Banning Insider Trading in Congress Act
12/30/2022, 3:49 AMSummary of Bill HR 6490
Bill 117 HR 6490, also known as the Banning Insider Trading in Congress Act, aims to prohibit members of Congress and their staff from using nonpublic information obtained through their official positions for personal financial gain. The bill seeks to prevent insider trading by holding lawmakers accountable for any unethical or illegal trading practices.If passed, the Banning Insider Trading in Congress Act would require members of Congress and their staff to disclose any securities transactions within 45 days of making the trade. This transparency measure is intended to ensure that lawmakers are not using their privileged access to information for personal profit.
Additionally, the bill would establish a new enforcement mechanism within the Securities and Exchange Commission (SEC) to investigate and prosecute cases of insider trading by members of Congress. This would provide greater oversight and accountability for any potential violations of the law. Overall, the Banning Insider Trading in Congress Act is a bipartisan effort to promote ethical behavior and integrity within the legislative branch. By prohibiting insider trading and increasing transparency, the bill aims to restore public trust in Congress and ensure that lawmakers are acting in the best interests of the American people.
Congressional Summary of HR 6490
Banning Insider Trading in Congress Act
This bill prohibits a Member of Congress or spouse of a Member from holding, purchasing, or selling certain investments. Any profit made in violation of the prohibition must be disgorged to the Treasury and may subject the Member to a civil fine. A loss from a transaction or holding involving a covered financial instrument that is conducted in violation of this bill may not be deducted from the amount of income tax owed by the applicable Member or spouse.
The bill also requires each Member to submit an annual certification of compliance and requires the Government Accountability Office to conduct a compliance audit.
The prohibition does not apply to assets held in a qualified blind trust or to a sale by a Member or spouse within 180 days after the bill is enacted or within 180 days after the Member commences service, for any Member who commences service after the bill is enacted.
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Current Status of Bill HR 6490
Bill HR 6490 is currently in the status of Bill Introduced since January 25, 2022. Bill HR 6490 was introduced during Congress 117 and was introduced to the House on January 25, 2022. Bill HR 6490's most recent activity was Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, 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. as of January 25, 2022Bipartisan Support of Bill HR 6490
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
4Democrat Cosponsors
0Republican Cosponsors
4Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 6490
Primary Policy Focus
CongressAlternate Title(s) of Bill HR 6490
Banning Insider Trading in Congress ActBanning Insider Trading in Congress ActTo amend the Ethics in Government Act of 1978 to prohibit transactions involving certain financial instruments by Members of Congress.Comments
Most relevant
Sponsors and Cosponsors of HR 6490
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