WASHINGTON, DC— Today, Congressman Sam Liccardo (CA-16), and five of his House Financial Services Committee (FSC) colleagues, introduced the No Preferential Release of Federal Information for Transactions (NO PROFIT) Act, a bill that would bar social media companies from offering faster, subscription-based access to government employees’ accounts that communicate material information. Representatives Jim Himes (CT-04), Brad Sherman (CA-32), Bill Foster (IL-11), Josh Gottheimer (NJ-05), and Sean Casten (IL-06) co-lead the legislation. The bill is a House companion to Senator Mark Warner’s (D-VA) NO PROFIT Act.
“Politicians must not convert public office into a putrescent platform for pay-per-view profiteering. We need the NO PROFIT Act to put an end to the Grifter-in-Chief’s latest scheme,” said Liccardo.
The NO PROFIT Act is Congress’ first response to Truth Social’s launch of Truth API, a subscription-based data feed costing as much as $100,000 monthly per license that provides subscribers with advance access to posts from 10 of the platform’s most influential accounts, including President Trump’s. The legislation would make it illegal for a person to knowingly trade in securities, commodities, swaps, or prediction market contracts if the person is doing so on the basis of material information obtained through prioritized access to an account.
According to regulatory filings, President Trump is the largest shareholder of Trump Media & Technology Group, holding 114,750,000 stocks in the company currently managed by a trust controlled by his eldest son, Donald Trump Jr.
You can view the full text of the bill here. Learn more about Liccardo’s MEME Act here.
