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House Administration Committee reviews STOCK Act, debates bans, preclearance and stiffer penalties
Summary
At a House Administration Committee hearing, members and witnesses debated tightening the STOCK Act’s reporting and enforcement rules, including pre-disclosure, forced divestment, family exceptions, and higher penalties; no legislation was voted on and the record remains open for five legislative days.
The House Administration Committee convened a hearing to “take stock” of the Stop Trading on Congressional Knowledge (STOCK) Act and to consider proposals that would tighten disclosure and enforcement or ban members from trading individual securities.
Chairman Stile opened the hearing by saying, “Trading stock on insider information is a serious crime. It must be prosecuted to the fullest extent of the law,” and framed the day’s discussion around restoring public trust. Ranking Member Morelli likewise urged broad, enforceable reforms and noted a wave of recent bills seeking to restrict member trading.
Witnesses summarized the legal framework and options under consideration. James R. Copeland, senior fellow and director of legal policy at the Manhattan Institute, said the STOCK Act clarified that members are not exempt from federal insider-trading law…
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