Stop Insider Trading Act

Text in the Record

Mr. STEIL. Mr. Speaker, pursuant to House Resolution 1438, I call up the bill (H.R. 7008) to amend chapter 131 of title 5 to require certain restrictions on stocks for Members of Congress and their spouses and dependents, and for other purposes, and ask for its immediate consideration in the House. The Clerk read the title of the bill. The SPEAKER pro tempore. Pursuant to House Resolution 1438, in lieu of the amendment in the nature of a substitute recommended by the Committee on House Administration printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 119-38, modified by the amendment printed in part B of House Report 119-755, is adopted and the bill, as amended, is considered read. The text of the bill, as amended, is as follows:

H.R. 7008

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Stop Insider Trading Act''.

SEC. 2. RESTRICTIONS ON COVERED INVESTMENTS.

(a) Table of Contents.--The table of contents for chapter 131 of title 5, United States Code, is amended by adding at the end the following:

``subchapter iv--restrictions on covered investments

``13151. Definitions. ``13152. Restrictions on covered investments. ``13153. Enforcement.''. (b) Restrictions.--Chapter 131 of title 5, United States Code, is amended by adding at the end a new subchapter:

``SUBCHAPTER IV--RESTRICTIONS ON COVERED INVESTMENTS

``Sec. 13151. Definitions

``In this subchapter: ``(1) Covered individual.--The term `covered individual' means any of the following: ``(A) A Member of Congress, as defined in section 13101. ``(B) A dependent child (as defined in section 13101) or a spouse of a Member of Congress. ``(2) Covered investment.-- ``(A) In general.--The term `covered investment' means a security issued by a publicly traded company or any comparable economic interest acquired through synthetic means, such as the use of a derivative, including an option, warrant, or other similar means. ``(B) Exclusion.--The term `covered investment' does not include-- ``(i) an excepted investment fund (as described in section 13104(f)(8)); ``(ii) any other fund that would be an excepted investment fund but for the fact that the fund does not meet the diversification requirement solely because the fund is concentrated in--

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