Podcast Summary: Newt's World – Episode 959

Title: Congressman Bryan Steil on Stop Insider Trading Act
Date: March 26, 2026
Host: Newt Gingrich (Gingrich 360)
Guest: Congressman Bryan Steil, Chairman, Committee on House Administration

Main Theme and Purpose

This episode centers on government accountability, focusing primarily on Congressman Bryan Steil’s proposed "Stop Insider Trading Act." The discussion explores the context, key provisions, bipartisan support, and broader reform efforts in Congress to regain public trust—touching also on election integrity and Congressional pay during government shutdowns. Throughout, both speakers keep an optimistic, pragmatic, and reform-minded tone.

Key Discussion Points & Insights

1. Bipartisanship and the Congressional Mood

Timestamps: 03:10–08:59

• Growing cooperation: Newt notes a recent shift in Congress from gridlock towards more bipartisan problem-solving, driven by public frustration with inaction.
• Historical context: He shares stories from his own days in leadership, citing the Americans with Disabilities Act as a bipartisan achievement.
• Optimism: "I wouldn't be at all surprised this summer to see a whole range of legislation come pouring through… not all of it gigantic, not all of it historic, but building blocks, steps in the right direction, improvements." (Newt Gingrich, 06:45)

2. Why the Stop Insider Trading Act?

Timestamps: 12:07–13:41

• Overwhelming public support: 86% of Americans, across the political spectrum, oppose members of Congress trading individual stocks.
• Problem of perception: “It’s such common sense that members of Congress should not be day trading… even to prevent the appearance of impropriety.” (Bryan Steil, 13:02)
• Building trust: The bill aims to address public suspicion and restore confidence in Congressional integrity.

3. Details and Enforcement Provisions

Timestamps: 16:34–19:28, 22:21–24:37

• Closing loopholes:
  • The 2012 STOCK Act added transparency but failed to prohibit members from trading individual stocks—a “glaring gap” Steil’s bill intends to close.
• Key components:
  1. Ban on new stock trading: No new individual stock acquisitions by members, spouses, or dependent children upon entering Congress.
  2. Dealing with pre-existing holdings:
     • Members may retain previous investments but must give a minimum seven days’ public notice before any sale, preventing usage of insider information.
     • "That guts out any opportunity to profit off of any insider information because effectively you’re going public with your intent." (Bryan Steil, 22:52)
  3. Meaningful penalties:
     • The fine is $2,000 or 10% of the transaction (whichever is greater), plus loss of any illicit profits.
     • "The old law’s $200 fine is functionally irrelevant. If you trade $50 million of stock, a $200 penalty is irrelevant." (Bryan Steil, 18:18)

4. Bipartisan and Presidential Backing

Timestamps: 15:30–16:18, 24:37–25:57

• Senate action: Senator Pete Ricketts is sponsoring a companion bill.
• Momentum: "That momentum really picked up when President Trump, in his State of the Union, said he wants the Stop Insider Trading Act on his desk." (Bryan Steil, 15:44)
• Endorsements matter: Trump naming the bill in the State of the Union added urgency and credibility.

5. Current Status and Legislative Path

Timestamps: 25:57–28:29

• Delay reasons: Floor action is slowed by division in Congress and immediate priorities like the DHS shutdown.
• Optimism for passage: "Once you put an up or down vote in front of people… I think you’ll see this pass in overwhelming numbers." (Bryan Steil, 26:29)
• Democratic support: Some Democrats (e.g., Rep. Riley) have already signed on, with more anticipated as public pressure grows.
• On legislative nitpicking: “It's often what I call the Goldilocks argument… it's not quite perfect. At some point, you've got to draw the line." (Bryan Steil, 27:24)

6. Other Reforms: Election Integrity & Congressional Pay During Shutdowns

Timestamps: 31:25–38:47

• Save America Act (election integrity):
  • Requires voter ID and citizenship verification to register.
  • "It’s common sense to require photo identification. It's common sense that only Americans should vote in elections.” (Bryan Steil, 34:05)
  • Democrats oppose it, which Steil attributes to both policy and political antipathy towards Trump.
• Withhold Members Pay During Shutdown Act:
  • Would halt Congressional pay during shutdowns until regular federal employees are paid.
  • "You would be shocked… how fast members of Congress would say, ‘Alright, let’s get everybody in the room, … let’s get a deal, and let's move forward.’” (Bryan Steil, 37:46)

7. Philosophy and Personal Motivation

Timestamps: 38:47–42:51

• Wisconsin tradition: Steil draws on the state’s history of clean, transparent governance (e.g., La Follette).
• Manufacturing mindset: Like Sen. Ron Johnson, Steil applies a pragmatic, results-oriented approach from his private-sector background: “You can’t sit and have philosophical fights in a factory… If we look at Washington, almost no one would say, ‘this is a well-oiled machine’... The manufacturing mindset says, go back and look at the system and the process that you’re engaged in. Is that part of the problem? And I would say absolutely yes.” (Bryan Steil, 41:37)

Notable Quotes & Memorable Moments

• Gingrich’s optimism:
  “Maybe as many as 350 members, Democrat and Republican, would like to work together and would like to find a way to get something positive done. That’s my optimistic view about where we are.” (Newt Gingrich, 08:26)
• On public sentiment:
  “This is a real opportunity to start cleaning up this mess.” (Bryan Steil, 16:29)
• On meaningful rules:
  “If you want to trade stocks, there's a place for that—it's called Wall Street. If you want to come to Washington, that's where you serve the American people.” (Bryan Steil, 17:31)
• On legislative ‘Goldilocks logic’:
  “You can make any argument you want... ‘oh, it’s not quite good enough, or oh it does a little too much, it’s not quite perfect.’” (Bryan Steil, 27:20)
• Principle of fairness:
  “There’s an absolute need for massive improvement. ... Sometimes that doesn’t make me the most popular person in Washington, D.C., and I’m just fine with that. I’m more excited to have friends in Wisconsin than in Washington.” (Bryan Steil, 40:34)

Timestamps for Key Segments

| Segment | Timestamps | |------------------------------------|-------------------| | Congressional mood & bipartisanship| 03:10–08:59 | | Introduction of guest, background | 12:07–12:39 | | Public support, rationale for bill | 12:42–13:41 | | Loopholes in current law | 16:34–18:18 | | Enforcement/penalties | 18:18–19:28, 22:32–24:37 | | Trump endorsement, Congressional process | 24:37–26:57 | | Status & why not scheduled | 25:57–28:29 | | Election integrity, Save America Act | 31:25–36:28 | | Withhold Members Pay Act | 36:28–38:47 | | Wisconsin reform tradition, philosophy | 39:59–42:51 |

Conclusion & Action Items

• Gingrich’s call to action: Listeners are encouraged to contact their representatives to support these bills and push for Congressional accountability.
• Steil’s vision: Continuing Wisconsin’s good government legacy through transparency, integrity, and pragmatic legislative reform.

This episode offers an educational, behind-the-scenes look at practical, bipartisan reform efforts to tackle Congressional conflicts of interest, improve election integrity, and ensure lawmakers feel the impact of shutdowns. Both Gingrich and Steil provide context, legislative detail, and personal motivation—serving as a roadmap for restoring public faith in government.

For further details or to contribute questions for future episodes, listeners are invited to email Newt Gingrich at newtingrich360.com.