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| - The quote is correctly attributed to Mike Johnson. However, many posts circulating video footage of the statement are truncated. In the full video, Johnson voiced support for a potential ban on members of Congress trading on the stock market before expressing his view that some ought to be allowed to participate in trading stocks in order to support their families because Congress' salaries haven't increased since 2009.
A claim that U.S. Speaker of the House Mike Johnson said Americans should allow members of Congress to participate in trading on the stock market circulated online in May 2026.
Users shared the claim on social media, some posts accompanied by a short clip of Johnson appearing to say as much during an unspecified news conference.
The claim gained traction amid Americans' financial concerns regarding the increasing costs of gasoline and groceries throughout 2026.
The quote is correctly attributed to Johnson, though there is crucial context that does not appear in the shortened clip being circulated on social media.
Johnson made the remarks on May 14, during a House Republican leadership news conference, in response to a journalist asking a question about a potential ban on Congress members engaging in stock trading.
Johnson responded that, while he was in favor of such a rule and said there was "zero tolerance" for insider trading, he could also see why members might want to participate in such activities.
The full news conference can be seen on YouTube, where the exchange begins around the 27-minute mark.
The full exchange went as follows:
REPORTER: A group of your colleagues are having bipartisan talks about a potential congressional stock ban. I wanted to see where you are on that and if that's going to move ahead. I know they're working to get something that's going to have --
MIKE JOHNSON: Yeah. You want me to tell you my honest opinion on it? I mean, I'm in favor of that because I don't think we should have any appearance of impropriety here, okay? But the other side of it, some people say, well look, the salary of Congress has been frozen since 2009. When you adjust for inflation, a member of Congress today is making 31% less than they made that year. It goes down every year. And over time, if you stay on this trajectory, you're going to have less qualified people who are willing to make the extreme sacrifice to run for Congress. People just make a reasonable decision as a family on whether or not they can come and move to Washington, have a residence here, a residence at home and do all the things that are required. So the counter argument is, and I have some sympathy, look, at least let them engage in some stock trading so they can continue to, you know, take care of their family. But on balance, my view is we probably should do that because I think it's been abused in the past and I think, sadly, a few bad actors discolor it for everyone. And look, we have no tolerance for anything even resembling insider trading or any of this kind of advantage that anybody could take. Zero tolerance for it and we'll stamp it out ourselves. So that's why I'm in favor of the policy but I understand people that have misgiving about that, so we'll see where it lands.
For context, Johnson's claim that salaries for members of Congress haven't increased since 2009 is true.
According to the U.S. government, base salary "for most Senators, Representatives, Delegates, and the Resident Commissioner from Puerto Rico has been $174,000," while the Speaker of the House — Johnson's position — earns $223,500 per year.
Further, majority and minority leaders, as well as the president pro tempore of the Senate, earn $193,400 annually.
By contrast, the federal minimum wage has also not increased since 2009, when it was raised to $7.25 per hour, or about $15,080 annually for someone working 40 hours per week.
Concern over congressional stock trading came to the forefront for many citizens in 2026 as the costs of living skyrocketed in part due to the administration's ongoing conflict with Iran and President Donald Trump's tariff policies, not to mention a BBC report about the president's own alleged insider trading.
Further muddying the waters was the rise of prediction market betting on apps such as Polymarket that allow for wagers to be placed on world events, including the war in Iran.
A previous Snopes investigation found that six newly created Polymarket accounts made bets on the initial strike on Iran that took place on Feb. 28, just hours before it happened, with a combined payout of over $1 million.
In late April 2026, a CBS affiliate in New York reported on a trend of Americans following the lead of politicians' investments in terms of where to put their own money.
A bipartisan bill that aimed to prevent insider trading by members of Congress and their families, the Restore Trust in Congress Act, was introduced in September 2025. As of this writing, the bill has not been discussed in session.
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