Carter joins effort to prevent insider trading in Congress

WASHINGTON, D.C. - Rep. Earl L. "Buddy" Carter (R-GA) today joined Committee on House Administration Chairman Bryan Steil's (R-WI) Stop Insider Trading Act as an original cosponsor.

This legislation prohibits Members of Congress, spouses, and dependent children from purchasing publicly traded stocks. The Stop Insider Trading Act also requires public notice 7 days before a lawmaker, spouse, or dependent child may sell a stock.

"Members of Congress should serve the public, not themselves. Insider trading is already illegal, yet too many loopholes exist that allow politicians like Nancy Pelosi to get rich by exploiting public trust. This bill will prevent bad actors from abusing their positions for financial gain and ensure those who are elected to Congress do so with the intention to serve, not profit," said Rep. Carter.

"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."

The Stop Insider Trading Act would:

• Ban Members, their spouses, and their dependent children from purchasing a security issued by a publicly traded company.
• Require Members of Congress to file a public notice at least 7 days, but no more than 14 days, in advance for each intended sale with the Clerk of the House of Representatives.
• Require the House Ethics Committee to issue a fee equal to $2,000 or 10% of the value of the covered investment, whichever is greater, and the net gain realized from the sale.