Rep. Goodlander and Rep. Fitzpatrick Introduce Bipartisan Bill to Ban Stock Trading for Congress and Families
The Public Service Accountability Act is currently in the early stages of the legislative process. It has been sent to three different House committees for review and is not yet scheduled for a vote. The bill is considered active as it moves through these initial committee assignments.
While the bill has support from both parties and the public, it is difficult to pass laws that require members of Congress to vote against their own financial interests.
Members of Congress, the President, Vice President, federal judges, senior executives, and certain senior political appointees would be banned from owning or trading individual stocks, commodities, and futures. They must sell existing holdings within 180 days of the law taking effect or 90 days after starting the covered position, with steep 10 percent fines and forced disgorgement of profits for violations.
“no covered individual may-- ``(1) directly or indirectly, own or trade a covered investment”
Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on House Administration, and the Judiciary, 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.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
U.S. Rep. Maggie Goodlander introduced legislation to ban federal officials, elected and appointed, from trading and owning individual stocks or betting on prediction markets. The proposed prohibition includes members of Congress, the president, the vice president, and federal judges.
Bipartisan legislation proposed by U.S. Rep. Brian Fitzpatrick (R-PA) would prevent government employees from trading stocks and participating in prediction markets. The bill aims to establish a government-wide standard for all three branches to address conflicts of interest.
H.R. 9429 would prohibit senior officials across all three branches of the federal government from participating in prediction markets. The bill also bans covered officials from trading individual stocks and derivatives and requires violators to forfeit profits.
Document Type
Congressional Bill
Official Title
The Public Service Accountability Act
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