U.S. Rep. Bryan Steil’s investments helped make him millionaire, nearly doubling his net worth from $812,000 to nearly $1.9 million since he went to Congress, Wisconsin Watch reports. According to the financial data tracking platform Unusual Whales, Steil’s stock portfolio was the fourth most profitable among members of Congress in 2025, outperforming the S&P 500 by 62.5%. Yet Steil is running as a watchdog on congressional stock trading. 

“You deserve a Congress you can trust, that’s working for you. … I’m leading the charge to ban members of Congress from trading stocks,” Steil says in a campaign ad now running in Wisconsin’s suddenly competitive 1st Congressional District.

The ad refers to Steil’s Stop Insider Trading Act, which failed in the Senate this week. Steil blamed Democrats for blocking his attempt at “ethics reform” and vowed to keep fighting.  But Wisconsin’s Democratic Sen. Tammy Baldwin called the bill a “sham,” pointing out that there are much stronger bills that, unlike Steil’s, require members to divest their stock holdings.

Steil’s bill allows members of Congress to keep and sell stocks. It places no restrictions on their purchases of cryptocurrency holdings, betting in prediction markets or trades in industry-specific mutual funds or private stock offerings from corporations. 

These giant loopholes drew the attention of Steil’s colleague U.S. Rep. Joe Neguse of Colorado, who grilled Steil on the shortcomings in his bill during a House Rules Committee hearing on July 20. 

“There are many bills that have been introduced … that would ensure that the sale and the purchase of stocks is banned, and this bill does not do that,” Neguse pointed out. He and Steil debated whether a disclosure rule in Steil’s bill is a sufficient safeguard (Neguse didn’t think so), and why the bill didn’t cover prediction markets. 

The Senate unanimously passed a ban on members and staff participating in prediction markets, just one week after a U.S. special forces soldier was charged with using classified information to bet on the capture of the Venezuelan president. Members of Congress have access to all kinds of sensitive information they could use for personal gain by placing bets on wars, economic crises or elections, Senate Minority Leader Chuck Schumer warned. Why can’t the House pass the same ban, Neguse asked. Steil replied that he has been working on a separate bill concerning prediction markets, which are a “new and novel technology.” 

“It took the Senate a day!” Neguse shot back. “It’s a one-page resolution. It literally is a paragraph. It just says members of the Senate are banned from participating in prediction markets.” Neguse suggested that the House adopt the Senate’s language and pass the same resolution immediately. 

Instead, Steil has crafted a narrow bill that imposes fines on members and their families if they bet on specific government policy matters that come to their attention through their congressional work. Like his narrow stock-trading bill, which avoids making members give up lucrative investments, the Stop Lawmakers from Predicting Act takes a permissive view of members interested in playing in prediction markets unless there is a specific, demonstrable conflict of interest that a member’s colleagues on the House ethics panel deem worthy of a fine.

At best, that’s a different goal than the “Congress you can trust” Steil talks about in his campaign ad. Instead of protecting the public from corrupt public officials who seek to profit from their privileged perch, Steil is intent on not making things too uncomfortable for his fellow members sitting on cushy portfolios.

It says a lot that Steil’s prediction market bill and his Stop Insider Trading Act both have the full support of President Donald Trump. As Baldwin points out, Trump is exempt from Steil’s proposed restrictions on stock trading, even though Trump made 21,000 stock trades and added $2.2 billion to his personal wealth in just the first year of his second term.

This is the real hole in Steil’s claim to be an ethics watchdog in Congress. His compromised reform proposals don’t come close to making up for the heavy lifting he has been doing in office carrying water for Trump. He has been a chief enabler for a president who is setting new records for unethical behavior as he uses his office to enrich himself. Along with his weak efforts at “ethics reform,” Steil has been pushing new voting restrictions dear to Trump’s heart. His proposed national Voter ID Act is even more restrictive than Wisconsin’s toughest-in-the-nation voter ID law, barring the use of student IDs to vote and potentially disenfranchising millions of eligible voters who don’t meet the requirements. 

Steil does not present as a rage-filled MAGA warrior. Like his mentor, former House Speaker Paul Ryan, he has repeatedly won reelection by comfortable margins while projecting a friendly, thoughtful image in his home district, even as his work in Washington diverges from his constituents’ interests. But as crises pile up, it’s getting harder to put a pleasant gloss on loyalty to an administration that is rapaciously devouring the nation’s wealth while trying to disenfranchise its citizens. 

Wisconsin’s 1st CD has attracted national attention recently as the political landscape gets tougher for Republicans even in solidly red House districts. The Democratic Congressional Campaign Committee added Steil’s reelection race to its Red to Blue list and an internal DCCC poll conducted Sept. 21-23 — with a margin of error of 4.4% — found the race is a dead heat between Steil and his challenger, former VA hospital nurse Mitchell Berman, with the two candidates tied 48-48 among likely voters, a plurality of whom identified as Republicans.

A new Berman campaign ad, paid for in part by the DCCC, which now sees Steil as a target, emphasizes Steil’s stock portfolio. In it, Berman declares, “Public service shouldn’t be about getting rich.” Steil couldn’t have said it better himself.

WASHINGTON — U.S. Senate Republicans did not gain any support Wednesday from Democrats as they attempted to advance a bill that mashed together two hot-button midterm issues: requiring voter ID in federal elections and limiting stock trading for members of Congress.

The Republican-led bill, titled the Stop Insider Trading Act, failed 53-47 when lawmakers stayed solidly within party lines for the procedural vote. Most legislation requires 60 votes, or three-fifths of the Senate, to advance.

The House-passed measure attached a voter ID requirement onto a base bill prohibiting members of Congress and their spouses and close family members from purchasing certain stocks, and requiring a public notice and waiting period prior to selling stocks. 

House lawmakers approved the legislative package by a 232-192 margin.

While 13 House Democrats supported the bill, sponsored by Rep. Bryan Steil, R-Wis., despite plenty of criticism, Senate Democrats did not bite.

“The Senate GOP let their counterparts in the House take out all of the ban’s teeth and fill it with poison pills so it could never pass. This bill has no reform, no accountability, no substance,” Minority Leader Chuck Schumer, D-N.Y., said on the Senate floor prior to the vote Wednesday.

House and Senate Democrats panned the legislation for being a weaker version of other bipartisan bills aimed at stopping members of Congress from potentially profiting off insider knowledge while trading stocks. The issue has drawn support from both parties over the past several years.

“Under (the) Republican bill, members would still get to own and sell stocks. And most importantly, this bill doesn’t do anything – anything – to stop Donald Trump from trading stocks. I guess Republicans forgot that Trump has made nearly 30,000 stock trades in the past year and raked in billions – more than all of Congress combined,” Schumer continued.

The New York Democrat also said the measure “would make voting more difficult in every state than it is now” and described it as “some of the most twisted, radical schemes Trump has ever dreamed up to rig our election.”

ID for voting

Under the measure, a voter would be required to present a current state-issued driver’s license or identification card, passport, valid military or veteran ID, or tribal government-issued ID card to be able to vote. 

If a voter doesn’t have one of the listed physical forms of identification, state election officials could issue a provisional ballot. The voter would then have three days to provide the accepted ID or an affidavit that the voter doesn’t have one because of religious objections to being photographed.

Additionally, state officials would be prohibited from accepting absentee ballots unless the voter attaches a copy of a valid ID, the last four digits of their Social Security number with an affidavit that they cannot obtain a photo ID, or a notarized statement that the voter personally completed their ballot.

‘Commonsense legislation’

Senate Republicans pushed for the bill ahead of the vote, including Nebraska Republican Sen. Pete Ricketts, who posted Monday on X, “This bill would ban congressional insider trading. We need to pass this commonsense legislation and restore integrity to Congress.” 

Sen. Mike Lee, R-Utah, pointed to a Department of Justice indictment announced Wednesday to argue in support of the legislation.

Quoting a post on social media about DOJ allegations that 10 noncitizens voted in a previous election, Lee wrote: “Every Senate Democrat just voted against legislation that would stop this.”

While the DOJ has alleged instances of isolated election-related crimes, widespread voter fraud has never been credibly proven. 

A database published in 2024 by the right-leaning Heritage Foundation surveying millions of votes cast in seven states over decades found reported cases of fraud to be less than 1%, according to an analysis of the results by the progressive Brookings Institution.

A comprehensive body of research has found the practice to be exceedingly rare.