Yakym Slams Democrats for Blocking Congressional Stock Trading Ban

WASHINGTON, D.C. – Today, Congressman Rudy Yakym (IN-02) slammed Senate Democrats for blocking the Stop Insider Trading Act, legislation that would ban Members of Congress from buying stocks while in office.

The vote comes after 198 House Democrats voted against the bill in July. Congressman Yakym voted for the ban. 

"Hoosiers are sick of watching politicians get rich off the jobs they were sent here to do while they pay more. That's why I voted to ban individual stock trading for every Member of Congress,” said Rep. Yakym. “If you want to trade stocks, go to Wall Street, not Washington.”

The Stop Insider Trading Act will:

• Ban Members, their spouses, and their dependent children from purchasing a security issued by a publicly traded company.

• Require Members of Congress to file a public notice at least seven days, but no more than 14 days, in advance of each intended sale with the Clerk of the House of Representatives.
• Require the House Ethics Committee to issue a fee equal to $2,000 or 10% of the value of the covered investment – whichever is greater – plus the net gain realized from the sale, for violations of the law.

Read the full bill here.