From Big League Politics:
ShareThe U.S. House of Representatives has passed legislation that would prohibit members of Congress and their immediate families from trading individual stocks while also requiring photo identification for voting in federal elections.
The bill passed by a vote of 232-198, with 13 Democrats joining Republicans in support.
The legislation combines two major Republican priorities: cracking down on congressional stock trading and implementing a nationwide voter ID requirement for federal elections.
The measure, known as the Stop Insider Trading Act, was introduced by Rep. Bryan Steil (R-Wis.) and seeks to prevent lawmakers from personally profiting from information obtained through their positions in Congress.
Under the bill:
Members of Congress, their spouses, and dependent children would be prohibited from purchasing publicly traded stocks.
Lawmakers would be required to publicly disclose planned stock sales at least seven days before they occur.
Violations would carry penalties of $2,000 or 10% of the transaction’s value, whichever is greater, along with forfeiture of any profits earned from the trade.
Steil argued the legislation would help restore public confidence by ensuring elected officials cannot use nonpublic information for personal financial gain. (Read more.)


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