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A leading House Republican is introducing a new bill that seeks to ban stock trading by members of Congress as well as their spouses and dependent children in the latest effort to address ethics concerns with lawmakers’ investment portfolios.
FOX Business reviewed a draft copy of the legislation that would restrict lawmakers, their spouses and dependents from buying stocks or comparable securities during their service in Congress.
The bill would also create a requirement that the sale of a stock covered by the law must be publicly disclosed at least seven days and no more than 14 days in advance of the sale and include a description of the number of shares and projected date of the sale. The member of Congress connected to the transaction would be required to withdraw such a disclosure if the covered individual chooses not to sell the investment.
The legislation is being introduced by House Administration Committee Chairman Bryan Steil, R-Wis.
Lawmakers who either violate the stock trading restrictions themselves or indirectly through their spouse or dependent child would incur a fee and, if they purchased a stock or other cover investment, be required to sell it.
The fee incurred would equal the sum of $2,000 or 10% of the value of the transaction, whichever is greater, and the net gain realized, if any, as determined by the supervising ethics office.
The bill would restrict lawmakers from paying fees out of the budget allowed for their office’s personnel and expense accounts, as well as campaign contributions.
Following the assessment of a fee stemming from the stock trading ban, the House or Senate ethics office would have the authority to refer the member of Congress to the Department of Justice if the lawmaker retires before paying the fine.
Under Steil’s bill, the provisions restricting members from stock trading would take effect 180 days after the bill’s enactment.
