Sen. Gillibrand Introduces the No Stock Act to Ban Top Officials From Trading Stocks and Crypto
This bill is currently in the early stages of the legislative process after being sent to the Senate Committee on Homeland Security and Governmental Affairs for review. It is actively moving through the system, but no further hearings or votes have been scheduled yet. There is no companion bill currently associated with this legislation.
While there is high public support for banning stock trading, similar bills have struggled to get a vote in the past because they affect the personal finances of the people voting on them.
While most federal employees are not directly covered by this bill, the bill targets the very top of the federal hierarchy: the President, Vice President, and Federal Reserve leaders. These senior officials and their families would face significant new restrictions on their personal finances. This could affect who is willing to serve in these roles, though the scope is limited to the highest positions rather than the broader federal workforce.
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
A bipartisan push to ban stock trading by members of Congress is gaining momentum with the introduction of the No Stock Act. While supporters argue it is essential for transparency, critics warn the restrictions on family members and the 120-day divestment window may be overly punitive.
Senator Gillibrand reiterated her call for the No Stock Act during a House hearing, emphasizing that the current rules are insufficient. The bill would force top officials and their families to sell individual stocks within 120 days of taking office to prevent insider trading.
Senator Gillibrand's No Stock Act would prohibit senior officials from using non-public information for financial gain. The legislation covers the President, Vice President, and their immediate families, requiring them to move assets into diversified funds or Treasury bonds.
Document Type
Congressional Bill
Official Title
No Stock Act
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