Barrett Helps Introduce Legislation to Ban Stock Trading by Members of Congress

Washington, D.C. - Yesterday, Congressman Tom Barrett (MI-07) joined House Administration Committee Chairman Bryan Steil in introducing the Stop Insider Trading Act. This legislation bans each member of Congress, his or her spouse, and his or her dependent children from purchasing publicly traded, individual stocks.

This legislation is Barrett's first new addition to his Blueprint for a Better America, the bold policy agenda he announced yesterday to take on the status quo in Congress and the federal government.

"The American people are sick and tired of Washington playing by a different set of rules - and rightfully so. Half of the members of Congress are already millionaires, which is increasingly out of sync with the ordinary people in their districts," said Barrett. "Building wealth isn't inherently wrong, but it shouldn't come at the cost of breaking trust with those we represent. This long overdue legislation is a necessary step towards restoring accountability and eliminating the corruption that has helped career politicians get rich while working families were left behind."

The Stop Insider Trading Act will:

• Ban each member of Congress, his or her spouse, and his or her dependent children from purchasing publicly traded stocks;

• Require members to file a public notice at least seven days, but no more than 14 days, in advance of each intended sale of stocks they already own; and

• Require the House and Senate Ethics Committees to penalize members who break the law with a fee equal to $2,000 or 10% of the value of the stock, whichever is greater, as well as any net gain realized from the sale.

"The American people deserve to know their Member of Congress is not profiting off insider information. The Stop Insider Trading Act ensures that cannot happen," said Chairman Steil. "This legislation is critical to restoring the public's trust in their elected officials. If you want to trade stocks, go to Wall Street, not Capitol Hill."

Click here to read the one pager.

Click here to read the full bill.