House Republicans on Monday unveiled a bill that would ban lawmakers from making future stock trades while permitting them to hold onto those they already own.

The legislation, called the Stop Insider Trading Act, is one of several competing proposals in Congress.

However, the bill unveiled Monday by House Administration Committee Chair Bryan Steil (R-Wis.) has a crucial advantage—the backing of House Speaker Mike Johnson (R-La.).

“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 in a statement. “Both Republicans and Democrats will have an opportunity to make their voices heard and affirm their support.”

Under the leadership-backed bill, current members of Congress would be permitted to keep the stocks they currently own.

However, they would be barred from purchasing new ones in the future. It prevents lawmakers or members of their immediate family—including spouses and dependent children—from “purchasing a security issued by a publicly traded company,” according to a press release from Steil’s office.

The legislation will undergo a markup in the House Administration Committee on Wednesday.

Rep. Steve Scalise (R-La.) expressed support for the measure in a post on X, suggesting it would move quickly to the floor following its markup by the panel.

“Members should NOT be able to profit from trading stock on insider information,” Scalise wrote. “@RepBryanSteil’s Stop Inside Trading Act ... will be on the House floor soon. This is the accountability the American people demand and deserve.”

Steil’s bill is the first to win wide support among House leadership.

A similar previous effort by Reps. Chip Roy (R-Texas) and Seth Magaziner (D-R.I.) would have done much the same as the current bill but failed to gain traction or leadership’s support.

Rep. Anna Paulina Luna (R-Fla.) has also put forward a discharge petition to ban stock trading. However, her measure only has 77 signatures—far short of the 218 needed to come to the floor without Johnson’s blessing.

Roy and Luna have both given their backing to Steil’s bill.

“This is a win, but it should be noted that this would not have happened if individual members, both Democrats and Republicans, had not stepped forward to call this out on both sides. I look forward to reviewing the full text, but based on the toplines discussed over the past few weeks, this is a step in the right direction, and I look forward to supporting it on the floor,” Luna wrote in a post on X.

Roy in a statement described Steil’s bill as a “collaborative product that takes a giant step forward to restore trust by ending stock purchases and forging pre-sale disclosure.”

Meanwhile, House progressives including Reps. Alexandria Ocasio-Cortez (D-N.Y.) and Pramila Jayapal (D-Wash.) have expressed skepticism of Steil’s proposal.

“While this bill prohibits Members from buying new stocks, it does nothing to remove the conflict of interest that arises from owning or selling existing stocks. Members can still act on legislation, investigations, and briefings that directly influence the value of their stocks for personal benefit,” they wrote in their statement.

The lawmakers instead encouraged the passage of the Roy–Magaziner proposal.

Under that proposal, in addition to banning new stock trades, members would have been required to divest or place their current holdings into a qualified blind trust within 90 days, with penalties for violations applied.