Washington, D.C. – Congressman Bryan Steil (WI-01) issued the following statement after the House of Representatives passed H.R. 7008, the Stop Insider Trading Act.

“The Stop Insider Trading Act is a major step forward for ethics reform on Capitol Hill. It ensures no lawmaker can profit off of insider information,” said Steil. “I urge my Senate colleagues to quickly take it up and send it to President Trump’s desk.” 

The Stop Insider Trading Act bill prohibits Members of Congress, spouses, and dependent children from purchasing publicly traded stocks. The bill also requires public notice 7 days before a lawmaker, spouse, or dependent child may sell a stock. Finally, the bill institutes strict penalties for any violation.

Watch Chairman Steil’s closing remarks on the House Floor in support of the bill here.

Background:

In January 2026, Chairman Steil introduced the Stop Insider Trading Act.   

The legislation:  

  • Bans Members, their spouses, and their dependent children from purchasing a security issued by a publicly traded company.  
  • Requires Members of Congress to file a public notice at least 7 days, but no more than 14 days, in advance for each intended sale with the Clerk of the House of Representatives or Secretary of the Senate.  

Penalties for a violation:  

  • Requires the respective ethics committees to issue a fee equal to $2,000 or 10% of the value of the covered investment, whichever is greater.  
  • Also requires forfeiture of any realized profit from a sale.  

President Trump urged Congress to quickly pass this legislation during his 2026 State of the Union Address.

The Stop Insider Trading Act passed the House on a bipartisan vote of 232-198.