H.R. 6490 · 117th Congress
Banning Insider Trading in Congress Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HartzlerSponsor2 cosponsors · 2 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill prohibits a Member of Congress or spouse of a Member from holding, purchasing, or selling certain investments. Any profit made in violation of the prohibition must be disgorged to the Treasury and may subject the Member to a civil fine.
What it does: CRS summary · Introduced in House · Jan 25, 2022
Banning Insider Trading in Congress Act
This bill prohibits a Member of Congress or spouse of a Member from holding, purchasing, or selling certain investments. Any profit made in violation of the prohibition must be disgorged to the Treasury and may subject the Member to a civil fine. A loss from a transaction or holding involving a covered financial instrument that is conducted in violation of this bill may not be deducted from the amount of income tax owed by the applicable Member or spouse.
The bill also requires each Member to submit an annual certification of compliance and requires the Government Accountability Office to conduct a compliance audit.
The prohibition does not apply to assets held in a qualified blind trust or to a sale by a Member or spouse within 180 days after the bill is enacted or within 180 days after the Member commences service, for any Member who commences service after the bill is enacted.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Banning Insider Trading in Congress Act
Latest action (Jan 25, 2022): Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Congress · Origin: House · Introduced: Jan 25, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.