In a significant move to address insider trading within the halls of Congress, Speaker Mike Johnson and House Administration Chair Bryan Steil presented a new legislative strategy to a group of Republican lawmakers on Thursday. The briefing, which detailed plans for potential legislation aimed to curb unethical trading practices among members of Congress, could see a floor vote as early as January.

According to sources familiar with the discussion, the emerging proposal would allow members to hold mutual funds, signaling a less stringent approach compared to existing proposals. This strategy appears designed to win over some Republicans who found previous bills overly restrictive.

Majority Leader Steve Scalise indicated that while the goal is to present the legislation early next year, a January timeline could not be confirmed. The initiative by Johnson and Steil arises amidst efforts by Rep. Anna Paulina Luna and other Republicans who have been advocating for a stricter bipartisan bill that would prohibit Congress members and their spouses from stock trading altogether.

However, the new plan crafted by Steil aims to specifically target insider trading without imposing a broad ban on stock ownership. This approach may serve to bridge divisions within the party, particularly among members of the financial services panel who have expressed concerns over more restrictive measures.

Rep. Luna, speaking after the meeting, hinted at possible changes to House rules as part of the strategy to enforce the proposed restrictions. Meanwhile, Democrats, led by Rep. Seth Magaziner, are pushing for a more comprehensive stock-trading prohibition that would also include the executive branch. Magaziner criticized the Republican-led initiative for not going far enough to meet public expectations for transparency and accountability in Congress.

The legislative efforts underscore a growing recognition of the need for reform to ensure that those who craft the nation’s laws are not unduly influenced by personal financial interests. As the debate unfolds, all eyes will be on the House floor to see whether lawmakers can coalesce around a proposal that effectively addresses the complex issue of insider trading without stifling legitimate financial activities by its members.