West NY News

WASHINGTON, DC –In keeping with his pledge to the residents of the 23rd Congressional District, Congressman Nick Langworthy (NY-23) today announced he joined as a co-sponsor of the The Prohibit Insider Trading Act introduced by Congressman Zach Nunn (IA-04) and Congressman Greg Stanton (AZ-04). The bipartisan legislation would prevent Members of Congress and their spouses from holding or trading individual stocks.  Members found in violation would be subject to a civil fine of up to $50,000.  Additionally, any profit related to the trades would be returned to the American people via the U.S. Treasury. 

“No one should go to Congress to get rich, but that’s exactly what we’ve seen happen with many members,” said Congressman Nick Langworthy. “No one should be allowed to use their position for personal gain and a straightforward prohibition is the best way to avoid conflicts of interest and deliver the honest representation Americans deserve. I’m proud to join my colleagues in sponsoring a bill that ensures decisions are being made in the best interest of our country, not the wallets of lawmakers.”  

Specifically, the Prohibit Insider Trading Act:  

• Prohibits Members of Congress and their spouses from transacting in individual stocks, futures, options, commodities, and warrants while serving in office. Diversified mutual funds, diversified ETFs, Treasury bills, and any investment in the Thrift Savings Plan (TSP) is exempt. 
• Mandates each Member submit to the supervising Ethics Committee a written certification of compliance within seven days after the beginning of any session of Congress. 
• Ensures Members or their spouses forfeit any investment profits to the U.S. Treasury if they are found in violation of the law. 
• Additionally, Members who violate the requirements lose the ability to deduct losses of those investments on their income taxes. 
• Empowers the Ethics Committees to levy supplementary civil penalties up to $50,000 and make public any violations. 
• Requires the supervising ethics office to conduct an audit of compliance by every Member of Congress every two years.  

Congressman Nick Langworthy represents the 23rd Congressional District of New York which includes Allegany, Cattaraugus, Chautauqua, Chemung, Schuyler, and Steuben Counties and parts of Erie County. Visit langworthy.house.gov.

Original source can be found here.