Pappas Votes to Ban Stock Trading by Members of Congress, Fights for Additional Reforms
After years of advocacy by Congressman Chris Pappas (NH-01), the House today finally passed legislation that will ban members of Congress, their spouses, and dependent children from purchasing new stocks using insider information and personally profiting from their public service. The legislation also requires members of Congress to publicly disclose their intent to sell covered investments seven to fourteen days prior to any sale and establishes enforcement penalties for trading violations, including a fee of at least $2,000 or 10% of the transaction value, whichever is greater, plus any net gains, which must be paid by the member personally.
“For far too long, members of both parties have gotten rich trading stocks using insider information they got while holding public office, and thousands of my constituents are demanding we put a stop to this corrupt practice,” said Congressman Chris Pappas. “While not perfect, this legislation takes a crucial first step forward to take on those who abuse their public office for personal gain and end self-dealing in Washington. I went to Congress to change the way Washington works, and that begins with putting an end to members of Congress getting rich while middle-class families struggle with the high cost of gas, groceries, and health care. I will continue to lead the fight to reform Washington, including banning former members of Congress from lobbying for foreign countries, getting dark money out of politics, and ending shadow lobbying.”
Background:
Following Pappas’s advocacy in 2022, then-Speaker Nancy Pelosi reversed course and announced legislation to ban stock trading by members of Congress would be considered by the House. Pappas led a bipartisan call for a vote on legislation to ban stock trading by members of Congress.
In 2023, he joined 20 of his colleagues in calling for leaders of the House Committee on Administration to hold a markup on legislation that would prohibit Members of Congress from trading stocks. Pappas has also fought to change the rules of the House to include a ban on trading stocks by members of Congress
In 2025, Pappas helped introduce the TRUST in Congress Act, which would require Members of Congress — as well as their spouses and dependent children — to put certain investment assets into a qualified blind trust during their entire tenure in Congress, effectively banning them from trading individual stocks. Pappas cosponsors the Restore Trust in Congress Act, legislation that would ban Members of Congress from trading stocks and profiting off of public service, and supported the bipartisan effort to force a vote on it.
In March, Congressman Pappas helped introduce the No Getting Rich in Congress Act, sweeping legislation to crack down on insider trading in Congress and the White House, restore trust in government, and ensure public service is about serving the American people, not personal profit.