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H.R. 7008

Stop Insider Trading Act

Stop Insider Trading Act

This bill generally prohibits Members of Congress and their spouses and dependent children from purchasing stocks and requires public notice before these individuals may sell stocks.

Specifically, Members of Congress and the spouses and dependent children of Members of Congress may not purchase covered investments. Between 7 and 14 days before a Member or a covered spouse or dependent sells a covered investment, the relevant Member must file public notice of the intent to sell with the Clerk of the House of Representatives or the Secretary of the Senate, as appropriate. The Clerk or Secretary must publish this notice online. If the individual decides not to sell the covered investment, the notice must be withdrawn.

Under the bill, a covered investment is a security issued by a publicly traded company or a comparable economic interest. Some investments are exempt, including interest in a widely held investment fund and certain investments held in a trust.

Violations of these provisions are subject to a fee and, in the case of a purchase, a requirement to sell the covered investment. The fee must equal (1) the greater of $2,000 or 10% of the transaction value, and (2) any net gain realized from the transaction during a specified period. The fee may not be paid using campaign donations or Members’ official allowances.

Certain transactions by covered spouses and dependents are exempt, including transactions made on behalf of another person or made as part of compensation from the individual’s employer.

Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 53 - 47. Record Vote Number: 253.

Rep. Steil, Bryan [R-WI-1](R-WI)Sponsor
93 cosponsors2 D91 R
93cosponsors1committees28actions1amendments3related bills7subjects
  1. Calendars

    Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 548.

  2. Calendars

    Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

  3. IntroReferral

    Received in the Senate.

  4. FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  5. FloorH37100

    On passage Passed by the Yeas and Nays: 232 - 198 (Roll no. 280). (text of amendment in the nature of a substitute: CR H5143-5144)

  6. Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 232 - 198 (Roll no. 280).

  7. FloorH36210

    On motion to recommit Failed by the Yeas and Nays: 211 - 218 (Roll no. 279).

    Committee on House Administration
  8. FloorH30000

    Considered as unfinished business. (consideration: CR H5157-5158)

  9. FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 7008, the Chair put the question on motion to recommit and by voice vote, announced the ayes had prevailed. Mr. Steil demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.

  10. FloorH8A000

    The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.

  11. FloorH36200

    Mr. Magaziner moved to recommit to the Committee on House Administration. (text: CR H5152)

    Committee on House Administration
  12. FloorH35000

    The previous question was ordered pursuant to the rule.

  13. FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 7008.

  14. FloorH8D000

    Rule provides for consideration of H.R. 8800, H.R. 8884, H. Con. Res. 113, H.R. 7008, H.R. 6955 and H.R. 9770. The resolution provides for consideration of H.R. 8800 under a structured rule and for consideration of H.R. 8884, H. Con. Res. 113, H.R. 7008, H.R. 6955, and H.R. 9770 under a closed rule, with one hour of debate on each measure and one motion to recommit on H.R. 8800, H.R. 8884, H.R. 7008, H.R. 6955, and H.R. 9770.

  15. FloorH30000

    Considered under the provisions of rule H. Res. 1438. (consideration: CR H5143-5153)

  16. FloorH1L210

    Rules Committee Resolution H. Res. 1438 Reported to House. Rule provides for consideration of H.R. 8800, H.R. 8884, H. Con. Res. 113, H.R. 7008, H.R. 6955 and H.R. 9770. The resolution provides for consideration of H.R. 8800 under a structured rule and for consideration of H.R. 8884, H. Con. Res. 113, H.R. 7008, H.R. 6955, and H.R. 9770 under a closed rule, with one hour of debate on each measure and one motion to recommit on H.R. 8800, H.R. 8884, H.R. 7008, H.R. 6955, and H.R. 9770.

  17. CalendarsH12410

    Placed on the Union Calendar, Calendar No. 409.

  18. CommitteeH12200

    Reported (Amended) by the Committee on House Administration. H. Rept. 119-479.

    Committee on House Administration
  19. Committee5000

    Reported (Amended) by the Committee on House Administration. H. Rept. 119-479.

    Committee on House Administration
  20. Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 7 - 4.

    Committee on House Administration
  21. Committee

    Committee Consideration and Mark-up Session Held

    Committee on House Administration
  22. IntroReferralH11100

    Referred to the House Committee on House Administration.

    Committee on House Administration
  23. IntroReferralIntro-H

    Introduced in House

  24. IntroReferral1000

    Introduced in House