WASHINGTON, D.C. (WKOW) — Rep. Bryan Steil (R-WI) introduced a bill Monday that aims to stop members of Congress, along with their spouses and dependent children, from purchasing publicly traded stocks. It’s called the Stop Insider Trading Act.

The legislation also mandates a seven-day public notice before federal lawmakers and their families sell stocks.

“The American people deserve to know their member of Congress is not profiting off insider information,” Steil said in a statement. “The Stop Insider Trading Act ensures that cannot happen.”

If enacted, the legislation would impose a $2,000 fee or 10% of the investment value for violations, whichever is greater.

Currently, the STOCK Act prohibits members of Congress from using nonpublic information for their own financial benefit. While efforts to limit congressional stock trading have bipartisan support, Steil’s bill does not. 

Some Democrats say the legislation doesn’t go far enough because it would allow lawmakers to continue owning stocks that are already in their portfolio.

In a statement, Rep. Seth Magaziner (D-RI), Rep. Parmila Jayapal (D-WA), and Rep. Alexandria Ocasio-Cortez (D-NY), said “The American public deserves to know that members of Congress are making decisions in the public interest — not in the interest of their own pocketbooks. The only way to restore Americans’ trust is to ban members of Congress from owning and trading stocks.”

Those three lawmakers were among the original co-sponsors of a bill that would ban members of Congress not only from trading stocks but from owning them, too. 

The Restore Trust in Congress Act was introduced in September 2025. It has bipartisan support from more than 120 members of the House, including Rep. Mark Pocan (D-WI) and Rep. Derrick Van Orden (R-WI). Pocan signed on as a co-sponsor on September 15, 2025. Van Orden became a co-sponsor on January 6, 2026.

The Restore Trust in Congress Act has been referred to the Committee on House Administration, which Steil chairs, but it has not received a hearing. The committee is set to hold a markup on Steil’s bill on Wednesday.