H.R. 1138 · 118th Congress
Prohibit Insider Trading Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
(Zach) NunnSponsor5 cosponsors · 3 D, 2 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill prohibits Members of Congress (or their spouses) from holding or trading certain investments (e.g., individual stocks and related financial instruments other than diversified investment funds, investments in the federal retirement savings plan, or U.S. Treasury securities).
What it does: CRS summary · Introduced in House · Feb 21, 2023
Prohibiting Insider Trading Act
This bill prohibits Members of Congress (or their spouses) from holding or trading certain investments (e.g., individual stocks and related financial instruments other than diversified investment funds, investments in the federal retirement savings plan, or U.S. Treasury securities).
Generally, the prohibition applies seven days after the first day of a Member's initial term, though for current Members, it applies on the first day of the second session of the 118th Congress. Additionally, the prohibition does not apply to assets held in a qualified blind trust.
Any profit stemming from a prohibited holding or transaction must be disgorged to the Treasury and may subject the Member to a civil fine. Additionally, a loss stemming from a prohibited holding or transaction may not be used as an income tax deduction.
Each Member must submit an annual certification of compliance to the supervising ethics office. The office must publish each certification on a public website and periodically audit Members' compliance with the bill's provisions.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Prohibit Insider Trading Act
Latest action (Feb 21, 2023): 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: Feb 21, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.