A leading House Republican is introducing a new bill that seeks to ban stock trading by members of Congress as well as their spouses and dependent children in the latest effort to address ethics concerns with lawmakers’ investment portfolios.
FOX Business reviewed a draft copy of the legislation that would restrict lawmakers, their spouses and dependents from buying stocks or comparable securities during their service in Congress.
The bill would also create a requirement that the sale of a stock covered by the law must be publicly disclosed at least seven days and no more than 14 days in advance of the sale and include a description of the number of shares and projected date of the sale. The member of Congress connected to the transaction would be required to withdraw such a disclosure if the covered individual chooses not to sell the investment.
The legislation is being introduced by House Administration Committee Chairman Bryan Steil, R-Wis.
This is a developing story. Please check back for updates.
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