Securities
Wages and earnings

Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.