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Chairman Steil on the Stop Insider Trading Act: “The core of this bill is to prevent members and their immediate families from being able to profit off of any inside information they may garner while serving here in Washington. We do that by banning Members from buying individual companies' shares of stock. Period, full stop. If an individual has had a successful business career, they come into Congress and they had savings, they're allowed to make that sale, but it requires a seven day advance notice. And then there's real teeth associated with this. Ten percent of the sale or $2000, whichever is greater, and a disgorgement of profit. The focus here is making sure that Members of Congress are here serving the American people. I'm of the belief that if you want to day trade stocks there's a place for that, and it's where you are in New York, it's Wall Street. If you're coming to Washington you should be here serving the American people. I think this bill accomplishes the goal of preventing Members from profiting off of insider information. At the same time it balances that with making sure that individuals from an array of backgrounds are still able to come and serve in Washington."
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