Today in Congressional Trading

Senator Alan Armstrong committed over 700 late stock transaction disclosures in violation of the STOCK Act, only coming clean this week amid renewed congressional scrutiny. His belated filings coincided with the House passing the Republican-backed Stop Insider Trading Act in a 232-198 vote, which seeks to tighten existing ethics rules around congressional trading. The timing underscores ongoing bipartisan pressure to enforce stricter financial disclosure standards for lawmakers.

Rep. Dan Crenshaw (R-TX) committed another STOCK Act violation by failing to timely disclose personal stock trades, including activity involving Meta, according to a Notus report. The violations occurred as Congress was actively debating legislation to ban lawmakers from trading individual stocks altogether. Crenshaw's repeated non-compliance underscores the enforcement gap in the STOCK Act, which requires members of Congress to report trades within 45 days but carries only a nominal $200 fine for violations.

Rep. Tim Walberg (R-MI) violated the STOCK Act by failing to timely disclose more than a dozen stock purchases made in early 2025, including investments in defense contractors and fossil fuel companies. The STOCK Act requires members of Congress to report trades within 45 days to prevent insider trading and conflicts of interest. The late disclosures raise concerns given Walberg's congressional role and the industries represented in his portfolio, which could intersect with legislation he influences.

Rep. Christian Menefee (D-TX), a freshman congressman, violated the STOCK Act by failing to timely disclose stock sales, attributing the lapse to accidentally leaving disclosure reports in draft status rather than submitting them. The STOCK Act requires members of Congress to report securities transactions within 45 days to prevent insider trading and ensure transparency. Menefee's technical excuse echoes a familiar pattern among lawmakers who face minimal consequences for late filings, typically incurring only a $200 fine.

Minnesota Rep. Kelly Morrison (D) violated the STOCK Act by failing to timely disclose millions of dollars in stock trades, according to a new report. Her office attributed the late filings to a third-party investment manager who executed the trades without her prior knowledge. The case highlights ongoing scrutiny of congressional stock trading compliance, even when lawmakers use blind-trust-style managed accounts.

Republican Sen. Katie Britt of Alabama violated the STOCK Act by filing 22 of her husband's stock trades up to nearly eight months past the legally required disclosure deadline. The STOCK Act mandates that members of Congress report securities transactions within 45 days to prevent insider trading and ensure public transparency. Britt joins a growing list of lawmakers who have faced scrutiny for late or missing financial disclosures, raising ongoing concerns about congressional accountability.

A decade after the STOCK Act was passed to curb insider trading by members of Congress, the law has largely failed in its intended purpose due to weak enforcement mechanisms and minimal penalties for non-compliance. Lawmakers routinely miss mandatory disclosure deadlines for stock trades with little consequence, as fines are nominal and oversight bodies lack the authority to impose meaningful sanctions. The result is a system that creates the appearance of accountability while allowing congressional members to continue trading on potentially privileged information with near impunity.

At least 78 members of Congress have violated the STOCK Act, a 2012 law requiring lawmakers to publicly disclose financial trades within 45 days to prevent insider trading and conflicts of interest. The violations span both parties and chambers, raising questions about whether legislators are exploiting non-public information gained through their official duties for personal financial gain. In response to the findings, Congress is now debating whether to go further by imposing an outright ban on individual stock trading by lawmakers.