Stop Insider Trading Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Stop Insider Trading Act aims to prevent members of Congress and their families from using non-public information for financial gain. It establishes new rules regarding investments, requiring covered individuals (including members of Congress, their spouses, and dependent children) to refrain from purchasing covered investments. The bill mandates advance notice for the sale of covered investments and creates a system for penalties, including fines and potential sale of purchased investments, to be paid from designated congressional funds. The law also establishes a supervising ethics office to oversee compliance.
Key provisions
- Requires Members of Congress, their spouses, and dependent children to refrain from purchasing covered investments.
- Mandates advance notice (7-14 days) for the sale of covered investments.
- Creates a system for penalties, including fines and potential sale of purchased investments.
- Defines ‘covered investment’ as publicly traded securities and related derivatives.
- Establishes a supervising ethics office to oversee compliance.
- Allows exceptions for transactions on behalf of others or reinvesting dividends.
- Specifies how penalties will be paid – from congressional allowances.
- Sets a 180-day delay before the new rules take effect.
Who is affected
- Members of Congress
- Spouses of Members of Congress
- Dependent children of Members of Congress
- Financial markets
Bill text
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Sponsors
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15 on record
Primary sponsor
Cosponsors
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