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119-hr-4036119th CongressWALLET

No Shorting America Act

Sponsored By: Representative Kean, Thomas H. [R-NJ-7]

Introduced

Summary

Bans Members of Congress, their spouses, and dependents from short selling securities or comparable synthetic instruments issued by companies listed on national stock exchanges. The bill would require compliance pledges and public certificates from the supervising ethics office and allow the Justice Department to seek civil fines up to $50,000 for willful violations.

Show full summary
  • Covered individuals would be barred from short sales and synthetic equivalents in exchange-listed companies, and any loss from a violating short sale could not be deducted from their income tax.
  • The supervising ethics office would collect pledges of compliance, may request materials to verify trading, and must publish certificates of compliance on a public website.
  • The Attorney General could sue willful violators in federal court and courts could impose civil penalties up to $50,000, with payment barred from Members’ official allowances or federal campaign committees.

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 0 benefits, 4 costs, 0 mixed.

No tax write-off for banned short sales

If a covered person makes a banned short sale and loses money, they could not deduct that loss on their federal income tax return. This would apply to Members of Congress, their spouses, and dependents. That would raise their tax bill compared with current rules.

Short selling ban for Members' households

Members of Congress, their spouses, and dependents would be barred from short selling investments tied to companies listed on a national stock exchange. The ban would cover securities, security futures, commodities, and synthetic bets like options or warrants. A short sale is selling an investment you do not own, hoping the price falls.

Ethics pledge and public compliance certificates

Each Member of Congress would need to sign a pledge to follow the short‑sale ban. The supervising ethics office could ask for records to show compliance. The office would issue a compliance certificate and post it on a public website.

Fines up to $50,000 for violations

The supervising ethics office would refer willful violations to the Attorney General. The Attorney General could sue a covered person who knowingly and willfully broke the ban. A court could fine them up to $50,000. They could not use official office funds or campaign funds to pay the fine.

Sponsors & CoSponsors

Sponsor

Kean, Thomas H. [R-NJ-7]

NJ • R

Cosponsors

  • Rep. Craig, Angie [D-MN-2]

    MN • D

    Sponsored 6/17/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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