By Michael Phillips | Thunder Report
As House Republicans advance new legislation aimed at curbing congressional stock trading, a Republican congressional candidate in Maryland is arguing the proposal does not go far enough — and that lawmakers should be barred entirely from owning individual stocks while in office.
Chris Burnett, a retired Marine Corps officer and national security attorney running in Maryland’s 6th Congressional District, weighed in this week following the introduction of the Stop Insider Trading Act, sponsored by House Administration Committee Chairman Rep. Bryan Steil (R-Wis.).
The bill would prohibit Members of Congress, their spouses, and dependent children from making new purchases of individual publicly traded stocks. It would also require lawmakers to file public notice at least seven days — but no more than 14 days — in advance of any planned stock sale. Existing stock holdings would be allowed to remain, and diversified investments such as mutual funds and ETFs would be exempt.
Supporters say the measure strengthens transparency and responds to public frustration over lawmakers trading in sectors they regulate. Critics, including voices from both parties, have described the bill as a political compromise that leaves key concerns unresolved — particularly the absence of a divestment requirement and continued committee conflicts tied to existing holdings.
Burnett praised the bill as a step forward but argued disclosure-based reforms are insufficient.
“While this is a positive step forward, I remain opposed to any conflict of interest, including stock ownership,” Burnett said in a January 12 statement. “I have consistently advocated for banning Members of Congress from owning stocks while in Congress and would divest all holdings before entering office.”
Congressional stock trading has remained a persistent ethics issue since passage of the STOCK Act, which mandates disclosure but permits ownership and trading. Repeated revelations of lawmakers trading during periods of market volatility or regulatory action have fueled public skepticism and bipartisan reform efforts.
Burnett’s comments reflect a broader debate now resurfacing in Washington: whether transparency alone can restore trust in Congress, or whether more aggressive structural reforms are required.
The Stop Insider Trading Act is scheduled for committee markup on January 14.
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