Congressman Vern Buchanan, Vice Chairman of the House Ways and Means Committee, has joined as an original cosponsor of new legislation aimed at restricting Members of Congress from trading individual stocks while in office. The bill, known as the Stop Insider Trading Act and led by Rep. Bryan Steil (R-Wis.), seeks to prevent lawmakers, their spouses, and dependent children from buying individual shares of publicly traded companies during their terms.
Buchanan stated, “The American people deserve confidence that Congress acts in the public interest, not for personal profit. Members should never be able to use insider information for personal gain, undermining trust and transparency in government. I’m proud to be an original cosponsor of this legislation, which establishes clear guardrails while still allowing responsible investment through diversified vehicles like index funds and ETFs.”
The proposed law would only apply to future transactions and would not require current holdings to be sold. If a member or their family decides to sell individual stocks, they must provide public notice between seven and fourteen days before the transaction. Penalties for violations include a civil fine equal to either $2,000 or ten percent of the transaction’s value—whichever is greater—and forfeiture of any net gains.
Buchanan represents Florida’s 16th district in Congress and has held this position since 2007 after succeeding Katherine Harris. He previously served in the Florida House of Representatives and has been active in business leadership roles within Florida. Buchanan was born in Detroit in 1951 and currently resides in Sarasota.
