The US House of Representatives has passed the Stop Insider Trading Act and is awaiting a vote in the Senate.
Kansas Congressman Derek Schmidt co-sponsored the bill. He says there’s one main issue driving the bill.
Schmidt says that knowledge could lead lawmakers to use that information for personal profit — which is a problem in two main ways.
The bill is designed to halt members of Congress from buying stocks. It doesn’t totally stop members from selling stocks owned before a person entered Congress. Schmidt would like to see tighter restrictions, but he understands the policy now in front of the Senate.
Schmidt says there is an alternative designed to slow down the sale process.
The bill’s restrictions also extend to family of Congressional members. They do not extend to the president, vice president, Cabinet or family members with those positions.
Separately, Schmidt has scheduled a telephone town hall Wednesday evening to discuss developments in Congress. Residents can call 855-920-0552 starting at 5:30 pm.
