The No Shorting America Act would prohibit Members of Congress, their spouses, and their dependents from engaging in short sales of stocks, securities, and other financial instruments listed on national stock exchanges. Short selling is a financial practice where an investor bets that a stock price will fall and profits from the decline. The bill requires Members of Congress to submit compliance pledges to their supervising ethics office and makes compliance certificates publicly available online for transparency. Anyone who knowingly violates the ban could face civil penalties of up to $50,000, which cannot be paid using official congressional funds or campaign money. The legislation establishes that losses from illegal short sales cannot be deducted from an individual's income taxes, with enforcement handled through the ethics office and the Department of Justice.
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