A bipartisan bill has been introduced in the House of Representatives to prevent members of Congress from owning and trading individual stocks, in an effort to avoid potential insider trading scandals.
The proposed legislation, the Bipartisan Restoring Faith in Government Act, is co-sponsored by both Democrats and Republicans and introduced by Reps. Alexandria Ocasio-Cortez, Matt Gaetz, Brian Fitzpatrick, and Raja Krishnamoorthi. The bill would require lawmakers to put their stocks in blind trusts, managed by an independent trustee, responsible for making all investment decisions.
The proposed legislation would also prevent lawmakers from serving on public company boards.
“The fact that members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America,” said Fitzpatrick in a statement.
He further stated that trust in government must be restored, and members of Congress and their dependents should not be allowed to trade in stocks while they are serving in Congress and have access to sensitive inside information.
Ocasio-Cortez mentioned that the ability to trade stocks individually erodes the public’s trust in government, and members should not trade in the stock market with classified information. The bill’s proponents believe that the proposed legislation is common sense and Integrity 101.
The proposed bill is likely to face opposition in Congress, where many members have stock holdings. The 2012 STOCK Act allows members to buy and sell stocks as long as they do not insider trade and disclose their transactions. The proposed bill’s co-sponsors hope that their legislation will unite the entire political spectrum on this critical issue and send a strong message to the American people.
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