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Chairman Steil's full opening statement as prepared for delivery:
We’re here today because no Member of Congress, regardless of party or seniority, should be profiting off insider information.
If you want to trade stocks, go to Wall Street.
Here on Capitol Hill, we're working for the American people.
There’s a lot of talk in this town about draining the swamp and cleaning up Washington.
Well today, the rubber hits the road.
Good governance matters, and the Committee on House Administration is leading that charge.
Let's step back and look at how we got here.
The STOCK Act of 2012 prohibits public officials from using nonpublic information for their own financial benefit.
It was a good start, but time has shown that more needs to be done.
Social media accounts have garnered significant attention for documenting lawmakers’ stock trades.
Some may be shocked to hear that at times the reporting has been sensationalized and outright untrue.
However, there are documented instances that raise very real red flags.
A number of bills have been introduced to strengthen the existing rules, but to date, none have been called up in committee or seen floor action.
The product we have today is the result of months of work with our colleagues and I believe we're in a position to pass it.
I want to take a moment to thank a number of Members who are not on this committee who have been instrumental in this regard including Chip Roy, Anna Paulina Luna, Tim Burchett, Michael Cloud, Brian Fitzpatrick and many others who have worked on this product for years.
I’m grateful for their collaboration.
I'm also grateful for the collaboration of Members of this Committee who provided thoughtful feedback throughout this process.
I also want to thank our leadership team who is committed to moving this bill to the House floor if it passes this Committee today.
As I highlighted during our hearing, we have an opportunity to dramatically improve America’s trust in Congress.
I’ll detail the bill in a few minutes, but let me now emphasize two broader points:
This legislation ensures that no Member can profit off insider information.
And, it still allows individuals who’ve had successful careers in the private sector to come to Congress.
Both of those principles are important.
Today, I think you'll hear everyone agree that this is a good bill!
Although they may make arguments that something could be a little bit better.
You’ll hear what I call the goldilocks arguments – that the porridge is too hot or the porridge is too cold.
They may try to allow perfection to be the enemy of the good.
You may hear people that want something a little bit more.
I often think about a second grader, I have a second grade nephew, who when if you offer him an ice cream cone, says no because he wants a banana split.
Others Members, as we've seen on social media recently, may try to mislead you about what is and what is not in the bill.
This markup gives us the opportunity to dialogue the bill and make the record incredibly clear.
Some amendments may be offered which would have the effect of derailing the progress that I believe we can make.
Attempts to refer to other committees or pull apart the coalition that's needed to pass this legislation on the House floor.
Frustratingly, that’s how Washington often works.
Perfection is far too often the enemy of the good in this town.
This Committee is focused on cleaning up Washington and today that's what we're going to do.
As I’ve said, we have a real opportunity here to make substantive reforms that clean up Washington and increase the American people's trust in this institution.
The American people should be confident that lawmakers are working for them – not seeking office to financially benefit themselves.
I thank our Members for being here today and I urge your support for the legislation we have before us.
I look forward to a thoughtful discussion, and I yield back.
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