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house speaker mike johnson has committed to voting in in the new year on that legislation that would ban members of congress from trading or or owning individual stocks joining us now with the details of the legislation republican congressman brian style he's the chairman of the
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house administration committee also on the digital your subcommittee on digital assets so we can talk about that too because you share that congressman welcome merry christmas happy holidays good to see you
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 00:28.070
good to see you merry christmas thanks for having me on
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what was that in two thousand twelve the stock act of two thousand twelve prohibits public officials from using non public information for their own financial benefit we've already got a law no one would ever do that some of the returns i've seen are kind of interesting that
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that we've seen from certain members isn't it already prohibited congressman
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 00:52.630
the the law in twenty twelve the stock act is a little bit like elf on the shelf it's watching providing information but i'd like an adult law in the new year that actually prevents members from profiting off of insider information it's about making sure the american people
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 01:07.110
don't even have to wonder what their member of congress is doing if you're interested in day trading there's a place for that it's where you are it's wall street if you want to come to washington DC to capitol hill that's where we want to make policy and so we have an
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 01:20.350
opportunity going into the new year to rewrite the rules to prevent members from profiting off of insider information to prevent them from buying individual stocks and i think it'll be one step forward in regaining america 's trust in the institution that is congress it
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is a little disheartening though if that law has been on the books and and you could can you name specific instances where members were working on a certain you know whatever chips whatever you want to talk about can you do you think there have been specific times where they had
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non public information acted on it and and had i'll gotten gains does that happen again and again and again with members of congress
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 02:03.270
well as we know prosecuting insider information charges is incredibly difficult but we could look back to before the pandemic when the then head of the senate intelligence committee made a call to their broker and sold all but one stock in their entire portfolio in a period of
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 02:19.310
time where individuals and by definition if you're on the senate intelligence committee you do have sensitive information is making these types of bold and big transactions ultimately that center would go on to lose their job but we should have a blanket prohibition about this
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 02:36.310
type of trading the disclosure regime has set forward in twenty twelve is woefully insufficient in my opinion and we have a big opportunity as we come back to congress to right this wrong to make sure that the rules on the books are actually prohibiting individuals from
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 02:51.790
profiting off of insider information doing more than the underlying disclosure regime that was passed in twenty twelve
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the honor system didn't work it's it's it's just that simple so you're did speakers john johnson will bring this to a vote early next year and what you're allowed to the stock you already own you're allowed to to keep but you just can't buy new ones or something how does it work
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 03:15.190
we're finalizing the legislative tax what i want to do with this legislation is not simply introduce a piece of legislation which has been done time and again on capitol hill i want to actually make sure that we get this all the way across the finish line and signed into law so
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 03:29.070
i'm sitting and working with my colleagues making sure we understand what each and every one of them needs to make sure we get this done what i mean by that is is this strict enough do we have the rules the penalties in place that are needed to make sure that we can get this
Bryan Steil (U.S. Representative (R-WI) / Chairman of the Committee on House Administration) 03:43.390
piece of legislation done crossed the line we're continuing those conversations i hope in the new year and it's a commitment i think from speaker johnson as well that we're going to be in a position to move this forward