Chairman Steil Issues Statement Following Senate’s Failed Cloture Vote on the Stop Insider Trading Act

WASHINGTON - Today, Chairman Bryan Steil's Stop Insider Trading Act failed to pass cloture in the United States Senate by a vote of 53 - 47. Under Senate rules, 60 votes were required to advance the legislation.

Chairman Steil issued the following statement:

"No lawmaker should be able to profit off of insider information. I'll continue my work to pass the Stop Insider Trading Act," said Chairman Steil. "I'm encouraged that 53 Senators voted to ban members of Congress from trading stocks this afternoon. Unfortunately, Senate Democrats filibustered this commonsense ethics reform."

Background: Chairman Steil introduced the Stop Insider Trading Act on January 12, 2026. On January 14, it advanced though the Committee on House Administration. In February, President Trump urged Congress to swiftly send the legislation to his desk for signature.

On July 22, the legislation passed the House on a bipartisan vote of 232 - 198.

The legislation:

• Bans Members of Congress, their spouses, and their dependent children from purchasing stocks issued by a publicly traded company.
• Requires Members to file a public notice at least 7 days, but no more than 14 days, in advance for each intended sale of individual stocks with the Clerk of the House of Representatives or Secretary of the Senate.
• Penalties for a violation:
  • Fines shall be assed equal to $2,000 or 10% of the value of the covered investment, whichever is greater. Additionally, any profit realized from a sale shall be forfeited.

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Permalink: https://cha.house.gov/2026/9/chairman-steil-issues-statement-following-senate-s-failed-cloture-vote-on-the-stop-insider-trading-act