Rep. John McGuire applauds House passage of the Stop Insider Trading Act

WASHINGTON, D.C. - Following House passage of the Stop Insider Trading Act, Representative John McGuire (VA-05) issued the following statement:

"I was proud to vote 'yes' on the Stop Insider Trading Act," said Rep. John McGuire (VA-05). "This would prohibit members of Congress and their relatives from trading individual stocks and making money off of insider information. This bill also contains crucial provisions of the SAVE America Act that our Republican Conference has worked tirelessly to pass. My 'yes' vote today was a vote to secure our elections and return transparency and ethics to our government. Washington should always work for the people, not for profit."

Background:

• The STOCK Act of 2012 prohibits Members of Congress from using nonpublic information for personal financial gain and requires periodic financial disclosures. Despite these requirements, concerns have persisted that existing ethics laws do not go far enough to prevent conflicts of interest or the appearance of insider trading.
• H.R. 7008 would strengthen congressional ethics rules by establishing additional restrictions and transparency measures intended to reduce the potential for conflicts of interest and increase public confidence in Congress.
• The bill would also require voters to present valid photo identification when voting in federal elections and require mail-in ballots to be accompanied by a copy of the voter's identification, establishing uniform voter identification requirements for federal elections.