RAYMOND, Wis. – ER nurse and Democratic candidate for Wisconsin’s 1st Congressional District, Mitchell Berman, is calling out Congressman Bryan Steil’s “Stopping Insider Trading Act” as a misleading attempt at reform.
“This bill doesn’t ban insider trading. It’s a watered-down, plagiarized copy of the stronger, bipartisan bill Steil killed three years ago,” said Berman. “That bill would have imposed real bans and accountability measures. This one lets politicians keep their stocks and keep trading them for profit. This is an attempted distraction from Steil’s record of selling out working Wisconsinites. As a registered nurse, I know trust is earned through honesty and accountability. Unlike Bryan Steil, I won’t take a dime of corporate PAC money. And in Congress, I’ll actually ban politicians from owning and trading stocks, restore trust, and put people ahead of special interests and billionaires.”
Reporting has noted the bill has “limited restrictions” and would “allow lawmakers to keep their existing stock” – and even allow them to “continue to sell it if they provide seven to 14 days of notice” and “reinvest dividends in new stocks” to keep gaming the market. What’s more, the bill would “let spouses and other family members trade freely on behalf of a lawmaker.”
What Steil’s Bill Doesn’t Do:
- It does not fully ban stock ownership or trading.
- It does not require lawmakers to sell their current stocks – they can keep making money while taking votes with insider information.
- It allows members of Congress to keep investing dividends in NEW stocks.
- It allows spouses and other family members to trade freely on behalf of lawmakers.
Berman has been an outspoken advocate for cracking down on corruption in Washington throughout his campaign. Designated by End Citizens United as an “Unrig Washington” candidate, he has pledged to support a ban on congressional stock trading, refuse corporate PAC money, and get dark money out of politics.
About Mitchell Berman:
Mitchell Berman is an emergency room nurse, union member, and first generation college student. He has worked in healthcare for more than 20 years and has spent the last decade caring for our veterans and their families as a nurse at the VA. He’s challenging current Republican incumbent Bryan Steil, a career politician and former corporate lawyer.
