Rep. Bryan Steil, R-Wis., touted the benefits of the Stop Insider Trading Act, telling Newsmax's "National Report" on Wednesday that federal lawmakers shouldn't profit from information they learn on Capitol Hill.
Steil said earlier measures, like the Stop Trading on Congressional Knowledge (STOCK) Act, were just the beginning of real reform.
"The 2012 STOCK Act made progress, but I think we have an opportunity today to end members even having the ability to profit off of insider information," he said.
According to Steil, the bill is designed to eliminate the incentive to trade individual stocks rather than relying on disclosures.
First, he said, it would prohibit congressional lawmakers from purchasing new stocks once they take office. Next, members who already hold stocks could keep them, but would have to notify the public before selling them.
"They need to provide seven days' advance notice of any potential sale of that stock," Steil said. "That prevents the economic opportunity to benefit from any insider information if they had it."
Finally, the measure adds "significant and real penalties" for violations, Steil said, aiming to make the rules enforceable.
Steil framed the legislation as a credibility test for Washington at a time when voters doubt whose interests are being served.
"The American people should know that their member of Congress is here working … on their behalf — not trying to profit off of the information they garner while working here," he said.
Responding to a statement from a trio of House Democrats that the proposal isn't transparent enough, Steil said the criticism "is both gaslighting and what I call the Goldilocks argument — the porridge is too hot, or the porridge is too cold."
"This is our opportunity to make real and substantive progress," he said. "The statement that this is not transparent is the exact opposite.
"This actually dramatically improves transparency for the American people. Advance notice removes the opportunity to profit from insider information, almost by definition, because it will have seven days where members of the public could get in front of any given trade."
The vote on the bill will put every member on record so Americans can "see where every member of Congress stands on this issue," he said.
If enacted, the Stop Insider Trading Act could "dramatically change law" and help "clean up the mess in Washington, D.C.," Steil said.
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Nicole Weatherholtz ✉
Nicole Weatherholtz, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.
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