House may consider changes to STOCK Act next week

Under the proposed STOCK Act framework, penalties for not disclosing financial trades properly would be greatly increased 

Ken Martin / FOXBusiness

 

Legislation that would ban members of Congress from trading stocks may be considered in the House of Representatives as soon as next week.

That word came from Democratic Rep. Hakeem Jeffries of New York who announced on the House floor on Thursday afternoon that the body "may consider legislation to reform the STOCK Act." Jefferies is the chair of the Democratic caucus.

A framework entitled "Combatting Financial Conflicts of Interest and Restoring Public Faith and Trust in Government," was released to colleagues in a letter by Democratic Rep. Zoe Lofgren of California, the chair of the Committee on House Administration and seen by Insider.

House Speaker Nancy Pelosi had previously said that the issue would be taken up in September.

According to the framework, the legislation would include spouses and dependent children in any potential ban. Read more and see video here.