Congressman Taylor Votes to Ban Members and Their Families from Trading Stocks

WASHINGTON, D.C. – Today, Congressman Dave Taylor (OH-02) voted in support of H.R. 7008, the Stop Insider Trading Act, which would prohibit Members of Congress, their spouses, and dependents from buying securities issued by a publicly traded company. This bill passed the House by a vote of 232-198. Congressman Taylor is an original cosponsor of this legislation.

“Elected officials took the oath of office to serve the American people, not to financially profit from their position," said Congressman Taylor. “Today I was proud to support the Stop Insider Trading Act to promote transparency, ensure our nation’s leaders are held accountable, and restore the public’s trust in our governing institutions.”

In addition to prohibiting Members of Congress and their families from purchasing stocks, the Stop Insider Trading Act would require Members to publicly file a notice of their planned stock sales between 7 and 14 days in advance with the Clerk of the House of Representatives or the Secretary of the Senate. Any failure to abide by these requirements would result in a fine of either $2,000 or 10% of the transaction’s value, whichever is greater, as well as a net gain from a transaction.

The bill text for the Stop Insider Trading Act is available here.

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