Kean backs congressional stock trading limits as House passes bill
The U.S. House of Representatives passed legislation Wednesday that would prohibit members of Congress and their immediate families from purchasing individual stocks, giving Rep. Tom Kean, Jr. (R-Westfield) a politically potent vote in a competitive re-election race where his personal investments have become a campaign issue.
The Stop Insider Trading Act passed 232-198, with all House Republicans joined by thirteen Democrats, including Rep. Josh Gottheimer (D-Tenafly). New Jersey’s other eight House Democrats voted against the measure.
“I believe Members of Congress should serve the public — not profit from public office,” said Kean. “That is why I strongly support the Stop Insider Trading Act, which will prohibit Members of Congress, their spouses, and dependent children from purchasing individual stocks.”
The legislation would bar members, their spouses, and dependent children from purchasing securities issued by publicly traded companies. It would not require lawmakers to sell stocks they already own, and they could continue selling existing holdings after filing a public notice at least seven days in advance.