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H.R. 7008 would bar members and families from buying individual stocks, tighten notice and penalties
Summary
An unnamed committee speaker outlined H.R. 7008, the Stop Insider Trading Act, which would bar members of Congress, spouses and dependents from purchasing individual securities, allow diversified mutual funds, require seven days' public notice for certain sales, and raise fines and forfeiture for violations.
An unidentified speaker introduced H.R. 7008, the Stop Insider Trading Act, and outlined its key provisions, saying the bill would bar members of Congress, their spouses and dependent children from purchasing securities issued by publicly traded companies while allowing investments in diversified, widely held products such as mutual funds.
The speaker framed the measure as a corrective to the 2012 STOCK Act, saying that under current law members must "disclose individual trades a month or more after they occurred"…
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