House Republicans are lining up behind a long-sought effort to curb stock trading by members of Congress, signaling what party leaders say may be their strongest opportunity yet to address concerns that lawmakers can profit from insider information.

The proposal, drafted by Rep. Bryan Steil (R-WI), chairman of the Committee on House Administration, would prohibit House and Senate members from purchasing individual stocks while in office. The measure, titled the Stop Insider Trading Act, has secured backing from House GOP leadership and support from Republicans across ideological factions. Steil plans to formally introduce the bill Monday.

Lawmakers first attempted to rein in congressional trading with the 2012 Stock Act, which expanded disclosure requirements and explicitly banned trading on nonpublic information. But repeated efforts to go further - by restricting trading outright - have stalled despite broad public support and bipartisan interest.

“I think we have an opportunity to improve upon the Stock Act, in particular to remove a lot of concerns Americans have that members of Congress are profiting off of insider information by engaging in stock trading,” Steil said in an interview ahead of the bill’s release. “Not only do I think this is the best chance, I think we will ultimately prove ourselves to be successful.”

Under the proposal, lawmakers would be barred from making new purchases of individual stocks but could continue to buy and sell diversified investment funds. Members would not be required to divest existing stock holdings. Instead, the bill would create a mandatory presale disclosure system requiring lawmakers to file a public notice between seven and 14 days before selling an individual stock, with the option to withdraw the notice if they decide not to proceed.

The legislation would also increase penalties for violations. Lawmakers who fail to comply would face fines equal to $2,000 or 10% of the value of the covered investment - whichever is greater - and could be required to forfeit any profits from the transaction. The bill does not address other asset classes such as bonds or commodities.

House Speaker Mike Johnson (R-LA) and his leadership team are backing the effort, along with several Republicans who previously advanced separate proposals to restrict trading.

“No member of Congress should be allowed to profit from insider information, and this legislation represents an important step in our efforts to restore the people’s faith and trust in Congress,” Johnson said. “Both Republicans and Democrats will have an opportunity to make their voices heard and affirm their support.”

Steil said he intends to move quickly, with committee debate and amendments expected as soon as this week. GOP leaders have pledged to bring the bill to the House floor once it clears committee.

“I’ve worked closely with Chairman Steil, who has been tirelessly putting together a bill that bans stock trading by Members of Congress, and would like to move this bill for a full House vote soon after it gets out of committee,” said House Majority Leader Steve Scalise (R-LA).

The push follows a series of earlier efforts to force action on the issue. Rep. Anna Paulina Luna (R-FL) recently advanced a stock-trading ban through a discharge petition, a procedural move that allows lawmakers to bypass leadership if sufficient support exists.

Republicans from across the party’s ideological spectrum have signed on as original co-sponsors of Steil’s bill, including Luna; Rep. Chip Roy (R-TX), a member of the House Freedom Caucus; and Rep. Mike Lawler (R-NY), a centrist member of the Problem Solvers Caucus.

“The people should be able to trust the motives of their representatives in Congress - yet active stock trading that enriches certain members has broken that trust,” Roy said. “This bill is a collaborative product that takes a giant step forward to restore trust by ending stock purchases and forging presale disclosure.”

Lawler argued that the proposal could help rebuild public confidence in Congress. “If you’re getting rich in Congress, you should get the hell out or be thrown out,” he said.

The restrictions would also apply to spouses and dependent children of lawmakers, barring them from purchasing securities of publicly traded companies. The bill includes exceptions for certain circumstances, such as ownership in small businesses, some trust-held investments, employment-related compensation, and cases in which a spouse or child’s primary occupation involves managing investments for others.