Today, Rep. Chris Smith (R-NJ) applauded the U.S. House of Representatives’ passage of the Stop Insider Trading Act (HR 7008).

                “Today, I supported—and the House passed—critical legislation to enhance transparency and accountability for Members of Congress and their families, as well as bolster the security of our elections,” said Smith, an original cosponsor of HR 7008.

                The Stop Insider Trading Act will unequivocally prohibit Members, their spouses, and their dependent children from purchasing securities issued by publicly traded companies. Members and their families will also be required to file a public disclosure prior to selling any stocks they already own.

                Those who violate this law, if enacted, will be charged with a fine equal to $2,000 or 10% of the value of the transaction—whichever is greater—as well as any net gain emanating from the transaction.

                “The use of non-public information for personal gain by any government official is cause for grave concern and immediate action. Government officials who engage in insider trading, whether it be through prediction markets or through traditional stock market exchanges, can and should be prosecuted to the full extent of the law,” continued Smith, who has historically supported legislative action to ban congressional stock trading.

                “Additionally, the Stop Insider Trading Act includes a provision that will require prospective voters to display valid photo identification prior to casting a ballot in a federal election—especially timely in wake of yesterday’s revelation that the New Jersey’s voter-registration system registered approximately 6,600 non-U.S. citizens to vote between June 2023 and June 2024, with 400 of them going on to cast ballots,” Smith stated.

                Those unable to vote in-person will just need to enclose a copy of their photo ID, the last four digits of their Social Security number, and/or an affidavit with their federal mail-in ballot. Eligible voters who do not present photo ID can still cast provisional ballots, but they must provide the required documentation within three days of voting.

                “This legislation will help restore public trust in our Members of Congress and the security of our federal elections,” Smith explained. “Members cannot and should not use their public office and insider information to line their pockets. I urge my colleagues in the Senate to quickly take up this critical legislation for a vote.”

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