FILE - U.S. Rep. Chris Pappas, D-N.H., speaks during an organizing event on Oct. 29, 2022, in Portsmouth, N.H. Pappas and Republican challenger Karoline Leavitt met in Manchester, N.H., for their final debate on Thursday, Nov. 3. (AP Photo/Mary Schwalm, File)

WASHINGTON, DC – 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.”