To watch Rep. Carey’s remarks at the markup, click here or on the image above.
WASHINGTON, D.C. – Today, U.S. Rep. Mike Carey (R-Ohio-15), a member of the Committee on House Administration (CHA), voted to advance the Stop Insider Trading Act out of the committee. The Stop Insider Trading Act, a bill led by CHA Chairman Bryan Steil (R-Wis.-01) and cosponsored by Rep. Carey, would prevent Members of Congress from unfairly profiting by trading stocks using privileged information obtained from their elected positions.
The bill advanced out of committee 7-4, with all Republican members voting in favor, and now awaits a vote by the full U.S. House of Representatives.
“During the previous administration, Americans saw politicians get rich and beat the stock market while record-high inflation hit hard-working Americans trying to make an honest living. This bill is the bare minimum that constituents should expect from their elected representatives, and I am proud that we are working to codify this bill that will work to restore trust in Congress. I thank Chairman Steil and my colleagues for coming together to enact simple safeguards that make sure we are here to serve, not profit,” Rep. Carey said.
Further details on the Stop Insider Trading Act can be found below:
If signed into law, this bill prohibits elected representatives from acquiring new individual stocks while holding office. Under this legislation, individual stocks held by newly-elected members of Congress prior to their swearing-in may be retained indefinitely.
If any member wishes to sell any of their previously-held stocks while serving in office, they must notify the Ethics Committee seven days before the asset’s sale. Failure to comply with this legislation may result in a fine of $2,000 or 10% of the asset’s value, whichever is greater, and may also result in forfeiture of the value of the sale.
Full text of the Stop Insider Trading Act can be found here.
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