The House passed the TRIA Program Reauthorization Act of 2026 on June 29 by a margin of 373 to 15. The bill touches the Financial Services sector. Two sitting members of Congress hold disclosed positions in Nasdaq, Inc., a company whose entire business model is Financial Data and Stock Exchanges. The public record notes all of this, in order, without blinking.
What Just Passed
HR.7128 cleared the House at 373-15. Fifteen members stood against it. The bill reauthorizes the Terrorism Risk Insurance Act program, which functions as a federal backstop for insurers absorbing losses from certified terrorist attacks. When TRIA lapses or gets rewritten, the ripple hits financial markets directly: pricing for commercial real estate, underwriting models for major exchanges, and the general architecture of how systemic risk gets allocated across the financial system.
Nasdaq sits squarely in that architecture. It operates markets, sells financial data, and runs infrastructure that the broader TRIA ecosystem depends on to function. Reauthorizing the program keeps conditions stable under which exchanges like the ones Nasdaq runs continue to operate. That connection is real and public, and NDAQ's positioning in this sector is not accidental or obscure.
The Two Members
Two members of the House have Nasdaq, Inc. in their disclosed portfolios. Their relationship to this vote is different, so they're worth looking at separately.
Ro Khanna voted Yea. He holds disclosed Nasdaq stock and voted in favor of a bill that reauthorizes a federal backstop for the financial services sector Nasdaq operates in. Full sequence, public record. Khanna represents California's 17th district, squarely in Silicon Valley — not short on financial and tech-sector interests. His Nasdaq position fits the portfolio of someone who takes the investor conference meeting.
April McClain Delaney did not vote. The roll call shows her position as Not Voting on HR.7128. She holds disclosed Nasdaq stock. She was not present for this one. The disclosure still shows the holding regardless of what she did with her clicker on June 29.
Members are required to disclose. They are not required to divest, recuse, abstain, or explain.
The Sector Math
The TRIA program backstops terrorism-related losses for commercial insurance. Its reauthorization creates certainty in the pricing of risk across large financial institutions — exchanges, data vendors, and the kind of infrastructure companies Nasdaq has spent the last decade acquiring. Nasdaq has expanded well beyond running a stock exchange: it owns financial technology platforms, anti-financial crime tools, and market surveillance products sold to other exchanges globally.
All of those revenue streams are sensitive to the legislative environment around financial services. A TRIA reauthorization is not a direct Nasdaq subsidy, but it maintains the systemic stability that Nasdaq's clients, and Nasdaq's own operations, depend on. The market relevance score on this vote, per our tracking, is 80 out of 100 for the Financial Services sector.
Two members hold NDAQ. The vote passed 373-15. One voted yes. The institutional deadpan writes itself.
The STOCK Act Framework (and What It Doesn't Do)
The STOCK Act requires members to disclose trades within 45 days of execution. It does not require them to stop trading. It does not require them to recuse themselves from relevant votes. It does not require anyone to review their holdings before raising their hand on the floor. The disclosure regime is an honor system with a paper trail — more than existed before 2012, less than most governance reformers would write if starting from scratch.
The practical result: a member can hold a stock, vote on legislation that affects that stock's sector, and be fully compliant with federal law from start to finish. The disclosure is public. The vote is public. The connection between the two is left as an exercise for the reader.
There are 435 members of the House. Two of them hold disclosed Nasdaq positions. Both are on the record here, one by voting yes, one by not showing up. The other 358 members who voted either way hold whatever they hold in filings we track separately.
Why Nasdaq Specifically
It's one of the more interesting holds for a sitting member precisely because of how much legislative surface area the company covers. Nasdaq operates U.S. equity markets, yes, but it also runs seven European exchanges, sells market surveillance technology to over 130 market operators globally, and has a growing anti-financial crime compliance division. When Congress moves legislation on financial services, data markets, or systemic risk infrastructure, Nasdaq has a seat at every conversation.
The company maintains active lobbying operations and has weighed in on SEC rulemaking, market structure reform, and data access policy debates. A member who holds NDAQ is not just holding a stock exchange — they hold a position in a company with opinions about the rules their committee might be writing.
Holding Nasdaq stock while voting on financial market legislation is the congressional equivalent of owning seats in the stadium and voting on the league's revenue-sharing structure. The incentives rhyme. Whether they align is a judgment call nobody in the chamber is required to make publicly.
373-15
Three hundred and seventy-three votes in favor. Fifteen against. That's 96% support in a chamber that can't agree on the font for a commemorative coin. TRIA reauthorization has historically been one of those financial-sector priorities that moves through Congress with unusual speed and unusual consensus, partly because the insurance and real estate lobbies that depend on it spend considerable energy making sure it does.
The lopsided vote means Khanna's yes or McClain Delaney's absence changed nothing. The bill was always going to pass. That context doesn't erase the disclosed holding; it sets the scene. Big votes with big margins still have roll calls. The roll calls still have names. The names still have portfolios on file.
Fifteen members voted no. We don't know their holdings. We know the holdings of the two who voted yes, and the one who didn't vote at all.
The Receipts
Here's what the public record shows, in one place: Ro Khanna holds disclosed Nasdaq stock and voted Yea on HR.7128. April McClain Delaney holds disclosed Nasdaq stock and did not vote. The bill passed 373-15 and reauthorizes a federal program with direct relevance to the Financial Services sector Nasdaq operates in. Every piece of this is public, cross-referenced, and sitting in the disclosure database available to anyone with a browser.
The receipts are public. Readers get to bring their own opinion.