PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Congressional Research Service
Version 00 · Introduced in House · Feb 21, 2023
Prohibiting Insider Trading Act
This bill prohibits Members of Congress (or their spouses) from holding or trading certain investments (e.g., individual stocks and related financial instruments other than diversified investment funds, investments in the federal retirement savings plan, or U.S. Treasury securities).
Generally, the prohibition applies seven days after the first day of a Member's initial term, though for current Members, it applies on the first day of the second session of the 118th Congress. Additionally, the prohibition does not apply to assets held in a qualified blind trust.
Any profit stemming from a prohibited holding or transaction must be disgorged to the Treasury and may subject the Member to a civil fine. Additionally, a loss stemming from a prohibited holding or transaction may not be used as an income tax deduction.
Each Member must submit an annual certification of compliance to the supervising ethics office. The office must publish each certification on a public website and periodically audit Members' compliance with the bill's provisions.
People & committees
Rep. Nunn, Zachary [R-IA-3] · R–IA
Legislative record
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Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Jul 24, 2024. Consult Congress.gov for the current record.
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Analyze H.R.1138 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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