[Congressional Record Volume 172, Number 122 (Monday, July 27, 2026)]
[Extensions of Remarks]
[Page E743]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        STOP INSIDER TRADING ACT

                                 ______
                                 

                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                        Wednesday, July 22, 2026

  Ms. McCOLLUM. Mr. Speaker, I rise in opposition to H.R. 7008, the so-
called Stop Insider Trading Act.
  Let me be clear, this bill is not a stock trading ban. It does 
nothing to stop Members of Congress from profiting from their 
positions, and it says nothing about the President's own outrageous 
self-enrichment while in office.
  I was elected to represent my constituents' interests in Congress, 
not to abuse my position for personal profit. That is why I do not own 
or trade individual stocks, securities, commodities, or futures. 
Unfortunately, not all of my colleagues share that view, which is why 
Congress must act now to ban stock trading for Members of Congress.
  In 2012, I voted for the STOCK Act, which brought transparency to 
Members' stock trades. But transparency is not deterrence. The penalty 
for violating the STOCK Act is just $200. That is why I have routinely 
cosponsored real solutions not just for Congress, but for the executive 
branch as well. I am a cosponsor of H.R. 6731, the Restore Trust in 
Government Act. This bill would prohibit Presidents, Vice Presidents, 
Members of Congress, and their dependent children, spouses, and 
trustees from owning and trading individual stocks. This is the 
comprehensive reform that Congress should consider today to prohibit 
Members from profiting from their positions.
  Instead, we are considering H.R. 7008, which will do something else 
entirely. H.R. 7008 makes it harder for Americans to vote due to 
Republican maneuvering that inserts the SAVE America Act in this bill. 
This provision will pile new burdens on voters and election officials, 
override even the strictest state voter ID laws by tossing out 
documents like student IDs and hunting licenses, and effectively ends 
voting by mail. The bill is timed to take effect 90 days after 
enactment, landing implementation squarely in the middle of the midterm 
election after voting has already begun.
  Trust in Congress is at an all-time low. We will not rebuild it with 
a bill that dodges real stock trading reform while making it harder for 
Americans to vote. I urge my colleagues to oppose this bill and instead 
work to institute real accountability.

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