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GovernmentH.R. 7008Comments

Stop Insider Trading Act

Official title: To amend chapter 131 of title 5 to require certain restrictions on stocks for Members of Congress and their spouses and dependents, and for other purposes.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, done
  4. Outcome, current stage

How Congress Voted

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What This Bill Does

This bill generally prohibits Members of Congress and their spouses and dependent children from purchasing stocks and requires public notice before these individuals may sell stocks.

Specifically, Members of Congress and the spouses and dependent children of Members of Congress may not purchase covered investments. Between 7 and 14 days before a Member or a covered spouse or dependent sells a covered investment, the relevant Member must file public notice of the intent to sell with the Clerk of the House of Representatives or the Secretary of the Senate, as appropriate. The Clerk or Secretary must publish this notice online. If the individual decides not to sell the covered investment, the notice must be withdrawn.

Under the bill, a covered investment is a security issued by a publicly traded company or a comparable economic interest. Some investments are exempt, including interest in a widely held investment fund and certain investments held in a trust.

Violations of these provisions are subject to a fee and, in the case of a purchase, a requirement to sell the covered investment. The fee must equal (1) the greater of $2,000 or 10% of the transaction value, and (2) any net gain realized from the transaction during a specified period. The fee may not be paid using campaign donations or Members’ official allowances.

Certain transactions by covered spouses and dependents are exempt, including transactions made on behalf of another person or made as part of compensation from the individual’s employer.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. SenateCloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 53 - 47. Record Vote Number: 253.
  2. SenateMotion to proceed to consideration of measure made in Senate. (CR S5065)
  3. SenateRead the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 548.
  4. SenateRead the first time. Placed on Senate Legislative Calendar under Read the First Time.
  5. SenateReceived in the Senate.
  6. House floor actionsConsidered under the provisions of rule H. Res. 1438. (consideration: CR H5143-5153)
  7. Library of CongressPassed/agreed to in House: On passage Passed by the Yeas and Nays: 232 - 198 (Roll no. 280).
  8. Floor Vote
  9. Passed the House
  10. House floor actionsRules Committee Resolution H. Res. 1438 Reported to House. Rule provides for consideration of H.R. 8800, H.R. 8884, H. Con. Res. 113, H.R. 7008, H.R. 6955 and H.R. 9770. The resolution provides for consideration of H.R. 8800 under a structured rule and for consideration of H.R. 8884, H. Con. Res. 113, H.R. 7008, H.R. 6955, and H.R. 9770 under a closed rule, with one hour of debate on each measure and one motion to recommit on H.R. 8800, H.R. 8884, H.R. 7008, H.R. 6955, and H.R. 9770.
  11. House floor actionsReported (Amended) by the Committee on House Administration. H. Rept. 119-479.
  12. House committee actionsCommittee Consideration and Mark-up Session Held
  13. Library of CongressIntroduced in House
  14. House floor actionsReferred to the House Committee on House Administration.
  15. Introduced
  16. Committee

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