Rep. McCollum Statement Opposing H.R. 7008, the Stop Insider Trading Act

Mr. Speaker, I rise in opposition to H.R. 7008, the so-called Stop Insider Trading Act. 

Let me be clear, this bill is not a stock trading ban. It does nothing to stop Members of Congress from profiting off their positions, and it says nothing about the President's own outrageous self-enrichment while in office. 

I was elected to represent my constituents' interests in Congress, not to abuse my position for personal profit. That is why I do not own or trade individual stocks, securities, commodities, or futures. Unfortunately, not all of my colleagues share that view, which is why Congress must act now to ban stock trading for Members of Congress. 

In 2012, I voted for the STOCK Act, which brought transparency to Members' stock trades. But transparency isn't deterrence. The penalty for violating the STOCK Act is just $200. That's why I've routinely cosponsored real solutions not just for Congress, but for the executive branch as well. I am a cosponsor of H.R. 6731, the Restore Trust in Government Act. This bill would prohibit Presidents, Vice Presidents, Members of Congress, and their dependent children, spouses, and trustees from owning and trading individual stocks. This is the comprehensive reform that Congress should be considering today to prohibit Members from profiting off their positions. 

Instead, we are considering H.R. 7008, which will do something else entirely. H.R. 7008 makes it harder for Americans to vote due to Republican maneuvering that inserts the SAVE America Act in this bill. This provision will pile new burdens on voters and election officials, override even the strictest state voter ID laws by tossing out documents like student IDs and hunting licenses, and effectively ends voting by mail. The bill is timed to take effect 90 days after enactment, landing implementation squarely in the middle of the midterm election after voting has already begun.

 Trust in Congress is at an all-time low. We won't rebuild it with a bill that dodges real stock trading reform while making it harder for Americans to vote. I urge my colleagues to oppose this bill, and instead work to institute real accountability.

 I yield back.